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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Pension Expense from Continuing Operations Components of net pension expense for defined benefit pension plans were as follows:
  Years ended December 31,
  (In millions)202220212020
Company-administered plans:
Service cost$1 $$12 
Interest cost63 58 68 
Expected return on plan assets(74)(86)(98)
Curtailment loss — 
Amortization of net actuarial loss and prior service cost21 28 32 
Net pension expense$11 $$23 
Company-administered plans:
U.S.$13 $$32 
Non-U.S.(2)(8)(9)
Net pension expense$11 $$23 
Schedule of Weighted-Average Actuarial Assumptions The following table sets forth the weighted-average actuarial assumptions used in determining our annual net pension expense:
 U.S. Plans
Years ended December 31,
Non-U.S. Plans
Years ended December 31,
 202220212020202220212020
Discount rate2.95%2.60%3.18%2.14%1.53%2.28%
Rate of increase in compensation levels—%3.00%3.00%3.14%3.11%3.11%
Expected long-term rate of return on plan assets3.60%3.90%5.05%2.79%3.89%4.99%
Gain and loss amortization period (years)212121252424
The following table sets forth the weighted-average actuarial assumptions used in determining funded status:
 U.S. Plans
December 31,
Non-U.S. Plans
December 31,
 2022202120222021
Discount rate5.50%2.95%5.05%2.14%
Schedule of Benefit Obligations, Assets and Funded Status The following table sets forth the benefit obligations, assets and funded status associated with our pension plans:
 (In millions)20222021
Change in benefit obligations:
Benefit obligations at January 1$2,344 $2,509
Service cost1 1
Interest cost63 58
Actuarial gain(547)(114)
Pension curtailment and settlement1 
Benefits paid(111)(106)
Foreign currency exchange rate changes(46)(4)
Benefit obligations at December 311,705 2,344
Change in plan assets:
Fair value of plan assets at January 12,294 2,304
Actual return on plan assets(549)95
Employer contribution23 7
Benefits paid(111)(106)
Foreign currency exchange rate changes(57)(6)
Fair value of plan assets at December 311,600 2,294
Funded status$(105)$(50)
Funded percent94%98%
Schedule of Amounts Recognized in the Consolidated Balance Sheets The funded status of our pension plans was presented in the Consolidated Balance Sheets as follows:
 December 31,
 (In millions)20222021
Noncurrent asset$65 $125 
Current liability(4)(4)
Noncurrent liability(166)(171)
Net amount recognized$(105)$(50)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss Amounts recognized in accumulated other comprehensive loss (pre-tax) consisted of:
 December 31,
 (In millions)20222021
Prior service cost$3 $
Net actuarial loss759 706 
Net amount recognized$762 $710 
Schedule of Pension Obligations Greater than Fair Value of Related Plan Assets As of December 31, 2022 and 2021, our total accumulated benefit obligations, as well as our pension plan obligations (projected benefit obligations (PBO) and accumulated benefit obligations (ABO)) in excess of the fair value of the related plan assets, for our U.S. and foreign plans were as follows:
 U.S. Plans
December 31,
Non-U.S. Plans
December 31,
Total
December 31,
 (In millions)202220212022202120222021
Total accumulated benefit obligations$1,387 $1,826 $316 $516 $1,703 $2,342 
Plans with pension obligations in excess of plan assets:
PBO1,387 1,826 11 10 1,398 1,836 
ABO1,387 1,826 9 1,396 1,834 
Fair value of plan assets1,229 1,661  — 1,229 1,661 
Schedule of Fair Value of Each Major Category of Pension Plan Assets and the Level of Inputs used to Measure Fair Value
The following table presents the fair value of each major category of pension plan assets and the level of inputs used to measure fair value as of December 31, 2022 and 2021:

 (In millions)Fair Value Measurements at December 31, 2022
Asset CategoryTotalLevel 1Level 2Level 3
Equity securities:
U.S. common collective trusts$115 $ $115 $ 
Non-U.S. common collective trusts59  59  
Fixed income securities:
Corporate bonds53  53  
Common collective trusts1,242  1,237 5 
Invested in Collective trusts21  21  
Private equity and hedge funds110   110 
Total$1,600 $ $1,485 $115 

 
 (In millions)Fair Value Measurements at December 31, 2021
Asset CategoryTotalLevel 1Level 2Level 3
Equity securities:
U.S. common collective trusts$191 $— $191 $— 
Non-U.S. common collective trusts155 — 155 — 
Fixed income securities:
Corporate bonds72 — 72 — 
Common collective trusts1,754 — 1,754 — 
Private equity and hedge funds122 — — 122 
Total$2,294 $— $2,172 $122 
Schedule of Changes in Fair Value of the Pension Plans Level 3 Assets The following table presents a summary of changes in the fair value of the pension plans’ Level 3 assets for 2022 and 2021: 
(In millions)20222021
Beginning balance at January 1$122 $123 
Return on plan assets:
Relating to assets still held at the reporting date(9)25 
Relating to assets sold during the period — 
Purchases, sales, settlements and expenses2 (26)
Ending balance at December 31$115 $122 
Schedule of Pension Benefits Expected to be Paid The following table details pension benefits expected to be paid in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:
 (In millions)
2023$118 
2024118 
2025120 
2026123 
2027125 
2028-2032628 
Schedule of Asset Classes The following table presents the asset classes as of December 31, 2022 and 2021:
 December 31,
 (In millions)20222021
Cash and cash equivalents$26 $22 
U.S. equity mutual funds44 53 
Foreign equity mutual funds8 11 
Fixed income mutual funds7 10 
Total investments held in Rabbi Trusts$85 $96