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Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Expense Related to Defined Benefit and Retiree Health Care Benefit Plans
Expenses related to defined benefit and retiree health care benefit plans are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
202420232022202420232022202420232022
Service cost$7 $8 $15 $1 $2 $3 $16 $16 $25 
Interest cost25 28 29 13 15 11 55 57 33 
Expected return on plan assets(23)(23)(27)(16)(19)(12)(77)(63)(66)
Amortization of prior service cost (credit)— — — — — (2)1 1 1 
Recognized net actuarial losses (gains)4 6 3 (3)(5)— 11 12 1 
Net periodic benefit costs (credits)13 19 20 (5)(7)— 6 23 (6)
Settlement losses1 7 64 — — — — — 10 
Total, including other postretirement losses (gains)$14 $26 $84 $(5)$(7)$— $6 $23 $4 
Schedule of Changes in the Benefit Obligations and Plan Assets for the Defined Benefit and Retiree Health Care Benefit Plans
Changes in the benefit obligations and plan assets for defined benefit and retiree health care benefit plans are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
202420232024202320242023
Change in plan benefit obligation
Benefit obligation at beginning of year:$505 $521 $258 $274 $1,732 $1,667 
Service cost7 8 1 2 16 16 
Interest cost25 28 13 15 55 57 
Participant contributions— — 13 14 1 1 
Benefits paid(36)(13)(39)(41)(83)(77)
Settlements(2)(40)— — (6)(6)
Actuarial loss (gain)(6)1 (12)(6)(106)80 
Effects of exchange rate changes— — — — (87)(6)
Benefit obligation at end of year$493 $505 $234 $258 $1,522 $1,732 
Change in plan assets
Fair value of plan assets at beginning of year:$418 $421 $264 $280 $1,866 $1,822 
Actual return on plan assets18 47 9 29 27 137 
Employer contributions (qualified plans)— — 1 1 2 2 
Employer contributions (non-qualified plans)2 3 — — — — 
Participant contributions— — 13 14 1 1 
Benefits paid(36)(13)(39)(41)(83)(77)
Settlements(2)(40)— — (6)(6)
Effects of exchange rate changes— — — — (99)(13)
Other— — — (19)— — 
Fair value of plan assets at end of year$400 $418 $248 $264 $1,708 $1,866 
Funded status at end of year$(93)$(87)$14 $6 $186 $134 
Schedule of Amounts Recognized in our Balance Sheet
Amounts recognized on our Consolidated Balance Sheets as of December 31, are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined BenefitTotal
2024
Overfunded retirement plans$— $16 $217 $233 
Accrued expenses and other liabilities & other long-term liabilities(10)— (6)(16)
Underfunded retirement plans(83)(2)(25)(110)
Funded status at end of 2024
$(93)$14 $186 $107 
2023
Overfunded retirement plans$— $8 $165 $173 
Accrued expenses and other liabilities & other long-term liabilities(5)— (7)(12)
Underfunded retirement plans(82)(2)(24)(108)
Funded status at end of 2023
$(87)$6 $134 $53 
Schedule of Change in AOCI
The change in AOCI is as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined BenefitTotal
Net Actuarial LossNet Actuarial GainPrior Service CostNet Actuarial LossPrior Service CreditNet Actuarial LossPrior Service Credit
AOCI balance, net of taxes, December 31, 2023
$62 $(24)$— $169 $— $207 $— 
Changes in AOCI by category:
Adjustments(1)(5)— (67)— (73)— 
Recognized within net income(5)3 — (11)(1)(13)(1)
Tax effect1 — — 22 — 23 — 
Total change to AOCI(5)(2)— (56)(1)(63)(1)
AOCI balance, net of taxes, December 31, 2024
$57 $(26)$— $113 $(1)$144 $(1)
Schedule of Allocation of Plan Assets The tables below set forth the fair value of our plan assets using the same three-level hierarchy of fair-value inputs described in Note 6.
December 31, 2024
Level 1Level 2Other (a)Total
Assets of U.S. defined benefit plan:
Fixed income securities and cash equivalents$92 $51 $101 $244 
Equity securities— — 156 156 
Total$92 $51 $257 $400 
Assets of U.S. retiree health care plan:
Fixed income securities and cash equivalents$2 $— $196 $198 
Equity securities— — 50 50 
Total$2 $— $246 $248 
Assets of non-U.S. defined benefit plans:
Fixed income securities and cash equivalents$15 $475 $820 $1,310 
Equity securities27 1 370 398 
Total$42 $476 $1,190 $1,708 
(a)Consists of bond index and equity index funds, measured at net asset value per share, as well as cash equivalents.
December 31, 2023
Level 1Level 2Other (a)Total
Assets of U.S. defined benefit plan:
Fixed income securities and cash equivalents$— $— $272 $272 
Equity securities— — 146 146 
Total$— $— $418 $418 
Assets of U.S. retiree health care plan:
Fixed income securities and cash equivalents$4 $— $206 $210 
Equity securities— — 54 54 
Total$4 $— $260 $264 
Assets of non-U.S. defined benefit plans:
Fixed income securities and cash equivalents$49 $52 $1,343 $1,444 
Equity securities57 1 364 422 
Total$106 $53 $1,707 $1,866 
(a)Consists of bond index and equity index funds, measured at net asset value per share, as well as cash equivalents.
The target allocation ranges for the plans that hold a substantial majority of the defined benefit assets are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
Fixed income securities and cash equivalents
60% – 75%
75% – 85%
60% – 100%
Equity securities
25% – 40%
15% – 25%
0% – 40%
Weighted average asset allocations as of December 31 are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
202420232024202320242023
Fixed income securities and cash equivalents61%65%80%80%77%77%
Equity securities39%35%20%20%23%23%
Schedule of Assumptions Used
Assumptions and investment policies
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
202420232024202320242023
Weighted average assumptions used to determine benefit obligations:
Discount rate5.55%5.20%5.65%5.17%3.76%3.28%
Long-term pay progression3.00%3.00%n/an/a3.14%3.12%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate5.21%5.67%5.17%5.68%3.28%3.45%
Long-term rate of return on plan assets6.10%5.70%6.00%5.70%4.28%3.50%
Long-term pay progression3.00%3.75%n/an/a3.12%3.03%
Schedule of Assumed Future Benefit Payments
The following assumed future benefit payments to plan participants in the next 10 years are used to measure our benefit obligations. Almost all of the payments, which may vary significantly from these assumptions, will be made from plan assets and not from company assets.
202520262027202820292030 – 2034
U.S. Defined Benefit$80 $76 $67 $60 $54 $193 
U.S. Retiree Health Care25 24 23 21 21 92 
Non-U.S. Defined Benefit85 88 88 90 92 476 
Schedule of Assumed Health Care Cost Trend Rates for U.S Retiree Health Care Benefit Plan
Assumed health care cost trend rates for the U.S. retiree health care benefit plan as of December 31 are as follows:
20242023
Assumed health care cost trend rate for next year7.00%7.00%
Ultimate trend rate5.00%5.00%
Year in which ultimate trend rate is reached20332032