XML 52 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1
Pension and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Reconciliation of Benefit Obligations and Plan Assets The following table provides a reconciliation of benefit obligations and plan assets of the company’s domestic and non-U.S. pension plans:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)2023202220232022
Accumulated benefit obligation
$1,005 $995 $1,166 $1,016 
Change in projected benefit obligations
Projected benefit obligation at beginning of year
$995 $1,260 $1,069 $1,552 
Acquisitions
— — 15 51 
Service costs
— — 26 34 
Interest costs
47 27 42 20 
Settlements
— — (37)(31)
Plan participants' contributions
— — 9 9 
Actuarial (gains) losses
42 (210)65 (447)
Benefits paid
(79)(82)(25)(19)
Currency translation and other
— — 57 (100)
Projected benefit obligation at end of year
$1,005 $995 $1,221 $1,069 
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$937 $1,226 $868 $1,302 
Acquisitions— — 15 14 
Actual return on plan assets
84 (212)29 (347)
Employer contributions
5 5 36 36 
Settlements
— — (37)(31)
Plan participants' contributions
— — 9 9 
Benefits paid
(79)(82)(25)(19)
Currency translation and other
— — 49 (96)
Fair value of plan assets at end of year$947 $937 $944 $868 
Funded status
$(58)$(58)$(277)$(201)
Amounts recognized in balance sheet
Noncurrent assets
$— $— $65 $81 
Current liability
(6)(6)(11)(11)
Noncurrent liabilities
(52)(52)(331)(271)
Net amount recognized
$(58)$(58)$(277)$(201)
Amounts recognized in accumulated other comprehensive items
Net actuarial loss
$217 $200 $151 $74 
Prior service credits
— — (5)(4)
Net amount recognized
$217 $200 $146 $70 
Schedule of Actuarial Assumptions
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2023 and 2022 and are as follows:
 Domestic pension benefitsNon-U.S. pension benefits
 2023202220232022
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation
4.82 %5.01 %3.47 %3.91 %
Interest crediting rate for cash balance plans
4.76 %4.96 %2.06 %2.19 %
Average rate of increase in employee compensation
N/AN/A2.64 %2.78 %
The actuarial assumptions used to compute the net periodic pension benefit cost (income) are based upon information available as of the beginning of the year, as presented in the following table:
 Domestic pension benefitsNon-U.S. pension benefits
 202320222021202320222021
Weighted average assumptions used to determine net benefit cost (income)
Discount rate - service cost
N/AN/AN/A3.62 %1.00 %0.65 %
Discount rate - interest cost
5.01 %2.70 %2.33 %3.95 %1.36 %0.80 %
Average rate of increase in employee compensation
N/AN/AN/A2.77 %2.73 %2.30 %
Expected long-term rate of return on assets
6.25 %4.75 %4.25 %4.33 %2.33 %2.02 %
Projected Benefit Obligation and Fair Value of Plan Assets
The projected benefit obligation and fair value of plan assets for the company’s qualified and non-qualified pension plans with projected benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20232022
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation
$1,752 $1,636 
Fair value of plan assets
1,352 1,296 
Accumulated Benefit Obligation and Fair Value of Plan Assets
The accumulated benefit obligation and fair value of plan assets for the company's qualified and non-qualified pension plans with accumulated benefit obligations in excess of plan assets are as follows:
 Pension plans
(In millions)20232022
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation
$1,695 $1,583 
Fair value of plan assets
1,349 1,294 
Schedule of Net Benefit Costs
The net periodic pension benefit cost (income) includes the following components:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)202320222021202320222021
Components of net benefit cost (income)
Service cost
$— $— $— $26 $34 $27 
Interest cost on benefit obligation
47 27 23 42 20 11 
Expected return on plan assets
(59)(45)(40)(37)(26)(19)
Amortization of actuarial net loss
— 4 7 2 7 12 
Amortization of prior service cost (benefit)
— — — (1)(1)— 
Settlement/curtailment loss (gain)
— — — 1 (2)— 
Net periodic benefit cost (income)
$(12)$(14)$(10)$33 $32 $31 
Schedule of Estimated Future Benefit Payments Estimated future benefit payments during the next five years and in the aggregate for the five fiscal years thereafter, are as follows:
(In millions)Domestic pension benefitsNon-U.S. pension benefits
Expected benefit payments
2024 $81 $52 
2025 79 55 
2026 80 59 
2027 79 60 
2028 79 65 
2029-2033374 354 
Schedule of Fair Value of the Company's Plan Assets
The fair values of the company’s plan assets at December 31, 2023 and 2022, by asset category are as follows:
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2023(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$93 $— $— $— $93 
International equity funds
93 — — — 93 
Fixed income funds
739 — — — 739 
Money market funds
22 — — — 22 
Total domestic pension plans
$947 $— $— $— $947 
Non-U.S. pension plan assets
Equity funds
$7 $— $— $— $7 
Fixed income funds
346 9 — — 337 
Multi-asset funds
66 — — — 66 
Derivative funds
184 — — — 184 
Alternative investments
1 — — — 1 
Insurance contracts
333 — 333 — — 
Real estate funds1 — — — 1 
Cash / money market funds
6 4 — — 2 
Total non-U.S. pension plans
$944 $13 $333 $— $598 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
 December 31,Quoted
prices in
active
markets		Significant
other
observable
inputs		Significant
unobservable
inputs		Not subject to leveling (a)
(In millions)2022(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$89 $— $— $— $89 
International equity funds
91 — — — 91 
Fixed income funds
739 — — — 739 
Money market funds
18 — — — 18 
Total domestic pension plans$937 $— $— $— $937 
Non-U.S. pension plan assets
Equity funds
$8 $— $— $— $8 
Fixed income funds
299 — — — 299 
Multi-asset funds
56 — — — 56 
Derivative funds
190 — — — 190 
Insurance contracts
306 — 306 — — 
Cash / money market funds
9 4 — — 5 
Total non-U.S. pension plans$868 $4 $306 $— $558 
(a) Investments measured at the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.