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Pension and Other Postretirement Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefit Plans Pension and Other Postretirement Benefit Plans
401(k) Savings Plan and Other Defined Contribution Plans
The company’s 401(k) savings and other defined contribution plans cover the majority of the company’s eligible U.S. and certain non-U.S. employees. Contributions to the plans are made by both employees and the company. Company contributions are based on the level of employee contributions and formulas determined by the company. In 2024, 2023 and 2022, the company charged to expense $443 million, $468 million and $402 million, respectively, related to its defined contribution plans.
Defined Benefit Pension Plans
Employees of a number of the company’s non-U.S. and certain U.S. subsidiaries participate in defined benefit pension plans covering substantially all full-time employees at those subsidiaries. Some of the plans are unfunded, as permitted under the plans and applicable laws. The company also maintains postretirement healthcare programs at several acquired businesses where certain employees are eligible to participate. The liabilities and costs associated with the company’s postretirement healthcare programs are generally funded on a self-insured and insured-premium basis and are not material for any period presented.
Contributions to the plans included in the following table are estimated at between $40 million and $50 million for 2025.
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)2024202320242023
Accumulated benefit obligation
$937 $1,005 $1,079 $1,166 
Change in projected benefit obligations
Projected benefit obligation at beginning of year
$1,005 $995 $1,221 $1,069 
Acquisitions
— — — 15 
Service costs
— — 28 26 
Interest costs
46 47 40 42 
Settlements
— — (29)(37)
Plan participants' contributions
— — 10 9 
Actuarial (gains)/losses
(32)42 (59)65 
Benefits paid
(81)(79)(26)(25)
Currency translation and other
— — (49)57 
Projected benefit obligation at end of year
$937 $1,005 $1,135 $1,221 
Change in fair value of plan assets
Fair value of plan assets at beginning of year
$947 $937 $944 $868 
Acquisitions— — — 15 
Actual return on plan assets
22 84 (37)29 
Employer contributions
7 5 37 36 
Settlements
— — (29)(37)
Plan participants' contributions
— — 10 9 
Benefits paid
(81)(79)(26)(25)
Currency translation and other
— — (32)49 
Fair value of plan assets at end of year$895 $947 $867 $944 
Funded status
$(43)$(58)$(268)$(277)
Amounts recognized in balance sheet
Noncurrent assets
$5 $— $57 $65 
Current liability
(5)(6)(12)(11)
Noncurrent liabilities
(42)(52)(313)(331)
Net amount recognized
$(43)$(58)$(268)$(277)
Amounts recognized in accumulated other comprehensive items
Net actuarial loss/(gain)
$218 $217 $156 $151 
Prior service (credits)/cost
— — (7)(5)
Net amount recognized
$218 $217 $149 $146 
Actuarial (gains)/losses experienced in 2024 for both domestic and non-U.S. pension plans were primarily driven by increases in the weighted average discount rates used to determine the projected benefit obligation when compared to 2023.
For domestic pension plans, actuarial (gains)/losses experienced in 2023 were driven by decreases in the weighted average discount rates used to determine the projected benefit obligation, as well as differences between actual and expected returns on plan assets for certain portions of plan benefits indexed to asset returns. For non-U.S. pension plans, actuarial (gains)/losses experienced in 2023 were principally driven by decreases in the weighted average discount rates used to determine the projected benefit obligation.
The actuarial assumptions used to compute the funded status for the plans are based upon information available as of December 31, 2024 and 2023 and are as follows:
 Domestic pension benefitsNon-U.S. pension benefits
 2024202320242023
Weighted average assumptions used to determine projected benefit obligations
Discount rate for determining benefit obligation
5.48 %4.82 %3.74 %3.47 %
Interest crediting rate for cash balance plans
5.39 %4.76 %2.28 %2.06 %
Average rate of increase in employee compensation
N/AN/A2.58 %2.64 %
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
 202420232022202420232022
Weighted average assumptions used to determine net benefit cost/(income)
Discount rate - service cost
N/AN/AN/A3.00 %3.62 %1.00 %
Discount rate - interest cost
4.82 %5.01 %2.70 %3.48 %3.95 %1.36 %
Interest crediting rate for cash balance plans
4.76 %4.96 %2.58 %2.06 %2.19 %1.25 %
Average rate of increase in employee compensation
N/AN/AN/A2.64 %2.77 %2.73 %
Expected long-term rate of return on assets
6.00 %6.25 %4.75 %4.28 %4.33 %2.33 %
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)20242023
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation
$727 $1,752 
Fair value of plan assets
376 1,352 
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)20242023
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation
$671 $1,695 
Fair value of plan assets
376 1,349 
The measurement date used to determine benefit information is December 31 for all plan assets and benefit obligations.
The net periodic pension benefit cost/(income) includes the following components:
 Domestic pension benefitsNon-U.S. pension benefits
(In millions)202420232022202420232022
Components of net benefit cost/(income)
Service cost
$— $— $— $28 $26 $34 
Interest cost on benefit obligation
46 47 27 40 42 20 
Expected return on plan assets
(56)(59)(45)(36)(37)(26)
Amortization of actuarial net loss
— — 4 4 2 7 
Amortization of prior service cost/(benefit)
— — — (1)(1)(1)
Settlement/curtailment loss/(gain)
— — — 2 1 (2)
Net periodic benefit cost/(income)
$(10)$(12)$(14)$38 $33 $32 
Expected benefit payments are estimated using the same assumptions used in determining the company’s benefit obligation at December 31, 2024. Benefit payments will depend on future employment and compensation levels, average years employed and average life spans, among other factors, and changes in any of these factors could significantly affect these 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
2025 $82 $54 
2026 81 57 
2027 81 58 
2028 80 62 
2029 79 66 
2030-2034373 405 
Domestic Pension Plan Assets
The company’s overall objective is to manage the assets in a liability framework where investments are selected that are expected to have similar changes in fair value as the related liabilities will have upon changes in interest rates. The company invests in a portfolio of both return-seeking and liability-hedging assets, primarily through the use of institutional collective funds, to achieve long-term growth and to insulate the funded position from interest rate volatility. The strategic asset allocation uses a combination of risk controlled and index strategies in fixed income and global equities. The target allocations for the investments are approximately 10% to funds investing in U.S. equities, approximately 10% to funds investing in international equities and approximately 80% to funds investing in fixed income securities. The portfolio maintains enough liquidity at all times to meet the near-term benefit payments.
Non-U.S. Pension Plan Assets
The company maintains specific plan assets for many of the individual pension plans outside the U.S. The investment strategy of each plan has been uniquely established based on the country specific standards and characteristics of the plans. Several of the plans have contracts with insurance companies whereby the market risks of the benefit obligations are borne by the insurance companies. When assets are held directly in investments, generally the objective is to invest in a portfolio of diversified assets with a variety of fund managers. The investments may include equity funds, fixed income funds, hedge funds, multi-asset funds, alternative investments, real estate funds and derivative funds with the target asset allocations ranging from approximately 0% - 25% for equity funds, 30% - 90% for fixed income funds, 0% - 40% for multi-asset funds, 0% - 4% for alternative investments, 0% - 4% for real estate funds and 0% - 45% for funds holding derivatives. The derivatives held by the funds are primarily interest rate swaps intended to match the movements in the plan liabilities. Each plan maintains enough liquidity at all times to meet the near-term benefit payments.
The fair values of the company’s plan assets at December 31, 2024 and 2023, 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)2024(Level 1)(Level 2)(Level 3)
Domestic pension plan assets
U.S. equity funds
$91 $— $— $— $91 
International equity funds
89 — — — 89 
Fixed income funds
692 — — — 692 
Money market funds
23 — — — 23 
Total domestic pension plans
$895 $— $— $— $895 
Non-U.S. pension plan assets
Equity funds
$7 $— $— $— $7 
Fixed income funds
288 7 — — 281 
Multi-asset funds
69 — — — 69 
Derivative funds
169 — — — 169 
Insurance contracts
325 — 325 — — 
Cash / money market funds
9 4 — — 5 
Total non-U.S. pension plans
$867 $10 $325 $— $532 
(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)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.
The tables above present the fair value of the company’s plan assets in accordance with the fair value hierarchy (Note 1). Certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts of these investments presented in the above tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets. These investments were also redeemable at the balance sheet date or within limited time restrictions.