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Employee Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Benefit Cost Information or Defined Benefit Plan and Other Postretirement Benefit Plan
Summarized financial information about postretirement plans, excluding defined contribution retirement plans, is presented below:
Pension BenefitsOther Benefits
Year Ended December 31
2022202120222021
Change in Benefit Obligation
Benefit obligation at beginning of year$3,811 $4,341 $669 $709 
Service cost16 21 7 
Interest cost89 80 21 19 
Actuarial (gain) loss(a)
(1,000)(105)(113)(8)
Currency and other(197)(54)2 (3)
Benefit payments from plans(173)(138) — 
Direct benefit payments(8)(8)(53)(54)
Settlements and curtailments(97)(326) (2)
Benefit obligation at end of year2,441 3,811 533 669 
Change in Plan Assets
Fair value of plan assets at beginning of year3,744 4,193  — 
Actual return on plan assets(987)52  — 
Employer contributions30 10  — 
Currency and other(199)(45) — 
Benefit payments(173)(138) — 
Settlements(94)(328) — 
Fair value of plan assets at end of year2,321 3,744  — 
Funded Status$(120)$(67)$(533)$(669)
(a) The actuarial net gains in 2022 and in 2021 were primarily due to discount rate increases.
 
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Information for the Principal Plans and All Other Pension Plans
Principal PlansAll Other
Pension Plans
Total
Year Ended December 31
202220212022202120222021
Projected benefit obligation (“PBO”)$2,089 $3,339 $352 $472 $2,441 $3,811 
Accumulated benefit obligation (“ABO”)2,089 3,339 305 408 2,394 3,747 
Fair value of plan assets2,018 3,389 303 355 2,321 3,744 
 
Pension Plans with an ABO in Excess of Plan Assets
Information for Pension Plans with an ABO in Excess of Plan Assets
December 31
20222021
ABO$1,251 $1,788 
Fair value of plan assets1,089 1,616 
 
Pension Plans with a PBO in Excess of Plan Assets
Information for Pension Plans with a PBO in Excess of Plan Assets
December 31
20222021
PBO$1,261 $1,835 
Fair value of plan assets1,091 1,648 
 
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
Pension BenefitsOther Benefits
Year Ended December 31
202220212020202220212020
Service cost$16 $21 $22 $7 $$
Interest cost89 80 95 21 19 23 
Expected return on plan assets(a)
(123)(132)(134) — — 
Recognized net actuarial loss34 37 42 1 
Settlements and curtailments
52 89 49  — — 
Other
1 (5)(4)(1)(2)(2)
Net periodic benefit cost$69 $90 $70 $28 $26 $30 
(a)The expected return on plan assets is determined by multiplying the fair value of plan assets at the remeasurement date, typically the prior year-end adjusted for estimated current year cash benefit payments and contributions, by the expected long-term rate of return.
 
Weighted-Average Assumptions Used to Determine Net Cost
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost for Years Ended December 31
Pension BenefitsOther Benefits
Projected 2023202220212020202220212020
Discount rate5.18 %2.71 %1.98 %2.44 %3.15 %2.69 %3.51 %
Expected long-term return on plan assets5.74 %3.80 %3.41 %3.66 % — — 
Rate of compensation increase3.49 %3.23 %3.07 %3.08 % — — 

Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Pension BenefitsOther Benefits
2022202120222021
Discount rate5.18 %2.36 %5.92 %3.15 %
Rate of compensation increase3.49 %3.23 % — 
 
Estimated Future Benefit Payments Over the next ten years, we expect that the following gross benefit payments will occur:
Pension BenefitsOther Benefits
2023$179 $57 
2024190 58 
2025188 57 
2026189 56 
2027192 53 
2028-2032929 233 
 
Pension Plan Assets of the Principal Plans Measured at Fair Value
Fair Value Measurements at December 31, 2022
Total
Plan Assets
Assets at Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Assets at Significant
Observable
Inputs
(Level 2)
Assets at Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
Held directly$69 $69 $ $ 
Held through mutual and pooled funds measured at net asset value76    
Fixed Income
Held directly
U.S. government and municipals115 115   
U.S. corporate debt193  193  
International bonds33  33  
Held through mutual and pooled funds measured at net asset value
U.S. government and municipals71    
U.S. corporate debt419    
International bonds549    
Equity
Held directly
U.S. equity21 21   
International equity15 15   
Held through mutual and pooled funds measured at net asset value
Non-U.S. equity15    
Global equity221    
Insurance Contracts222   222 
Other(1)(1)  
Total Plan Assets$2,018 $219 $226 $222 
Fair Value Measurements at December 31, 2021
Total
Plan Assets
Assets at Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

Assets at Significant
Observable
Inputs
(Level 2)
Assets at Significant
Unobservable
Inputs
(Level 3)
Cash and Cash Equivalents
Held directly$50 $50 $— $— 
Held through mutual and pooled funds measured at net asset value26 — — — 
Fixed Income
Held directly
U.S. government and municipals166 158 — 
U.S. corporate debt293 286 — 
International bonds43 — 43 — 
Held through mutual and pooled funds measured at net asset value
U.S. government and municipals149 — — — 
U.S. corporate debt646 — — — 
International bonds1,144 — — — 
Equity
Held directly
U.S. equity
17 17 — — 
International equity32 32 — — 
Held through mutual and pooled funds measured at net asset value
Non-U.S. equity46 — — — 
Global equity423 — — — 
Insurance Contracts355 — — 355 
Other(1)— — 
Total Plan Assets$3,389 $265 $337 $355