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Employee Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023 | Dec. 31, 2022
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 Benefits |  | Other Benefits
| Year Ended December 31
| 2023 |  | 2022 |  | 2023 |  | 2022
Change in Benefit Obligation |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 2,441 |  |  | $ | 3,811 |  |  | $ | 533 |  |  | $ | 669 |
Service cost | 13 |  |  | 16 |  |  | 4 |  |  | 7 |
Interest cost | 121 |  |  | 89 |  |  | 30 |  |  | 21 |
Actuarial (gain) loss(a) | 59 |  |  | (1,000) |  |  | 13 |  |  | (113) |
Currency and other | 51 |  |  | (197) |  |  | 5 |  |  | 2 |
Benefit payments from plans | (141) |  |  | (173) |  |  | — |  |  | — |
Direct benefit payments | (9) |  |  | (8) |  |  | (54) |  |  | (53) |
Settlements | (66) |  |  | (97) |  |  | — |  |  | — |
Benefit obligation at end of year | 2,469 |  |  | 2,441 |  |  | 531 |  |  | 533 |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 2,321 |  |  | 3,744 |  |  | — |  |  | — |
Actual return on plan assets | 137 |  |  | (987) |  |  | — |  |  | — |
Employer contributions | 26 |  |  | 30 |  |  | — |  |  | — |
Currency and other | 52 |  |  | (199) |  |  | — |  |  | — |
Benefit payments | (141) |  |  | (173) |  |  | — |  |  | — |
Settlements | (66) |  |  | (94) |  |  | — |  |  | — |
Fair value of plan assets at end of year | 2,329 |  |  | 2,321 |  |  | — |  |  | — |
Funded Status | $ | (140) |  |  | $ | (120) |  |  | $ | (531) |  |  | $ | (533) |
(a) The actuarial net losses in 2023 and actuarial net gains in 2022 were primarily due to discount rate decreases and increases, respectively. |
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 Plans |  | All Other Pension Plans |  | Total
| Year Ended December 31
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Projected benefit obligation (“PBO”) | $ | 2,123 |  |  | $ | 2,089 |  |  | $ | 346 |  |  | $ | 352 |  |  | $ | 2,469 |  |  | $ | 2,441 |
Accumulated benefit obligation (“ABO”) | 2,123 |  |  | 2,089 |  |  | 298 |  |  | 305 |  |  | 2,421 |  |  | 2,394 |
Fair value of plan assets | 2,019 |  |  | 2,018 |  |  | 310 |  |  | 303 |  |  | 2,329 |  |  | 2,321 |
Pension Plans with an ABO in Excess of Plan Assets | Information for Pension Plans with an ABO in Excess of Plan Assets
| December 31
| 2023 |  | 2022
ABO | $ | 2,273 |  |  | $ | 1,251 |
Fair value of plan assets | 2,095 |  |  | 1,089 |
Pension Plans with a PBO in Excess of Plan Assets | Information for Pension Plans with a PBO in Excess of Plan Assets
| December 31
| 2023 |  | 2022
PBO | $ | 2,288 |  |  | $ | 1,261 |
Fair value of plan assets | 2,102 |  |  | 1,091 |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost
| Pension Benefits |  | Other Benefits
| Year Ended December 31
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $ | 13 |  |  | $ | 16 |  |  | $ | 21 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | 8 |
Interest cost | 121 |  |  | 89 |  |  | 80 |  |  | 30 |  |  | 21 |  |  | 19 |
Expected return on plan assets(a) | (128) |  |  | (123) |  |  | (132) |  |  | — |  |  | — |  |  | — |
Recognized net actuarial (gain) loss | 39 |  |  | 34 |  |  | 37 |  |  | (3) |  |  | 1 |  |  | 1 |
Settlements and curtailments | 35 |  |  | 52 |  |  | 89 |  |  | — |  |  | — |  |  | — |
Other | — |  |  | 1 |  |  | (5) |  |  | 1 |  |  | (1) |  |  | (2) |
Net periodic benefit cost | $ | 80 |  |  | $ | 69 |  |  | $ | 90 |  |  | $ | 32 |  |  | $ | 28 |  |  | $ | 26 |
(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 Benefits |  | Other Benefits
| Projected 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 4.89 | % |  | 5.19 | % |  | 2.71 | % |  | 1.98 | % |  | 5.92 | % |  | 3.15 | % |  | 2.69 | %
Expected long-term return on plan assets | 5.57 | % |  | 5.75 | % |  | 3.80 | % |  | 3.41 | % |  | — |  |  | — |  |  | — |
Rate of compensation increase | 3.53 | % |  | 3.49 | % |  | 3.23 | % |  | 3.07 | % |  | — |  |  | — |  |  | — |
Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
| Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate | 4.89 | % |  | 5.18 | % |  | 5.66 | % |  | 5.92 | %
Rate of compensation increase | 3.53 | % |  | 3.49 | % |  | — |  |  | — |
Estimated Future Benefit Payments | Over the next ten years, we expect that the following gross benefit payments will occur:
| Pension Benefits |  | Other Benefits
2024 | $ | 182 |  |  | $ | 56 |
2025 | 193 |  |  | 56 |
2026 | 191 |  |  | 56 |
2027 | 192 |  |  | 54 |
2028 | 185 |  |  | 52 |
2029-2033 | 918 |  |  | 227 |
Pension Plan Assets of the Principal Plans Measured at Fair Value |
| Fair Value Measurements at December 31, 2023
| 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 | $ | 34 |  |  | $ | 23 |  |  | $ | 11 |  |  | $ | — |
Fixed Income |  |  |  |  |  |  |
Held directly |  |  |  |  |  |  |
U.S. government and municipals | 98 |  |  | 97 |  |  | 1 |  |  | — |
U.S. corporate debt | 203 |  |  | — |  |  | 203 |  |  | — |
Non-U.S. securitized | 67 |  |  | — |  |  | — |  |  | — |
International bonds | 38 |  |  | — |  |  | 38 |  |  | — |
Held through mutual and pooled funds measured at net asset value |  |  |  |  |  |  |
U.S. government and municipals | 85 |  |  | — |  |  | — |  |  | — |
U.S. corporate debt | 408 |  |  | — |  |  | — |  |  | — |
International bonds | 591 |  |  | — |  |  | — |  |  | — |
Equity |  |  |  |  |  |  |
Held directly |  |  |  |  |  |  |
U.S. equity | 21 |  |  | 21 |  |  | — |  |  | — |
International equity | 15 |  |  | 15 |  |  | — |  |  | — |
Held through mutual and pooled funds measured at net asset value |  |  |  |  |  |  |
Non-U.S. equity | 3 |  |  | — |  |  | — |  |  | — |
Global equity | 224 |  |  | — |  |  | — |  |  | — |
Insurance Contracts | 230 |  |  | — |  |  | — |  |  | 230 |
Other | 2 |  |  | 2 |  |  | — |  |  | — |
Total Plan Assets | $ | 2,019 |  |  | $ | 158 |  |  | $ | 253 |  |  | $ | 230 |
| 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 value | 76 |  |  | — |  |  | — |  |  | — |
Fixed Income |  |  |  |  |  |  |
Held directly |  |  |  |  |  |  |
U.S. government and municipals | 115 |  |  | 115 |  |  | — |  |  | — |
U.S. corporate debt | 193 |  |  | — |  |  | 193 |  |  | — |
International bonds | 33 |  |  | — |  |  | 33 |  |  | — |
Held through mutual and pooled funds measured at net asset value |  |  |  |  |  |  |
U.S. government and municipals | 71 |  |  | — |  |  | — |  |  | — |
U.S. corporate debt | 419 |  |  | — |  |  | — |  |  | — |
International bonds | 549 |  |  | — |  |  | — |  |  | — |
Equity |  |  |  |  |  |  |
Held directly |  |  |  |  |  |  |
U.S. equity | 21 |  |  | 21 |  |  | — |  |  | — |
International equity | 15 |  |  | 15 |  |  | — |  |  | — |
Held through mutual and pooled funds measured at net asset value |  |  |  |  |  |  |
Non-U.S. equity | 15 |  |  | — |  |  | — |  |  | — |
Global equity | 221 |  |  | — |  |  | — |  |  | — |
Insurance Contracts | 222 |  |  | — |  |  | — |  |  | 222 |
Other | (1) |  |  | (1) |  |  | — |  |  | — |
Total Plan Assets | $ | 2,018 |  |  | $ | 219 |  |  | $ | 226 |  |  | $ | 222 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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