XML 51 R33.htm IDEA: XBRL DOCUMENT v3.24.0.1
Employee Postretirement Benefits (Tables)
 12 Months Ended
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 BenefitsOther Benefits
Year Ended December 31
2023202220232022
Change in Benefit Obligation
Benefit obligation at beginning of year$2,441 $3,811 $533 $669 
Service cost13 16 4 7 
Interest cost121 89 30 21 
Actuarial (gain) loss(a)
59 (1,000)13 (113)
Currency and other51 (197)5 2 
Benefit payments from plans(141)(173)— — 
Direct benefit payments(9)(8)(54)(53)
Settlements(66)(97)— — 
Benefit obligation at end of year2,469 2,441 531 533 
Change in Plan Assets
Fair value of plan assets at beginning of year2,321 3,744 — — 
Actual return on plan assets137 (987)— — 
Employer contributions26 30 — — 
Currency and other52 (199)— — 
Benefit payments(141)(173)— — 
Settlements(66)(94)— — 
Fair value of plan assets at end of year2,329 2,321 — — 
Funded Status$(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 PlansAll Other
Pension Plans		Total
Year Ended December 31
202320222023202220232022
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 assets2,019 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
20232022
ABO$2,273 $1,251 
Fair value of plan assets2,095 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
20232022
PBO$2,288 $1,261 
Fair value of plan assets2,102 1,091 
  
Components of Net Periodic Benefit Cost
Components of Net Periodic Benefit Cost
Pension BenefitsOther Benefits
Year Ended December 31
202320222021202320222021
Service cost$13 $16 $21 $4 $7 $8 
Interest cost121 89 80 30 21 19 
Expected return on plan assets(a)
(128)(123)(132)— — — 
Recognized net actuarial (gain) loss39 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 BenefitsOther Benefits
Projected 2024202320222021202320222021
Discount rate4.89 %5.19 %2.71 %1.98 %5.92 %3.15 %2.69 %
Expected long-term return on plan assets5.57 %5.75 %3.80 %3.41 %— — — 
Rate of compensation increase3.53 %3.49 %3.23 %3.07 %— — — 

Weighted-Average Assumptions Used to Determine Benefit Obligations at December 31
Pension BenefitsOther Benefits
2023202220232022
Discount rate4.89 %5.18 %5.66 %5.92 %
Rate of compensation increase3.53 %3.49 %— — 
  
Estimated Future Benefit Payments Over the next ten years, we expect that the following gross benefit payments will occur:
Pension BenefitsOther Benefits
2024$182 $56 
2025193 56 
2026191 56 
2027192 54 
2028185 52 
2029-2033918 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 municipals98 97 1 — 
U.S. corporate debt203 — 203 — 
Non-U.S. securitized67 — — — 
International bonds38 — 38 — 
Held through mutual and pooled funds measured at net asset value
U.S. government and municipals85 — — — 
U.S. corporate debt408 — — — 
International bonds591 — — — 
Equity
Held directly
U.S. equity21 21 — — 
International equity15 15 — — 
Held through mutual and pooled funds measured at net asset value
Non-U.S. equity3 — — — 
Global equity224 — — — 
Insurance Contracts230 — — 230 
Other2 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 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. equity
21 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