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Pension and Other Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Components of Net Periodic Benefit Cost | The net periodic benefit cost (credit) for pension and other postretirement benefit plans (including certain costs reported as part of discontinued operations) consisted of the following components:
| Pension Benefits |  |  |  |  |  |
| U.S. |  | International |  | Other Postretirement Benefits
Years Ended December 31 | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $ | 326 |  |  | $ | 372 |  |  | $ | 403 |  |  | $ | 196 |  |  | $ | 283 |  |  | $ | 328 |  |  | $ | 32 |  |  | $ | 48 |  |  | $ | 48 |
Interest cost | 526 |  |  | 457 |  |  | 404 |  |  | 299 |  |  | 145 |  |  | 123 |  |  | 63 |  |  | 46 |  |  | 45 |
Expected return on plan assets | (735) |  |  | (753) |  |  | (755) |  |  | (517) |  |  | (383) |  |  | (416) |  |  | (64) |  |  | (86) |  |  | (79) |
Amortization of unrecognized prior service (credit) cost | (1) |  |  | (32) |  |  | (38) |  |  | 2 |  |  | (14) |  |  | (16) |  |  | (49) |  |  | (57) |  |  | (63) |
Net loss (gain) amortization | — |  |  | 128 |  |  | 298 |  |  | (3) |  |  | 96 |  |  | 142 |  |  | (42) |  |  | (43) |  |  | (42) |
Termination benefits | 3 |  |  | 2 |  |  | 56 |  |  | — |  |  | 1 |  |  | 5 |  |  | — |  |  | — |  |  | 37 |
Curtailments | 8 |  |  | 12 |  |  | 16 |  |  | (1) |  |  | — |  |  | (26) |  |  | (1) |  |  | (1) |  |  | (29) |
Settlements | 28 |  |  | 239 |  |  | 216 |  |  | (5) |  |  | 1 |  |  | 8 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) | $ | 155 |  |  | $ | 425 |  |  | $ | 600 |  |  | $ | (29) |  |  | $ | 129 |  |  | $ | 148 |  |  | $ | (61) |  |  | $ | (93) |  |  | $ | (83) |
Obligation and Funded Status | Summarized information about the changes in plan assets and benefit obligations, the funded status and the amounts recorded at December 31 is as follows:
| Pension Benefits |  | Other Postretirement Benefits
| U.S. |  | International |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Fair value of plan assets January 1 | $ | 9,094 |  |  | $ | 13,067 |  |  | $ | 8,473 |  |  | $ | 12,195 |  |  | $ | 947 |  |  | $ | 1,292 |
Actual return on plan assets | 1,077 |  |  | (3,129) |  |  | 832 |  |  | (2,793) |  |  | 115 |  |  | (306) |
Company contributions | 307 |  |  | 293 |  |  | 249 |  |  | 155 |  |  | 74 |  |  | 46 |
Effects of exchange rate changes | — |  |  | — |  |  | 283 |  |  | (848) |  |  | — |  |  | — |
Benefits paid | (497) |  |  | (219) |  |  | (256) |  |  | (250) |  |  | (95) |  |  | (90) |
Settlements | (177) |  |  | (918) |  |  | (53) |  |  | (16) |  |  | (2) |  |  | — |
Other | — |  |  | — |  |  | 34 |  |  | 30 |  |  | 6 |  |  | 5 |
Fair value of plan assets December 31 | $ | 9,804 |  |  | $ | 9,094 |  |  | $ | 9,562 |  |  | $ | 8,473 |  |  | $ | 1,045 |  |  | $ | 947 |
Benefit obligation January 1 | $ | 9,854 |  |  | $ | 13,999 |  |  | $ | 7,755 |  |  | $ | 11,575 |  |  | $ | 1,157 |  |  | $ | 1,541 |
Service cost | 326 |  |  | 372 |  |  | 196 |  |  | 283 |  |  | 32 |  |  | 48 |
Interest cost | 526 |  |  | 457 |  |  | 299 |  |  | 145 |  |  | 63 |  |  | 46 |
Actuarial losses (gains) (1) | 403 |  |  | (3,851) |  |  | 766 |  |  | (3,283) |  |  | (58) |  |  | (392) |
Benefits paid | (497) |  |  | (219) |  |  | (256) |  |  | (250) |  |  | (95) |  |  | (90) |
Effects of exchange rate changes | — |  |  | — |  |  | 288 |  |  | (732) |  |  | 1 |  |  | (1) |
Plan amendments | — |  |  | — |  |  | 14 |  |  | 4 |  |  | — |  |  | — |
Curtailments | 8 |  |  | 12 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Termination benefits | 3 |  |  | 2 |  |  | — |  |  | 1 |  |  | — |  |  | — |
Settlements | (177) |  |  | (918) |  |  | (53) |  |  | (16) |  |  | (2) |  |  | — |
Other | — |  |  | — |  |  | 34 |  |  | 28 |  |  | 6 |  |  | 5 |
Benefit obligation December 31 | $ | 10,446 |  |  | $ | 9,854 |  |  | $ | 9,042 |  |  | $ | 7,755 |  |  | $ | 1,104 |  |  | $ | 1,157 |
Funded status December 31 | $ | (642) |  |  | $ | (760) |  |  | $ | 520 |  |  | $ | 718 |  |  | $ | (59) |  |  | $ | (210) |
Recognized as: |  |  |  |  |  |  |  |  |  |  |
Other Assets | $ | — |  |  | $ | 5 |  |  | $ | 1,019 |  |  | $ | 1,052 |  |  | $ | 107 |  |  | $ | — |
Accrued and other current liabilities | (49) |  |  | (59) |  |  | (19) |  |  | (19) |  |  | (8) |  |  | (8) |
Other Noncurrent Liabilities | (593) |  |  | (706) |  |  | (480) |  |  | (315) |  |  | (158) |  |  | (202) |
(1) Actuarial losses (gains) primarily reflect changes in discount rates.
Funded Status of Selected Pension Plans | Information related to the funded status of selected pension plans at December 31 is as follows:
| U.S. |  | International
| 2023 |  | 2022 |  | 2023 |  | 2022
Pension plans with a projected benefit obligation in excess of plan assets |  |  |  |  |  |  |
Projected benefit obligation | $ | 10,446 |  |  | $ | 9,186 |  |  | $ | 2,961 |  |  | $ | 2,779 |
Fair value of plan assets | 9,804 |  |  | 8,421 |  |  | 2,462 |  |  | 2,445 |
Pension plans with an accumulated benefit obligation in excess of plan assets |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 9,700 |  |  | $ | 9,081 |  |  | $ | 1,791 |  |  | $ | 1,226 |
Fair value of plan assets | 9,186 |  |  | 8,421 |  |  | 1,336 |  |  | 948 |
Funded Status of Selected Pension Plans | Information related to the funded status of selected pension plans at December 31 is as follows:
| U.S. |  | International
| 2023 |  | 2022 |  | 2023 |  | 2022
Pension plans with a projected benefit obligation in excess of plan assets |  |  |  |  |  |  |
Projected benefit obligation | $ | 10,446 |  |  | $ | 9,186 |  |  | $ | 2,961 |  |  | $ | 2,779 |
Fair value of plan assets | 9,804 |  |  | 8,421 |  |  | 2,462 |  |  | 2,445 |
Pension plans with an accumulated benefit obligation in excess of plan assets |  |  |  |  |  |  |
Accumulated benefit obligation | $ | 9,700 |  |  | $ | 9,081 |  |  | $ | 1,791 |  |  | $ | 1,226 |
Fair value of plan assets | 9,186 |  |  | 8,421 |  |  | 1,336 |  |  | 948 |
Schedule of Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31 by asset category are as follows:
| Fair Value Measurements Using |  |  |  |  |  | Fair Value Measurements Using |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | NAV (1) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV (1) |  | Total
| 2023 |  |  |  |  |  | 2022 |  |  |  |
U.S. Pension Plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 34 |  |  | $ | — |  |  | $ | — |  |  | $ | 124 |  |  | $ | 158 |  |  | $ | 38 |  |  | $ | — |  |  | $ | — |  |  | $ | 109 |  |  | $ | 147 |
Investment funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed markets equities | 224 |  |  | — |  |  | — |  |  | 2,573 |  |  | 2,797 |  |  | 211 |  |  | — |  |  | — |  |  | 2,443 |  |  | 2,654 |
Emerging markets equities | — |  |  | — |  |  | — |  |  | 740 |  |  | 740 |  |  | — |  |  | — |  |  | — |  |  | 707 |  |  | 707 |
Real estate | — |  |  | — |  |  | — |  |  | 113 |  |  | 113 |  |  | — |  |  | — |  |  | — |  |  | 131 |  |  | 131 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed markets | 2,071 |  |  | — |  |  | — |  |  | — |  |  | 2,071 |  |  | 1,956 |  |  | — |  |  | — |  |  | — |  |  | 1,956 |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency obligations | — |  |  | 2,307 |  |  | — |  |  | — |  |  | 2,307 |  |  | — |  |  | 2,047 |  |  | — |  |  | — |  |  | 2,047 |
Corporate obligations | — |  |  | 1,485 |  |  | — |  |  | — |  |  | 1,485 |  |  | — |  |  | 1,438 |  |  | — |  |  | — |  |  | 1,438 |
Mortgage and asset-backed securities | — |  |  | 21 |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | 22 |
Other investments (liabilities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives | 109 |  |  | — |  |  | — |  |  | — |  |  | 109 |  |  | (12) |  |  | — |  |  | — |  |  | — |  |  | (12) |
Other | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Plan assets at fair value | $ | 2,438 |  |  | $ | 3,813 |  |  | $ | 3 |  |  | $ | 3,550 |  |  | $ | 9,804 |  |  | $ | 2,193 |  |  | $ | 3,507 |  |  | $ | 4 |  |  | $ | 3,390 |  |  | $ | 9,094 |
International Pension Plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 98 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  | $ | 118 |  |  | $ | 57 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 13 |  |  | $ | 78 |
Investment funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed markets equities | 507 |  |  | 3,257 |  |  | — |  |  | 106 |  |  | 3,870 |  |  | 375 |  |  | 2,957 |  |  | — |  |  | 90 |  |  | 3,422 |
Government and agency obligations | 234 |  |  | 3,123 |  |  | — |  |  | 166 |  |  | 3,523 |  |  | 177 |  |  | 2,656 |  |  | — |  |  | 130 |  |  | 2,963 |
Corporate obligations | 23 |  |  | 8 |  |  | — |  |  | 166 |  |  | 197 |  |  | 8 |  |  | 9 |  |  | — |  |  | 129 |  |  | 146 |
Emerging markets equities | 44 |  |  | — |  |  | — |  |  | 66 |  |  | 110 |  |  | 52 |  |  | — |  |  | — |  |  | 59 |  |  | 111 |
Other fixed income obligations | 9 |  |  | 8 |  |  | — |  |  | 3 |  |  | 20 |  |  | 10 |  |  | 7 |  |  | — |  |  | 4 |  |  | 21 |
Real estate | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |  |  | — |  |  | 1 |  |  | — |  |  | 10 |  |  | 11 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed markets | 278 |  |  | — |  |  | — |  |  | — |  |  | 278 |  |  | 263 |  |  | — |  |  | — |  |  | — |  |  | 263 |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency obligations | — |  |  | 423 |  |  | — |  |  | — |  |  | 423 |  |  | — |  |  | 450 |  |  | — |  |  | — |  |  | 450 |
Corporate obligations | — |  |  | 160 |  |  | — |  |  | — |  |  | 160 |  |  | — |  |  | 157 |  |  | — |  |  | — |  |  | 157 |
Mortgage and asset-backed securities | — |  |  | 61 |  |  | — |  |  | — |  |  | 61 |  |  | — |  |  | 69 |  |  | — |  |  | — |  |  | 69 |
Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts (2) | — |  |  | 1 |  |  | 785 |  |  | 2 |  |  | 788 |  |  | — |  |  | 18 |  |  | 761 |  |  | 1 |  |  | 780 |
Other | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 2 |
Plan assets at fair value | $ | 1,197 |  |  | $ | 7,041 |  |  | $ | 785 |  |  | $ | 539 |  |  | $ | 9,562 |  |  | $ | 943 |  |  | $ | 6,333 |  |  | $ | 761 |  |  | $ | 436 |  |  | $ | 8,473 |
(1) Certain investments that were measured at net asset value (NAV) per share or its equivalent have not been classified in the fair value hierarchy. The NAV amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at December 31, 2023 and 2022. (2) The plans’ Level 3 investments in insurance contracts are generally valued using a crediting rate that approximates market returns and invest in underlying securities whose market values are unobservable and determined using pricing models, discounted cash flow methodologies, or similar techniques. The fair values of the Company’s other postretirement benefit plan assets at December 31 by asset category are as follows:
| Fair Value Measurements Using |  |  |  |  |  | Fair Value Measurements Using |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | NAV (1) |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV (1) |  | Total
| 2023 |  |  |  |  |  | 2022 |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | 13 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 10 |
Investment funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed markets equities | 24 |  |  | — |  |  | — |  |  | 277 |  |  | 301 |  |  | 22 |  |  | — |  |  | — |  |  | 257 |  |  | 279 |
Emerging markets equities | — |  |  | — |  |  | — |  |  | 80 |  |  | 80 |  |  | — |  |  | — |  |  | — |  |  | 74 |  |  | 74 |
Real estate | — |  |  | — |  |  | — |  |  | 12 |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 14 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Developed markets | 223 |  |  | — |  |  | — |  |  | — |  |  | 223 |  |  | 206 |  |  | — |  |  | — |  |  | — |  |  | 206 |
Fixed income securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency obligations | — |  |  | 245 |  |  | — |  |  | — |  |  | 245 |  |  | — |  |  | 226 |  |  | — |  |  | — |  |  | 226 |
Corporate obligations | — |  |  | 157 |  |  | — |  |  | — |  |  | 157 |  |  | — |  |  | 137 |  |  | — |  |  | — |  |  | 137 |
Mortgage and asset-backed securities | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Other Investments (liabilities) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives | 12 |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | (1) |
Plan assets at fair value | $ | 259 |  |  | $ | 404 |  |  | $ | — |  |  | $ | 382 |  |  | $ | 1,045 |  |  | $ | 228 |  |  | $ | 365 |  |  | $ | — |  |  | $ | 354 |  |  | $ | 947 |
(1) Certain investments that were measured at net asset value (NAV) per share or its equivalent have not been classified in the fair value hierarchy. The NAV amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at December 31, 2023 and 2022.
Summary of Changes in Fair Value of Company's Level 3 Pension Plan Assets | The table below provides a summary of the changes in fair value, including transfers in and/or out, of all financial assets measured at fair value using significant unobservable inputs (Level 3) for the Company’s pension plan assets:
| 2023 |  | 2022
| Insurance Contracts |  | Other |  | Total |  | Insurance Contracts |  | Other |  | Total
U.S. Pension Plans |  |  |  |  |  |  |  |  |  |  |
Balance January 1 | $ | — |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 6 |
Actual return on plan assets: |  |  |  |  |  |  |  |  |  |  |
Relating to assets still held at December 31 | — |  |  | (2) |  |  | (2) |  |  | — |  |  | (3) |  |  | (3) |
Relating to assets sold during the year | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 2 |  |  | 2 |
Purchases and sales, net | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (1) |  |  | (1) |
Balance December 31 | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 4 |  |  | $ | 4 |
International Pension Plans |  |  |  |  |  |  |  |  |  |  |
Balance January 1 | $ | 761 |  |  | $ | — |  |  | $ | 761 |  |  | $ | 937 |  |  | $ | — |  |  | $ | 937 |
Actual return on plan assets: |  |  |  |  |  |  |  |  |  |  |
Relating to assets still held at December 31 | 77 |  |  | — |  |  | 77 |  |  | (147) |  |  | — |  |  | (147) |
Purchases and sales, net | (53) |  |  | — |  |  | (53) |  |  | (39) |  |  | — |  |  | (39) |
Transfers into Level 3 | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Balance December 31 | $ | 785 |  |  | $ | — |  |  | $ | 785 |  |  | $ | 761 |  |  | $ | — |  |  | $ | 761 |
Summary of Expected Benefit Payments | Expected benefit payments are as follows:
| U.S. Pension Benefits |  | International Pension Benefits |  | Other Postretirement Benefits
2024 | $ | 676 |  |  | $ | 278 |  |  | $ | 81 |
2025 | 689 |  |  | 265 |  |  | 82 |
2026 | 703 |  |  | 285 |  |  | 83 |
2027 | 723 |  |  | 300 |  |  | 83 |
2028 | 750 |  |  | 314 |  |  | 84 |
2029 — 2033 | 4,236 |  |  | 1,810 |  |  | 442 |
Components of Other Comprehensive Income (Loss) | The following amounts were reflected as components of OCI:
| Pension Plans |  | Other Postretirement Benefit Plans
| U.S. |  | International |
Years Ended December 31 | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Net (loss) gain arising during the period | $ | (69) |  |  | $ | (42) |  |  | $ | 813 |  |  | $ | (438) |  |  | $ | 116 |  |  | $ | 772 |  |  | $ | 110 |  |  | $ | — |  |  | $ | 156 |
Prior service cost arising during the period | — |  |  | — |  |  | — |  |  | (16) |  |  | (4) |  |  | (4) |  |  | — |  |  | — |  |  | — |
| $ | (69) |  |  | $ | (42) |  |  | $ | 813 |  |  | $ | (454) |  |  | $ | 112 |  |  | $ | 768 |  |  | $ | 110 |  |  | $ | — |  |  | $ | 156 |
Net loss (gain) amortization included in benefit cost | $ | — |  |  | $ | 128 |  |  | $ | 298 |  |  | $ | (3) |  |  | $ | 96 |  |  | $ | 142 |  |  | $ | (42) |  |  | $ | (43) |  |  | $ | (42) |
Prior service (credit) cost amortization included in benefit cost | (1) |  |  | (32) |  |  | (38) |  |  | 2 |  |  | (14) |  |  | (16) |  |  | (49) |  |  | (57) |  |  | (63) |
Settlements and curtailments | 36 |  |  | 251 |  |  | 232 |  |  | (6) |  |  | 1 |  |  | (18) |  |  | (1) |  |  | (1) |  |  | (29) |
| $ | 35 |  |  | $ | 347 |  |  | $ | 492 |  |  | $ | (7) |  |  | $ | 83 |  |  | $ | 108 |  |  | $ | (92) |  |  | $ | (101) |  |  | $ | (134) |
Summary of Weighted Average Assumptions Used in Determining Pension Plan and U.S. Pension and Other Postretirement Benefit Plan Information | The Company reassesses its benefit plan assumptions on a regular basis. The weighted average assumptions used in determining U.S. pension and other postretirement benefit plan and international pension plan information are as follows:
| U.S. Pension and Other Postretirement Benefit Plans |  | International Pension Plans
December 31 | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.50 | % |  | 3.00 | % |  | 2.70 | % |  | 3.90 | % |  | 1.50 | % |  | 1.10 | %
Expected rate of return on plan assets | 7.00 | % |  | 6.70 | % |  | 6.70 | % |  | 5.00 | % |  | 3.70 | % |  | 3.80 | %
Salary growth rate | 4.60 | % |  | 4.60 | % |  | 4.60 | % |  | 3.20 | % |  | 2.90 | % |  | 2.80 | %
Interest crediting rate | 5.30 | % |  | 5.00 | % |  | 4.70 | % |  | 3.30 | % |  | 3.00 | % |  | 3.00 | %
Benefit obligation |  |  |  |  |  |  |  |  |  |  |
Discount rate | 5.30 | % |  | 5.50 | % |  | 3.00 | % |  | 3.40 | % |  | 3.90 | % |  | 1.50 | %
Salary growth rate | 4.60 | % |  | 4.60 | % |  | 4.60 | % |  | 3.20 | % |  | 3.20 | % |  | 2.90 | %
Interest crediting rate | 5.30 | % |  | 5.30 | % |  | 5.00 | % |  | 3.40 | % |  | 3.30 | % |  | 3.00 | %
Summary of Health Care Cost Trend Rate Assumptions for Other Postretirement Benefit Plans | The health care cost trend rate assumptions for other postretirement benefit plans are as follows:
December 31 | 2023 |  | 2022
Health care cost trend rate assumed for next year | 7.8 | % |  | 7.8 | %
Rate to which the cost trend rate is assumed to decline | 4.5 | % |  | 4.5 | %
Year that the trend rate reaches the ultimate trend rate | 2038 |  | 2038

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