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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Changes in benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans

The following table sets forth the changes in the benefit obligations and the fair value of plan assets for our pension and other postretirement benefit plans (in millions):

			Pension Plans									Other Postretirement Benefit Plans
Year Ended December 31,			2022			2021						2022			2021
Benefit obligation at beginning of year1			$	8,580		$	9,414					$	696		$	769
Service cost			93			97						7			9
Interest cost			232			183						17			15
Participant contributions			5			5						11			13
Foreign currency exchange rate changes			(152)			(33)						(4)			(1)
Amendments			9			—						—			(13)
Net actuarial gain2			(1,891)			(226)						(175)			(28)
Benefits paid			(500)			(375)						(57)			(67)
Divestitures			(2)			—						—			—
Settlements			(26)			(491)			3			—			—
Curtailments			(1)			—						—			(1)
Special termination benefits			1			3						—			—
Other			28			3						—			—
Benefit obligation at end of year1			$	6,376		$	8,580					$	495		$	696
Fair value of plan assets at beginning of year			$	8,905		$	8,639					$	419		$	396
Actual return on plan assets			(1,101)			1,003						(55)			15
Employer contributions			33			33						—			—
Participant contributions			5			6						9			8
Foreign currency exchange rate changes			(258)			(42)						—			—
Benefits paid			(427)			(315)						—			—
Settlements			(26)			(421)			3			—			—
Other			27			2						—			—
Fair value of plan assets at end of year			$	7,158		$	8,905					$	373		$	419
Net asset (liability) recognized			$	782		$	325					$	(122)		$	(277)

1 For pension plans, the benefit obligation is the projected benefit obligation. For other postretirement benefit plans, the benefit obligation is the accumulated postretirement benefit obligation. The accumulated benefit obligation for our pension plans was $6,307 million and $8,431 million as of December 31, 2022 and 2021, respectively.

2 An increase in the weighted-average discount rate assumption was the primary driver of net actuarial gain during 2022 and 2021. For our U.S. qualified pension plan, an increase in the discount rate resulted in an actuarial gain of $1,231 million during 2022, and an increase in the discount rate resulted in an actuarial gain of $197 million during 2021. Additional drivers of net actuarial gain included other assumption updates and plan experience.

3 Settlements were primarily related to our strategic realignment initiatives. Refer to Note 18.

Pension and other benefit amounts recognized in consolidated balance sheets

Pension and other postretirement benefit plan amounts recognized in our consolidated balance sheets were as follows (in millions):

			Pension Plans									Other Postretirement Benefit Plans
December 31,			2022			2021						2022			2021
Other noncurrent assets			$	1,558		$	1,545					$	44		$	—
Accounts payable and accrued expenses			(70)			(70)						(17)			(18)
Other noncurrent liabilities			(706)			(1,150)						(149)			(259)
Net asset (liability) recognized			$	782		$	325					$	(122)		$	(277)

Schedule of pension plans with projected benefit obligation in excess of fair value of plan assets

Certain of our pension plans have a projected benefit obligation in excess of the fair value of plan assets. For these plans, the projected benefit obligation and the fair value of plan assets were as follows (in millions):

December 31,			2022			2021
Projected benefit obligation			$	972		$	6,862
Fair value of plan assets			197			5,641

Accumulated benefit obligations in excess of fair value of plan assets

Certain of our pension plans have an accumulated benefit obligation in excess of the fair value of plan assets. For these plans, the accumulated benefit obligation and the fair value of plan assets were as follows (in millions):

December 31,			2022			2021
Accumulated benefit obligation			$	880		$	6,689
Fair value of plan assets			138			5,584

Certain of our other postretirement benefit plans have an accumulated postretirement benefit obligation in excess of the fair value of plan assets. For these plans, the accumulated postretirement benefit obligation and the fair value of plan assets were as follows (in millions):

December 31,			2022			2021
Accumulated postretirement benefit obligation			$	166		$	696
Fair value of plan assets			—			419

Total pension assets for U.S. and non-U.S. plans

The following table presents total assets by asset class for our U.S. and non-U.S. pension plans (in millions):

			U.S. Pension Plans									Non-U.S. Pension Plans
December 31,			2022			2021						2022			2021
Cash and cash equivalents			$	473		$	272					$	162		$	233
Equity securities:
U.S.-based companies			509			1,463						679			968
International-based companies			285			876						654			830
Fixed-income securities:
Government bonds			793			182						445			495
Corporate bonds and debt securities			384			899						115			124
Mutual, pooled and commingled funds1			304			290						463			560
Hedge funds/limited partnerships			915			682						21			38
Real estate			417			381						7			8
Derivative financial instruments			—			(1)						(14)			(8)
Other			256			339						290			274
Total pension plan assets2			$	4,336		$	5,383					$	2,822		$	3,522

1 Mutual, pooled and commingled funds include investments in equity securities, fixed-income securities and combinations of both. There are a significant number of mutual, pooled and commingled funds from which investors can choose. The selection of the type of fund is dictated by the specific investment objectives and needs of a given plan. These objectives and needs vary greatly between plans.

2 Fair value disclosures related to our pension plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall; a reconciliation of the beginning and ending balances of Level 3 assets; and information about the valuation techniques and inputs used to measure the fair value of our pension plan assets.

Other postretirement benefit plan assets

The following table presents total assets by asset class for our other postretirement benefit plans (in millions):

December 31,			2022			2021
Cash and cash equivalents			$	43		$	33
Equity securities:
U.S.-based companies			133			184
International-based companies			4			12
Fixed-income securities:
Government bonds			12			3
Corporate bonds and debt securities			71			82
Mutual, pooled and commingled funds			86			87
Hedge funds/limited partnerships			14			9
Real estate			6			5
Other			4			4
Total other postretirement benefit plan assets1			$	373		$	419

1Fair value disclosures related to our other postretirement benefit plan assets are included in Note 16. Fair value disclosures include, but are not limited to, the levels within the fair value hierarchy in which the fair value measurements in their entirety fall and information about the valuation techniques and inputs used to measure the fair value of our other postretirement benefit plan assets.

Net periodic benefit cost for pension and other postretirement benefit plans

Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions):

			Pension Plans															Other Postretirement Benefit Plans
Year Ended December 31,			2022			2021						2020						2022			2021			2020
Service cost			$	93		$	97					$	112					$	7		$	9		$	11
Interest cost			232			183						235						17			15			21
Expected return on plan assets1			(558)			(606)						(587)						(16)			(17)			(16)
Amortization of prior service cost (credit)			—			—						3						(3)			(2)			(3)
Amortization of net actuarial loss2			109			146						171						—			4			5
Net periodic benefit cost (income)			(124)			(180)						(66)						5			9			18
Settlement charges (credits)			(1)			117			3			23						—			—			—
Curtailment charges (credits)			(1)			(1)						1						—			(1)			6
Special termination benefits			1			3						2						—			—			—
Other			1			—						(4)						—			—			—
Total cost (income)			$	(124)		$	(61)					$	(44)					$	5		$	8		$	24

1The Company has elected to use the actual fair value of plan assets as the market-related value of plan assets in the determination of the expected return on plan assets.

2Actuarial gains and losses are amortized using a corridor approach. The gain/loss corridor is equal to 10 percent of the greater of the benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the average future working lifetime of the plan participants.

3Settlement charges were primarily related to our strategic realignment initiatives. Refer to Note 18

Changes and amounts in AOCI for pension and other postretirement benefit plans

The following table sets forth the pretax changes in AOCI for our pension and other postretirement benefit plans (in millions):

			Pension Plans									Other Postretirement Benefit Plans
Year Ended December 31,			2022			2021						2022			2021
Balance in AOCI at beginning of year			$	(2,125)		$	(3,012)					$	(4)		$	(47)
Recognized prior service cost (credit)			—			1						(3)			(2)
Recognized net actuarial loss			107			261			1			—			3
Prior service credit (cost) occurring during the year			(9)			—						—			13
Net actuarial gain occurring during the year			232			623						104			27
Net foreign currency translation adjustments			40			2						(2)			2
Balance in AOCI at end of year			$	(1,755)		$	(2,125)					$	95		$	(4)

1    Includes $117 million of recognized net actuarial loss due to the impact of settlements, which were primarily related to our strategic realignment initiatives. Refer to Note 18.

The following table sets forth the pretax amounts in AOCI for our pension and other postretirement benefit plans (in millions):

			Pension Plans									Other Postretirement Benefit Plans
December 31,			2022			2021						2022			2021
Prior service credit (cost)			$	(17)		$	(9)					$	24		$	28
Net actuarial gain (loss)			(1,738)			(2,116)						71			(32)
Balance in AOCI at end of year			$	(1,755)		$	(2,125)					$	95		$	(4)

Certain weighted average assumptions used in computing the benefit obligations and net periodic benefit cost

Certain weighted-average assumptions used in computing the benefit obligations for our pension and other postretirement benefit plans were as follows:

			Pension Plans									Other Postretirement Benefit Plans
December 31,			2022			2021						2022			2021
Discount rate			5.50		%	3.00		%				6.00		%	3.25		%
Interest crediting rate			4.00		%	3.00		%				N/A			N/A
Rate of increase in compensation levels			3.75		%	3.75		%				N/A			N/A

Certain weighted-average assumptions used in computing net periodic benefit cost or income were as follows:

			Pension Plans												Other Postretirement Benefit Plans
Year Ended December 31,			2022			2021			2020						2022			2021			2020
Discount rate			3.00		%	2.50		%	3.25		%				3.25		%	2.75		%	3.50		%
Interest crediting rate			3.00		%	3.00		%	3.50		%				N/A			N/A			N/A
Rate of increase in compensation levels			3.75		%	3.75		%	3.75		%				N/A			N/A			N/A
Expected long-term rate of return on plan assets			7.00		%	7.25		%	7.50		%				4.00		%	4.25		%	4.50		%

Assumed health care cost trend rates

The weighted-average assumptions for health care cost trend rates were as follows:

December 31,			2022			2021
Health care cost trend rate assumed for next year			8.25		%	6.75		%
Rate to which the trend rate is assumed to decline (the ultimate trend rate)			5.50		%	5.25		%
Year that the trend rate reaches the ultimate trend rate			2030			2027

Estimated future benefit payments for pension and other postretirement benefit plans

The expected benefit payments for our pension and other postretirement benefit plans for the 10 years succeeding December 31, 2022 are as follows (in millions):

Year Ended December 31,			2023			2024			2025			2026			2027			2028-2032
Benefit payments for pension plans			$	583		$	531		$	545		$	520		$	495		$	2,457
Benefit payments for other postretirement    benefit plans			53			51			48			46			43			190
Total			$	636		$	582		$	593		$	566		$	538		$	2,647

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