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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of the Benefit Obligation, the Fair Value of Plan Assets, and the Funded Status | A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, 2022 and 2021, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets):
(in millions) | Retirement Plans |  | Postretirement Plans
| 2022 |  | 2021 |  | 2022 |  | 2021
Net benefit obligation at beginning of year | $ | 2,122 |  |  | $ | 2,220 |  |  | $ | 28 |  |  | $ | 36 |
Service cost | 3 |  |  | 4 |  |  | — |  |  | — |
Interest cost | 48 |  |  | 40 |  |  | 1 |  |  | 1 |
Plan participants’ contributions | — |  |  | — |  |  | — |  |  | 2 |
Actuarial gain 1 | (636) |  |  | (55) |  |  | (6) |  |  | (2) |
Gross benefits paid | (86) |  |  | (77) |  |  | (3) |  |  | (5) |
Foreign currency effect | (44) |  |  | (10) |  |  | — |  |  | — |
Other adjustments 2 | — |  |  | — |  |  | — |  |  | (4) |
Net benefit obligation at end of year | 1,407 |  |  | 2,122 |  |  | 20 |  |  | 28 |
Fair value of plan assets at beginning of year | 2,231 |  |  | 2,243 |  |  | 6 |  |  | 9 |
Actual return on plan assets | (647) |  |  | 58 |  |  | 1 |  |  | — |
Employer contributions | 11 |  |  | 11 |  |  | — |  |  | — |
Plan participants’ contributions | — |  |  | — |  |  | — |  |  | 2 |
Gross benefits paid | (86) |  |  | (77) |  |  | (2) |  |  | (5) |
Foreign currency effect | (45) |  |  | (4) |  |  | — |  |  | — |
Fair value of plan assets at end of year | 1,464 |  |  | 2,231 |  |  | 5 |  |  | 6 |
Funded status | $ | 57 |  |  | $ | 109 |  |  | $ | (15) |  |  | $ | (22) |
Amounts recognized in consolidated balance sheets: |  |  |  |  |  |  |
Non-current assets | $ | 232 |  |  | $ | 359 |  |  | $ | — |  |  | $ | — |
Current liabilities | (10) |  |  | (10) |  |  | — |  |  | — |
Non-current liabilities | (165) |  |  | (240) |  |  | (15) |  |  | (22) |
| $ | 57 |  |  | $ | 109 |  |  | $ | (15) |  |  | $ | (22) |
Accumulated benefit obligation | $ | 1,401 |  |  | $ | 2,110 |  |  |  |  |
Plans with accumulated benefit obligation in excess of the fair value of plan assets: |  |  |  |  |  |  |
Projected benefit obligation | $ | 175 |  |  | $ | 250 |  |  |  |  |
Accumulated benefit obligation | $ | 168 |  |  | $ | 238 |  |  |  |  |
Fair value of plan assets | $ | — |  |  | $ | — |  |  |  |  |
Amounts recognized in accumulated other comprehensive loss, net of tax: |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 400 |  |  | $ | 350 |  |  | $ | (39) |  |  | $ | (36) |
Prior service credit | — |  |  | 2 |  |  | (12) |  |  | (14) |
Total recognized | $ | 400 |  |  | $ | 352 |  |  | $ | (51) |  |  | $ | (50) |
1 The increase in actuarial gain in 2022 compared to 2021 was primarily due to an increase in the discount rate. 2Relates to the impact of a plan amendment in 2021.
Schedule of Net Periodic Benefit Cost | A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows:
(in millions) | Retirement Plans |  | Postretirement Plans
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Service cost | $ | 3 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 48 |  |  | 40 |  |  | 52 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on assets | (87) |  |  | (104) |  |  | (102) |  |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Actuarial loss (gain) | 15 |  |  | 21 |  |  | 17 |  |  | (2) |  |  | (2) |  |  | (2) |
Prior service credit | — |  |  | — |  |  | — |  |  | (2) |  |  | (1) |  |  | (1) |
Net periodic benefit cost | (21) |  |  | (39) |  |  | (29) |  |  | (3) |  |  | (2) |  |  | (2) |
Settlement charge 1 | 13 |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | — |
Total net periodic benefit cost | $ | (8) |  |  | $ | (36) |  |  | $ | (26) |  |  | $ | (3) |  |  | $ | (2) |  |  | $ | (2) |
1During the years ended December 31, 2022, 2021, and 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.K. pension plan, triggering the recognition of non-cash pre-tax settlement charges of $13 million for 2022 and $3 million for 2021 and 2020.
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, Net of Tax | Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:
(in millions) | Retirement Plans |  | Postretirement Plans
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Net actuarial loss (gain) | $ | 67 |  |  | $ | (6) |  |  | $ | 28 |  |  | $ | (3) |  |  | $ | (1) |  |  | $ | 1 |
Recognized actuarial (gain) loss | (12) |  |  | (15) |  |  | (9) |  |  | 1 |  |  | 1 |  |  | 2 |
Prior service cost | — |  |  | — |  |  | — |  |  | 1 |  |  | (1) |  |  | 1 |
Settlement charge 1 | (10) |  |  | (2) |  |  | (2) |  |  | — |  |  | — |  |  | — |
Total recognized | $ | 45 |  |  | $ | (23) |  |  | $ | 17 |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | 4 |
1During the years ended December 31, 2022, 2021, and 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.K. pension plan, triggering the recognition of non-cash pre-tax settlement charges of $13 million for 2022 and $3 million for 2021 and 2020.
Schedule of Assumptions Used | Assumptions
| Retirement Plans |  | Postretirement Plans
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Discount rate 2 | 5.63 | % |  | 3.05 | % |  | 2.75 | % |  | 5.52 | % |  | 2.72 | % |  | 2.20 | %
Net periodic cost: |  |  |  |  |  |  |  |  |  |  |
Weighted-average healthcare cost rate 1 |  |  |  |  |  |  | N/A |  | N/A |  | 6.00 | %
Discount rate - U.S. plan 2 | 3.05 | % |  | 2.75 | % |  | 3.45 | % |  | 2.72 | % |  | 2.20 | % |  | 3.08 | %
Discount rate - U.K. plan 2 | 1.87 | % |  | 1.36 | % |  | 1.92 | % |  |  |  |  |  |
Return on assets 3 | 4.00 | % |  | 5.00 | % |  | 5.50 | % |  |  |  |  |  |
1 The health care cost trend rate no longer applies since all subsidized benefits subject to trend were eliminated in 2021. 2 Effective January 1, 2022, we changed our discount rate assumption on our U.S. retirement plans to 3.05% from 2.75% in 2021 and changed our discount rate assumption on our U.K. plan to 1.87% from 1.36% in 2021. 3 The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2023, our return on assets assumption for the U.S. plan was increased to 6.00% from 4.00% and the U.K. plan was increased to 5.50% from 5.00%.
Schedule of Information about the Expected Cash Flows for Retirement and Post-Retirement Plans and Impact of the Medicare Subsidy | Information about the expected cash flows for our retirement and postretirement plans is as follows:
(in millions) | Retirement Plans 1 |  |  |  |  |  |  |  | Postretirement Plans 2
2023 | $ | 71 |  |  |  |  |  |  |  |  | 3 |
2024 | 74 |  |  |  |  |  |  |  |  | 3 |
2025 | 77 |  |  |  |  |  |  |  |  | 2 |
2026 | 80 |  |  |  |  |  |  |  |  | 2 |
2027 | 83 |  |  |  |  |  |  |  |  | 2 |
2028-2032 | 453 |  |  |  |  |  |  |  |  | 7 |
1 Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost. 2 Reflects the total benefits expected to be paid from our assets.
Schedule of Fair Value of Defined Benefit Plan Assets by Asset Class | The fair value of our defined benefit plans assets as of December 31, 2022 and 2021, by asset class is as follows:
(in millions) | December 31, 2022
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and short-term investments | $ | 5 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |
Equities: |  |  |  |  |  |  |
U.S. indexes 1 | 6 |  |  | 6 |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |
Long duration strategy 2 | 1,007 |  |  | — |  |  | 1,007 |  |  | — |
Intermediate duration securities | 38 |  |  | — |  |  | 38 |  |  | — |
Real Estate: |  |  |  |  |  |  |
U.K. 3 | 34 |  |  | — |  |  | — |  |  | 34 |
Infrastructure: |  |  |  |  |  |  |
U.K. 4 | 81 |  |  | — |  |  | 81 |  |  | — |
Total | $ | 1,171 |  |  | $ | 11 |  |  | $ | 1,126 |  |  | $ | 34 |
Common collective trust funds measured at net asset value as a practical expedient: |  |  |  |  |  |  |
Collective investment funds 5 | $ | 293 |  |  |  |  |  |  |
Total | $ | 1,464 |  |  |  |  |  |  |
(in millions) | December 31, 2021
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and short-term investments | $ | 6 |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |
Equities: |  |  |  |  |  |  |
U.S. indexes 1 | 6 |  |  | 6 |  |  | — |  |  | — |
Fixed income: |  |  |  |  |  |  |
Long duration strategy 2 | 1,376 |  |  | — |  |  | 1,376 |  |  | — |
Intermediate duration securities | 59 |  |  | — |  |  | 59 |  |  | — |
Real Estate: |  |  |  |  |  |  |
U.K. 3 | 44 |  |  | — |  |  | — |  |  | 44 |
Infrastructure: |  |  |  |  |  |  |
U.K. 4 | 81 |  |  | — |  |  | 81 |  |  | — |
Total | $ | 1,572 |  |  | $ | 12 |  |  | $ | 1,516 |  |  | $ | 44 |
Common collective trust funds measured at net asset value as a practical expedient: |  |  |  |  |  |  |
Collective investment funds 5 | $ | 659 |  |  |  |  |  |  |
Total | $ | 2,231 |  |  |  |  |  |  |
1 Includes securities that are tracked in the S&P Smallcap 600 index. 2 Includes securities that are mainly investment grade obligations of issuers in the U.S. 3 Includes a fund which holds real estate properties in the U.K. 4 Includes funds that invest in global infrastructure for the UK Pension. 5Includes the Standard & Poor's 500 Composite Stock Index, the Standard & Poor's MidCap 400 Composite Stock Index, a short-term investment fund which is a common collective trust vehicle, and other various asset classes.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following table details further information on our plan assets where we have used significant unobservable inputs:
(in millions) | Level 3
Balance as of December 31, 2021 | $ | 44 |
Distributions | (2) |
Gain (loss) | (8) |
Balance as of December 31, 2022 | $ | 34 |

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