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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Projected Benefit Obligations, Plan Assets and Funded Status
The projected benefit obligations, plan assets and funded status of our pension plans were:
 U.S. PlansNon-U.S. Plans
 2023202220232022
 (in millions)
Projected benefit obligation at January 1$1,193 $1,729 $6,878 $10,821 
Service cost54 88 
Interest cost64 51 303 172 
Benefits paid(45)(39)(424)(461)
Settlements paid(63)(71)— — 
Actuarial losses/(gains)
54 (482)235 (2,844)
Divestitures/acquisitions
— — (6)18 
Currency— — 337 (957)
Other— — 27 41 
Projected benefit obligation at December 311,206 1,193 7,404 6,878 
Fair value of plan assets at January 11,265 1,826 7,389 11,021 
Actual return on plan assets114 (455)423 (2,388)
Contributions162 211 
Benefits paid(45)(39)(424)(461)
Settlements paid(63)(71)— — 
Divestitures
— — (4)— 
Currency— — 362 (992)
Other— — (1)(2)
Fair value of plan assets at December 311,277 1,265 7,907 7,389 
Net pension assets at December 31$71 $72 $503 $511 
Our postretirement health care plans are funded in the U.S. The changes in and the amount of the accrued benefit obligation were:
 As of December 31,
 20232022
 (in millions)
Accrued benefit obligation at January 1$233 $317 
Service cost
Interest cost12 
Benefits paid(16)(15)
Plan amendments(22)— 
Currency(5)
Actuarial losses/(gains)(5)(75)
Accrued benefit obligation at December 31205 233 
Fair value of plan assets at January 1
— — 
Employer Contributions76 — 
Benefit Payments(12)— 
Actual Return on Assets— 
Fair value of plan assets at December 31$70 $— 
Schedule of Net Pension Plan Asset (Liability)
The combined U.S. and non-U.S. pension plans resulted in a net pension asset of $574 million at December 31, 2023 and a net pension asset of $583 million at December 31, 2022. We recognized these amounts in our consolidated balance sheets as follows:
 As of December 31,
 20232022
 (in millions)
Prepaid pension assets$1,043 $1,016 
Other current liabilities(32)(30)
Accrued pension costs(437)(403)
$574 $583 
Schedule of Underfunded Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets
Certain of our U.S. and non-U.S. plans are underfunded with accumulated benefit obligations in excess of plan assets. For these plans, the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets were:
 U.S. PlansNon-U.S. Plans
 As of December 31,As of December 31,
 2023202220232022
 (in millions)
Projected benefit obligation$25 $31 $646 $531 
Accumulated benefit obligation25 31 594 492 
Fair value of plan assets201 135 
Schedule of Weighted-Average Assumptions
We used the following weighted-average assumptions to determine our benefit obligations under the pension plans:
 U.S. PlansNon-U.S. Plans
 As of December 31,As of December 31,
 2023202220232022
Discount rate5.22 %5.55 %4.03 %4.51 %
Expected rate of return on plan assets6.25 %6.25 %5.54 %5.41 %
Rate of compensation increase4.00 %4.00 %3.22 %3.22 %
We used the following weighted-average assumptions to determine our net periodic pension cost:
 U.S. PlansNon-U.S. Plans
 For the Years Ended December 31,For the Years Ended December 31,
 202320222021202320222021
Discount rate5.55 %3.01 %2.73 %4.51 %1.74 %1.33 %
Expected rate of return
on plan assets
6.25 %4.50 %4.50 %5.41 %3.44 %3.90 %
Rate of compensation increase4.00 %4.00 %4.00 %3.22 %2.84 %3.16 %
We used the following weighted-average assumptions to determine our postretirement benefit obligations:
 U.S. PlansNon-U.S. Plans
 As of December 31,As of December 31,
 2023202220232022
Discount rate5.20 %5.53 %5.72 %6.07 %
Expected rate of return
on plan assets
7.25 %n/an/an/a
Health care cost trend rate assumed for next year6.75 %7.00 %5.07 %5.98 %
Ultimate trend rate5.00 %5.00 %4.63 %4.70 %
Year that the rate reaches the ultimate trend rate2031203120402040
We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:
 U.S. PlansNon-U.S. Plans
 For the Years Ended December 31,For the Years Ended December 31,
 202320222021202320222021
Discount rate5.53%2.96%2.68%6.07%3.81%3.35%
Health care cost trend rate7.00%5.50%5.75%5.98%5.72%5.66%
Schedule of Components of Net Periodic Pension Cost
Net periodic pension cost consisted of the following:
 U.S. PlansNon-U.S. Plans
 For the Years Ended December 31,For the Years Ended December 31,
 202320222021202320222021
 (in millions)
Service cost$$$$54 $88 $137 
Interest cost64 51 42 303 172 130 
Expected return on plan assets(99)(79)(72)(403)(353)(419)
Amortization:
Net loss
— 17 42 57 130 
Prior service cost/(benefit)(1)(2)(6)
Curtailment expense/(credit) (1)
— — — — (17)
Settlement losses and other expenses17 14 19 
Net periodic pension (benefit)/cost$(14)$(2)$13 $(4)$(28)$(42)
 
(1)During the third quarter of 2021, we terminated our Defined Benefit Pension Scheme in Nigeria. During the second quarter of 2021, we made a decision to freeze our Defined Benefit Pension Scheme in the United Kingdom. As a result, we recognized curtailment credits of ($17 million) in 2021 recorded within benefit plan non-service income. In connection with the United Kingdom plan freeze, we also incurred incentive payment charges and other expenses of $48 million in 2021 included in operating income.
Schedule of Fair Value of Pension Plan Assets
The fair value of pension plan assets was determined using the following fair value measurements:
 As of December 31, 2023
Asset CategoryTotal Fair
Value
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (in millions)
U.S. equity securities$$$— $— 
Pooled funds - equity securities935 863 72 — 
Total equity securities938 866 72 — 
Government bonds2,485 59 2,426 — 
Pooled funds - fixed-income securities839 718 121 — 
Corporate bonds and other
   fixed-income securities
2,366 203 699 1,464 
Total fixed-income securities5,690 980 3,246 1,464 
Real estate249 182 — 67 
Private equity— — 
Cash and other
122 103 18 
Total assets in the fair value hierarchy$7,003 $2,131 $3,336 $1,536 
Investments measured at net asset value2,084 
Total investments at fair value$9,087 
 As of December 31, 2022
Asset CategoryTotal Fair
Value
Quoted Prices
in Active Markets
for Identical
Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
 (in millions)
U.S. equity securities$$$— $— 
Non-U.S. equity securities— — 
Pooled funds - equity securities960 906 54 — 
Total equity securities964 910 54 — 
Government bonds2,495 48 2,447 — 
Pooled funds - fixed-income securities560 453 107 — 
Corporate bonds and other
   fixed-income securities
2,296 144 612 1,540 
Total fixed-income securities5,351 645 3,166 1,540 
Real estate221 152 — 69 
Private equity— — 
Cash and other
106 100 
Total assets in the fair value hierarchy$6,646 $1,807 $3,225 $1,614 
Investments measured at net asset value1,892 
Total investments at fair value$8,538 
The percentage of fair value of pension plan assets was:
 U.S. PlansNon-U.S. Plans
 As of December 31,As of December 31,
Asset Category2023202220232022
Equity securities15%15%16%16%
Fixed-income securities85%85%63%63%
Real estate4%3%
Buy-in annuity policies16%17%
Cash1%1%
Total100%100%100%100%
Schedule of Changes in Level 3 Plan Assets
Changes in our Level 3 plan assets, which are recorded in other comprehensive earnings/(losses), included:
Asset CategoryJanuary 1,
2023
Balance
Net Realized
and Unrealized
Gains/
(Losses)
Net Purchases,
Issuances and
Settlements
Net Transfers
Into/(Out of)
Level 3
Currency
Impact
December 31,
2023
Balance
 (in millions)
Corporate bond and other
   fixed-income securities
$1,540 $60 $(227)$— $98 $1,471 
Real estate70 (2)— — (6)62 
Private equity and other— — — (1)
Total Level 3 investments$1,614 $58 $(227)$— $91 $1,536 
Asset CategoryJanuary 1,
2022
Balance
Net Realized
and Unrealized
Gains/
(Losses)
Net Purchases,
Issuances and
Settlements
Net Transfers
Into/(Out of)
Level 3
Currency
Impact
December 31,
2022
Balance
 (in millions)
Corporate bond and other
   fixed-income securities
$2,387 $(450)$(148)$— $(249)$1,540 
Real estate74 (1)— (6)70 
Private equity and other— — — (1)
Total Level 3 investments$2,466 $(447)$(149)$— $(256)$1,614 
Schedule of Estimated Future Benefit Payments
The estimated future benefit payments from our pension plans at December 31, 2023 were (in millions):
 202420252026202720282029-2033
U.S. Plans$152$91$91$90$90$432
Non-U.S. Plans4294204344414452,283
Our estimated future benefit payments for our postretirement health care plans at December 31, 2023 were (in millions):
 202420252026202720282029-2033
U.S. Plans$11$10$10$9$9$36
Non-U.S. Plans4555527
Schedule of Changes in Accrued Benefit Obligation of Postemployment Plans
Our postemployment plans are not funded. The changes in and the amount of the accrued benefit obligation at December 31, 2023 and 2022 were:
 As of December 31,
 20232022
 (in millions)
Accrued benefit obligation at January 1$47 $56 
Service cost
Interest cost
Benefits paid(25)(14)
Actuarial losses/(gains)63 (1)
Accrued benefit obligation at December 31$92 $47