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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Assets and Liabilities
The fair values of the Company’s financial assets and liabilities by level in the fair value hierarchy as of December 31, 2024 and December 31, 2023 were as follows: 
December 31, 2024Level 1Level 2Total
Assets:
Foreign exchange derivative contracts$— $10 $10 
Common stock and equivalents23 — 23 
Liabilities:
Foreign exchange derivative contracts$— $9 $9 
Equity swap contracts1 — 1 
December 31, 2023Level 1Level 2Total
Assets:
Foreign exchange derivative contracts$— $13 $13 
Equity swap contracts1 — 1 
Common stock and equivalents28 — 28 
Liabilities:
Foreign exchange derivative contracts$— $4 $4 
Treasury rate lock— 12 12 
Pension and Postretirement Health Care Plan Assets
The fair values of the various pension and postretirement health care benefits plans’ assets by level in the fair value hierarchy as of December 31, 2024 and 2023 were as follows:
U.S. Pension Benefit Plans
December 31, 2024Level 1Level 2Level 3Total
Equities$23 $— $— $23 
Commingled funds1,039 404 — 1,443 
Government fixed income securities— 239 — 239 
Corporate fixed income securities— 905 — 905 
Short-term investment funds258 — — 258 
Private assets— — 203 203 
Total investment securities$1,320 $1,548 $203 $3,071 
Accrued income receivable162 
Cash16 
Fair value plan assets$3,249 
The following table summarizes the changes in fair value of the Level 3 assets:
2024
Fair value at January 1, 2024$157 
Actual return on plan assets22 
Purchases24 
Fair value at December 31, 2024$203 
December 31, 2023Level 1Level 2Level 3Total
Equities$27 $— $— $27 
Commingled funds1,230 479 — 1,709 
Government fixed income securities— 192 — 192 
Corporate fixed income securities— 894 — 894 
Short-term investment funds253 — — 253 
Private Assets— — 157 157 
Total investment securities$1,510 $1,565 $157 $3,232 
Accrued income receivable23 
Cash18 
Fair value plan assets   $3,273 
Non-U.S. Pension Benefit Plans
December 31, 2024Level 1Level 2Total
Equities$53 $— $53 
Commingled funds236 35 271 
Government fixed income securities— 615 615 
Short-term investment funds56 — 56 
Total investment securities$345 $650 $995 
Cash4 
Accrued income receivable42 
Insurance contracts42 
Fair value plan assets  $1,083 
December 31, 2023Level 1Level 2Total
Equities$60 $— $60 
Commingled funds289 32 321 
Government fixed income securities— 663 663 
Short-term investment funds60 — 60 
Total investment securities$409 $695 $1,104 
Cash5 
Accrued income receivable16 
Insurance contracts47 
Fair value plan assets  $1,172 
Postretirement Health Care Benefits Plan 
December 31, 2024Level 1Level 2Level 3Total
Equities$1 $— $— $1 
Commingled funds40 16 — 56 
Government fixed income securities— 10 — 10 
Corporate fixed income securities— 37 — 37 
Short-term investment funds10 — — 10 
Private funds— — 8 8 
Total investment securities$51 $63 $8 $122 
Accrued income receivable6 
Fair value plan assets$128 
The following table summarizes the changes in fair value of the Level 3 assets:
2024
Fair value at January 1, 2024$7 
Purchases1 
Fair value at December 31, 2024$8 
December 31, 2023Level 1Level 2Level 3Total
Equities$1 $— $— $1 
Commingled funds49 20 — 69 
Government fixed income securities— 8 — 8 
Corporate fixed income securities— 38 — 38 
Short-term investment funds10 — — 10 
Private funds— — 7 7 
Total investment securities$60 $66 $7 $133 
Accrued income receivable1 
Fair value plan assets$134