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Retirement Plans and Other Retiree Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Allocation of Plan Assets

The target asset allocation for the Company’s defined benefit plans is as follows:

						United States						International
Asset Category
Equity securities						21		%				23		%
Fixed income securities						76		%				61		%
Real estate and other investments						3		%				16		%
Total						100		%				100		%

At December 31, 2022, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:

						Level of Valuation Input						Pension Plans
												United States						International
Cash and cash equivalents						Level 1						$	30					$	8
U.S. common stocks						Level 1						—						2
International common stocks						Level 1						—						13
Pooled funds(1)						Level 1						38						95
Fixed income securities(2)						Level 2						676						62
Guaranteed investment contracts(3)						Level 2						—						34
												744						214
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds												260						61
Fixed income funds(5)												337						202
Hedge funds(6)												—						7
Multi-asset funds(7)												24						1
Real estate funds(8)												—						31
												621						302
Other assets and liabilities, net(9)												(2)						—
Total Investments												$	1,363					$	516

At December 31, 2021, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:

						Level of Valuation Input						Pension Plans
												United States						International
Cash and cash equivalents						Level 1						$	38					$	9
U.S. common stocks						Level 1						—						2
International common stocks						Level 1						—						13
Pooled funds(1)						Level 1						48						116
Fixed income securities(2)						Level 2						905						67
Guaranteed investment contracts(3)						Level 2						1						51
												992						258
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds												361						97
Fixed income funds(5)												469						328
Hedge funds(6)												—						8
Multi-asset funds(7)												26						2
Real estate funds(8)												—						30
												856						465
Other assets and liabilities, net(9)												(14)						—
Total Investments												$	1,834					$	723

_______

(1)Pooled funds primarily invest in U.S. and foreign equity securities, debt and money market securities.

(2)The fixed income securities are traded over-the-counter and certain of these securities lack daily pricing or liquidity and as such are classified as Level 2. As of December 31, 2022 and December 31, 2021 approximately 40% of the U.S. pension plan fixed income portfolio was invested in U.S. treasury or agency securities, with the remainder invested in other government bonds and corporate bonds.

(3)The guaranteed investment contracts (“GICs”) represent contracts with insurance companies measured at the cash surrender value of each contract. The Level 2 valuation reflects that the cash surrender value is based principally on a referenced pool of investment funds with active redemption.

(4)Investments that are measured at fair value using net asset value (“NAV”) per share as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. There are no unfunded commitments related to these investments. Redemption notice period primarily ranges from 0-3 months and redemption frequency windows range from daily to quarterly.

(5)Fixed income funds primarily invest in U.S. government and investment grade corporate bonds.

(6)Consists of investments in underlying hedge fund strategies that are primarily implemented through the use of long and short equity and fixed income securities and derivative instruments such as futures and options.

(7)Multi-asset funds primarily invest across a variety of asset classes, including global stocks and bonds, as well as alternative strategies.

(8)Real estate is valued using the NAV per unit of funds that are invested in real estate property. The investment value of the real estate property is determined quarterly using independent market appraisals as determined by the investment manager.

(9)This category primarily includes unsettled trades for investments purchased and sold and dividend receivables.

Defined Benefit Plans Disclosures

The Company uses a December 31 measurement date for its defined benefit and other retiree benefit plans. Summarized information for the Company’s defined benefit and other retiree benefit plans is as follows:

						Pension Plans																								Other Retiree Benefit Plans
						2022						2021						2022						2021						2022						2021
						United States												International
Change in Benefit Obligations
Benefit obligations at beginning of year						$	2,207					$	2,363					$	937					$	1,013					$	1,080					$	1,112
Service cost						—						—						15						19						18						26
Interest cost						64						61						21						20						36						35
Participants’ contributions						—						—						5						6						—						—
Plan amendments						—						(2)						2						—						(175)						—
Actuarial loss (gain)						(430)						(52)						(190)						(39)						(250)						(50)
Foreign exchange impact						—						—						(56)						(38)						2						(8)
Termination benefits						14						—						—						—						1						—
Curtailments and settlements						(4)						(5)						(27)						(4)						—						—
Benefit payments						(178)						(158)						(32)						(40)						(54)						(35)
Benefit obligations at end of year						$	1,673					$	2,207					$	675					$	937					$	658					$	1,080
Change in Plan Assets
Fair value of plan assets at beginning of year						$	1,834					$	1,921					$	723					$	698					$	—					$	3
Actual return on plan assets						(321)						46						(139)						45						—						—
Company contributions						32						28						35						33						54						32
Participants’ contributions						—						—						5						6						—						—
Foreign exchange impact						—						—						(49)						(14)						—						—
Settlements and acquisitions						(4)						(3)						(27)						(5)						—						—
Benefit payments						(178)						(158)						(32)						(40)						(54)						(35)
Fair value of plan assets at end of year						$	1,363					$	1,834					$	516					$	723					$	—					$	—
Funded Status
Benefit obligations at end of year						$	1,673					$	2,207					$	675					$	937					$	658					$	1,080
Fair value of plan assets at end of year						1,363						1,834						516						723						—						—
Net amount recognized						$	(310)					$	(373)					$	(159)					$	(214)					$	(658)					$	(1,080)
Amounts Recognized in Balance Sheet
Noncurrent assets						$	33					$	70					$	51					$	72					$	—					$	—
Current liabilities						(25)						(27)						(14)						(13)						(43)						(47)
Noncurrent liabilities						(318)						(416)						(196)						(273)						(615)						(1,033)
Net amount recognized						$	(310)					$	(373)					$	(159)					$	(214)					$	(658)					$	(1,080)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss						$	811					$	866					$	137					$	179					$	92					$	356
Transition/prior service cost(credit)						—						—						10						9						(168)						—
						$	811					$	866					$	147					$	188					$	(76)					$	356
Accumulated benefit obligation						$	1,656					$	2,171					$	616					$	872					$	—					$	—

						Pension Plans																								Other Retiree Benefit Plans
						2022						2021						2022						2021						2022						2021
						United States												International
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate						5.66		%				2.98		%				4.75		%				2.10		%				5.67		%				3.06		%
Expected long-term rate of return on plan assets						6.25		%				5.70		%				4.66		%				2.72		%				N/A						N/A
Long-term rate of compensation increase						3.50		%				3.50		%				3.22		%				2.89		%				3.50		%				3.50		%
ESOP growth rate						—		%				—		%				—		%				—		%				6.00		%				6.00		%
Medical cost trend rate of increase						—		%				—		%				—		%				—		%				6.25		%				6.00		%
Interest Crediting Rate						5.21		%				2.85		%				2.28		%				0.84		%				—		%				—		%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Pension plans with projected benefit obligations in excess of plan assets and plans with accumulated benefit obligations in excess of plan assets as of December 31 consisted of the following:

						2022						2021
Benefit Obligation Exceeds Fair Value of Plan Assets
Projected benefit obligation						$	657					$	805
Fair value of plan assets						108						82
Accumulated benefit obligation						540						771
Fair value of plan assets						20						81

Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 31 consisted of the following:

						2022						2021
Benefit Obligation Exceeds Fair Value of Plan Assets
Accumulated postretirement benefit obligation						$	658					$	1,080
Fair value of plan assets						—						—

Schedule of Net Benefit Costs

Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:

						Pension Plans																																				Other Retiree Benefit Plans
						2022						2021						2020						2022						2021						2020						2022						2021						2020
						United States																		International
Components of Net Periodic Benefit Cost
Service cost						$	—					$	—					$	1					$	15					$	19					$	17					$	18					$	26					$	20
Interest cost						64						61						74						21						20						21						36						35						37
Expected return on plan assets						(101)						(106)						(111)						(21)						(20)						(22)						—						—						(2)
Amortization of transition and prior service costs (credits)						—						—						—						1						1						—						(6)						—						—
Amortization of actuarial loss						46						47						46						7						11						9						14						23						18
Net periodic benefit cost						$	9					$	2					$	10					$	23					$	31					$	25					$	62					$	84					$	73
Other postretirement charges						13						(3)						4						4						1						—						2						—						—
Total pension cost						$	22					$	(1)					$	14					$	27					$	32					$	25					$	64					$	84					$	73
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate						2.98		%				2.65		%				3.40		%				2.10		%				1.61		%				2.06		%				3.06		%				2.88		%				3.56		%
Expected long-term rate of return on plan assets						5.70		%				5.70		%				6.30		%				2.72		%				2.93		%				3.38		%				N/A						5.70		%				6.30		%
Long-term rate of compensation increase						3.50		%				3.50		%				3.50		%				2.89		%				2.62		%				2.83		%				—		%				—		%				—		%
ESOP growth rate						—		%				—		%				—		%				—		%				—		%				—		%				6.00		%				10.00		%				10.00		%
Medical cost trend rate of increase						—		%				—		%				—		%				—		%				—		%				—		%				6.00		%				6.00		%				6.00		%
Interest Crediting Rate						2.82		%				2.48		%				3.21		%				0.84		%				0.83		%				0.85		%				—		%				—		%				—		%

Schedule of Expected Benefit Payments

Total benefit payments expected to be paid to participants in both funded and unfunded plans are estimated as follows:

						Pension Plans
Years Ended December 31,						United States						International						Other Retiree Benefit Plans						Total
2023						$	141					$	40					$	44					$	225
2024						142						40						50						232
2025						139						39						51						229
2026						143						42						51						236
2027						143						42						51						236
2028-2032						669						234						263						1,166

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