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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following:
| December 31, 2022 |  | December 31, 2021
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
| U.S. Plans |  | Non- U.S. Plans |  | Total |  | U.S. Plans |  | Non- U.S. Plans |  | Total |  | U.S. Plans |  | Non- U.S. Plans |  | Total |  | U.S. Plans |  | Non- U.S. Plans |  | Total
| (In millions)
Benefit obligations | $ | 8,425 |  |  | $ | 873 |  |  | $ | 9,298 |  |  | $ | 758 |  |  | $ | 36 |  |  | $ | 794 |  |  | $ | 11,086 |  |  | $ | 1,096 |  |  | $ | 12,182 |  |  | $ | 1,099 |  |  | $ | 39 |  |  | $ | 1,138 |
Estimated fair value of plan assets | 7,831 |  |  | 463 |  |  | 8,294 |  |  | 1,277 |  |  | 26 |  |  | 1,303 |  |  | 10,392 |  |  | 579 |  |  | 10,971 |  |  | 1,417 |  |  | 26 |  |  | 1,443 |
Over (under) funded status | $ | (594) |  |  | $ | (410) |  |  | $ | (1,004) |  |  | $ | 519 |  |  | $ | (10) |  |  | $ | 509 |  |  | $ | (694) |  |  | $ | (517) |  |  | $ | (1,211) |  |  | $ | 318 |  |  | $ | (13) |  |  | $ | 305 |
Net periodic benefit costs | $ | 49 |  |  | $ | 73 |  |  | $ | 122 |  |  | $ | (43) |  |  | $ | 1 |  |  | $ | (42) |  |  | $ | 97 |  |  | $ | 97 |  |  | $ | 194 |  |  | $ | (55) |  |  | $ | 2 |  |  | $ | (53) |
The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
| (In millions)
Net periodic benefit costs: |  |  |  |  |  |  |  |  |  |  |
Service costs | $ | 187 |  |  | $ | 4 |  |  | $ | 215 |  |  | $ | 4 |  |  | $ | 226 |  |  | $ | 5 |
Interest costs | 328 |  |  | 34 |  |  | 342 |  |  | 37 |  |  | 363 |  |  | 42 |
Settlement and curtailment (gains) losses | 5 |  |  | — |  |  | (7) |  |  | 1 |  |  | 10 |  |  | — |
Expected return on plan assets | (516) |  |  | (55) |  |  | (506) |  |  | (56) |  |  | (528) |  |  | (62) |
Amortization of net actuarial (gains) losses | 129 |  |  | (25) |  |  | 162 |  |  | (39) |  |  | 189 |  |  | (74) |
Amortization of prior service costs (credit) | (11) |  |  | — |  |  | (12) |  |  | — |  |  | (14) |  |  | (3) |
Total net periodic benefit costs (credit) | 122 |  |  | (42) |  |  | 194 |  |  | (53) |  |  | 246 |  |  | (92) |
Other changes in plan assets and benefit obligations recognized in OCI: |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gains) losses | 2 |  |  | (191) |  |  | (166) |  |  | (54) |  |  | (35) |  |  | (42) |
Prior service costs (credit) | 8 |  |  | — |  |  | 1 |  |  | (1) |  |  | — |  |  | — |
Amortization of net actuarial (gains) losses | (129) |  |  | 25 |  |  | (162) |  |  | 39 |  |  | (189) |  |  | 74 |
Amortization of prior service costs (credit) | 11 |  |  | — |  |  | 12 |  |  | — |  |  | 14 |  |  | 3 |
Settlement and curtailment (gains) losses | (5) |  |  | — |  |  | (10) |  |  | 10 |  |  | (10) |  |  | — |
Exchange rate changes | (7) |  |  | — |  |  | (8) |  |  | — |  |  | 5 |  |  | — |
Total recognized in OCI | (120) |  |  | (166) |  |  | (333) |  |  | (6) |  |  | (215) |  |  | 35 |
Total recognized in net periodic benefit costs and OCI | $ | 2 |  |  | $ | (208) |  |  | $ | (139) |  |  | $ | (59) |  |  | $ | 31 |  |  | $ | (57) |
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status
|  | December 31,
|  | 2022 |  | 2021
|  | Pension Benefits (1) |  | Other Postretirement Benefits |  | Pension Benefits (1) |  | Other Postretirement Benefits
|  | (In millions)
Change in benefit obligations: |  |  |  |  |  |  |  |
Benefit obligations at January 1, |  | $ | 12,182 |  |  | $ | 1,138 |  |  | $ | 12,873 |  |  | $ | 1,252 |
Service costs |  | 187 |  |  | 4 |  |  | 215 |  |  | 4 |
Interest costs |  | 328 |  |  | 34 |  |  | 342 |  |  | 37 |
Plan participants’ contributions |  | — |  |  | 32 |  |  | — |  |  | 32 |
Plan amendments |  | 8 |  |  | — |  |  | 1 |  |  | — |
Net actuarial (gains) losses (2) |  | (2,609) |  |  | (289) |  |  | (363) |  |  | (96) |
Acquisition, divestitures, settlements and curtailments |  | (45) |  |  | — |  |  | (111) |  |  | 8 |
Benefits paid |  | (630) |  |  | (125) |  |  | (665) |  |  | (99) |
Effect of foreign currency translation |  | (123) |  |  | — |  |  | (110) |  |  | — |
Benefit obligations at December 31, |  | 9,298 |  |  | 794 |  |  | 12,182 |  |  | 1,138 |
Change in plan assets: |  |  |  |  |  |  |  |
Estimated fair value of plan assets at January 1, |  | 10,971 |  |  | 1,443 |  |  | 11,256 |  |  | 1,492 |
Actual return on plan assets |  | (2,095) |  |  | (43) |  |  | 310 |  |  | 14 |
Acquisition, divestitures and settlements |  | (38) |  |  | — |  |  | (35) |  |  | (1) |
Plan participants’ contributions |  | — |  |  | 32 |  |  | — |  |  | 32 |
Employer contributions |  | 152 |  |  | (3) |  |  | 163 |  |  | 5 |
Benefits paid |  | (630) |  |  | (125) |  |  | (665) |  |  | (99) |
Effect of foreign currency translation |  | (66) |  |  | (1) |  |  | (58) |  |  | — |
Estimated fair value of plan assets at December 31, |  | 8,294 |  |  | 1,303 |  |  | 10,971 |  |  | 1,443 |
Over (under) funded status at December 31, |  | $ | (1,004) |  |  | $ | 509 |  |  | $ | (1,211) |  |  | $ | 305 |
Amounts recognized on the consolidated balance sheets: |  |  |  |  |  |  |  |
Other assets |  | $ | 428 |  |  | $ | 796 |  |  | $ | 640 |  |  | $ | 788 |
Other liabilities |  | (1,432) |  |  | (287) |  |  | (1,851) |  |  | (483) |
Net amount recognized |  | $ | (1,004) |  |  | $ | 509 |  |  | $ | (1,211) |  |  | $ | 305 |
AOCI: |  |  |  |  |  |  |  |
Net actuarial (gains) losses |  | $ | 2,277 |  |  | $ | (498) |  |  | $ | 2,416 |  |  | $ | (332) |
Prior service costs (credit) |  | (36) |  |  | — |  |  | (55) |  |  | — |
AOCI, before income tax |  | $ | 2,241 |  |  | $ | (498) |  |  | $ | 2,361 |  |  | $ | (332) |
Accumulated benefit obligation |  | $ | 9,185 |  |  | N/A |  | $ | 11,934 |  |  | N/A
__________________ (1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion and $1.3 billion at December 31, 2022 and 2021, respectively. (2)For the year ended December 31, 2022, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions, primarily related to an increase in the discount rate, of ($2.6) billion and ($276) million, respectively, and plan experience of $14 million and ($13) million, respectively. For the year ended December 31, 2021, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of ($389) million and ($34) million, respectively, demographic assumptions of $0 and ($4) million, respectively, and plan experience of $26 million and ($58) million, respectively.
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status
|  | December 31,
|  | 2022 |  | 2021
|  | Pension Benefits (1) |  | Other Postretirement Benefits |  | Pension Benefits (1) |  | Other Postretirement Benefits
|  | (In millions)
Change in benefit obligations: |  |  |  |  |  |  |  |
Benefit obligations at January 1, |  | $ | 12,182 |  |  | $ | 1,138 |  |  | $ | 12,873 |  |  | $ | 1,252 |
Service costs |  | 187 |  |  | 4 |  |  | 215 |  |  | 4 |
Interest costs |  | 328 |  |  | 34 |  |  | 342 |  |  | 37 |
Plan participants’ contributions |  | — |  |  | 32 |  |  | — |  |  | 32 |
Plan amendments |  | 8 |  |  | — |  |  | 1 |  |  | — |
Net actuarial (gains) losses (2) |  | (2,609) |  |  | (289) |  |  | (363) |  |  | (96) |
Acquisition, divestitures, settlements and curtailments |  | (45) |  |  | — |  |  | (111) |  |  | 8 |
Benefits paid |  | (630) |  |  | (125) |  |  | (665) |  |  | (99) |
Effect of foreign currency translation |  | (123) |  |  | — |  |  | (110) |  |  | — |
Benefit obligations at December 31, |  | 9,298 |  |  | 794 |  |  | 12,182 |  |  | 1,138 |
Change in plan assets: |  |  |  |  |  |  |  |
Estimated fair value of plan assets at January 1, |  | 10,971 |  |  | 1,443 |  |  | 11,256 |  |  | 1,492 |
Actual return on plan assets |  | (2,095) |  |  | (43) |  |  | 310 |  |  | 14 |
Acquisition, divestitures and settlements |  | (38) |  |  | — |  |  | (35) |  |  | (1) |
Plan participants’ contributions |  | — |  |  | 32 |  |  | — |  |  | 32 |
Employer contributions |  | 152 |  |  | (3) |  |  | 163 |  |  | 5 |
Benefits paid |  | (630) |  |  | (125) |  |  | (665) |  |  | (99) |
Effect of foreign currency translation |  | (66) |  |  | (1) |  |  | (58) |  |  | — |
Estimated fair value of plan assets at December 31, |  | 8,294 |  |  | 1,303 |  |  | 10,971 |  |  | 1,443 |
Over (under) funded status at December 31, |  | $ | (1,004) |  |  | $ | 509 |  |  | $ | (1,211) |  |  | $ | 305 |
Amounts recognized on the consolidated balance sheets: |  |  |  |  |  |  |  |
Other assets |  | $ | 428 |  |  | $ | 796 |  |  | $ | 640 |  |  | $ | 788 |
Other liabilities |  | (1,432) |  |  | (287) |  |  | (1,851) |  |  | (483) |
Net amount recognized |  | $ | (1,004) |  |  | $ | 509 |  |  | $ | (1,211) |  |  | $ | 305 |
AOCI: |  |  |  |  |  |  |  |
Net actuarial (gains) losses |  | $ | 2,277 |  |  | $ | (498) |  |  | $ | 2,416 |  |  | $ | (332) |
Prior service costs (credit) |  | (36) |  |  | — |  |  | (55) |  |  | — |
AOCI, before income tax |  | $ | 2,241 |  |  | $ | (498) |  |  | $ | 2,361 |  |  | $ | (332) |
Accumulated benefit obligation |  | $ | 9,185 |  |  | N/A |  | $ | 11,934 |  |  | N/A
__________________ (1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion and $1.3 billion at December 31, 2022 and 2021, respectively. (2)For the year ended December 31, 2022, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions, primarily related to an increase in the discount rate, of ($2.6) billion and ($276) million, respectively, and plan experience of $14 million and ($13) million, respectively. For the year ended December 31, 2021, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of ($389) million and ($34) million, respectively, demographic assumptions of $0 and ($4) million, respectively, and plan experience of $26 million and ($58) million, respectively.
Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation | Obligations and Funded Status
|  | December 31,
|  | 2022 |  | 2021
|  | Pension Benefits (1) |  | Other Postretirement Benefits |  | Pension Benefits (1) |  | Other Postretirement Benefits
|  | (In millions)
Change in benefit obligations: |  |  |  |  |  |  |  |
Benefit obligations at January 1, |  | $ | 12,182 |  |  | $ | 1,138 |  |  | $ | 12,873 |  |  | $ | 1,252 |
Service costs |  | 187 |  |  | 4 |  |  | 215 |  |  | 4 |
Interest costs |  | 328 |  |  | 34 |  |  | 342 |  |  | 37 |
Plan participants’ contributions |  | — |  |  | 32 |  |  | — |  |  | 32 |
Plan amendments |  | 8 |  |  | — |  |  | 1 |  |  | — |
Net actuarial (gains) losses (2) |  | (2,609) |  |  | (289) |  |  | (363) |  |  | (96) |
Acquisition, divestitures, settlements and curtailments |  | (45) |  |  | — |  |  | (111) |  |  | 8 |
Benefits paid |  | (630) |  |  | (125) |  |  | (665) |  |  | (99) |
Effect of foreign currency translation |  | (123) |  |  | — |  |  | (110) |  |  | — |
Benefit obligations at December 31, |  | 9,298 |  |  | 794 |  |  | 12,182 |  |  | 1,138 |
Change in plan assets: |  |  |  |  |  |  |  |
Estimated fair value of plan assets at January 1, |  | 10,971 |  |  | 1,443 |  |  | 11,256 |  |  | 1,492 |
Actual return on plan assets |  | (2,095) |  |  | (43) |  |  | 310 |  |  | 14 |
Acquisition, divestitures and settlements |  | (38) |  |  | — |  |  | (35) |  |  | (1) |
Plan participants’ contributions |  | — |  |  | 32 |  |  | — |  |  | 32 |
Employer contributions |  | 152 |  |  | (3) |  |  | 163 |  |  | 5 |
Benefits paid |  | (630) |  |  | (125) |  |  | (665) |  |  | (99) |
Effect of foreign currency translation |  | (66) |  |  | (1) |  |  | (58) |  |  | — |
Estimated fair value of plan assets at December 31, |  | 8,294 |  |  | 1,303 |  |  | 10,971 |  |  | 1,443 |
Over (under) funded status at December 31, |  | $ | (1,004) |  |  | $ | 509 |  |  | $ | (1,211) |  |  | $ | 305 |
Amounts recognized on the consolidated balance sheets: |  |  |  |  |  |  |  |
Other assets |  | $ | 428 |  |  | $ | 796 |  |  | $ | 640 |  |  | $ | 788 |
Other liabilities |  | (1,432) |  |  | (287) |  |  | (1,851) |  |  | (483) |
Net amount recognized |  | $ | (1,004) |  |  | $ | 509 |  |  | $ | (1,211) |  |  | $ | 305 |
AOCI: |  |  |  |  |  |  |  |
Net actuarial (gains) losses |  | $ | 2,277 |  |  | $ | (498) |  |  | $ | 2,416 |  |  | $ | (332) |
Prior service costs (credit) |  | (36) |  |  | — |  |  | (55) |  |  | — |
AOCI, before income tax |  | $ | 2,241 |  |  | $ | (498) |  |  | $ | 2,361 |  |  | $ | (332) |
Accumulated benefit obligation |  | $ | 9,185 |  |  | N/A |  | $ | 11,934 |  |  | N/A
__________________ (1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion and $1.3 billion at December 31, 2022 and 2021, respectively. (2)For the year ended December 31, 2022, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions, primarily related to an increase in the discount rate, of ($2.6) billion and ($276) million, respectively, and plan experience of $14 million and ($13) million, respectively. For the year ended December 31, 2021, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of ($389) million and ($34) million, respectively, demographic assumptions of $0 and ($4) million, respectively, and plan experience of $26 million and ($58) million, respectively.
Accumulated benefit obligations in excess of fair value of plan assets | Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:
| December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| PBO Exceeds Estimated Fair Value of Plan Assets |  | ABO Exceeds Estimated Fair Value of Plan Assets |  | APBO Exceeds Estimated Fair Value of Plan Assets
| (In millions)
Projected benefit obligations | $ | 1,444 |  |  | $ | 1,840 |  |  | $ | 1,434 |  |  | $ | 1,831 |  |  | N/A |  | N/A
Accumulated benefit obligations | $ | 1,384 |  |  | $ | 1,740 |  |  | $ | 1,384 |  |  | $ | 1,740 |  |  | N/A |  | N/A
Accumulated postretirement benefit obligations | N/A |  | N/A |  | N/A |  | N/A |  | $ | 562 |  |  | $ | 813 |
Estimated fair value of plan assets | $ | 10 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 276 |  |  | $ | 331 |
Defined benefit plan pension plans with projected benefit obligations in excess of plan assets | Information for pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:
| December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| PBO Exceeds Estimated Fair Value of Plan Assets |  | ABO Exceeds Estimated Fair Value of Plan Assets |  | APBO Exceeds Estimated Fair Value of Plan Assets
| (In millions)
Projected benefit obligations | $ | 1,444 |  |  | $ | 1,840 |  |  | $ | 1,434 |  |  | $ | 1,831 |  |  | N/A |  | N/A
Accumulated benefit obligations | $ | 1,384 |  |  | $ | 1,740 |  |  | $ | 1,384 |  |  | $ | 1,740 |  |  | N/A |  | N/A
Accumulated postretirement benefit obligations | N/A |  | N/A |  | N/A |  | N/A |  | $ | 562 |  |  | $ | 813 |
Estimated fair value of plan assets | $ | 10 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 276 |  |  | $ | 331 |
Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
| (In millions)
Net periodic benefit costs: |  |  |  |  |  |  |  |  |  |  |
Service costs | $ | 187 |  |  | $ | 4 |  |  | $ | 215 |  |  | $ | 4 |  |  | $ | 226 |  |  | $ | 5 |
Interest costs | 328 |  |  | 34 |  |  | 342 |  |  | 37 |  |  | 363 |  |  | 42 |
Settlement and curtailment (gains) losses | 5 |  |  | — |  |  | (7) |  |  | 1 |  |  | 10 |  |  | — |
Expected return on plan assets | (516) |  |  | (55) |  |  | (506) |  |  | (56) |  |  | (528) |  |  | (62) |
Amortization of net actuarial (gains) losses | 129 |  |  | (25) |  |  | 162 |  |  | (39) |  |  | 189 |  |  | (74) |
Amortization of prior service costs (credit) | (11) |  |  | — |  |  | (12) |  |  | — |  |  | (14) |  |  | (3) |
Total net periodic benefit costs (credit) | 122 |  |  | (42) |  |  | 194 |  |  | (53) |  |  | 246 |  |  | (92) |
Other changes in plan assets and benefit obligations recognized in OCI: |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gains) losses | 2 |  |  | (191) |  |  | (166) |  |  | (54) |  |  | (35) |  |  | (42) |
Prior service costs (credit) | 8 |  |  | — |  |  | 1 |  |  | (1) |  |  | — |  |  | — |
Amortization of net actuarial (gains) losses | (129) |  |  | 25 |  |  | (162) |  |  | 39 |  |  | (189) |  |  | 74 |
Amortization of prior service costs (credit) | 11 |  |  | — |  |  | 12 |  |  | — |  |  | 14 |  |  | 3 |
Settlement and curtailment (gains) losses | (5) |  |  | — |  |  | (10) |  |  | 10 |  |  | (10) |  |  | — |
Exchange rate changes | (7) |  |  | — |  |  | (8) |  |  | — |  |  | 5 |  |  | — |
Total recognized in OCI | (120) |  |  | (166) |  |  | (333) |  |  | (6) |  |  | (215) |  |  | 35 |
Total recognized in net periodic benefit costs and OCI | $ | 2 |  |  | $ | (208) |  |  | $ | (139) |  |  | $ | (59) |  |  | $ | 31 |  |  | $ | (57) |
Assumptions used in determining benefit obligations and net periodic benefit costs | Assumptions used in determining benefit obligations for the U.S. plans were as follows:
| Pension Benefits |  | Other Postretirement Benefits
December 31, 2022 |  |  |  |  |
Weighted average discount rate | 5.60% |  | 5.70%
Weighted average interest crediting rate | 4.00% |  | N/A
Rate of compensation increase | 2.50% | - | 8.00% |  | N/A
December 31, 2021 |  |  |  |  |
Weighted average discount rate | 2.95% |  | 3.05%
Weighted average interest crediting rate | 3.18% |  | N/A
Rate of compensation increase | 2.50% | - | 8.00% |  | N/A
Assumptions used in determining net periodic benefit costs for the U.S. plans were as follows:
| Pension Benefits |  | Other Postretirement Benefits
Year Ended December 31, 2022 |  |  |  |  |
Weighted average discount rate | 2.95% |  | 3.05%
Weighted average interest crediting rate | 3.43% |  | N/A
Weighted average expected rate of return on plan assets | 5.00% |  | 3.86%
Rate of compensation increase | 2.50% | - | 8.00% |  | N/A
Year Ended December 31, 2021 |  |  |  |  |
Weighted average discount rate | 3.01% |  | 3.14%
Weighted average interest crediting rate | 3.24% |  | N/A
Weighted average expected rate of return on plan assets | 5.00% |  | 3.87%
Rate of compensation increase | 2.50% | - | 8.00% |  | N/A
Year Ended December 31, 2020 |  |  |  |  |
Weighted average discount rate | 3.30% |  | 3.45%
Weighted average interest crediting rate | 3.38% |  | N/A
Weighted average expected rate of return on plan assets | 5.50% |  | 4.31%
Rate of compensation increase | 2.25% | - | 8.50% |  | N/A
Assumed healthcare costs trend rates | The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows:
| December 31,
| 2022 |  | 2021
| Before Age 65 |  | Age 65 and older |  | Before Age 65 |  | Age 65 and older
Following year | 5.2 | % |  | 3.9 | % |  | 5.1 | % |  | 3.3 | %
Ultimate rate to which cost increase is assumed to decline | 3.7 | % |  | 4.5 | % |  | 3.7 | % |  | 3.8 | %
Year in which the ultimate trend rate is reached | 2074 |  | 2100 |  | 2074 |  | 2074
Plan Assets | The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2022 for the Invested Plans:
|  | December 31,
|  | 2022 |  | 2021
|  | U.S. Pension Benefits |  | U.S. Other Postretirement Benefits (1) |  | U.S. Pension Benefits |  | U.S. Other Postretirement Benefits (1)
|  | Target |  | Actual Allocation |  | Target |  | Actual Allocation |  | Actual Allocation |  | Actual Allocation
Asset Class |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities AFS |  | 85 | % |  | 83 | % |  | 95 | % |  | 96 | % |  | 84 | % |  | 95 | %
Equity securities (2) |  | 7 | % |  | 6 | % |  | 5 | % |  | 4 | % |  | 7 | % |  | 5 | %
Alternative securities (3) |  | 8 | % |  | 11 | % |  | — | % |  | — | % |  | 9 | % |  | — | %
Total assets |  |  |  | 100 | % |  |  |  | 100 | % |  | 100 | % |  | 100 | %
__________________ (1)U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS. (2)Equity securities percentage includes derivative assets. (3)Alternative securities primarily include private equity and real estate funds. The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:
|  | December 31, 2022
|  | Pension Benefits |  | Other Postretirement Benefits
|  | Fair Value Hierarchy |  |  |  | Fair Value Hierarchy |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities AFS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | — |  |  | $ | 2,946 |  |  | $ | 55 |  |  | $ | 3,001 |  |  | $ | — |  |  | $ | 205 |  |  | $ | — |  |  | $ | 205 |
U.S. government bonds |  | 1,462 |  |  | 45 |  |  | — |  |  | 1,507 |  |  | 68 |  |  | — |  |  | — |  |  | 68 |
Foreign bonds |  | — |  |  | 769 |  |  | — |  |  | 769 |  |  | — |  |  | 61 |  |  | — |  |  | 61 |
Federal agencies |  | 87 |  |  | 190 |  |  | — |  |  | 277 |  |  | 3 |  |  | 1 |  |  | — |  |  | 4 |
Municipals |  | — |  |  | 159 |  |  | — |  |  | 159 |  |  | — |  |  | 15 |  |  | — |  |  | 15 |
Short-term investments |  | 12 |  |  | 384 |  |  | — |  |  | 396 |  |  | 463 |  |  | 396 |  |  | — |  |  | 859 |
Other (1) |  | 92 |  |  | 598 |  |  | 3 |  |  | 693 |  |  | 8 |  |  | 36 |  |  | — |  |  | 44 |
Total fixed maturity securities AFS |  | 1,653 |  |  | 5,091 |  |  | 58 |  |  | 6,802 |  |  | 542 |  |  | 714 |  |  | — |  |  | 1,256 |
Equity securities |  | 416 |  |  | 151 |  |  | 3 |  |  | 570 |  |  | 47 |  |  | — |  |  | — |  |  | 47 |
Other investments |  | 40 |  |  | 1 |  |  | 855 |  |  | 896 |  |  | — |  |  | — |  |  | — |  |  | — |
Derivative assets |  | 21 |  |  | 1 |  |  | 4 |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets |  | $ | 2,130 |  |  | $ | 5,244 |  |  | $ | 920 |  |  | $ | 8,294 |  |  | $ | 589 |  |  | $ | 714 |  |  | $ | — |  |  | $ | 1,303 |
|  | December 31, 2021
|  | Pension Benefits |  | Other Postretirement Benefits
|  | Fair Value Hierarchy |  |  |  | Fair Value Hierarchy |  |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Total Estimated Fair Value
|  | (In millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities AFS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | — |  |  | $ | 4,305 |  |  | $ | — |  |  | $ | 4,305 |  |  | $ | — |  |  | $ | 222 |  |  | $ | — |  |  | $ | 222 |
U.S. government bonds |  | 1,824 |  |  | 80 |  |  | — |  |  | 1,904 |  |  | 69 |  |  | — |  |  | — |  |  | 69 |
Foreign bonds |  | — |  |  | 1,115 |  |  | 1 |  |  | 1,116 |  |  | — |  |  | 51 |  |  | — |  |  | 51 |
Federal agencies |  | — |  |  | 83 |  |  | — |  |  | 83 |  |  | — |  |  | 10 |  |  | — |  |  | 10 |
Municipals |  | — |  |  | 248 |  |  | — |  |  | 248 |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Short-term investments |  | 142 |  |  | 484 |  |  | — |  |  | 626 |  |  | 486 |  |  | 482 |  |  | — |  |  | 968 |
Other (1) |  | 155 |  |  | 627 |  |  | 1 |  |  | 783 |  |  | 14 |  |  | 45 |  |  | — |  |  | 59 |
Total fixed maturity securities AFS |  | 2,121 |  |  | 6,942 |  |  | 2 |  |  | 9,065 |  |  | 569 |  |  | 818 |  |  | — |  |  | 1,387 |
Equity securities |  | 601 |  |  | 283 |  |  | 11 |  |  | 895 |  |  | 55 |  |  | — |  |  | — |  |  | 55 |
Other investments |  | 42 |  |  | 1 |  |  | 954 |  |  | 997 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Derivative assets |  | 14 |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets |  | $ | 2,778 |  |  | $ | 7,226 |  |  | $ | 967 |  |  | $ | 10,971 |  |  | $ | 625 |  |  | $ | 818 |  |  | $ | — |  |  | $ | 1,443 |
__________________ (1)Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS & CLO.
Rollforward fair value measurement using significant unobservable outputs (level 3) | A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows:
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
|  | Fixed Maturity Securities AFS: |  |  |  |  |  |
|  | Foreign Bonds |  | Corporate |  | Other |  | Equity Securities |  | Other Investments |  | Derivative Assets
|  | (In millions)
Balance, January 1, 2021 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 708 |  |  | $ | — |
Realized gains (losses) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains (losses) |  | — |  |  | — |  |  | — |  |  | — |  |  | 63 |  |  | — |
Purchases, sales, issuances and settlements, net |  | 1 |  |  | — |  |  | 1 |  |  | 11 |  |  | 183 |  |  | — |
Transfers into and/or out of Level 3 |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Balance, December 31, 2021 |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 11 |  |  | $ | 954 |  |  | $ | — |
Realized gains (losses) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains (losses) |  | — |  |  | (1) |  |  | — |  |  | — |  |  | 54 |  |  | 1 |
Purchases, sales, issuances and settlements, net |  | — |  |  | 56 |  |  | 3 |  |  | (8) |  |  | (153) |  |  | 3 |
Transfers into and/or out of Level 3 |  | (1) |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |
Balance, December 31, 2022 |  | $ | — |  |  | $ | 55 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 855 |  |  | $ | 4 |
Defined benefit plan estimated future benefit payments | Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows:
|  | Pension Benefits |  | Other Postretirement Benefits
|  | (In millions)
2023 |  | $ | 713 |  |  | $ | 66 |
2024 |  | $ | 722 |  |  | $ | 63 |
2025 |  | $ | 727 |  |  | $ | 62 |
2026 |  | $ | 742 |  |  | $ | 61 |
2027 |  | $ | 745 |  |  | $ | 59 |
2028-2032 |  | $ | 3,747 |  |  | $ | 279 |

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