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Retirement Plans and Profit Sharing Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of components of net periodic benefit cost | All components of the net periodic benefit cost are recorded in General and administrative expense and were as follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (in millions)
Service cost | $ | 29 |  |  | $ | 43 |  |  | $ | 45 |
Interest cost | 65 |  |  | 39 |  |  | 21 |
Expected return on plan assets | (76) |  |  | (70) |  |  | (57) |
Amortization of prior service credits | (1) |  |  | (1) |  |  | (2) |
Amortization of net loss | — |  |  | 18 |  |  | 23 |
Other | 3 |  |  | 3 |  |  | 5 |
Net periodic benefit cost | $ | 20 |  |  | $ | 32 |  |  | $ | 35 |
Reconciliation of changes in benefit obligation | The following table provides a reconciliation of changes in the benefit obligation:
| Pension Plans |  | Other Postretirement Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Benefit obligation at January 1 | $ | 1,256 |  |  | $ | 1,815 |  |  | $ | 11 |  |  | $ | 13 |
Service cost | 29 |  |  | 43 |  |  | — |  |  | — |
Interest cost | 65 |  |  | 39 |  |  | 1 |  |  | — |
Benefits paid | (23) |  |  | (21) |  |  | (1) |  |  | (1) |
Actuarial (gain) loss | 52 |  |  | (520) |  |  | — |  |  | (1) |
Settlements | (45) |  |  | (27) |  |  | — |  |  | — |
Foreign currency rate changes | 21 |  |  | (73) |  |  | — |  |  | — |
Benefit obligation at December 31 | $ | 1,355 |  |  | $ | 1,256 |  |  | $ | 11 |  |  | $ | 11 |
Reconciliation of changes in fair value of assets | The following table provides a reconciliation of changes in the fair value of assets:
| Pension Plans
| 2023 |  | 2022
| (in millions)
Fair value of plan assets, January 1 | $ | 1,142 |  |  | $ | 1,583 |
Actual return on plan assets | 136 |  |  | (365) |
Employer contributions | 56 |  |  | 56 |
Benefits paid | (23) |  |  | (21) |
Settlements | (45) |  |  | (27) |
Foreign currency rate changes | 26 |  |  | (84) |
Fair value of plan assets, December 31 | $ | 1,292 |  |  | $ | 1,142 |
Schedule of amounts recognized in Consolidated Balance Sheets | The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:
| Pension Plans |  | Other Postretirement Plans
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Benefit liability | $ | (169) |  |  | $ | (215) |  |  | $ | (11) |  |  | $ | (11) |
Benefit asset | 106 |  |  | 101 |  |  | — |  |  | — |
Net amount recognized | $ | (63) |  |  | $ | (114) |  |  | $ | (11) |  |  | $ | (11) |
Schedule of pension plans with benefit obligations in excess of plan assets | The following table provides information for pension plans with benefit obligations in excess of plan assets:
| December 31,
2023 |  | 2022
(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets |  |  |
Accumulated benefit obligation | $ | 945 |  |  | $ | 874 |
Fair value of plan assets | 803 |  |  | 688 |
Pension plans with projected benefit obligations in excess of plan assets |  |  |
Projected benefit obligation | $ | 972 |  |  | $ | 903 |
Fair value of plan assets | 803 |  |  | 688 |
Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost of pension plans | The weighted average assumptions used to determine benefit obligations were as follows:
| Pension Plans |  | Other Postretirement Plans
2023 |  | 2022 |  | 2023 |  | 2022
Discount rates | 4.98 | % |  | 5.30 | % |  | 5.07 | % |  | 5.41 | %
Rates of increase in compensation levels | 3.64 |  |  | 3.72 |  |  | N/A |  | N/A
Interest crediting rates for cash balance plans | 5.00 |  |  | 5.00 |  |  | N/A |  | N/A
N/A Not Applicable The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:
| 2023 |  | 2022 |  | 2021
Discount rates | 5.30 | % |  | 2.46 | % |  | 2.33 | %
Rates of increase in compensation levels | 3.72 |  |  | 3.69 |  |  | 5.21 |
Expected long-term rates of return on assets | 6.04 |  |  | 4.82 |  |  | 6.58 |
Interest crediting rates for cash balance plans | 5.00 |  |  | 5.00 |  |  | 5.00 |
Schedule of pension plan assets measured at fair value on a recurring basis | The following tables present the Company’s pension plans assets measured at fair value on a recurring basis:
Asset Category |  | December 31, 2023 |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |
| (in millions) |
Equity securities: |  |  |  |  |  |  |  |
U.S. small cap stocks | $ | 90 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 97 |  |
Registered investment companies |  | 90 |  |  | — |  |  | — |  |  | 90 |  |
Insurance contracts | — |  |  | — |  |  | 23 |  |  | 23 |  |
Cash equivalents at NAV |  |  |  |  |  |  | 3 |  | (1)
Collective investment funds at NAV |  |  |  |  |  |  | 859 |  | (1)
Real estate investment trusts at NAV |  |  |  |  |  |  | 28 |  | (1)
Hedge funds at NAV |  |  |  |  |  |  | 24 |  | (1)
Pooled pension funds at NAV |  |  |  |  |  |  | 168 |  | (1)
Total | $ | 180 |  |  | $ | 7 |  |  | $ | 23 |  |  | $ | 1,292 |  |
|  | December 31, 2022 |
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
| (in millions) |
Equity securities: |  |  |  |  |  |  |  |
U.S. small cap stocks | $ | 76 |  |  | $ | 6 |  |  | $ | — |  |  | $ | 82 |  |
Registered investment companies |  | 80 |  |  | — |  |  | — |  |  | 80 |  |
Insurance contracts | — |  |  | — |  |  | 19 |  |  | 19 |  |
Cash equivalents at NAV |  |  |  |  |  |  | 6 |  | (1)
Collective investment funds at NAV |  |  |  |  |  |  | 758 |  | (1)
Real estate investment trusts at NAV |  |  |  |  |  |  | 29 |  | (1)
Hedge funds at NAV |  |  |  |  |  |  | 16 |  | (1)
Pooled pension funds at NAV |  |  |  |  |  |  | 152 |  | (1)
Total | $ | 156 |  |  | $ | 6 |  |  | $ | 19 |  |  | $ | 1,142 |  |
(1) Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.
Schedule of expected pension plan benefit payments to retirees | The Company’s pension plans expect to make benefit payments to retirees as follows:
| Pension Plans |  | Other Postretirement Plans
| (in millions)
2024 | $ | 74 |  |  | $ | 1 |
2025 | 85 |  |  | 1 |
2026 | 82 |  |  | 1 |
2027 | 87 |  |  | 1 |
2028 | 92 |  |  | 1 |
2029-2033 | 500 |  |  | 4 |

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