XML 130 R62.htm IDEA: XBRL DOCUMENT v3.24.0.1

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Assumptions Used in Calculating the Benefit Obligations and the Net Amount Recognized

Assumptions Used in Calculating the Benefit Obligations and the Net Amount Recognized

			For the years ended December 31,
			2023			2022			2021
Weighted Average Assumptions used to determine benefit obligations
Discount rate:
U.S. Pension Plan			5.15		%	5.43		%	2.91		%
Other Pension Plans			5.14		%	5.40		%	2.83		%
Other postretirement benefits			5.13		%	5.39		%	2.72		%
Interest crediting rate on cash balance plan			4.36		%	3.89		%	3.30		%
Weighted Average Assumptions used to determine net periodic benefit costs:
Discount rate:
U.S. Pension Plan			5.43		%	2.91		%	2.66		%
Other Pension Plans			5.40		%	2.83		%	2.52		%
Other postretirement benefits			5.39		%	2.72		%	2.36		%
Expected long-term rate of return on plan assets:
U.S. Pension Plan			6.10		%	5.10		%	5.40		%
Other Pension Plans			4.40		%	3.30		%	2.90		%
Other postretirement benefits			4.50		%	4.80		%	4.90		%
Assumed Health Care Cost Trend Rates
Pre-65 health care cost trend rate			8.00		%	7.00		%	7.00		%
Post-65 health care cost trend rate			N/A			N/A			N/A
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			4.50		%	4.50		%	4.50		%
Year that the rate reaches the ultimate trend rate			2038			2032			2032

Schedule of Net Funded Status

Obligations and Funded Status

			U.S. Pension Plan									Other Pension Plans									Total Pension Plans									Other Postretirement Benefits
			For the years ended December 31,
			2023			2022						2023			2022						2023			2022						2023			2022
Change in Benefit Obligation
Benefit obligation — beginning of year			$	3,156		$	4,210					$	334		$	439					$	3,490		$	4,649					$	143		$	197
Service cost			3			4						—			—						3			4						—			—
Interest cost			163			101						17			10						180			111						7			4
Plan participants’ contributions			—			—						—			—						—			—						8			10
Actuarial loss (gain)			38			14						2			4						40			18						3			(5)
Changes in assumptions			100			(985)						8			(92)						108			(1,077)						3			(33)
Benefits paid [1]			(191)			(188)						(27)			(27)						(218)			(215)						(26)			(30)
Benefit obligation — end of year [2]			$	3,269		$	3,156					$	334		$	334					$	3,603		$	3,490					$	138		$	143
Change in Plan Assets
Fair value of plan assets — beginning of year			$	3,513		$	4,467					$	11		$	15					$	3,524		$	4,482					$	30		$	51
Actual return on plan assets			254			(742)						—			(3)						254			(745)						1			(6)
Employer contributions [3]			—			—						1			—						1			—						5			5
Plan participants' contributions [3]			—			—						—			—						—			—						8			10
Benefits paid [1]			(191)			(188)						(1)			(1)						(192)			(189)						(26)			(30)
Expenses paid			(14)			(24)						—			—						(14)			(24)						—			—
Fair value of plan assets — end of year			$	3,562		$	3,513					$	11		$	11					$	3,573		$	3,524					$	18		$	30
Funded status — end of year			$	293		$	357					$	(323)		$	(323)					$	(30)		$	34					$	(120)		$	(113)
Amounts Recognized in the Consolidated Balance Sheets
Other assets			$	293		$	357					$	—		$	—					$	293		$	357					$	—		$	—
Other liabilities			$	—		$	—					$	(323)		$	(323)					$	(323)		$	(323)					$	(120)		$	(113)

[1]Other postretirement benefits paid represent payments from plan assets for non-key employee postretirement medical benefits, Company assets and plan participants' contributions.

[2]As of December 31, 2023 and 2022, the Accumulated Benefit Obligation is equal to the Projected Benefit Obligation.

[3]Employer and plan participants' contributions for the Other Postretirement Benefits represent funding from Company and plan participant assets.

Net Periodic Cost (Benefit)

Net Periodic Cost (Benefit)

			Pension Benefits									Other Postretirement Benefits
			For the years ended December 31,
			2023			2022			2021			2023			2022			2021
Service cost			$	3		$	4		$	4		$	—		$	—		$	—
Interest cost			180			111			96			7			4			3
Expected return on plan assets			(235)			(202)			(205)			(1)			(2)			(3)
Amortization of prior service credit			—			—			—			(7)			(7)			(7)
Amortization of actuarial loss			29			62			69			5			7			8
Net periodic cost (benefit)			$	(23)		$	(25)		$	(36)		$	4		$	2		$	1

Amounts Recognized in Other Comprehensive Income (Loss)

Amounts Recognized in Other Comprehensive Income (Loss)

			Pension Benefits									Other Postretirement Benefits
			For the years ended December 31,
			2023			2022			2021			2023			2022			2021
Amortization of actuarial loss			$	29		$	62		$	69		$	5		$	7		$	8
Amortization of prior service credit			—			—			—			(7)			(7)			(7)
Net actuarial gain (loss)			(142)			89			214			(6)			30			5
Prior service cost (credit)			—			—			—			—			—			—
Total			$	(113)		$	151		$	283		$	(8)		$	30		$	6

Amounts in Accumulated Other Comprehensive Income (Loss), Before Tax, not yet Recognized as Components of Net Periodic Benefit Cost

Amounts in Accumulated Other Comprehensive Income (Loss), Before Tax, not yet Recognized as Components of Net Periodic Benefit Cost

			Pension Benefits									Other Postretirement Benefits
			As of December 31,
			2023			2022			2021			2023			2022			2021
Net loss			$	(1,777)		$	(1,664)		$	(1,815)		$	(88)		$	(87)		$	(124)
Prior service credit			—			—			—			40			47			54
Total			$	(1,777)		$	(1,664)		$	(1,815)		$	(48)		$	(40)		$	(70)

Plan Assets

Target Asset Allocation Ranges

			Pension Plans						Other Postretirement Plans
			Minimum			Maximum			Minimum			Maximum
Equity securities			—		%	20		%	—		%	—		%
Fixed income securities			75		%	95		%	100		%	100		%
Limited partnerships			—		%	25		%	—		%	—		%

Pension Plan Assets at Fair Value

			As of December 31, 2023															As of December 31, 2022
Asset Category			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Short-term investments:			$	187		$	—		$	—		$	187					$	155		$	—		$	—		$	155
Fixed Income Securities:
Corporate			—			1,643			36			1,679						—			1,791			31			1,822
RMBS			—			111			—			111						—			115			—			115
U.S. Treasuries			—			271			—			271						—			165			—			165
Foreign government			—			11			10			21						—			25			1			26
CMBS			—			49			1			50						—			57			1			58
Other fixed income [1]			—			160			—			160						—			139			—			139
Mortgage Loans			—			—			143			143						—			—			165			165
Equity Securities:
Domestic			11			23			—			34						8			—			—			8
International			—			45			—			45						—			7			—			7
Total pension plan assets at fair value, in the fair value hierarchy [2]			198			2,313			190			2,701						163			2,299			198			2,660
Other Investments, at net asset value [3]:
Limited partnerships												826															818
Total pension plan assets at fair value			$	198		$	2,313		$	190		$	3,527					$	163		$	2,299		$	198		$	3,478

[1]Includes ABS, municipal bonds and CLOs.

[2]Excludes $46 and $46 as of December 31, 2023 and 2022, respectively, of investment receivables net of investment payables that are excluded from this disclosure requirement because they are trade receivables in the ordinary course of business where the carrying amount approximates fair value.

[3]Investments that are measured at net asset value per share or an equivalent and have not been classified in the fair value hierarchy.

Other Postretirement Plan Assets at Fair Value

			As of December 31, 2023															As of December 31, 2022
Asset Category			Level 1			Level 2			Level 3			Total						Level 1			Level 2			Level 3			Total
Short-term investments			$	16		$	—		$	—		$	16					$	25		$	—		$	—		$	25
Fixed Income Securities:
RMBS			—			—			—			—						—			1			—			1
U.S. Treasuries			—			2			—			2						—			4			—			4
Total other postretirement plan assets at fair value			$	16		$	2		$	—		$	18					$	25		$	5		$	—		$	30

Pension Plan Assets Fair Value Measurements Using Significant Unobservable Inputs

Pension Plan Asset Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Assets			Corporate						Foreign government			Mortgage loans			Other [1]						Totals
Fair Value as of January 1, 2023			$	31					$	1		$	165		$	1					$	198
Realized gains (losses), net			—						—			(3)			—						(3)
Changes in unrealized gains (losses), net			2						(1)			8			—						9
Purchases			—						10			3			—						13
Settlements			—						—			—			—						—
Sales			—						—			(30)			—						(30)
Transfers into Level 3 [2]			5						—			—			—						5
Transfers out of Level 3 [2]			(2)						—			—			—						(2)
Fair Value as of December 31, 2023			$	36					$	10		$	143		$	1					$	190
Fair Value as of January 1, 2022			$	42					$	2		$	202		$	5					$	251
Realized gains, net			—						—			—			—						—
Changes in unrealized gains (losses), net			(10)						—			(25)			—						(35)
Purchases			1						—			4			—						5
Settlements			—						—			—			—						—
Sales			(2)						—			(16)			—						(18)
Transfers into Level 3 [2]			3						—			—			—						3
Transfers out of Level 3 [2]			(3)						(1)			—			(4)						(8)
Fair Value as of December 31, 2022			$	31					$	1		$	165		$	1					$	198

[1]"Other" includes CMBS.

[2]Transfers into and/or (out of) Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing.

Amounts of Benefits Expected to be Paid over the next Ten Years from Pension and other Postretirement Plans

Amounts of Benefits Expected to be Paid over the next Ten Years from Pension and other Postretirement Plans as of December 31, 2023

			Pension Benefits			Other Postretirement Benefits
2024			$	242		$	17
2025			251			14
2026			258			13
2027			263			12
2028			256			12
2029 - 2033			1,307			50
Total			$	2,577		$	118

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (d)(5)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (f)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (j)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

+ Details

Name:	us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration