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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Status of Employee Benefit Plans

The status of these plans as of December 31, 2023 and 2022 is summarized below:

						Pension Benefits												Other Postretirement Benefits
						2023						2022						2023						2022
						(in millions)
Change in benefit obligation
Benefit obligation at the beginning of period						$	(11,099)					$	(14,787)					$	(1,348)					$	(1,793)
Service cost						(204)						(276)						(9)						(13)
Interest cost						(551)						(431)						(71)						(56)
Plan participants’ contributions						0						0						(24)						(27)
Medicare Part D subsidy receipts						0						0						0						(6)
Amendments						2						(1)						298						0
Curtailments						0						47						0						1
Actuarial gains (losses), net(1)(2)						(274)						3,242						(66)						364
Settlements						22						35						0						0
Special termination benefits						(25)						(4)						(5)						(4)
Benefits paid						827						855						193						185
Foreign currency changes and other						64						221						0						1
Benefit obligation at end of period						$	(11,238)					$	(11,099)					$	(1,032)					$	(1,348)
Change in plan assets
Plan assets at beginning of period						$	12,519					$	15,242					$	1,191					$	1,621
Actual return on plan assets						788						(1,945)						155						(282)
Employer contributions						185						176						9						10
Plan participants’ contributions						0						0						24						27
Disbursement for settlements						(22)						(35)						0						0
Benefits paid						(827)						(855)						(193)						(185)
Foreign currency changes and other						6						(64)						0						0
Plan assets at end of period						$	12,649					$	12,519					$	1,186					$	1,191
Funded status at end of period						$	1,411					$	1,420					$	154					$	(157)
Amounts recognized in the Statements of Financial Position
Prepaid benefit cost						$	3,385					$	3,622					$	240					$	0
Accrued benefit liability						(1,974)						(2,202)						(86)						(157)
Net amount recognized						$	1,411					$	1,420					$	154					$	(157)
Items recorded in “Accumulated other comprehensive income (loss)” not yet recognized as a component of net periodic (benefit) cost:
Prior service cost						$	(2)					$	(2)					$	(345)					$	(54)
Net actuarial loss						2,797						2,466						209						222
Net amount not recognized						$	2,795					$	2,464					$	(136)					$	168
Accumulated benefit obligation						$	(10,512)					$	(10,661)					$	(1,032)					$	(1,348)

__________

(1)For 2023, actuarial losses for pension and other postretirement benefits were primarily driven by a decrease in the discount rate.

(2)For 2022, actuarial gains for pension and other postretirement benefits were primarily driven by an increase in the discount rate.

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

						2023						2022
						(in millions)
Projected benefit obligation						$	1,974					$	2,202
Fair value of plan assets						$	0					$	0

Schedule of Net Benefit Costs

Net periodic (benefit) cost included in “General and administrative expenses” in the Company’s Consolidated Statements of Operations for the years ended December 31, includes the following components:

						Pension Benefits																		Other Postretirement Benefits
						2023						2022						2021						2023						2022						2021
						(in millions)
Service cost						$	204					$	276					$	328					$	9					$	13					$	27
Interest cost						551						431						364						71						56						49
Expected return on plan assets						(926)						(866)						(824)						(86)						(102)						(102)
Amortization of prior service cost						(1)						(1)						(3)						(7)						(8)						6
Amortization of actuarial (gain) loss, net						69						160						245						10						6						16
Settlements						3						2						5						0						0						0
Curtailments(1)						0						0						1						0						(7)						0
Special termination benefits(2)(3)(4)						25						4						1						5						4						0
Net periodic (benefit) cost						$	(75)					$	6					$	117					$	2					$	(38)					$	(4)

__________

(1)For 2022, curtailments were recognized as a result of the sale of the Full Service Retirement business for other postretirement benefit plans.

(2)For 2023, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination while others were provided enhanced benefits due to the Company’s organizational restructuring.

(3)For 2022, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination while others were provided enhanced benefits due to the sale of the Full Service Retirement business.

(4)For 2021, certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination or participation in the Voluntary Separation Program that was offered to eligible U.S.-based employees in 2019.

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

						2023						2022
						(in millions)
Accumulated benefit obligation						$	1,795					$	2,072
Fair value of plan assets						$	0					$	0

Schedule of Changes in Accumulated Other Comprehensive Income

The amounts recorded in AOCI as of the end of the period, which have not yet been recognized as a component of net periodic (benefit) cost, and the related changes in these items during the period that are recognized in “Other comprehensive income (loss)” are as follows:

						Pension Benefits												Other Postretirement Benefits
						Prior Service Cost						Net Actuarial (Gain) Loss						Prior Service Cost						Net Actuarial (Gain) Loss
						(in millions)
Balance, December 31, 2020						$	(10)					$	3,972					$	59					$	354
Amortization for the period						3						(245)						(6)						(16)
Deferrals for the period(1)						0						(545)						(121)						(127)
Impact of foreign currency changes and other						2						(51)						(1)						0
Balance, December 31, 2021						(5)						3,131						(69)						211
Amortization for the period						1						(160)						8						(6)
Deferrals for the period(2)						1						(431)						0						20
Impact of foreign currency changes and other						1						(74)						7						(3)
Balance, December 31, 2022						(2)						2,466						(54)						222
Amortization for the period						1						(69)						7						(10)
Deferrals for the period(3)						(2)						411						(298)						(3)
Impact of foreign currency changes and other						1						(11)						0						0
Balance, December 31, 2023						$	(2)					$	2,797					$	(345)					$	209

__________

(1)For 2021, deferred gains for pension and other postretirement benefits were driven by an increase in discount rate and favorable asset performance.

(2)For 2022, deferred gains for pension were driven by an increase in discount rate offset partially by unfavorable asset performance. Deferred losses for other postretirement benefits were driven by unfavorable asset performance partially offset by an increase in discount rate.

(3)For 2023, deferred losses for pension were driven by a decrease in discount rate and unfavorable asset performance. Deferred gains for other postretirement benefits were driven by a change to the Retiree Medical Plan, decrease in discount rate and favorable asset performance.

Schedule of Assumptions Used

The Company’s assumptions related to the calculation of the domestic benefit obligation (end of period) and the determination of net periodic (benefit) cost (beginning of period) are presented in the table below:

						Pension Benefits																		Other Postretirement Benefits
						2023						2022						2021						2023						2022						2021
Weighted average assumptions
Discount rate (beginning of period)						5.45		%				2.85		%				2.55		%				5.55		%				2.75		%				2.40		%
Discount rate (end of period)						5.30		%				5.45		%				2.85		%				5.20		%				5.55		%				2.75		%
Rate of increase in compensation levels (beginning of period)						4.50		%				4.50		%				4.50		%				N/A						N/A						N/A
Rate of increase in compensation levels (end of period)						6.25		%				4.50		%				4.50		%				N/A						N/A						N/A
Expected return on plan assets (beginning of period)						7.50		%				6.00		%				5.75		%				7.75		%				7.00		%				6.75		%
Interest crediting rate (beginning of period)						4.25		%				4.25		%				4.25		%				N/A						N/A						N/A
Interest crediting rate (end of period)						4.95		%				4.25		%				4.25		%				N/A						N/A						N/A
Health care cost trend rates (beginning of period)						N/A						N/A						N/A						6.50		%				6.00		%				6.25		%
Health care cost trend rates (end of period)						N/A						N/A						N/A						7.35		%				6.50		%				6.00		%
For 2023, 2022 and 2021, the ultimate health care cost trend rate after gradual decrease until: 2030, 2028, 2028, (beginning of period)						N/A						N/A						N/A						4.75		%				4.50		%				4.50		%
For 2023, 2022 and 2021, the ultimate health care cost trend rate after gradual decrease until: 2034, 2030, 2028 (end of period)						N/A						N/A						N/A						4.75		%				4.75		%				4.50		%

Schedule of Plans Assets-Fair Value and Allocation % (Target/Actual)

Asset allocation targets as of December 31, 2023 are as follows:

						Pension												Postretirement
						Minimum						Maximum						Minimum						Maximum
Asset Category
U.S. Equities						0		%				3		%				17		%				59		%
International Equities						0		%				10		%				3		%				21		%
Fixed Maturities						53		%				71		%				29		%				69		%
Short-term Investments						0		%				11		%				0		%				23		%
Real Estate						3		%				18		%				0		%				0		%
Other						8		%				38		%				0		%				0		%

Postretirement plan asset allocations in accordance with the investment guidelines are as follows:

 

						As of December 31, 2023																								As of December 31, 2022
						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
						(in millions)
Equities:
U.S. equities						$	0					$	30					$	0					$	30					$	0					$	24					$	0					$	24
International equities						0						9						0						9						0						8						0						8
Subtotal equities						0						39						0						39						0						32						0						32
Fixed maturities:
Equities						0						8						0						8						0						11						0						11
Subtotal fixed maturities						0						8						0						8						0						11						0						11
Short-term investments:
Registered investment companies						40						0						0						40						50						0						0						50
Net assets in the fair value hierarchy						$	40					$	47					$	0					$	87					$	50					$	43					$	0					$	93
Investments Measured at Net Asset Value, as a Practical Expedient(1):
Common/collective trusts																								$	162																							$	189
Net assets at fair value																								249																								282
Variable Life Insurance Policies at contract value																								937																								909
Total net assets																								$	1,186																							$	1,191

__________

(1)The postretirement plan excludes from the fair value hierarchy investments that are measured at NAV per share (or its equivalent) as a practical expedient to estimate fair value and Variable Life Insurance Policies valued at contract value. U.S. equities totaled $351 million and $600 million at December 31, 2023 and 2022, respectively. International equities totaled $88 million and $126 million at December 31, 2023 and 2022, respectively. Fixed maturities totaled $660 million and $372 million at December 31, 2023 and 2022, respectively.

(2)There were no changes in the fair value of Level 3 postretirement assets from December 31, 2022 through December 31, 2023.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

						Fixed Maturities												Real Estate						Other
						Corporate Bonds						Other						Partnerships						Partnerships						Hedge Fund
			(in millions)
Fair Value, January 1, 2022						$	0					$	42					$	998					$	1,800					$	1,304
Actual return on assets:
Relating to assets still held at the reporting date						0						0						56						(92)						33
Relating to assets sold during the period						0						0						0						0						0
Purchases(1)						0						0						(50)						5						118
Sales(1)						0						0						0						0						0
Issuances(1)						0						65						0						0						0
Settlements(1)						0						(42)						0						0						0
Transfers in and/or out of Level 3						0						0						0						0						0
Fair Value, December 31, 2022						$	0					$	65					$	1,004					$	1,713					$	1,455
Actual return on assets:
Relating to assets still held at the reporting date						0						0						(57)						197						121
Relating to assets sold during the period						0						0						0						0						0
Purchases						12						0						(5)						232						(81)
Sales						(3)						0						0						0						0
Issuances						0						82						0						0						0
Settlements						0						(65)						0						0						0
Transfers in and/or out of Level 3						0						0						0						0						0
Fair Value, December 31, 2023						$	9					$	82					$	942					$	2,142					$	1,495

__________

(1)Prior period amounts have been updated to conform to current period presentation.

Schedule of Expected Benefit Payments

The expected benefit payments for the Company’s pension and postretirement plans for the years indicated are as follows:

						Pension Benefit Payments						Other Postretirement Benefit Payments
						(in millions)
2024						$	1,049					$	123
2025						863						124
2026						854						122
2027						885						115
2028						894						103
2029-2033						4,588						376
Total						$	9,133					$	963

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