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Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Defined benefit contributions by employer Matching obligations, the majority of which were funded in cash in connection with the plans, and other company contributions are as follows:
(in millions)Defined Contribution
2022$53 
202160 
202056 
Summary of amounts recorded within accumulated other comprehensive income The following table provides a summary of the funded status of our Post-retirement Plans, the presentation of such balances and a summary of amounts recorded within AOCL:
(in millions)December 31, 2022December 31, 2021
 PensionOtherTotalPensionOtherTotal
Fair value of plan assets$246 $— $246 $679 $— $679 
Projected benefit obligation(482)(31)(513)(1,043)(42)(1,085)
Funded status$(236)$(31)$(267)$(364)$(42)$(406)
Amounts recognized in the balance sheet
Other non-current assets$34 $— $34 $48 $— $48 
Accrued and other current liabilities(12)(3)(15)(13)(3)(16)
Accrued post-retirement benefit obligations(258)(28)(286)(399)(39)(438)
Net amount recognized$(236)$(31)$(267)$(364)$(42)$(406)
Accumulated other comprehensive loss:
Net actuarial losses$(50)$(6)$(56)$(326)$(17)$(343)
Prior service credit(1)4 3 (4)7 3 
Total$(51)$(2)$(53)$(330)$(10)$(340)
Schedule of Net Benefit Costs
The components of net periodic benefit cost for our defined benefit pension plans are as follows:
Year Ended December 31,
(in millions)202220212020
Domestic defined benefit pension plans:
Service cost$3 $3 $3 
Interest cost3 3 3 
Expected return on plan assets(6)(7)(7)
Amortization of net actuarial loss3 4 3 
Net periodic benefit cost$3 $3 $2 
International defined benefit pension plans:
Service cost$12 $14 $13 
Interest cost13 11 16 
Expected return on plan assets(13)(14)(14)
Amortization of net actuarial loss10 17 14 
U.K. pension settlement expense 140 — — 
Net periodic benefit cost$162 $28 $29 
Total net periodic benefit cost$165 $31 $31 
The components of net periodic benefit cost for other post-retirement employee benefit plans are as follows:
Year Ended December 31,
(in millions)202220212020
Interest cost1 1 2 
Amortization of prior service credit(2)(2)(3)
Amortization of net actuarial loss1 2 2 
Net periodic benefit cost$— $1 $1 
Schedule of Changes in Accumulated Postemployment Benefit Obligations
Other changes in benefit obligations recognized in other comprehensive income (loss), as they pertain to other post-retirement employee benefit plans are as follows:
Year Ended December 31,
(in millions)202220212020
Net loss (gain) $(9)$— $1 
Prior service credit— — (5)
Amortization of prior service credit2 3 3 
Amortization of net actuarial loss(1)(2)(2)
Losses (gains) recognized in other comprehensive income (loss)$(8)$1 $(3)
Total losses (gains) recognized in comprehensive income $(8)$2 $(2)
Summary of the funded status of postretirement plans
The benefit obligation, fair value of plan assets, funded status, and amounts recognized in the consolidated financial statements for our defined benefit domestic and international pension plans were:
Domestic PlansInternational Plans
December 31,December 31,
(in millions)2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of year$117 $123 $926 $1,032 
Service cost3 3 12 14 
Interest cost3 3 13 11 
Benefits paid(7)(7)(29)(34)
Actuarial loss (gain) (a)(24)(5)(241)(56)
Plan amendments, settlements and curtailments (b)— — (202)(3)
Foreign currency translation and other— — (89)(38)
Benefit obligation at end of year$92 $117 $390 $926 
Change in plan assets:
Fair value of plan assets at beginning of year$108 113 $571 $578 
Employer contributions— 16 26 
Actual return on plan assets(21)2 (133)9 
Benefits paid(7)(7)(29)(34)
Plan amendments, settlements and curtailments (b)— — (202)(3)
Foreign currency translation and other— — (57)(5)
Fair value of plan assets at end of year$80 $108 $166 $571 
Unfunded status of the plans$(12)$(9)$(224)$(355)
(a) Actuarial gains for our qualified defined benefit pension plans in 2022 primarily reflect an increase in the discount rate in 2022 as compared to 2021, which decreased benefit obligations.
(b) Qualified defined benefit pension plan settlements in 2022 predominantly related to the transfer of gross benefit obligations and related plan assets to an insurance company upon completion of the U.K. pension buy-out as described above.
Projected benefit obligations
The following table provides a roll-forward of the projected benefit obligation for the other post-retirement employee benefit plans:
(in millions)20222021
Change in benefit obligation:
Benefit obligation at beginning of year$42 $44 
Interest cost1 1 
Benefits paid(3)(3)
Actuarial gain(9)— 
Benefit obligation at the end of year$31 $42 
Accumulated benefit obligation and fair value of the plans' assets
For defined benefit pension plans in which the ABO was in excess of the fair value of the plans’ assets, the projected benefit obligation, ABO and fair value of the plans’ assets were as follows:
December 31,
(in millions)20222021
Projected benefit obligation$391 $574 
Accumulated benefit obligation372 541 
Fair value of plan assets121 164 
Components of net periodic benefit cost and other amounts recognized in other comprehensive income
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), as they pertain to our defined benefit pension plans are as follows:
Year Ended December 31,
(in millions)202220212020
Domestic defined benefit pension plans:
Net (gain) loss$3 $— $3 
Amortization of net actuarial loss(3)(4)(3)
(Gains) losses recognized in other comprehensive income (loss)$— $(4)$— 
International defined benefit pension plans:
Net (gain) loss$(95)$(51)$74 
Amortization of net actuarial loss(8)(17)(14)
U.K. pension settlement expense (137)— — 
Foreign Exchange (39)(11)19 
(Gains) losses recognized in other comprehensive income (loss)$(279)$(79)$79 
Total (gains) losses recognized in other comprehensive income (loss)$(279)$(83)$79 
Total (gains) losses recognized in comprehensive income $(114)$(52)$110 
Weighted-average assumptions used to determine projected benefit obligations and net periodic benefit cost
The following table provides the weighted-average assumptions used to determine projected benefit obligations and net periodic benefit cost, as they pertain to our pension plans.
 202220212020
 U.S.Int’lU.S.Int’lU.S.Int’l
Benefit Obligation Assumptions
Discount rate5.25 %4.13 %3.00 %1.55 %2.50 %1.06 %
Rate of future compensation increaseNM2.79 %NM2.84 %NM2.79 %
Net Periodic Benefit Cost Assumptions
Discount rate3.00 %1.55 %2.50 %1.06 %3.25 %1.80 %
Expected long-term return on plan assets5.50 %2.79 %6.50 %2.60 %6.50 %2.82 %
Rate of future compensation increaseNM2.84 %NM2.79 %NM2.94 %
NM    Not meaningful. The pension benefits for future service for all the U.S. pension plans are based on years of service and not impacted by future compensation increases.
Allocation of plan assets
The following table provides the actual asset allocations of plan assets as of December 31, 2022 and 2021, and the related asset target allocation ranges by asset category:
20222021Target
Allocation
Ranges
Equity securities47.1 %23.0 %
35-75%
Fixed income43.9 %21.9 %
45-70%
Cash, insurance contracts and other9.0 %55.1 %
0-15%
The following table provides the fair value of plan assets held by our pension benefit plans by asset class:
 20222021
(in millions)Level 1Level 2Level 3NAV Practical ExpedientTotalLevel 1Level 2Level 3NAV Practical ExpedientTotal
Equity securities
Global stock funds/securities$37 $51 $— $9 $97 $43 $71 $— $14 $128 
Diversified growth and income funds— — — 19 19 — — — 28 28 
Fixed income
Corporate bonds1 67 — 5 73 1 92 — 7 100 
Government bonds— 13 — 18 31 — 17 — 27 44 
Hedging instruments— 4 — — 4 — 5 — — 5 
Insurance contracts and other— — 20 20 — — 368 — 368 
Cash & cash equivalents2 — — — 2 6 — — — 6 
Total plan assets subject to leveling$40 $135 $20 $51 $246 $50 $185 $368 $76 $679 
Reconciliation of the beginning and ending balances of fair value measurements with pension plans using significant unobservable inputs (level 3)
The following table presents a reconciliation of the beginning and ending balances of fair value measurement within our pension plans using significant unobservable inputs (Level 3):

(in millions)
Insurance Contracts and Other
Balance, December 31, 2020$384 
Purchases, sales, settlements, net(8)
Actual return on plan assets(6)
Currency impact(2)
Balance, December 31, 2021368 
Purchases, sales, settlements, net(210)
Actual return on plan assets(99)
Currency impact(39)
Balance, December 31, 2022$20 
Expected benefit payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
(in millions)PensionOther Benefits
2023$27 $3 
202427 3 
202527 3 
202628 3 
202728 3 
Years 2026 - 2030147 11