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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Retirement Plan Expense | The following table sets forth the components of retirement plan expense for the years ended December 31, 2023, 2022, and 2021:
| Pension Benefits |  | Postretirement Benefits
(In millions) | Year Ended December 31 |  | Year Ended December 31
| 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
Retirement plan expense |  |  |  |  |  |  |
Defined benefit plans: |  |  |  |  |  |  |
Service cost (benefits earned during the period) | $ | 41 |  | $ | 48 |  | $ | 64 |  |  | $ | — |  | $ | 1 |  | $ | 1 |
Interest cost | 76 |  | 48 |  | 48 |  |  | 6 |  | 3 |  | 2 |
Expected return on plan assets | (83) |  | (79) |  | (95) |  |  | — |  | — |  | — |
Settlement charges | — |  | — |  | 83 |  |  | — |  | — |  | — |
Curtailments | — |  | (2) |  | — |  |  | — |  | — |  | — |
Amortization of actuarial loss | 3 |  | 17 |  | 33 |  |  | 2 |  | 5 |  | 6 |
Amortization of prior service cost (credit) | (20) |  | (20) |  | (20) |  |  | — |  | — |  | (2) |
Net periodic defined benefit plan expense | 17 |  | 12 |  | 113 |  |  | 8 |  | 9 |  | 7 |
Defined contribution plans | 73 |  | 67 |  | 61 |  |  | — |  | — |  | — |
Total retirement plan expense | $ | 90 |  | $ | 79 |  | $ | 174 |  |  | $ | 8 |  | $ | 9 |  | $ | 7 |
Changes In Defined Benefit Obligation And Fair Value Of Defined Benefit Plan Assets | The following tables set forth changes in the defined benefit obligation and the fair value of defined benefit plan assets for the years ended December 31, 2023 and 2022:
| Pension Benefits |  | Postretirement Benefits
| December 31 2023 |  | December 31 2022 |  | December 31 2023 |  | December 31 2022
| (In millions) |  | (In millions)
Benefit obligation, beginning | $ | 1,587 |  |  | $ | 2,178 |  |  | $ | 118 |  |  | $ | 154 |
Service cost | 41 |  |  | 48 |  |  | — |  |  | 1 |
Interest cost | 76 |  |  | 48 |  |  | 6 |  |  | 3 |
Actuarial loss (gain) | 83 |  |  | (575) |  |  | 6 |  |  | (24) |
Employee contributions | 3 |  |  | 3 |  |  | — |  |  | — |
Curtailments | — |  |  | (2) |  |  | — |  |  | — |
Business combinations | (1) |  |  | — |  |  | — |  |  | — |
Settlements | (1) |  |  | (1) |  |  | — |  |  | — |
Benefits paid | (53) |  |  | (47) |  |  | (17) |  |  | (16) |
Foreign currency effects | 30 |  |  | (65) |  |  | — |  |  | — |
Benefit obligation, ending | $ | 1,765 |  |  | $ | 1,587 |  |  | $ | 113 |  |  | $ | 118 |
Fair value of plan assets, beginning | $ | 1,269 |  |  | $ | 1,742 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 121 |  |  | (438) |  |  | — |  |  | — |
Employer contributions | 54 |  |  | 60 |  |  | 17 |  |  | 16 |
Employee contributions | 3 |  |  | 3 |  |  | — |  |  | — |
Settlements | (1) |  |  | (1) |  |  | — |  |  | — |
Benefits paid | (53) |  |  | (47) |  |  | (17) |  |  | (16) |
Foreign currency effects | 22 |  |  | (50) |  |  | — |  |  | — |
Fair value of plan assets, ending | $ | 1,415 |  |  | $ | 1,269 |  |  | $ | — |  |  | $ | — |
Funded status | $ | (350) |  |  | $ | (318) |  |  | $ | (113) |  |  | $ | (118) |
Prepaid benefit cost | $ | 63 |  |  | $ | 60 |  |  | $ | — |  |  | $ | — |
Accrued benefit liability – current | (19) |  |  | (18) |  |  | (14) |  |  | (14) |
Accrued benefit liability – long-term | (394) |  |  | (360) |  |  | (99) |  |  | (104) |
Net amount recognized in the balance sheet | $ | (350) |  |  | $ | (318) |  |  | $ | (113) |  |  | $ | (118) |
Principal Assumptions In Developing Net Periodic Pension Cost | The following table sets forth the principal assumptions used in developing net periodic benefit cost:
| Pension Benefits |  | Postretirement Benefits
| December 31 2023 |  | December 31 2022 |  | December 31 2023 |  | December 31 2022
Discount rate | 4.8% |  | 2.5% |  | 5.1% |  | 2.7%
Expected return on plan assets | 6.0% |  | 5.0% |  | N/A |  | N/A
Rate of compensation increase | 4.3% |  | 4.2% |  | N/A |  | N/A
Interest crediting rate | 3.9% |  | 1.9% |  | N/A |  | N/A
The following table sets forth the principal assumptions used in developing the year-end actuarial present value of the projected benefit obligations:
| Pension Benefits |  | Postretirement Benefits
| December 31 2023 |  | December 31 2022 |  | December 31 2023 |  | December 31 2022
Discount rate | 4.5 | % |  | 4.8 | % |  | 4.9% |  | 5.1%
Rate of compensation increase | 4.8 | % |  | 4.3 | % |  | N/A |  | N/A
Interest crediting rate | 4.0 | % |  | 3.9 | % |  | N/A |  | N/A
Schedule Of Fair Value Of Plan Assets | The following tables set forth, by level within the fair value hierarchy, the fair value of plan assets as of December 31, 2023 and 2022.
| Fair Value Measurements at December 31, 2023
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (In millions)
Common stock | $ | 37 |  |  | $ | — |  |  | $ | — |  |  | $ | 37 |
Mutual funds | 147 |  |  | — |  |  | — |  |  | 147 |
Corporate bonds | — |  |  | 473 |  |  | — |  |  | 473 |
U.S. Treasury instruments | 262 |  |  | — |  |  | — |  |  | 262 |
U.S. government agency, state and local government bonds | — |  |  | 8 |  |  | — |  |  | 8 |
Other | — |  |  | 7 |  |  | — |  |  | 7 |
Total assets | $ | 446 |  |  | $ | 488 |  |  | $ | — |  |  | $ | 934 |
Common collective trust funds at NAV |  |  |  |  |  |  |
U.S. equity |  |  |  |  |  |  | 15 |
International equity |  |  |  |  |  |  | 60 |
Fixed income |  |  |  |  |  |  | 330 |
Other |  |  |  |  |  |  | 76 |
Total assets at fair value |  |  |  |  |  |  | $ | 1,415 |
| Fair Value Measurements at December 31, 2022
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
| (In millions)
Common stock | $ | 68 |  |  | $ | — |  |  | $ | — |  |  | $ | 68 |
Mutual funds | 245 |  |  | — |  |  | — |  |  | 245 |
Corporate bonds | — |  |  | 318 |  |  | — |  |  | 318 |
U.S. Treasury instruments | 173 |  |  | — |  |  | — |  |  | 173 |
U.S. government agency, state and local government bonds | — |  |  | 5 |  |  | — |  |  | 5 |
Other | — |  |  | 9 |  |  | — |  |  | 9 |
Total assets | $ | 486 |  |  | $ | 332 |  |  | $ | — |  |  | $ | 818 |
Common collective trust funds at NAV |  |  |  |  |  |  |
U.S. equity |  |  |  |  |  |  | 23 |
International equity |  |  |  |  |  |  | 76 |
Fixed income |  |  |  |  |  |  | 247 |
Other |  |  |  |  |  |  | 105 |
Total assets at fair value |  |  |  |  |  |  | $ | 1,269 |
Actual Asset Allocation For Global Pension Plan Assets | The following table sets forth the actual asset allocation for the Company’s global pension plan assets as of the measurement date:
| December 31 2023(1)(2) |  | December 31 2022(2)
Equity securities | 19% |  | 33%
Debt securities | 77% |  | 62%
Other | 4% |  | 5%
Total | 100% |  | 100%
(1)The Company’s U.S. pension plans contain approximately 67% of the Company’s global pension plan assets. The actual asset allocation for the Company’s U.S. pension plans as of the measurement date consists of 20% equity securities and 80% debt securities. The target asset allocation for the Company’s U.S. pension plans is approximately the same as the actual asset allocation. The actual asset allocation for the Company’s foreign pension plans as of the measurement date consists of 17% equity securities, 71% debt securities, and 12% other. The target asset allocation for the Company’s foreign pension plans is approximately the same as the actual asset allocation. (2)The Company’s pension plans did not directly hold any shares of Company common stock as of the December 31, 2023 and 2022 measurement dates.
Expected Future Benefit Payments To Be Paid | The following benefit payments, which reflect expected future service, are expected to be paid by the benefit plans:
| Pension Benefits |  | Postretirement Benefits
| (In millions)
2024 | $ | 69 |  |  | $ | 14 |
2025 | 75 |  |  | 13 |
2026 | 82 |  |  | 11 |
2027 | 88 |  |  | 11 |
2028 | 94 |  |  | 10 |
2029-2033 | 559 |  |  | 41 |

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