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Pension and Other Postretirement Benefits | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits We maintain five funded pension plans, consisting of three in North America (one U.S. plan and two Canadian plans) and two in the United Kingdom, which are both closed to new employees and future accruals. Both of our Canadian plans are closed to new employees. As a result of plan amendments in the fourth quarter of 2022, as further described below, the portion of the U.S. plan that was open to new employees, which is a cash balance plan that provides benefits based on years of service and interest credits, was closed to new employees effective December 31, 2022. We also provide group medical insurance benefits, which vary by group and location, to certain retirees in North America. On July 15, 2022, we entered into an agreement with an insurance company to purchase a non-participating group annuity contract and transfer approximately $375 million of our primary U.S. defined benefit pension plan’s projected benefit obligation. The transaction closed on July 22, 2022 and was funded with plan assets. Under the transaction, the insurance company assumed responsibility for pension benefits and annuity administration for approximately 4,000 retirees or their beneficiaries. As a result of this transaction, in the third quarter of 2022, we remeasured the plan's projected benefit obligation and plan assets and recognized a non-cash pre-tax pension settlement loss of $24 million, reflecting the unamortized net unrecognized postretirement benefit costs related to the settled obligations, with a corresponding offset to accumulated other comprehensive loss. In the fourth quarter of 2022, the final settlement of the non-participating group annuity contract resulted in a refund of $4 million, which decreased the settlement loss by $3 million to $21 million. In the fourth quarter of 2022, we remeasured certain of our defined benefit pension plans due to plan amendments resulting from a revision to our North American retirement plan strategy, which, among other things, closed the portion of the U.S. plan that was previously open to new employees and established effective dates for each of the three North America plans to freeze future benefit accruals over the next three years. The plan curtailments resulted in a reduction in our benefit obligations of $20 million and curtailment gains of $4 million, which are reflected in other non-operating—net in our consolidated statement of operations. Our plan assets, benefit obligations, funded status and amounts recognized on our consolidated balance sheets for our North America and United Kingdom plans as of the December 31 measurement date are as follows:
| Pension Plans |  | Retiree Medical Plans
| North America |  | United Kingdom |  | North America
| December 31, |  | December 31, |  | December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Change in plan assets |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets as of January 1 | $ | 830 |  |  | $ | 846 |  |  | $ | 505 |  |  | $ | 491 |  |  | $ | — |  |  | $ | — |
Return on plan assets | (142) |  |  | 15 |  |  | (136) |  |  | 20 |  |  | — |  |  | — |
Employer contributions | 2 |  |  | 14 |  |  | 25 |  |  | 26 |  |  | 1 |  |  | 4 |
Plan participant contributions | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |
Pension retiree annuity purchase | (372) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Benefit payments | (35) |  |  | (46) |  |  | (23) |  |  | (27) |  |  | (2) |  |  | (4) |
Foreign currency translation | (10) |  |  | 1 |  |  | (51) |  |  | (5) |  |  | — |  |  | — |
Fair value of plan assets as of December 31 | 273 |  |  | 830 |  |  | 320 |  |  | 505 |  |  | — |  |  | — |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |
Benefit obligation as of January 1 | (841) |  |  | (884) |  |  | (590) |  |  | (643) |  |  | (32) |  |  | (35) |
Service cost | (16) |  |  | (20) |  |  | — |  |  | — |  |  | — |  |  | — |
Interest cost | (19) |  |  | (21) |  |  | (10) |  |  | (9) |  |  | (1) |  |  | (1) |
Benefit payments | 35 |  |  | 46 |  |  | 23 |  |  | 27 |  |  | 2 |  |  | 4 |
Foreign currency translation | 9 |  |  | (1) |  |  | 58 |  |  | 6 |  |  | — |  |  | — |
Pension retiree annuity purchase | 372 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan curtailments | 20 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Change in assumptions and other | 166 |  |  | 39 |  |  | 172 |  |  | 29 |  |  | 8 |  |  | — |
Benefit obligation as of December 31 | (274) |  |  | (841) |  |  | (347) |  |  | (590) |  |  | (23) |  |  | (32) |
Funded status as of December 31 | $ | (1) |  |  | $ | (11) |  |  | $ | (27) |  |  | $ | (85) |  |  | $ | (23) |  |  | $ | (32) |
The line titled “change in assumptions and other” for our North America pension plans primarily reflects the impact of gains due to the increase in discount rates for 2022 and 2021. The line titled “change in assumptions and other” for our U.K. pension plans primarily reflects gains due to the increase in discount rates for 2022 and 2021. For 2021, the gains from the increase in discount rates were partially offset by losses due to an increase in the inflation rate assumptions. Amounts recognized on the consolidated balance sheets consist of the following:
| Pension Plans |  | Retiree Medical Plans
| North America |  | United Kingdom |  | North America
| December 31, |  | December 31, |  | December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Other assets | $ | 23 |  |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Accrued expenses | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (3) |
Other liabilities | (24) |  |  | (27) |  |  | (27) |  |  | (85) |  |  | (21) |  |  | (29) |
| $ | (1) |  |  | $ | (11) |  |  | $ | (27) |  |  | $ | (85) |  |  | $ | (23) |  |  | $ | (32) |
Pre-tax amounts recognized in accumulated other comprehensive loss consist of the following:
| Pension Plans |  | Retiree Medical Plans
| North America |  | United Kingdom |  | North America
| December 31, |  | December 31, |  | December 31,
| 2022 |  | 2021 |  | 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Prior service cost | $ | — |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Net actuarial loss (gain) | 6 |  |  | 43 |  |  | 56 |  |  | 89 |  |  | (4) |  |  | 4 |
| $ | 6 |  |  | $ | 46 |  |  | $ | 57 |  |  | $ | 90 |  |  | $ | (4) |  |  | $ | 4 |
Net periodic benefit cost (income) and other amounts recognized in other comprehensive (income) loss for the years ended December 31 included the following:
| Pension Plans |  | Retiree Medical Plans
| North America |  | United Kingdom |  | North America
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
| (in millions)
Service cost | $ | 16 |  |  | $ | 20 |  |  | $ | 17 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 19 |  |  | 21 |  |  | 25 |  |  | 10 |  |  | 9 |  |  | 11 |  |  | 1 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (22) |  |  | (24) |  |  | (30) |  |  | (14) |  |  | (14) |  |  | (14) |  |  | — |  |  | — |  |  | — |
Settlement loss | 21 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailment gains | (4) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial loss (gain) | — |  |  | 5 |  |  | 3 |  |  | 2 |  |  | 4 |  |  | 3 |  |  | — |  |  | — |  |  | (1) |
Net periodic benefit cost (income) | 31 |  |  | 23 |  |  | 16 |  |  | (2) |  |  | (1) |  |  | — |  |  | 1 |  |  | 1 |  |  | — |
Net actuarial (gain) loss | (2) |  |  | (31) |  |  | (1) |  |  | (22) |  |  | (36) |  |  | (4) |  |  | (8) |  |  | — |  |  | 1 |
Settlement loss | (21) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailment effects | (20) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailment gains | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) benefit | (1) |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of actuarial (loss) gain | — |  |  | (5) |  |  | (3) |  |  | (2) |  |  | (4) |  |  | (3) |  |  | — |  |  | — |  |  | 1 |
Total recognized in other comprehensive (income) loss | (40) |  |  | (37) |  |  | (5) |  |  | (24) |  |  | (40) |  |  | (7) |  |  | (8) |  |  | — |  |  | 2 |
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss | $ | (9) |  |  | $ | (14) |  |  | $ | 11 |  |  | $ | (26) |  |  | $ | (41) |  |  | $ | (7) |  |  | $ | (7) |  |  | $ | 1 |  |  | $ | 2 |
Service cost is recognized in cost of sales and selling, general and administrative expenses, and the other components of net periodic benefit cost are recognized in other non-operating—net in our consolidated statements of operations. The accumulated benefit obligation (ABO) in aggregate for the defined benefit pension plans in North America was approximately $269 million and $797 million as of December 31, 2022 and 2021, respectively. The ABO in aggregate for the defined benefit pension plans in the United Kingdom was approximately $347 million and $590 million as of December 31, 2022 and 2021, respectively. The following table presents aggregated information for those individual defined benefit pension plans that have an ABO in excess of plan assets as of December 31, which, for 2022, excludes two of the North American defined benefit pension plans and, for 2021, excludes the three North American defined benefit pension plans, as each has plan assets in excess of its ABO:
| North America |  | United Kingdom
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Accumulated benefit obligation | $ | (163) |  |  | $ | — |  |  | $ | (347) |  |  | $ | (590) |
Fair value of plan assets | 143 |  |  | — |  |  | 320 |  |  | 505 |
The following table presents aggregated information for those individual defined benefit pension plans that have a projected benefit obligation (PBO) in excess of plan assets as of December 31, which excludes two North American defined benefit pension plans that have plan assets in excess of its PBO:
| North America |  | United Kingdom
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions)
Projected benefit obligation | $ | (167) |  |  | $ | (684) |  |  | $ | (347) |  |  | $ | (590) |
Fair value of plan assets | 143 |  |  | 656 |  |  | 320 |  |  | 505 |
Our pension funding policy in North America is to contribute amounts sufficient to meet minimum legal funding requirements plus discretionary amounts that we may deem to be appropriate. Actual contributions may vary from estimated amounts depending on changes in assumptions, actual returns on plan assets, changes in regulatory requirements and funding decisions. In accordance with United Kingdom pension legislation, our United Kingdom pension funding policy is to contribute amounts sufficient to meet the funding level target agreed between the employer and the trustees of the United Kingdom plans. Actual contributions are usually agreed with the plan trustees in connection with each triennial valuation and may vary following each such review depending on changes in assumptions, actual returns on plan assets, changes in regulatory requirements and funding decisions. We currently estimate that our consolidated pension funding contributions for 2023 will be approximately $17 million for the North American plans and $25 million for the United Kingdom plans. The expected future benefit payments for our pension and retiree medical plans are as follows:
| Pension Plans |  | Retiree Medical Plans
| North America |  | United Kingdom |  | North America
| (in millions)
2023 | $ | 13 |  |  | $ | 23 |  |  | $ | 2 |
2024 | 14 |  |  | 24 |  |  | 2 |
2025 | 15 |  |  | 25 |  |  | 2 |
2026 | 16 |  |  | 25 |  |  | 2 |
2027 | 17 |  |  | 26 |  |  | 2 |
2028-2032 | 89 |  |  | 139 |  |  | 8 |
The following assumptions were used in determining the benefit obligations and expense:
| Pension Plans |  |  |  |  |  | Retiree Medical Plans
| North America |  | United Kingdom |  |  |  | North America
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  | 2022 |  | 2021 |  | 2020
Weighted-average discount rate—obligation | 5.1 | % |  | 2.8 | % |  | 2.4 | % |  | 4.8 | % |  | 2.0 | % |  | 1.5 | % |  |  |  |  |  | 5.0 | % |  | 2.7 | % |  | 2.2 | %
Weighted-average discount rate—expense | 3.6 | % |  | 2.4 | % |  | 3.1 | % |  | 2.0 | % |  | 1.5 | % |  | 2.0 | % |  |  |  |  |  | 2.7 | % |  | 2.2 | % |  | 3.0 | %
Weighted-average cash balance interest crediting rate—obligation | 3.9 | % |  | 3.0 | % |  | 3.0 | % |  | n/a |  | n/a |  | n/a |  |  |  |  |  | n/a |  | n/a |  | n/a
Weighted-average cash balance interest crediting rate—expense | 3.0 | % |  | 3.0 | % |  | 3.0 | % |  | n/a |  | n/a |  | n/a |  |  |  |  |  | n/a |  | n/a |  | n/a
Weighted-average rate of increase in future compensation | 3.8 | % |  | 4.2 | % |  | 4.2 | % |  | n/a |  | n/a |  | n/a |  |  |  |  |  | n/a |  | n/a |  | n/a
Weighted-average expected long-term rate of return on assets—expense | 3.9 | % |  | 3.2 | % |  | 4.1 | % |  | 3.4 | % |  | 3.3 | % |  | 3.4 | % |  |  |  |  |  | n/a |  | n/a |  | n/a
Weighted-average retail price index—obligation | n/a |  | n/a |  | n/a |  | 3.2 | % |  | 3.3 | % |  | 3.0 | % |  |  |  |  |  | n/a |  | n/a |  | n/a
Weighted-average retail price index—expense | n/a |  | n/a |  | n/a |  | 3.3 | % |  | 3.0 | % |  | 3.0 | % |  |  |  |  |  | n/a |  | n/a |  | n/a
______________________________________________________________________________ n/a—not applicable The discount rates for all plans are developed by plan using spot rates derived from a hypothetical yield curve of high quality (AA rated or better) fixed income debt securities as of the year-end measurement date to calculate discounted cash flows (the projected benefit obligation) and solving for a single equivalent discount rate that produces the same projected benefit obligation. In determining our benefit obligation, we use the actuarial present value of the vested benefits to which each eligible employee is currently entitled, based on the employee’s expected date of separation or retirement. The cash balance interest crediting rate for the U.S. plan is based on the greater of 10-year Treasuries or 3.0%. For our North America plans, the expected long-term rate of return on assets is based on analysis of historical rates of return achieved by equity and non-equity investments and current market characteristics, adjusted for estimated plan expenses and weighted by target asset allocation percentages. As of January 1, 2023, our weighted-average expected long-term rate of return on assets is 4.8%, which will be used in determining expense for 2023. For our United Kingdom plans, the expected long-term rate of return on assets is based on the expected long-term performance of the underlying investments, adjusted for investment managers’ fees and estimated plan expenses. As of January 1, 2023, our weighted-average expected long-term rate of return on assets is 6.1%, which will be used in determining expense for 2023. The retail price index for the United Kingdom plans is developed using a U.K. Government Gilt Prices Only retail price inflation curve, which is based on the difference between yields on fixed interest government bonds and index-linked government bonds. For the measurement of the benefit obligation at December 31, 2022 for our primary (U.S.) retiree medical benefit plans, the assumed health care cost trend rates, for pre-65 retirees, start with a 7.0% increase in 2023, followed by a gradual decline in increases to 4.5% for 2031 and thereafter. For post-65 retirees, the assumed health care cost trend rates start with a 7.5% increase in 2023, followed by a gradual decline in increases to 4.5% for 2031 and thereafter. For the measurement of the benefit obligation at December 31, 2021 for our primary (U.S.) retiree medical benefit plans, the assumed health care cost trend rates, for pre-65 retirees, started with a 6.3% increase in 2022, followed by a gradual decline in increases to 4.5% for 2030 and thereafter. For post-65 retirees, the assumed health care cost trend rates started with a 6.8% increase in 2022, followed by a gradual decline in increases to 4.5% for 2030 and thereafter. The objectives of the investment policies governing the pension plans are to administer the assets of the plans for the benefit of the participants in compliance with all laws and regulations, and to establish an asset mix that provides for diversification and considers the risk of various different asset classes with the purpose of generating favorable investment returns. The investment policies consider circumstances such as participant demographics, time horizon to retirement and liquidity needs, and provide guidelines for asset allocation, planning horizon, general portfolio issues and investment manager evaluation criteria. The investment strategies for the plans, including target asset allocations and investment vehicles, are subject to change within the guidelines of the policies. The target asset allocation for our U.S. pension plan is 80% non-equity and 20% equity, which has been determined based on analysis of actual historical rates of return and plan needs and circumstances. The equity investments are tailored to exceed the growth of the benefit obligation and are a combination of U.S. and non-U.S. total stock market index mutual funds. The non-equity investments consist primarily of investments in debt securities and money market instruments that are selected based on investment quality and duration to mitigate volatility of the funded status and annual required contributions. The non-equity investments have a duration profile that is similar to the benefit obligation in order to mitigate the impact of interest rate changes on the funded status. This investment strategy is achieved through the use of mutual funds and individual securities. The target asset allocation for one of the Canadian plans is 80% non-equity and 20% equity, and 100% non-equity for the other Canadian plan. This investment strategy is achieved through the use of a mutual fund for equity investments and individual securities for non-equity investments. The equity investment is a passively managed portfolio that diversifies assets across multiple securities, economic sectors and countries. The non-equity investments consist primarily of investments in debt securities that are selected based on investment quality and duration to mitigate volatility of the funded status and annual required contributions. The non-equity investments have a duration profile that is similar to the benefit obligation in order to mitigate the impact of interest rate changes on the funded status. The pension assets in the United Kingdom plans are each administered by a Board of Trustees consisting of employer-nominated trustees, member-nominated trustees and an independent trustee, with a requirement that member-nominated trustees represent at least one-third of each Board of Trustees. It is the responsibility of the trustees to ensure prudent management and investment of the assets in the plans. The trustees meet on a quarterly basis to review and discuss fund performance and other administrative matters. The trustees’ investment objectives are to hold assets that generate returns sufficient to cover prudently each plan’s liability without exposing the plans to unacceptable risk. This is accomplished through the asset allocation strategy of each plan. For both plans, if the asset allocation moves more than plus or minus 5% from the benchmark allocation, the trustees may decide to amend the asset allocation. At a minimum, the trustees review the investment strategy at every triennial actuarial valuation to ensure that the strategy remains consistent with its funding principles. The trustees may review the strategy more frequently if opportunities arise to reduce risk within the investments without jeopardizing the funding position. Assets of the United Kingdom plans are invested in externally managed pooled funds. The assets are allocated between a growth portfolio and a matching portfolio. The growth portfolio seeks a return premium on investments across multiple asset classes. Growth portfolio funds may include, among others, traditional equities and bonds, growth fixed income, hedged funds, and may use derivatives. The matching portfolio seeks to align asset changes with changes in liabilities due to interest rates and inflation expectations. Matching portfolio funds are composed of corporate bonds, U.K. gilts and liability-driven investment funds and generally invest in fixed income debt securities including government bonds, gilts, gilt repurchase agreements, swaps and investment grade corporate bonds and may use derivatives. The target asset allocation for one of the United Kingdom plans is 46% in the growth portfolio and 54% in the matching portfolio and the other United Kingdom plan is 57% in the growth portfolio (including a legacy holding in an actively managed property fund) and 43% in the matching portfolio. The fair values of our pension plan assets as of December 31, 2022 and 2021, by major asset class, are as follows:
| North America |  |  |
| December 31, 2022
| Total Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |
| (in millions) |  |  |
Cash and cash equivalents(1) | $ | 3 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  |  |
Equity mutual funds |  |  |  |  |  |  |  |  |  |
Index equity(2) | 28 |  |  | 28 |  |  | — |  |  | — |  |  |  |
Pooled equity(3) | 16 |  |  | — |  |  | 16 |  |  | — |  |  |  |
Fixed income |  |  |  |  |  |  |  |  |  |
U.S. Treasury bonds and notes(4) | 14 |  |  | 14 |  |  | — |  |  | — |  |  |  |
Fixed income mutual funds(5) | 16 |  |  | — |  |  | 16 |  |  | — |  |  |  |
Corporate bonds and notes(6) | 109 |  |  | — |  |  | 109 |  |  | — |  |  |  |
Government and agency securities(7) | 81 |  |  | — |  |  | 81 |  |  | — |  |  |  |
Other(8) | 6 |  |  | — |  |  | 6 |  |  | — |  |  |  |
Total assets at fair value by fair value levels | $ | 273 |  |  | $ | 44 |  |  | $ | 229 |  |  | $ | — |  |  |  |
Accruals and payables—net | — |  |  |  |  |  |  |  |  |  |
Total assets | $ | 273 |  |  |  |  |  |  |  |  |  |
| United Kingdom |  |  |
| December 31, 2022
| Total Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |
| (in millions) |  |  |
Cash and cash funds(9) | $ | 26 |  |  | $ | 9 |  |  | $ | 17 |  |  | $ | — |  |  |  |
Pooled equity funds(10) | 41 |  |  | — |  |  | 41 |  |  | — |  |  |  |
Pooled diversified funds(11) | 44 |  |  | — |  |  | 44 |  |  | — |  |  |  |
Debt funds |  |  |  |  |  |  |  |  |  |
Pooled U.K. government fixed and index-linked securities funds(12) | 67 |  |  | — |  |  | 67 |  |  | — |  |  |  |
Pooled global debt funds(13) | 47 |  |  | — |  |  | 47 |  |  | — |  |  |  |
Pooled liability-driven investment funds(14) | 30 |  |  | — |  |  | 30 |  |  | — |  |  |  |
Total assets at fair value by fair value levels | $ | 255 |  |  | $ | 9 |  |  | $ | 246 |  |  | $ | — |  |  |  |
Funds measured at NAV as a practical expedient(15) | 61 |  |  |  |  |  |  |  |  |  |
Total assets at fair value | 316 |  |  |  |  |  |  |  |  |  |
Receivable from redemption | 4 |  |  |  |  |  |  |  |  |  |
Total assets | $ | 320 |  |  |  |  |  |  |  |  |  |
| North America
| December 31, 2021
| Total Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
| (in millions)
Cash and cash equivalents(1) | $ | 14 |  |  | $ | 10 |  |  | $ | 4 |  |  | $ | — |
Equity mutual funds |  |  |  |  |  |  |
Index equity(2) | 157 |  |  | 157 |  |  | — |  |  | — |
Pooled equity(3) | 34 |  |  | — |  |  | 34 |  |  | — |
Fixed income |  |  |  |  |  |  |
U.S. Treasury bonds and notes(4) | 61 |  |  | 61 |  |  | — |  |  | — |
Corporate bonds and notes(6) | 460 |  |  | — |  |  | 460 |  |  | — |
Government and agency securities(7) | 103 |  |  | — |  |  | 103 |  |  | — |
Other(8) | 7 |  |  | — |  |  | 7 |  |  | — |
Total assets at fair value by fair value levels | $ | 836 |  |  | $ | 228 |  |  | $ | 608 |  |  | $ | — |
Accruals and payables—net | (6) |  |  |  |  |  |  |
Total assets | $ | 830 |  |  |  |  |  |  |
| United Kingdom |  |  |
| December 31, 2021
| Total Fair Value |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  |  |
| (in millions) |  |  |
Cash and cash funds(9) | $ | 15 |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | — |  |  |  |
Pooled equity funds(10) | 122 |  |  | — |  |  | 122 |  |  | — |  |  |  |
Pooled diversified funds(11) | 52 |  |  | — |  |  | 52 |  |  | — |  |  |  |
Debt funds |  |  |  |  |  |  |  |  |  |
Pooled U.K. government fixed and index-linked securities funds(12) | 78 |  |  | — |  |  | 78 |  |  | — |  |  |  |
Pooled global debt funds(13) | 88 |  |  | — |  |  | 88 |  |  | — |  |  |  |
Pooled liability-driven investment funds(14) | 67 |  |  | — |  |  | 67 |  |  | — |  |  |  |
Total assets at fair value by fair value levels | $ | 422 |  |  | $ | 8 |  |  | $ | 414 |  |  | $ | — |  |  |  |
Funds measured at NAV as a practical expedient(15) | 83 |  |  |  |  |  |  |  |  |  |
Total assets | $ | 505 |  |  |  |  |  |  |  |  |  |
_______________________________________________________________________________ (1)Cash and cash equivalents are primarily short-term U.S. treasury bills and short-term money market funds. (2)The index equity funds are mutual funds that utilize a passively managed investment approach designed to track specific equity indices. They are valued at quoted market prices in an active market, which represent the net asset values of the shares held by the plan. (3)The equity pooled mutual funds consist of pooled funds that invest in common stock and other equity securities that are traded on U.S., Canadian, and foreign markets. (4)U.S. Treasury bonds and notes are valued based on quoted market prices in an active market. (5)The fixed income mutual funds invest primarily in high-quality longer duration fixed income securities which include bonds, debt securities and other similar instruments. The funds are priced based on a daily published net asset value. (6)Corporate bonds and notes, including private placement securities, are valued by institutional bond pricing services, which gather information from market sources and integrate credit information, observed market movements and sector news into their pricing applications and models. (7)Government and agency securities consist of U.S. municipal bonds and Canadian provincial bonds that are valued by institutional bond pricing services, which gather information on current trading activity, market movements, trends, and specific data on specialty issues. (8)Other includes primarily mortgage-backed, asset-backed securities and U.S. Treasury strips. Mortgage-backed and asset-backed securities are valued by institutional pricing services, which gather information from market sources and integrate credit information, observed market movements and sector news into their pricing applications and models. U.S. Treasury strips are valued using stripped interest and stripped principal yield curves based on data obtained from various dealer contacts and live data sources. (9)Cash and cash funds include a cash fund that holds primarily short-dated term money market securities. (10)Pooled equity funds invest in a broad array of global equity, equity-related securities, a range of diversifiers and may use derivatives for efficient portfolio management. The funds are valued at net asset value (NAV) as determined by the fund managers based on the value of the underlying net assets of the fund. (11)Pooled diversified funds invest in a broad array of asset classes and a range of diversifiers including the use of derivatives. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund. (12)Pooled U.K. government fixed and index-linked securities funds invest primarily in Sterling denominated fixed income and inflation-linked fixed income securities issued or guaranteed by the U.K. government and may use derivatives for efficient portfolio management. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund. (13)Pooled global debt funds invest in a broad array of debt securities from corporate and government bonds to emerging markets and high-yield fixed and floating rate securities of varying maturities and may use derivatives for efficient portfolio management. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund. (14)Pooled liability-driven investment funds invest primarily in gilt repurchase agreements, physical U.K. government gilts, other inflation linked fixed income securities, and derivatives to provide exposure to interest rates and inflation, thus hedging these elements of risk associated with pension liabilities. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund. (15)Funds measured at NAV as a practical expedient include funds of funds with return strategies with exposure to varying asset classes and credit strategies, as well as alternative investment strategies not precluding multi-asset credit strategies, global macro strategies, commodities, fixed income, equities and currency, and funds that invest primarily in freehold and leasehold property in the United Kingdom. The funds are valued using NAV as determined by the fund managers based on the value of the underlying assets of the fund. We have defined contribution plans covering substantially all employees in North America and the United Kingdom. Depending on the specific provisions of each plan, qualified employees receive company contributions based on a percentage of base salary, matching of employee contributions up to specified limits, or a combination of both. In 2022, 2021 and 2020, we recognized expense related to our contributions to the defined contribution plans of $19 million, $25 million and $22 million, respectively. In addition to our qualified defined benefit pension plans, we also maintain certain nonqualified supplemental pension plans for highly compensated employees as defined under federal law. The amounts recognized in accrued expenses and other liabilities in our consolidated balance sheets for these plans were $1 million and $10 million, respectively, as of December 31, 2022, and $1 million and $14 million, respectively, as of December 31, 2021. We recognized expense for these plans of $1 million, $2 million and $2 million in 2022, 2021 and 2020, respectively.

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