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Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of plan assets, benefit obligations, funded status for the U.S. and Canadian plans

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,
			2023						2022						2023						2022						2023						2022
			(in millions)
Change in plan assets
Fair value of plan assets as of January 1			$	273					$	830					$	320					$	505					$	—					$	—
Return on plan assets			29						(142)						19						(136)						—						—
Employer contributions			19						2						25						25						2						1
Plan participant contributions			—						—						—						—						—						1
Pension retiree annuity purchase			—						(372)						—						—						—						—
Benefit payments			(11)						(35)						(22)						(23)						(2)						(2)
Foreign currency translation			3						(10)						18						(51)						—						—
Fair value of plan assets as of December 31			313						273						360						320						—						—
Change in benefit obligation
Benefit obligation as of January 1			(274)						(841)						(347)						(590)						(23)						(32)
Service cost			(5)						(16)						—						—						—						—
Interest cost			(13)						(19)						(16)						(10)						(1)						(1)
Benefit payments			11						35						22						23						2						2
Foreign currency translation			(3)						9						(19)						58						—						—
Pension retiree annuity purchase			—						372						—						—						—						—
Plan curtailments			—						20						—						—						—						—
Change in assumptions and other			(8)						166						(7)						172						2						8
Benefit obligation as of December 31			(292)						(274)						(367)						(347)						(20)						(23)
Funded status as of December 31			$	21					$	(1)					$	(7)					$	(27)					$	(20)					$	(23)

Schedule of amounts recognized in consolidated balance sheets

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,
			2023						2022						2023						2022						2023						2022
			(in millions)
Other assets			$	23					$	23					$	—					$	—					$	—					$	—
Accrued expenses			—						—						—						—						(2)						(2)
Other liabilities			(2)						(24)						(7)						(27)						(18)						(21)
			$	21					$	(1)					$	(7)					$	(27)					$	(20)					$	(23)

Schedule of pre-tax amounts recognized in accumulated other comprehensive loss

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,
			2023						2022						2023						2022						2023						2022
			(in millions)
Prior service cost			$	—					$	—					$	1					$	1					$	—					$	—
Net actuarial loss (gain)			1						6						73						56						(6)						(4)
			$	1					$	6					$	74					$	57					$	(6)					$	(4)

Schedule of net periodic benefit cost and other amounts recognized in accumulated other comprehensive loss

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
			2023						2022						2021						2023						2022						2021						2023						2022						2021
			(in millions)
Service cost			$	5					$	16					$	20					$	—					$	—					$	—					$	—					$	—					$	—
Interest cost			13						19						21						16						10						9						1						1						1
Expected return on plan assets			(15)						(22)						(24)						(25)						(14)						(14)						—						—						—
Settlement loss			—						21						—						—						—						—						—						—						—
Curtailment gains			—						(4)						—						—						—						—						—						—						—
Amortization of prior service cost			—						1						1						—						—						—						—						—						—
Amortization of actuarial loss (gain)			—						—						5						—						2						4						(1)						—						—
Net periodic benefit cost (income)			3						31						23						(9)						(2)						(1)						—						1						1
Net actuarial (gain) loss			(6)						(2)						(31)						14						(22)						(36)						(2)						(8)						—
Settlement loss			—						(21)						—						—						—						—						—						—						—
Curtailment effects			—						(20)						—						—						—						—						—						—						—
Curtailment gains			—						4						—						—						—						—						—						—						—
Amortization of prior service (cost) benefit			—						(1)						(1)						—						—						—						—						—						—
Amortization of actuarial (loss) gain			—						—						(5)						—						(2)						(4)						1						—						—
Total recognized in other comprehensive (income) loss			(6)						(40)						(37)						14						(24)						(40)						(1)						(8)						—
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss			$	(3)					$	(9)					$	(14)					$	5					$	(26)					$	(41)					$	(1)					$	(7)					$	1

Schedule of benefit obligations in excess of fair value of plan assets

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 2023, excludes all three of the North America defined benefit pension plans and, for 2022, excludes two of the North America defined benefit pension plans, as each has plan assets in excess of its ABO:

			North America												United Kingdom
			2023						2022						2023						2022
			(in millions)
Accumulated benefit obligation			$	—					$	(163)					$	(367)					$	(347)
Fair value of plan assets			—						143						360						320

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 America defined benefit pension plans each of which has plan assets in excess of its PBO:

			North America												United Kingdom
			2023						2022						2023						2022
			(in millions)
Projected benefit obligation			$	(176)					$	(167)					$	(367)					$	(347)
Fair value of plan assets			174						143						360						320

Schedule of expected future pension and retiree medical benefit payments

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)
2024			$	14					$	23					$	2
2025			15						24						2
2026			16						24						2
2027			17						25						2
2028			17						25						2
2029-2033			91						138						6

Schedule of assumptions used in determining the benefit obligations and expense

The following assumptions were used in determining the benefit obligations and expense:

			Pension Plans																																																Retiree Medical Plans
			North America																		United Kingdom																											North America
			2023						2022						2021						2023						2022						2021																		2023						2022						2021
Weighted-average discount rate—obligation			4.8		%				5.1		%				2.8		%				4.6		%				4.8		%				2.0		%																4.8		%				5.0		%				2.7		%
Weighted-average discount rate—expense			5.1		%				3.6		%				2.4		%				4.8		%				2.0		%				1.5		%																5.0		%				2.7		%				2.2		%
Weighted-average cash balance interest crediting rate—obligation			3.9		%				3.9		%				3.0		%				n/a						n/a						n/a																		n/a						n/a						n/a
Weighted-average cash balance interest crediting rate—expense			3.9		%				3.0		%				3.0		%				n/a						n/a						n/a																		n/a						n/a						n/a
Weighted-average rate of increase in future compensation			3.3		%				3.8		%				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			4.8		%				3.9		%				3.2		%				6.1		%				3.4		%				3.3		%																n/a						n/a						n/a
Weighted-average retail price index—obligation			n/a						n/a						n/a						3.0		%				3.2		%				3.3		%																n/a						n/a						n/a
Weighted-average retail price index—expense			n/a						n/a						n/a						3.2		%				3.3		%				3.0		%																n/a						n/a						n/a

______________________________________________________________________________

n/a—not applicable

Schedule of fair values of U.S. and Canadian pension plan assets

The fair values of our pension plan assets as of December 31, 2023 and 2022, by major asset class, are as follows:

			North America
			December 31, 2023
			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)			$	1					$	—					$	1					$	—
Short-term investments(2)			3						1						2						—
Equity mutual funds
Index equity(3)			35						35						—						—
Pooled equity(4)			16						—						16						—
Fixed income
U.S. Treasury bonds and notes(5)			17						17						—						—
Fixed income mutual funds(6)			45						11						34						—
Corporate bonds and notes(7)			101						—						101						—
Government and agency securities(8)			88						—						88						—
Other(9)			8						—						8						—
Total assets at fair value by fair value levels			$	314					$	64					$	250					$	—
Accruals and payables—net			(1)
Total assets			$	313

			United Kingdom
			December 31, 2023
			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(10)			$	13					$	13					$	—					$	—
Pooled equity funds(11)			44						—						44						—
Pooled diversified funds(12)			54						—						54						—
Debt funds
Pooled U.K. government fixed and index-linked securities funds(13)			54						—						54						—
Pooled global debt funds(14)			74						—						74						—
Pooled liability-driven investment funds(15)			68						—						68						—
Total assets at fair value by fair value levels			$	307					$	13					$	294					$	—
Funds measured at NAV as a practical expedient(16)			47
Total assets at fair value			$	354
Receivable from redemption			6
Total assets			$	360

			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(3)			28						28						—						—
Pooled equity(4)			16						—						16						—
Fixed income
U.S. Treasury bonds and notes(5)			14						14						—						—
Fixed income mutual funds(6)			16						—						16						—
Corporate bonds and notes(7)			109						—						109						—
Government and agency securities(8)			81						—						81						—
Other(9)			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(10)			$	26					$	9					$	17					$	—
Pooled equity funds(11)			41						—						41						—
Pooled diversified funds(12)			44						—						44						—
Debt funds
Pooled U.K. government fixed and index-linked securities funds(13)			67						—						67						—
Pooled global debt funds(14)			47						—						47						—
Pooled liability-driven investment funds(15)			30						—						30						—
Total assets at fair value by fair value levels			$	255					$	9					$	246					$	—
Funds measured at NAV as a practical expedient(16)			61
Total assets at fair value			$	316
Receivable from redemption			4
Total assets			$	320

_______________________________________________________________________________

(1)Cash and cash equivalents are primarily short-term money market funds.

(2)Short-term investments are primarily treasury bills with original maturities longer than three months but less than a year.

(3)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.

(4)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.

(5)U.S. Treasury bonds and notes are valued based on quoted market prices in an active market.

(6)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.

(7)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.

(8)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.

(9)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.

(10)Cash and cash funds as of December 31, 2022 include a cash fund that holds primarily short-dated term money market securities.

(11)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.

(12)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.

(13)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.

(14)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.

(15)Pooled liability-driven investment funds primarily invest, either through a sub-fund or directly, 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.

(16)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.

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