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PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Reconciliation of Pension and OPEB Plan Obligations, Assets and Funded Status | The benefit plan information in the table below pertains to all of our pension and OPEB plans, both in the United States and in other countries.
| Pension benefits |  | OPEB
as of and for the years ended December 31 (in millions) | 2023 | 2022 |  | 2023 | 2022
Benefit obligations |  |  |  |  |
Beginning of period | $ | 3,112 |  | $ | 4,390 |  |  | $ | 160 |  | $ | 211 |
Service cost | 23 |  | 75 |  |  | — |  | 1 |
Interest cost | 155 |  | 97 |  |  | 8 |  | 4 |
Participant contributions | 4 |  | 4 |  |  | — |  | — |
Actuarial (gain) loss | 195 |  | (1,197) |  |  | 5 |  | (37) |
Benefit payments | (141) |  | (123) |  |  | (19) |  | (19) |
Settlements | (19) |  | (17) |  |  | — |  | — |
Curtailment | — |  | (13) |  |  | — |  | — |
Acquisitions | 2 |  | — |  |  | — |  | — |
Plan Amendments | 3 |  | 1 |  |  | — |  | — |
Foreign exchange and other | 44 |  | (105) |  |  | — |  | — |
End of period | 3,378 |  | 3,112 |  |  | 154 |  | 160 |
Fair value of plan assets |  |  |  |  |
Beginning of period | 2,501 |  | 3,784 |  |  | — |  | — |
Actual return on plan assets | 268 |  | (1,118) |  |  | — |  | — |
Employer contributions | 47 |  | 47 |  |  | 19 |  | 19 |
Participant contributions | 4 |  | 4 |  |  | — |  | — |
Benefit payments | (141) |  | (123) |  |  | (19) |  | (19) |
Settlements | (19) |  | (17) |  |  | — |  | — |
Acquisitions | — |  | — |  |  | — |  | — |
Foreign exchange and other | 33 |  | (76) |  |  | — |  | — |
End of period | 2,693 |  | 2,501 |  |  | — |  | — |
Funded status at December 31 | $ | (685) |  | $ | (611) |  |  | $ | (154) |  | $ | (160) |
Amounts recognized in the consolidated balance sheets |  |  |  |  |
Noncurrent asset | $ | 129 |  | $ | 123 |  |  | $ | — |  | $ | — |
Current liability | (32) |  | (30) |  |  | (17) |  | (18) |
Noncurrent liability | (782) |  | (704) |  |  | (137) |  | (142) |
Net liability recognized at December 31 | $ | (685) |  | $ | (611) |  |  | $ | (154) |  | $ | (160) |
Information Relating to Individual Plans in Funded Status that have ABO in Excess of Plan Assets | The following table is information relating to the individual plans in the funded status table above that have an ABO in excess of plan assets.
as of December 31 (in millions) | 2023 | 2022
ABO | $ | 2,710 |  | $ | 2,561 |
Fair value of plan assets | $ | 1,932 |  | $ | 1,865 |
Information Relating to Individual Plans in Funded Status that have PBO in Excess of Plan Assets | The following table presents information relating to the individual plans in the funded status table above that have a PBO in excess of plan assets (many of which also have an ABO in excess of assets and are therefore also included in the table directly above).
as of December 31 (in millions) | 2023 | 2022
PBO | $ | 2,796 |  | $ | 2,740 |
Fair value of plan assets | $ | 1,982 |  | $ | 2,006 |
Expected Net Pension and OPEB Plan Payments for Next 10 Years |
(in millions) | Pension benefits | OPEB
2024 | $ | 161 |  | $ | 17 |
2025 | 167 |  | 16 |
2026 | 178 |  | 15 |
2027 | 189 |  | 14 |
2028 | 199 |  | 14 |
2029 through 2033 | 1,092 |  | 59 |
Total expected net benefit payments for next 10 years | $ | 1,986 |  | $ | 135 |
Summary of Pre-Tax losses Included in AOCI | The following table is a summary of the pre-tax losses included in AOCI at December 31, 2023 and December 31, 2022.
(in millions) | Pension benefits | OPEB
Actuarial loss (gain) | $ | 626 |  | $ | (50) |
Prior service credit and transition obligation | 11 |  | (16) |
Total pre-tax loss (gain) recognized in AOCI at December 31, 2023 | $ | 637 |  | $ | (66) |
Actuarial loss (gain) | $ | 513 |  | $ | (69) |
Prior service credit and transition obligation | 8 |  | (27) |
Total pre-tax loss (gain) recognized in AOCI at December 31, 2022 | $ | 521 |  | $ | (96) |
Summary of Net-of-Tax Amounts Recorded in OCI Relating to Pension and OPEB Plans | The following table is a summary of the net-of-tax amounts recorded in OCI relating to pension and OPEB plans.
Year ended December 31 (in millions) | 2023 | 2022 | 2021
Gain (loss) arising during the year, net of tax of $31 in 2023, $6 in 2022 and $43 in 2021 | $ | 132 |  | $ | (8) |  | $ | 161 |
Amortization of loss to earnings, net of tax of $(5) in 2023, $6 in 2022 and $16 in 2021 | (13) |  | 23 |  | 64 |
Settlement charges, net of tax of zero in 2023, 2022 and 2021 | 2 |  | 1 |  | 2 |
Pension and other employee benefits | $ | 121 |  | $ | 16 |  | $ | 227 |
Net Periodic Benefit Cost - Continuing Operations |
Year ended December 31 (in millions) | 2023 | 2022 | 2021
Pension benefits |  |  |
Service cost | $ | 23 |  | $ | 75 |  | $ | 86 |
Interest cost | 155 |  | 97 |  | 71 |
Expected return on plan assets | (188) |  | (157) |  | (143) |
Amortization of net losses and other deferred amounts | 6 |  | 43 |  | 89 |
Curtailment gain | — |  | (13) |  | — |
Settlement charges | 2 |  | 1 |  | 2 |
Other | 1 |  | 1 |  | (4) |
Net periodic pension benefit cost | $ | (1) |  | $ | 47 |  | $ | 101 |
OPEB |  |  |
Service cost | $ | — |  | $ | 1 |  | $ | 1 |
Interest cost | 8 |  | 4 |  | 4 |
Amortization of net losses and prior service credit | (24) |  | (14) |  | (9) |
Curtailment gain | (1) |  | — |  | — |
Net periodic OPEB cost | $ | (17) |  | $ | (9) |  | $ | (4) |
Weighted-Average Assumptions Used in Determining Benefit Obligations at Measurement Date |
| Pension benefits |  | OPEB
| 2023 | 2022 |  | 2023 | 2022
Discount rate |  |  |  |  |
U.S. and Puerto Rico plans | 5.20 | % | 5.55 | % |  | 5.11 | % | 5.46 | %
International plans | 3.41 | % | 4.01 | % |  | n/a | n/a
Rate of compensation increase |  |  |  |  |
U.S. and Puerto Rico plans | 2.60 | % | 2.93 | % |  | n/a | n/a
International plans | 3.24 | % | 3.34 | % |  | n/a | n/a
Annual rate of increase in the per-capita cost | n/a | n/a |  | 6.25 | % | 6.50 | %
Rate decreased to | n/a | n/a |  | 5.00 | % | 5.00 | %
by the year ended | n/a | n/a |  | 2029 | 2029
| Pension benefits |  | OPEB
| 2023 | 2022 | 2021 |  | 2023 | 2022 | 2021
Discount rate |  |  |  |  |  |  |
U.S. and Puerto Rico plans | 5.55 | % | 3.01 | % | 2.73 | % |  | 5.46 | % | 2.76 | % | 2.33 | %
International plans | 4.01 | % | 1.47 | % | 1.00 | % |  | n/a | n/a | n/a
Expected return on plan assets |  |  |  |  |  |  |
U.S. and Puerto Rico plans | 6.43 | % | 5.00 | % | 5.50 | % |  | n/a | n/a | n/a
International plans | 5.00 | % | 3.82 | % | 3.58 | % |  | n/a | n/a | n/a
Rate of compensation increase |  |  |  |  |  |  |
U.S. and Puerto Rico plans | 2.93 | % | 3.68 | % | 3.68 | % |  | n/a | n/a | n/a
International plans | 3.34 | % | 3.11 | % | 3.03 | % |  | n/a | n/a | n/a
Annual rate of increase in the per-capita cost | n/a | n/a | n/a |  | 6.25 | % | 6.50 | % | 6.25 | %
Rate decreased to | n/a | n/a | n/a |  | 5.00 | % | 5.00 | % | 5.00 | %
by the year ended | n/a | n/a | n/a |  | 2029 | 2029 | 2027
Fair Value of Pension Plan Assets and Liabilities | The following tables summarize our pension plan financial instruments that are measured at fair value on a recurring basis.
|  | Basis of fair value measurement
(in millions) | Balance 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) | Measured at NAV (a)
Assets |  |  |  |  |
Cash | $ | 63 |  |  |  |  |
Fixed income securities |  |  |  |  |
Cash equivalents | $ | 399 |  | $ | — |  | $ | 399 |  | $ | — |  | $ | — |
U.S. government and government agency issues | 96 |  | — |  | 96 |  | — |  | — |
Corporate bonds | 265 |  | — |  | 265 |  | — |  | — |
Equity securities |  |  |  |  |
Common stock | 345 |  | 345 |  | — |  | — |  | — |
Mutual funds | 211 |  | 211 |  | — |  | — |  | —
Common/collective trust funds | 834 |  | — |  | 294 |  | — |  | 540 |
Partnership investments | 216 |  | — |  | — |  | — |  | 216 |
Other holdings | 264 |  | 13 |  | 94 |  | 157 |  | — |
Fair value of pension plan assets | $ | 2,693 |  | $ | 569 |  | $ | 1,148 |  | $ | 157 |  | $ | 756 |
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
|  | Basis of fair value measurement
(in millions) | Balance 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) | Measured at NAV (a)
Assets |  |  |  |  |
Cash | $ | 74 |  |  |  |  |
Fixed income securities |  |  |  |  |
Cash equivalents | $ | 297 |  | $ | — |  | $ | 297 |  | $ | — |  | $ | — |
U.S. government and government agency issues | 46 |  | — |  | 46 |  | — |  | — |
Corporate bonds | 310 |  | — |  | 310 |  | — |  | — |
Equity securities |  |  |  |  |
Common stock | 296 |  | 296 |  | — |  | — |  | — |
Mutual funds | 340 |  | 184 |  | 156 |  | — |  | —
Common/collective trust funds | 790 |  | — |  | 251 |  | — |  | 539 |
Partnership investments | 263 |  | — |  | — |  | — |  | 263 |
Other holdings | 85 |  | 21 |  | 56 |  | 8 |  | — |
Fair value of pension plan assets | $ | 2,501 |  | $ | 501 |  | $ | 1,116 |  | $ | 8 |  | $ | 802 |
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Changes in Fair Value Measurements that Used Significant Unobservable Inputs | The following table is a reconciliation of changes in fair value measurements that used significant unobservable inputs (Level 3).
(in millions) |  |  |  |  | Other holdings
Balance at December 31, 2021 |  |  |  |  | $ | 9 |
Transfers out |  |  |  |  | (1) |
Balance at December 31, 2022 |  |  |  |  | 8 |
Purchases 1 |  |  |  |  | 149 |
Balance at December 31, 2023 |  |  |  |  | $ | 157 |
1 Purchases in 2023 included $148 million for an insurance contract buy-in related to our pension plan in the United Kingdom.
Funded Status Percentage of Pension Plans | The following table details the funded status percentage of our pension plans as of December 31, 2023, including certain plans that are unfunded in accordance with the guidelines of our funding policy outlined above.
| United States and Puerto Rico |  | International |
as of December 31, 2023 (in millions) | Qualified plans | Nonqualified plan |  | Funded plans | Unfunded plans | Total
Fair value of plan assets | $ | 1,846 |  | $ n/a |  | $ | 847 |  | $ n/a | $ | 2,693 |
PBO | 2,097 |  | 197 |  |  | 760 |  | 324 |  | 3,378 |
Funded status percentage | 88 | % | n/a |  | 111 | % | n/a | 80 | %

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