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PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables)

12 Months Ended

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
Purchases1															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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