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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of components of net periodic pension expense | Net periodic pension expense during 2021 and 2020 for our DB Plans included the following components:
| Year Ended December 31,
(in millions) | 2021 |  | 2020
Service cost | $ | 17 |  |  | $ | 18 |
Interest cost | 7 |  |  | 10 |
Expected return on assets | (28) |  |  | (26) |
Amortization of prior service credit | (1) |  |  | (1) |
Recognized net actuarial loss | 6 |  |  | 6 |
Curtailments | — |  |  | — |
(Gain) loss on settlements | 198 |  |  | (1) |
Net periodic pension expense(1) | $ | 199 |  |  | $ | 6 |
Schedule of assumptions for determining projected benefit obligation at year end and net periodic cost for year |
| December 31,
| 2021 | 2020
For determining PBO at year-end: |  |
Discount rates | 1.20-4.75% | 0.80-3.50%
Rates of increase in compensation levels | 2.25-5.00% | 2.25-6.00%
For determining net periodic cost for the year: |  |
Discount rates | 0.80-3.50% | 1.20-4.75%
Rates of increase in compensation levels | 2.25-6.00% | 2.25-6.00%
Expected long-term rates of return on assets | 0.80-5.70% | 1.20-5.60%
Schedule of change in projected benefit obligation, plan assets and funded status | The following table sets forth the change in PBO, plan assets and funded status of the plans:
|  | December 31,
(in millions) |  | 2021
Change in PBO: |  |
Benefit obligation at beginning of year |  | $ | 870 |
Service cost |  | 17 |
Interest cost |  | 7 |
Employee contributions |  | 3 |
Currency translation |  | (32) |
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020) |  | 52 |
Benefits paid |  | (15) |
Settlements |  | (799) |
PBO at end of year |  | 103 |
Change in plan assets: |  |
Plan assets at beginning of year |  | 829 |
Actual return on plan assets |  | 30 |
Company contributions |  | 13 |
Employee contributions |  | 3 |
Currency translation |  | (28) |
Benefits paid |  | (15) |
Settlements |  | (799) |
Plan assets at end of year |  | 33 |
Funded status — (Under)/overfunded |  | $ | (70) |
Amounts recognized in the Consolidated Balance Sheet: |  |
Pension assets included in other assets |  | $ | — |
Pension liabilities included in other accrued liabilities |  | — |
Pension liabilities included in current liabilities related to assets held for sale |  | (22) |
Pension liabilities included in noncurrent liabilities |  | (48) |
AOCI (pre-tax) |  | $ | 3 |
Plans with PBO in excess of plan assets: |  |
PBO |  | $ | 103 |
Plan assets |  | 33 |
Plans with ABO in excess of plan assets: |  |
ABO |  | $ | 40 |
Plan assets |  | 18 |

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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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