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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS We have funded and unfunded defined benefit pension plans that cover certain employees in North America, Europe, Asia and Brazil. The United States plans comprise the majority of our obligation. All but one of these plans are frozen for all participants. The primary formula for United States salaried employees covered under the qualified defined benefit plan and the unfunded, nonqualifed Retirement Benefits Restoration Plan was based on years of service and final average salary, while the primary formula for United States hourly employees covered under the defined benefit plans was based on specific dollar amounts for each year of service. There were multiple formulas for employees covered under the qualified and nonqualified defined benefit plans that were sponsored by Maytag, including a cash balance formula. We have foreign pension plans that accrue benefits. The plans generally provide benefit payments using a formula that is based upon employee compensation and length of service.
In addition, we sponsor an unfunded Supplemental Executive Retirement Plan that remains open to new participants and additional benefit accruals. This plan is nonqualified and provides certain key employees additional defined pension benefits that supplement those provided by the Company's other retirement plans.
A defined contribution plan is provided to all United States employees and is not classified within the net periodic benefit cost. The Company provides annual match and automatic company contributions, in cash or Company stock, of up to 7% of employees' eligible pay. Our contributions during 2022, 2021 and 2020 were $90 million, $91 million and $83 million, respectively.
We provide postretirement health care benefits for eligible retired employees in the United States, Canada and Brazil. For our United States plan, which comprises the majority of our obligation, eligible retirees include those who were full-time employees with 10 years of service who attained age 55 while in service with us and those union retirees who met the eligibility requirements of their collective bargaining agreements. In general, the postretirement health and welfare benefit plans include cost-sharing provisions that limit our exposure for recent and future retirees and are contributory, with participants' contributions adjusted annually. In the United States, benefits for certain retiree populations follow a defined contribution model that allocates certain monthly or annual amounts to a retiree's account under the plan.
Pension assets and liabilities related to the European major domestic appliance business have been classified as held for sale in the fourth quarter of 2022.
The postretirement medical benefit programs are unfunded. We reserve the right to modify these benefits in the future.
Defined Benefit - Pensions and Other Postretirement Benefit Plans
Obligations and Funded Status at End of Year
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212022202120222021
Funded status
Fair value of plan assets$2,072 $2,904 $30 $665 $— $— 
Benefit obligations2,211 2,968 60 924 121 166 
Funded status$(139)$(64)$(30)$(259)$(121)$(166)
Amounts recognized in the consolidated balance sheets
Noncurrent asset$21 $56 $7 $20 $— $— 
Current liability(9)(9)(4)(12)(25)(24)
Noncurrent liability(151)(111)(33)(267)(96)(142)
Amount recognized$(139)$(64)$(30)$(259)$(121)$(166)
Amounts recognized in accumulated other comprehensive loss (pre-tax)
Net actuarial loss$1,266 $1,180 $111 $184 $(15)$14 
Prior service (credit) cost1 1 3 3 (52)(93)
Amount recognized$1,267 $1,181 $114 $187 $(67)$(79)
Change in Benefit Obligation
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212022202120222021
Benefit obligation, beginning of year$2,968 $3,237 $924 $1,029 $166 $191 
Service cost3 3 4 5 — — 
Interest cost82 77 15 14 5 5 
Plan participants' contributions— — — 1 — — 
Actuarial (gain) loss (606)(99)(262)(45)(28)(8)
Benefits paid(230)(234)(28)(29)(18)(21)
Plan amendments— — — — (5)— 
Transfer of liabilities— — — (23)— — 
Other adjustments— — 11 — — — 
Settlements / curtailment (gain)(6)(16)(7)(18)— — 
Foreign currency exchange rates— — (82)(10)1 (1)
Reclassification of obligation to held for sale— — (515)— — — 
Benefit obligation, end of year$2,211 $2,968 $60 $924 $121 $166 
Accumulated benefit obligation, end of year$2,205 $2,955 $52 $891 N/AN/A
The actuarial (gain) loss for all pension and other postretirement benefit plans in 2022 and 2021 was primarily related to a change in the discount rate used to measure the benefit obligation of those plans.
Change in Plan Assets
 United States Pension BenefitsForeign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212022202120222021
Fair value of plan assets, beginning of year$2,904 $3,103 $665 $632 $— $— 
Actual return on plan assets (605)31 (181)56 — — 
Employer contribution9 20 30 30 18 21 
Plan participants' contributions— — — 1 — — 
Benefits paid(230)(234)(28)(29)(18)(21)
Transfer of plan assets— — — — — — 
Settlements(6)(16)(7)(17)— — 
Foreign currency exchange rates— — (70)(8)— — 
Reclassification of plan assets to held for sale— — (379)— — — 
Fair value of plan assets, end of year (1)
$2,072 $2,904 $30 $665 $— $— 
(1) Decrease in fair value of plan assets was primarily driven by market fluctuations during the current period.
Components of Net Periodic Benefit Cost
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212020202220212020202220212020
Service cost$3 $3 $3 $4 $5 $6 $— $— $4 
Interest cost82 77 94 15 14 17 5 5 8 
Expected return on plan assets(144)(158)(165)(31)(34)(30)— — — 
Amortization:
Actuarial loss57 69 62 9 19 12 — — — 
Prior service cost (credit)— — — — — — (46)(46)(28)
Curtailment (gain) / loss— — — (1)— — — — (3)
Settlement loss1 5 39 2 2 11 — — — 
Net periodic benefit cost$(1)$(4)$33 $(2)$6 $16 $(41)$(41)$(19)
The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the years ended December 31, 2022, 2021 and 2020:
 United States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Millions of dollars202220212020202220212020202220212020
Operating profit (loss)$3 $3 $3 $4 $5 $6 $— $— $4 
Interest and sundry (income) expense(4)(7)30 (6)1 10 (41)(41)(23)
Net periodic benefit cost$(1)$(4)$33 $(2)$6 $16 $(41)$(41)$(19)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Pre-Tax) in 2022
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement
Benefits
Current year actuarial loss / (gain)$145 $(63)$(28)
Actuarial (loss) recognized during the year(58)(10)— 
Current year prior service cost (credit)— — (5)
Prior service credit (cost) recognized during the year— — 46 
Total recognized in other comprehensive income (loss) (pre-tax)$87 $(73)$13 
Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax)$86 $(75)$(27)
We amortize actuarial losses and prior service costs (credits) over a period of up to 20 years and 13 years, respectively.
Assumptions
Weighted-Average Assumptions used to Determine Benefit Obligation at End of Year
 United States
Pension Benefits
Foreign
Pension Benefits (1)
Other Postretirement
Benefits
 202220212022202120222021
Discount rate5.55 %2.85 %4.72 %1.89 %6.05 %3.41 %
Rate of compensation increase4.50 %4.50 %3.52 %3.59 %N/AN/A
Interest crediting rate for cash balance plans4.30 %1.60 %2.85 %2.36 %N/AN/A
(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale during the fourth quarter of 2022.
Weighted-Average Assumptions used to Determine Net Periodic Cost
 United States
Pension Benefits
Foreign
Pension Benefits (1)
Other Postretirement
Benefits
 202220212020202220212020202220212020
Discount rate2.85%2.50%3.13%1.89%1.55%2.04%4.27%3.66%3.35%
Expected long-term rate of return on plan assets5.50%6.00%6.25%5.23%5.48%5.39%N/AN/AN/A
Rate of compensation increase4.50%4.50%4.50%3.59%3.47%3.10%N/AN/AN/A
Interest crediting rate for cash balance plans1.60%1.25%2.05%2.36%1.99%1.80%N/AN/AN/A
Health care cost trend rate
Initial rateN/AN/AN/AN/AN/AN/A5.75%6.00%6.25%
Ultimate rateN/AN/AN/AN/AN/AN/A5.00%5.00%5.00%
Year that ultimate rate will be reachedN/AN/AN/AN/AN/AN/A202520252025
(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale during the fourth quarter of 2022.
Discount Rate
For our United States pension and postretirement benefit plans, the discount rate was selected using a hypothetical portfolio of high quality bonds outstanding at December 31 that would provide the necessary cash flows to match our projected benefit payments. For our foreign pension and postretirement benefit plans, the discount rate was primarily selected using high quality bond yields for the respective country or region covered by the plan.
Expected Return on Plan Assets
In the United States, the expected return on plan assets is developed considering asset mix, historical asset class data and long-term expectations. The resulting weighted-average return was rounded to the nearest quarter of one percent and applied to the fair value of plan assets at December 31, 2022.
For foreign pension plans, the expected rate of return on plan assets was primarily determined by observing historical returns in the local fixed income and equity markets and computing the weighted average returns with the weights being the asset allocation of each plan.
Cash Flows
Funding Policy
Our funding policy is to contribute to our qualified United States pension plans amounts sufficient to meet the minimum funding requirement as defined by employee benefit and tax laws, plus additional amounts which we may determine to be appropriate. In certain countries other than the United States, the funding of pension plans is not common practice. Contributions to our United States pension plans may be made in the form of cash or, in the case of our defined contribution plan in our discretion, company stock. We pay for retiree medical benefits as they are incurred.
There have been no contributions to the pension trust for our U.S. defined benefit plans during the twelve months ended December 31, 2022 and 2021.
Expected Employer Contributions to Funded Plans
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits
2023$— $18 
Expected Benefit Payments
Expected benefit payments related to the European major domestic appliance business classified as held for sale are excluded beyond 2023.
Millions of dollarsUnited States
Pension Benefits		Foreign
Pension Benefits		Other Postretirement Benefits
2023$274 $34 $25 
2024218 6 12 
2025211 8 11 
2026206 6 9 
2027200 9 9 
2028-2032$873 $26 $40 
Plan Assets
Our overall investment strategy is to achieve an appropriate mix of investments for long-term growth and for near-term benefit payments with a wide diversification of asset types, fund strategies, and investment fund managers. The target allocation for our plans is approximately 20% in growth assets and 80% in immunizing fixed income securities, with exceptions for foreign pension
plans. The fixed income securities duration is intended to match that of our United States pension liabilities.

Plan assets are reported at fair value based on an exit price, representing the amount that would be received to sell an asset in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset. As a basis for considering such assumptions, a three-tiered fair value hierarchy is established, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets that are observable, either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Certain investments are valued based on net asset value (NAV), which approximates fair value. Such basis is determined by referencing the respective fund's underlying assets. There are no unfunded commitments or other restrictions associated with these investments. We manage the process and approve the results of a third-party pricing service to value the majority of our securities and to determine the appropriate level in the fair value hierarchy.
The fair values of our pension plan assets at December 31, 2022 and 2021, by asset category were as follows:
December 31,
Quoted prices
(Level 1)		Other significant
observable inputs
(Level 2)		Significant
unobservable inputs
(Level 3)		Net Asset ValueTotal
Millions of dollars2022202120222021202220212022202120222021
Cash and cash equivalents$— $— $159 $162 $— $— $— $— $159 $162 
Government and government agency securities (1)
U.S. securities— — 82 264 — — — — 82 264 
International securities— — 42 92 — — — — 42 92 
Corporate bonds and notes (1)
U.S. companies— — 1,194 1,585 — — — — 1,194 1,585 
International companies— — 187 286 — — — — 187 286 
Equity securities (2)
U.S. companies— — — — — — — — — — 
International companies11 36 — — — — — — 11 36 
Mutual funds (3)
— — 73 103 — — — — 73 103 
Investments at net asset value
U.S. equity securities (4)
— — — — — — 166 308 166 308 
International equity securities (4)
— — — — — — 123 177 123 177 
Short-term investment fund (4)
— — — — — — — 43 — 43 
International debt securities (5)
— — — — — — — 178 — 178 
International equity securities (5)
— — — — — — — 62 — 62 
Real estate (6)
— — — — — — — 55 — 55 
Limited partnerships (7)
U.S. private equity investments— — — — 17 26 — — 17 26 
Diversified fund of funds— — — — 1 3 — — 1 3 
Emerging growth— — — — 2 3 — — 2 3 
All other investments— — 45 29 — — — 157 45 186 
$11 $36 $1,782 $2,521 $20 $32 $289 $980 $2,102 $3,569 
(1)Valued using pricing vendors who use proprietary models to estimate the price a dealer would pay to buy a security using significant observable inputs, such as interest rates, yield curves, and credit risk.
(2)Valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year.
(3)Valued using the net asset value (NAV) of the fund, which is based on the fair value of underlying securities. The fund primarily invests in a diversified portfolio of equity securities, fixed income debt securities and real estate issued by non-U.S. companies.
(4)Common and collective trust funds valued using the NAV of the fund, which is based on the fair value of underlying securities.
(5)Fund of funds valued using the NAV of the fund, which is based on the fair value of underlying securities. International debt securities includes corporate bonds and notes and government and government agency securities.
(6)Valued using the NAV of the fund, which is based on the fair value of underlying assets.
(7)Valued at estimated fair value based on the proportionate share of the limited partnership's fair value, as determined by the general partner.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
Millions of dollarsLimited
Partnerships
Balance, December 31, 2021
$32 
Realized gain / (loss) (net)2 
Unrealized gain / (loss) (net)(6)
Purchases— 
Settlements(8)
Balance, December 31, 2022
$20 
Additional Information
The projected benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets at December 31, 2022 and 2021 were as follows:
 United States
Pension Benefits		Foreign
Pension Benefits
Millions of dollars2022202120222021
Projected benefit obligation$1,866 $2,507 $37 $851 
Fair value of plan assets$1,706 $2,386 $(1)$578 
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation in excess of plan assets at December 31, 2022 and 2021 were as follows:
 United States
Pension Benefits		Foreign
Pension Benefits
Millions of dollars 2022202120222021
Projected benefit obligation$1,866 $2,507 $37 $851 
Accumulated benefit obligation1,860 2,494 34 831 
Fair value of plan assets$1,706 $2,386 $(1)$578