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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 12 Months Ended
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Dec. 31, 2023
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 2023, 2022 and 2021 were $87 million, $90 million and $91 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. Starting from the fourth quarter of 2022, pension assets and liabilities related to the European major domestic appliance business have been classified as held for sale. 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 dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Funded status |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets |  | $ | 1,980 |  |  | $ | 2,072 |  |  | $ | 29 |  |  | $ | 30 |  |  | $ | — |  |  | $ | — |
Benefit obligations |  | 2,098 |  |  | 2,211 |  |  | 65 |  |  | 60 |  |  | 123 |  |  | 121 |
Funded status |  | $ | (118) |  |  | $ | (139) |  |  | $ | (36) |  |  | $ | (30) |  |  | $ | (123) |  |  | $ | (121) |
Amounts recognized in the consolidated balance sheets |  |  |  |  |  |  |  |  |  |  |  |
Noncurrent asset |  | $ | — |  |  | $ | 21 |  |  | $ | 6 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |
Current liability |  | (8) |  |  | (9) |  |  | (5) |  |  | (4) |  |  | (16) |  |  | (25) |
Noncurrent liability |  | (110) |  |  | (151) |  |  | (37) |  |  | (33) |  |  | (107) |  |  | (96) |
Amount recognized |  | $ | (118) |  |  | $ | (139) |  |  | $ | (36) |  |  | $ | (30) |  |  | $ | (123) |  |  | $ | (121) |
Amounts recognized in accumulated other comprehensive loss (pre-tax) |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 1,239 |  |  | $ | 1,266 |  |  | $ | 206 |  |  | $ | 111 |  |  | $ | (2) |  |  | $ | (15) |
Prior service (credit) cost |  | 1 |  |  | 1 |  |  | 2 |  |  | 3 |  |  | (9) |  |  | (52) |
Amount recognized |  | $ | 1,240 |  |  | $ | 1,267 |  |  | $ | 208 |  |  | $ | 114 |  |  | $ | (11) |  |  | $ | (67) |
Change in Benefit Obligation
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Benefit obligation, beginning of year |  | $ | 2,211 |  |  | $ | 2,968 |  |  | $ | 60 |  |  | $ | 924 |  |  | $ | 121 |  |  | $ | 166 |
Service cost |  | 2 |  |  | 3 |  |  | 3 |  |  | 4 |  |  | — |  |  | — |
Interest cost |  | 115 |  |  | 82 |  |  | 26 |  |  | 15 |  |  | 7 |  |  | 5 |
Plan participants' contributions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Actuarial (gain) loss |  | 44 |  |  | (606) |  |  | 53 |  |  | (262) |  |  | 11 |  |  | (28) |
Benefits paid |  | (274) |  |  | (230) |  |  | (30) |  |  | (28) |  |  | (19) |  |  | (18) |
Plan amendments |  | — |  |  | — |  |  | (1) |  |  | — |  |  | 2 |  |  | (5) |
Other adjustments |  | — |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |
Settlements / curtailment (gain) |  | — |  |  | (6) |  |  | (6) |  |  | (7) |  |  | — |  |  | — |
Foreign currency exchange rates |  | — |  |  | — |  |  | 29 |  |  | (82) |  |  | 1 |  |  | 1 |
Reclassification of obligation to held for sale (1) |  | — |  |  | — |  |  | (69) |  |  | (515) |  |  | — |  |  | — |
Benefit obligation, end of year |  | $ | 2,098 |  |  | $ | 2,211 |  |  | $ | 65 |  |  | $ | 60 |  |  | $ | 123 |  |  | $ | 121 |
Accumulated benefit obligation, end of year |  | $ | 2,090 |  |  | $ | 2,205 |  |  | $ | 58 |  |  | $ | 52 |  |  | N/A |  | N/A
(1) Starting from the fourth quarter of 2022, benefit obligations of our European major domestic appliance business is transferred to assets held for sale. For additional information, see Note 15 to the Consolidated Financial Statements. The actuarial (gain) loss for all pension and other postretirement benefit plans in 2023 and 2022 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 Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Fair value of plan assets, beginning of year |  | $ | 2,072 |  |  | $ | 2,904 |  |  | $ | 30 |  |  | $ | 665 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  | 175 |  |  | (605) |  |  | 1 |  |  | (181) |  |  | — |  |  | — |
Employer contribution |  | 7 |  |  | 9 |  |  | 3 |  |  | 30 |  |  | 19 |  |  | 18 |
Plan participants' contributions |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Benefits paid |  | (274) |  |  | (230) |  |  | (4) |  |  | (28) |  |  | (19) |  |  | (18) |
Transfer of plan assets |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other adjustments |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |
Settlements |  | — |  |  | (6) |  |  | — |  |  | (7) |  |  | — |  |  | — |
Foreign currency exchange rates |  | — |  |  | — |  |  | — |  |  | (70) |  |  | — |  |  | — |
Reclassification of plan assets to held for sale (1) |  | — |  |  | — |  |  | — |  |  | (379) |  |  | — |  |  | — |
Fair value of plan assets, end of year |  | $ | 1,980 |  |  | $ | 2,072 |  |  | $ | 29 |  |  | $ | 30 |  |  | $ | — |  |  | $ | — |
(1) Starting from the fourth quarter of 2022, fair value of plan assets of our European major domestic appliance business is transferred to assets held for sale. For additional information, see Note 15 to the Consolidated Financial Statements. Components of Net Periodic Benefit Cost
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost |  | $ | 2 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  | 115 |  |  | 82 |  |  | 77 |  |  | 26 |  |  | 15 |  |  | 14 |  |  | 7 |  |  | 5 |  |  | 5 |
Expected return on plan assets |  | (140) |  |  | (144) |  |  | (158) |  |  | (22) |  |  | (31) |  |  | (34) |  |  | — |  |  | — |  |  | — |
Amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss |  | 37 |  |  | 57 |  |  | 69 |  |  | 5 |  |  | 9 |  |  | 19 |  |  | (1) |  |  | — |  |  | — |
Prior service cost (credit) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (41) |  |  | (46) |  |  | (46) |
Curtailment (gain) / loss |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | — |  |  | — |  |  | — |
Settlement loss |  | — |  |  | 1 |  |  | 5 |  |  | 1 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (income) |  | $ | 14 |  |  | $ | (1) |  |  | $ | (4) |  |  | $ | 13 |  |  | $ | (2) |  |  | $ | 6 |  |  | $ | (35) |  |  | $ | (41) |  |  | $ | (41) |
The following table summarizes the net periodic cost recognized in operating profit and interest and sundry (income) expense for the years ended December 31, 2023, 2022 and 2021:
|  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Operating (profit) loss |  | $ | 2 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest and sundry (income) expense |  | 12 |  |  | (4) |  |  | (7) |  |  | 10 |  |  | (6) |  |  | 1 |  |  | (35) |  |  | (41) |  |  | (41) |
Net periodic benefit cost (income) |  | $ | 14 |  |  | $ | (1) |  |  | $ | (4) |  |  | $ | 13 |  |  | $ | (2) |  |  | $ | 6 |  |  | $ | (35) |  |  | $ | (41) |  |  | $ | (41) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Pre-Tax) in 2023
Millions of dollars |  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
Current year actuarial loss / (gain) |  | $ | 10 |  |  | $ | 78 |  |  | $ | 11 |
Actuarial (loss) recognized during the year |  | (37) |  |  | (6) |  |  | 1 |
Current year prior service cost (credit) |  | — |  |  | (1) |  |  | 2 |
Prior service credit (cost) recognized during the year |  | — |  |  | — |  |  | 41 |
Total recognized in other comprehensive income (loss) (pre-tax) |  | $ | (27) |  |  | $ | 71 |  |  | $ | 55 |
Total recognized in net periodic benefit costs and other comprehensive income (loss) (pre-tax) |  | $ | (13) |  |  | $ | 84 |  |  | $ | 20 |
We amortize actuarial losses and prior service costs (credits) over a period of up to 16 years and 10 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
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate |  | 5.15 | % |  | 5.55 | % |  | 4.44 | % |  | 4.72 | % |  | 5.72 | % |  | 6.05 | %
Rate of compensation increase |  | 4.50 | % |  | 4.50 | % |  | 3.58 | % |  | 3.52 | % |  | N/A |  | N/A
Interest crediting rate for cash balance plans |  | 3.90 | % |  | 4.30 | % |  | 2.81 | % |  | 2.85 | % |  | N/A |  | N/A
(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale. Weighted-Average Assumptions used to Determine Net Periodic Cost
| United States Pension Benefits |  | Foreign Pension Benefits (1) |  | Other Postretirement Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 5.55% |  | 2.85% |  | 2.50% |  | 4.72% |  | 1.89% |  | 1.55% |  | 6.36% |  | 4.27% |  | 3.66%
Expected long-term rate of return on plan assets | 6.00% |  | 5.50% |  | 6.00% |  | 5.33% |  | 5.23% |  | 5.48% |  | N/A |  | N/A |  | N/A
Rate of compensation increase | 4.50% |  | 4.50% |  | 4.50% |  | 3.52% |  | 3.59% |  | 3.47% |  | N/A |  | N/A |  | N/A
Interest crediting rate for cash balance plans | 4.30% |  | 1.60% |  | 1.25% |  | 2.85% |  | 2.36% |  | 1.99% |  | N/A |  | N/A |  | N/A
Health care cost trend rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Initial rate | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 5.50% |  | 5.75% |  | 6.00%
Ultimate rate | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 5.00% |  | 5.00% |  | 5.00%
Year that ultimate rate will be reached | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  | 2025 |  | 2025 |  | 2025
(1) Weighted-average assumptions include assumptions related to pension plans classified as held for sale. 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, 2023. 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, 2023 and 2022. Expected Employer Contributions to Funded Plans
Millions of dollars |  | United States Pension Benefits |  | Foreign Pension Benefits
2024 |  | $ | — |  |  | $ | 19 |
Expected Benefit Payments Expected benefit payments related to the European major domestic appliance business classified as held for sale are excluded from the table below. The transaction is expected to close by April 2024 and the payments related to the first quarter of 2024 are not material.
Millions of dollars |  | United States Pension Benefits |  | Foreign Pension Benefits |  | Other Postretirement Benefits
2024 |  | $ | 245 |  |  | $ | 6 |  |  | $ | 16 |
2025 |  | 206 |  |  | 9 |  |  | 13 |
2026 |  | 201 |  |  | 6 |  |  | 12 |
2027 |  | 196 |  |  | 9 |  |  | 10 |
2028 |  | 186 |  |  | 6 |  |  | 10 |
2029-2033 |  | $ | 800 |  |  | $ | 30 |  |  | $ | 43 |
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, 2023 and 2022, 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 Value |  | Total
Millions of dollars |  | 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022 |  | 2023 | 2022
Cash and cash equivalents |  | $ | — |  | $ | — |  |  | $ | 178 |  | $ | 159 |  |  | $ | — |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 178 |  | $ | 159 |
Government and government agency securities (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. securities |  | — |  | — |  |  | 75 |  | 82 |  |  | — |  | — |  |  | — |  | — |  |  | 75 |  | 82 |
International securities |  | — |  | — |  |  | 39 |  | 42 |  |  | — |  | — |  |  | — |  | — |  |  | 39 |  | 42 |
Corporate bonds and notes (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  | — |  | — |  |  | 1,094 |  | 1,194 |  |  | — |  | — |  |  | — |  | — |  |  | 1,094 |  | 1,194 |
International companies |  | — |  | — |  |  | 154 |  | 187 |  |  | — |  | — |  |  | — |  | — |  |  | 154 |  | 187 |
Equity securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. companies |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
International companies |  | 8 |  | 11 |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | 8 |  | 11 |
Mutual funds (3) |  | — |  | — |  |  | 71 |  | 73 |  |  | — |  | — |  |  | — |  | — |  |  | 71 |  | 73 |
Investments at net asset value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equity securities (4) |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | 227 |  | 166 |  |  | 227 |  | 166 |
International equity securities (4) |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | 119 |  | 123 |  |  | 119 |  | 123 |
Short-term investment fund (4) |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
International debt securities (5) |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
International equity securities (5) |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
Real estate (6) |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |  |  | — |  | — |
Limited partnerships (7) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. private equity investments |  | — |  | — |  |  | — |  | — |  |  | 15 |  | 17 |  |  | — |  | — |  |  | 15 |  | 17 |
Diversified fund of funds |  | — |  | — |  |  | — |  | — |  |  | — |  | 1 |  |  | — |  | — |  |  | — |  | 1 |
Emerging growth |  | — |  | — |  |  | — |  | — |  |  | 2 |  | 2 |  |  | — |  | — |  |  | 2 |  | 2 |
All other investments |  | — |  | — |  |  | 27 |  | 45 |  |  | — |  | — |  |  | — |  | — |  |  | 27 |  | 45
|  | $ | 8 |  | $ | 11 |  |  | $ | 1,638 |  | $ | 1,782 |  |  | $ | 17 |  | $ | 20 |  |  | $ | 346 |  | $ | 289 |  |  | $ | 2,009 |  | $ | 2,102 |
(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 dollars |  | Limited Partnerships
Balance, December 31, 2022 |  | $ | 20 |
Realized gain / (loss) (net) |  | — |
Unrealized gain / (loss) (net) |  | (2) |
Purchases |  | (1) |
Settlements |  | (1) |
Balance, December 31, 2023 |  | $ | 16 |
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, 2023 and 2022 were as follows:
|  | United States Pension Benefits |  | Foreign Pension Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 2,098 |  |  | $ | 1,866 |  |  | $ | 42 |  |  | $ | 37 |
Fair value of plan assets |  | $ | 1,980 |  |  | $ | 1,706 |  |  | $ | 1 |  |  | $ | (1) |
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, 2023 and 2022 were as follows:
|  | United States Pension Benefits |  | Foreign Pension Benefits
Millions of dollars |  | 2023 |  | 2022 |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 2,098 |  |  | $ | 1,866 |  |  | $ | 42 |  |  | $ | 37 |
Accumulated benefit obligation |  | 2,090 |  |  | 1,860 |  |  | 39 |  |  | 34 |
Fair value of plan assets |  | $ | 1,980 |  |  | $ | 1,706 |  |  | $ | 1 |  |  | $ | (1) |

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