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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis | The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis are as follows:
|  | December 31, 2022
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Asset Category: |  |  |  |  |  |  |  |  |  |
Retirement plan assets |  | $ | 7 |  |  | $ | 152 |  |  | $ | 18 |  |  | $ | 512 |  |  | $ | 689 |
Interest rate swaps |  | $ | — |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |  | $ | 10 |
Liability Category: |  |  |  |  |  |  |  |  |  |
Cross currency swaps |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
|  | December 31, 2021
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Asset Category: |  |  |  |  |  |  |  |  |  |
Retirement plan assets |  | $ | 11 |  |  | $ | 303 |  |  | $ | 18 |  |  | $ | 619 |  |  | $ | 951 |
Cross currency swaps |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Liability Category: |  |  |  |  |  |  |  |  |  |
Cross currency swaps |  | $ | — |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |
Interest rate swaps |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |
Schedule of fair value of retirement plan asset | The fair values of the Company’s U.S. retirement plan assets are as follows:
(In millions) |  | December 31, 2022
Asset Category |  | Level 1 |  | Level 2 |  | NAV |  | Total
Common trust funds |  | $ | — |  |  | $ | — |  |  | $ | 343 |  |  | $ | 343 |
LDI |  | — |  |  | 55 |  |  | — |  |  | 55 |
Limited partnerships and hedge funds |  | — |  |  | — |  |  | 124 |  |  | 124 |
Cash and cash equivalents |  | — |  |  | 10 |  |  | — |  |  | 10 |
Total |  | $ | — |  |  | $ | 65 |  |  | $ | 467 |  |  | $ | 532 |
(In millions) |  | December 31, 2021
Asset Category |  | Level 1 |  | Level 2 |  | NAV |  | Total
Common trust funds |  | $ | — |  |  | $ | — |  |  | $ | 463 |  |  | $ | 463 |
LDI |  | — |  |  | 93 |  |  | — |  |  | 93 |
Limited partnerships and hedge funds |  | — |  |  | — |  |  | 127 |  |  | 127 |
Cash and cash equivalents |  | — |  |  | 10 |  |  | — |  |  | 10 |
Total |  | $ | — |  |  | $ | 103 |  |  | $ | 590 |  |  | $ | 693 |
The fair values of the Company’s Non-U.S. retirement plan assets are as follows:
(In millions) |  | December 31, 2022
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Treasury and government securities |  | $ | — |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Cash and cash equivalents |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Corporate debt securities |  | — |  |  | 9 |  |  | — |  |  | — |  |  | 9 |
Common and preferred stock |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 3 |
Common trust funds |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Limited partnerships |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 10 |
Insurance contracts |  | — |  |  | — |  |  | 18 |  |  | — |  |  | 18 |
Bond funds |  | — |  |  | 59 |  |  | — |  |  | — |  |  | 59 |
Other investment funds |  | 1 |  |  | 10 |  |  | — |  |  | 35 |  |  | 46 |
Total |  | $ | 7 |  |  | $ | 87 |  |  | $ | 18 |  |  | $ | 45 |  |  | $ | 157 |
(In millions) |  | December 31, 2021
Asset Category |  | Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Registered investment companies |  | $ | — |  |  | $ | 21 |  |  | $ | — |  |  | $ | — |  |  | $ | 21 |
Treasury and government securities |  | — |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Cash and cash equivalents |  | 9 |  |  | 1 |  |  | — |  |  | — |  |  | 10 |
Corporate debt securities |  | — |  |  | 7 |  | — |  |  | — |  |  | 7 |
Common and preferred stock |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Common trust funds |  | — |  |  | 138 |  |  | — |  |  | 5 |  |  | 143 |
Limited partnerships |  | — |  |  | — |  |  | — |  |  | 24 |  |  | 24 |
Insurance contracts |  | — |  |  | — |  |  | 18 |  |  | — |  |  | 18 |
Derivative instruments |  | — |  |  | 23 |  |  | — |  |  | — |  |  | 23 |
Total |  | $ | 11 |  |  | $ | 200 |  |  | $ | 18 |  |  | $ | 29 |  |  | $ | 258 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 + Details
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