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Employee Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of retirement plan expenses | The Company's expense for all defined benefit pension plans, is as follows:
| U.S. Plans |  | Non-U.S. Plans
| Year Ended December 31, |  | Year Ended December 31,
(In millions, except percentages) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Costs Recognized in Income: |  |  |  |  |  |  |  |  |  |  |
Pension service cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1) |  |  | $ | (1) |  |  | $ | (2) |
Pension financing benefit (cost): |  |  |  |  |  |  |  |  |  |  |
Interest cost | (20) |  |  | (17) |  |  | (24) |  |  | (6) |  |  | (5) |  |  | (7) |
Expected return on plan assets | 39 |  |  | 37 |  |  | 40 |  |  | 9 |  |  | 8 |  |  | 8 |
Amortization of losses and other | (1) |  |  | (3) |  |  | (1) |  |  | (1) |  |  | (2) |  |  | (2) |
Settlements and curtailments | — |  |  | — |  |  | (5) |  |  | — |  |  | — |  |  | — |
Restructuring related pension cost: |  |  |  |  |  |  |  |  |  |  |
Special termination benefits | — |  |  | — |  |  | (3) |  |  | — |  |  | (1) |  |  | (4) |
Net pension income (expense) | $ | 18 |  |  | $ | 17 |  |  | $ | 7 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | (7) |
Weighted Average Assumptions: |  |  |  |  |  |  |  |  |  |
Discount rate | 2.93 | % |  | 2.60 | % |  | 3.34 | % |  | 2.31 | % |  | 1.78 | % |  | 2.39 | %
Compensation increase | NA |  | N/A |  | N/A |  | 2.30 | % |  | 2.14 | % |  | 3.16 | %
Long-term return on assets | 6.23 | % |  | 6.15 | % |  | 6.60 | % |  | 3.70 | % |  | 3.30 | % |  | 3.98 | %
Schedule of accumulated benefit obligations in excess of fair value of plan assets | The benefit plan obligations for employee retirement plans with accumulated benefit obligations in excess of plan assets were as follows:
| Year Ended December 31,
(In millions) | 2022 |  | 2021
Accumulated benefit obligation | $ | 641 |  |  | $ | 892 |
Projected benefit obligation | $ | 643 |  |  | $ | 895 |
Fair value of plan assets | $ | 546 |  |  | $ | 711 |
Schedule of accumulated and projected benefit obligations | Assumptions used by the Company in determining its defined benefit pension obligations as of December 31, 2022 and 2021 are summarized in the following table:
|  | U.S. Plans |  | Non-U.S. Plans
|  | Year Ended December 31, |  | Year Ended December 31,
Weighted Average Assumptions |  | 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate |  | 5.51 | % |  | 2.93 | % |  | 5.30 | % |  | 2.31 | %
Rate of increase in compensation |  | NA |  | N/A |  | 2.69 | % |  | 2.30 | %
Schedule of defined benefit plans disclosures | The Company’s obligation for all defined benefit pension plans, is as follows:
| U.S. Plans |  | Non-U.S. Plans
| Year Ended December 31, |  | Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Change in Benefit Obligation: |  |  |  |  |  |  |
Benefit obligation — beginning | $ | 829 |  |  | $ | 891 |  |  | $ | 299 |  |  | $ | 322 |
Service cost | — |  |  | — |  |  | 1 |  |  | 1 |
Interest cost | 20 |  |  | 17 |  |  | 6 |  |  | 5 |
Actuarial loss (gain) | (203) |  |  | (40) |  |  | (99) |  |  | (10) |
Settlements | — |  |  | — |  |  | (1) |  |  | (4) |
Special termination benefits | — |  |  | — |  |  | — |  |  | 1 |
Foreign exchange translation | — |  |  | — |  |  | (23) |  |  | (9) |
Benefits paid and other | (43) |  |  | (39) |  |  | (5) |  |  | (7) |
Benefit obligation — ending | $ | 603 |  |  | $ | 829 |  |  | $ | 178 |  |  | $ | 299 |
Change in Plan Assets: |  |  |  |  |  |  |
Plan assets — beginning | $ | 693 |  |  | $ | 659 |  |  | $ | 258 |  |  | $ | 250 |
Actual return on plan assets | (118) |  |  | 61 |  |  | (80) |  |  | 16 |
Sponsor contributions | — |  |  | 12 |  |  | 7 |  |  | 8 |
Settlements | — |  |  | — |  |  | (1) |  |  | (4) |
Foreign exchange translation | — |  |  | — |  |  | (21) |  |  | (5) |
Benefits paid and other | (43) |  |  | (39) |  |  | (6) |  |  | (7) |
Plan assets — ending | $ | 532 |  |  | $ | 693 |  |  | $ | 157 |  |  | $ | 258 |
Total funded status at end of period | $ | (71) |  |  | $ | (136) |  |  | $ | (21) |  |  | $ | (41) |
Balance Sheet Classification: |  |  |  |  |  |  |
Other non-current assets | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 7 |
Accrued employee liabilities | — |  |  | — |  |  | — |  |  | (1) |
Employee benefits | (71) |  |  | (136) |  |  | (25) |  |  | (47) |
Accumulated other comprehensive loss: |  |  |  |  |  |  |
Actuarial loss | 14 |  |  | 59 |  |  | 17 |  |  | 32 |
Tax effects/other | $ | — |  |  | — |  |  | (6) |  |  | (10) |
| $ | 14 |  |  | $ | 59 |  |  | $ | 11 |  |  | $ | 22 |
Schedule of amounts recognized in other comprehensive income (loss) | Components of the net change in AOCI related to all defined benefit pension plans, exclusive of amounts attributable to non-controlling interests on the Company’s Consolidated Statements of Changes in Equity for the years ended December 31, 2022 and 2021, are as follows:
| U.S. Plans |  | Non-U.S. Plans
| Year Ended December 31, |  | Year Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2022 |  | 2021
Actuarial (gain) loss | $ | (44) |  |  | $ | (65) |  |  | $ | (10) |  |  | $ | (18) |
Deferred taxes | — |  |  | — |  |  | 4 |  |  | 4 |
Currency/other | — |  |  | — |  |  | (3) |  |  | — |
Reclassification to net income | (1) |  |  | (3) |  |  | (1) |  |  | (2) |
Settlements | — |  |  | — |  |  | (1) |  |  | — |
| $ | (45) |  |  | $ | (68) |  |  | $ | (11) |  |  | $ | (16) |
Schedule of expected benefit payments | Benefit payments, which reflect expected future service, are expected to be paid by the Company plans as follows:
(In millions) | U.S. Plans |  | Non-U.S. Plans
2023 | $ | 37 |  |  | $ | 7 |
2024 | 37 |  |  | 8 |
2025 | 39 |  |  | 7 |
2026 | 39 |  |  | 7 |
2027 | 40 |  |  | 8 |
Years 2028 - 2032 | 219 |  |  | 50 |
Schedule of allocation of plan assets | The Company’s retirement plan asset allocation as of December 31, 2022 and 2021 and target allocation for 2023 are as follows:
| Target Allocation |  | Percentage of Plan Assets
| U.S. |  | Non-U.S. |  | U.S. |  | Non-U.S.
| 2023 |  | 2023 |  | 2022 |  | 2021 |  | 2022 |  | 2021
Equity securities | 38 | % |  | 31 | % |  | 31 | % |  | 38 | % |  | 9 | % |  | 15 | %
Fixed income | 15 | % |  | 41 | % |  | 11 | % |  | 14 | % |  | 65 | % |  | 63 | %
Alternative strategies | 46 | % |  | 8 | % |  | 56 | % |  | 47 | % |  | 12 | % |  | 11 | %
Cash | 1 | % |  | 9 | % |  | 2 | % |  | 1 | % |  | 2 | % |  | 4 | %
Other | — | % |  | 11 | % |  | — | % |  | — | % |  | 12 | % |  | 7 | %
| 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %

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