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Fair Value Measurements (Tables)

12 Months Ended

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

X

- 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

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- References

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X

- 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

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