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Pension, Other Postretirement Benefits and Savings Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss

Total benefits cost and amounts recognized in other comprehensive (income) loss follows:


		Pension Plans
		U.S.												Non-U.S.												Other Postretirement Benefits
(In millions)		2024				2023				2022				2024				2023				2022				2024				2023				2022
Benefits cost (credit):
Service cost		$	7			$	8			$	13			$	19			$	18			$	24			$	2			$	2			$	3
Interest cost			174				195				133				105				108				60				15				16				12
Expected return on plan assets			(208	)			(231	)			(214	)			(91	)			(92	)			(67	)			—				—				—
Amortization of prior service cost (credit)			—				—				—				2				2				2				(2	)			(1	)			(1	)
Amortization of net losses (gains)			97				98				101				20				16				21				(9	)			(9	)			2
Net periodic cost		$	70			$	70			$	33			$	55			$	52			$	40			$	6			$	8			$	16
Net curtailments/settlements/ termination benefits			(3	)			34				124				—				7				—				—				—				—
Total benefits cost		$	67			$	104			$	157			$	55			$	59			$	40			$	6			$	8			$	16
Recognized in other comprehensive (income) loss before tax and minority:
Prior service (credit) cost from plan amendments		$	(3	)		$	—			$	6			$	—			$	—			$	(1	)		$	(28	)		$	—			$	—
Increase (decrease) in net actuarial losses			40				40				(99	)			(15	)			120				(10	)			(9	)			1				(101	)
Amortization of prior service (cost) credit in net periodic cost			—				—				—				(2	)			(2	)			(2	)			3				1				1
Amortization of net (losses) gains in net periodic cost			(97	)			(98	)			(101	)			(20	)			(16	)			(21	)			8				9				(2	)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments and settlements			3				(34	)			(124	)			—				(13	)			—				—				—				—
Total recognized in other comprehensive (income) loss before tax and minority		$	(57	)		$	(92	)		$	(318	)		$	(37	)		$	89			$	(34	)		$	(26	)		$	11			$	(102	)
Total recognized in total benefits cost and other comprehensive (income) loss before tax and minority		$	10			$	12			$	(161	)		$	18			$	148			$	6			$	(20	)		$	19			$	(86	)

Changes in Benefit Obligation and Plan Assets

The change in benefit obligation and plan assets for 2024 and 2023 and the amounts recognized in our Consolidated Balance Sheets at December 31, 2024 and 2023 are as follows:


		Pension Plans
		U.S.								Non-U.S.								Other Postretirement Benefits
(In millions)		2024				2023				2024				2023				2024				2023
Change in benefit obligation:
Beginning balance		$	(3,659	)		$	(4,084	)		$	(2,392	)		$	(2,227	)		$	(287	)		$	(292	)
Service cost — benefits earned			(7	)			(8	)			(19	)			(18	)			(2	)			(2	)
Interest cost			(174	)			(195	)			(105	)			(108	)			(15	)			(16	)
Plan amendments			3				—				—				—				28				—
Actuarial gain (loss)			107				(98	)			131				(116	)			11				(1	)
Participant contributions			—				—				(3	)			(3	)			(6	)			(7	)
Curtailments/settlements/ termination benefits			13				355				12				21				—				—
Foreign currency translation			—				—				105				(83	)			8				(1	)
Benefit payments			337				371				160				142				31				32
Ending balance		$	(3,380	)		$	(3,659	)		$	(2,111	)		$	(2,392	)		$	(232	)		$	(287	)
Change in plan assets:
Beginning balance		$	3,724			$	4,174			$	2,146			$	2,043			$	—			$	—
Actual return on plan assets			61				290				(49	)			102				—				—
Company contributions to plan assets			(5	)			(18	)			31				42				—				—
Cash funding of direct participant payments			17				4				26				26				25				25
Participant contributions			—				—				3				3				6				7
Settlements			(13	)			(355	)			(12	)			(16	)			—				—
Foreign currency translation			—				—				(79	)			88				—				—
Benefit payments			(337	)			(371	)			(160	)			(142	)			(31	)			(32	)
Ending balance		$	3,447			$	3,724			$	1,906			$	2,146			$	—			$	—
Funded status at end of year		$	67			$	65			$	(205	)		$	(246	)		$	(232	)		$	(287	)

Funded Status Recognized in the Consolidated Balance Sheets

The funded status at December 31 recognized in the Consolidated Balance Sheets consists of:


		Pension Plans																Other Postretirement
		U.S.								Non-U.S.								Benefits
(In millions)		2024				2023				2024				2023				2024				2023
Noncurrent assets		$	140			$	155			$	182			$	215			$	—			$	—
Current liabilities			(38	)			(14	)			(25	)			(28	)			(22	)			(24	)
Noncurrent liabilities			(35	)			(76	)			(362	)			(433	)			(210	)			(263	)
Net amount recognized		$	67			$	65			$	(205	)		$	(246	)		$	(232	)		$	(287	)

Amounts Recognized in Accumulated Other Comprehensive Loss

The amounts recorded in AOCL at December 31, net of tax and minority interest, consist of:


		Pension Plans																Other Postretirement
		U.S.								Non-U.S.								Benefits
(In millions)		2024				2023				2024				2023				2024				2023
Prior service (credit) cost		$	—			$	3			$	17			$	22			$	(29	)		$	(4	)
Net actuarial loss (gain)			1,690				1,744				492				524				(86	)			(85	)
Gross amount recorded			1,690				1,747				509				546				(115	)			(89	)
Deferred income taxes			118				103				(64	)			(77	)			4				(2	)
Minority shareholders’ equity			—				—				(2	)			(4	)			—				—
Net amount recorded		$	1,808			$	1,850			$	443			$	465			$	(111	)		$	(91	)

Weighted Average Assumptions Used

The following table presents significant weighted average assumptions used to determine benefit obligations at December 31:


		Pension Plans								Other Postretirement Benefits
		2024				2023				2024				2023
Discount rate:
—U.S.			5.55	%			5.12	%			5.62	%			5.16	%
—Non-U.S.			4.88				4.29				6.32				6.38
Rate of compensation increase:
—U.S.		N/A				N/A				N/A				N/A
—Non-U.S.			2.85				2.82			N/A				N/A

The following table presents significant weighted average assumptions used to determine benefits cost for the years ended December 31:


		Pension Plans												Other Postretirement Benefits
		2024				2023				2022				2024				2023				2022
Discount rate for determining interest cost:
—U.S.			5.07	%			5.34	%			2.74	%			5.08	%			5.37	%			2.33	%
—Non-U.S.			4.19				4.72				2.32				8.04				7.64				6.65
Expected long term return on plan assets:
—U.S.			5.95				6.27				4.23			N/A				N/A				N/A
—Non-U.S.			4.63				4.79				2.64			N/A				N/A				N/A
Rate of compensation increase:
—U.S.		N/A				N/A				N/A				N/A				N/A				N/A
—Non-U.S.			2.82				2.84				2.77			N/A				N/A				N/A

Estimated Future Benefit Payments

The following table presents estimated future benefit payments from the plans as of December 31, 2024. Benefit payments for other postretirement benefits are presented net of retiree contributions and Medicare Part D Subsidy Receipts:


		Pension Plans								Other Postretirement
(In millions)		U.S.				Non-U.S.				Benefits
2025		$	408			$	154			$	22
2026			355				141				21
2027			338				143				20
2028			324				145				19
2029			318				149				19
2030-2034			1,351				773				91

Selected Pension Plan Information

The following table presents selected information on our pension plans at December 31:


		U.S.								Non-U.S.
(In millions)		2024				2023				2024				2023
All plans:
Accumulated benefit obligation		$	3,374			$	3,650			$	2,062			$	2,330
Plans not fully-funded:
Projected benefit obligation		$	72			$	292			$	515			$	905
Accumulated benefit obligation			66				283				482				858
Fair value of plan assets			—				203				130				445

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates at December 31 follow:


		2024				2023
Health care cost trend rate assumed for the next year			6.50	%			6.75	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)			5.0				5.0
Year that the rate reaches the ultimate trend rate			2031				2031

Pension Plan Weighted Average Investment Allocation

Our pension plan weighted average investment allocation at December 31, by asset category, follows:


		U.S.								Non-U.S.
		2024				2023				2024				2023
Cash and short term securities			—	%			—	%			2	%			2	%
Equity securities			2				3				5				4
Debt securities			98				97				90				91
Alternatives			—				—				3				3
Total			100	%			100	%			100	%			100	%

Fair Values of Pension Plan Assets

The fair values of our pension plan assets at December 31, 2024 by asset category are as follows:


		U.S.																Non-U.S
(In millions)		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Cash and Short Term Securities		$	3			$	—			$	3			$	—			$	34			$	32			$	2			$	—
Equity Securities
Common and Preferred Stock			—				—				—				—				1				1				—				—
Commingled Funds			—				—				—				—				7				7				—				—
Mutual Funds			—				—				—				—				50				27				23				—
Debt Securities
Corporate Bonds			2,003				—				2,003				—				193				—				193				—
Government Bonds			654				—				654				—				1,475				54				1,421				—
Repurchase Agreements			—				—				—				—				(425	)			—				(425	)			—
Asset Backed Securities			193				—				193				—				17				—				17				—
Commingled Funds			—				—				—				—				16				16				—				—
Mutual Funds			—				—				—				—				38				38				—				—
Alternatives
Commingled Funds			—				—				—				—				1				1				—				—
Insurance Contracts			1				—				—				1				23				—				—				23
Derivatives			7				—				7				—				—				—				—				—
Mutual Funds			—				—				—				—				1				1				—				—
Total Investments in the Fair Value Hierarchy			2,861			$	—			$	2,860			$	1				1,431			$	177			$	1,231			$	23
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds			—																31
Mutual Funds			—																4
Partnership Interests			77																—
Debt Securities
Commingled Funds			210																363
Mutual Funds			75																40
Partnership Interests			131																14
Short Term Securities
Commingled Funds			101																8
Alternatives
Commingled Funds			—																21
Partnership Interests			—																11
Total Investments			3,455																1,923
Other			(8	)															(17	)
Total Plan Assets		$	3,447															$	1,906

The fair values of our pension plan assets at December 31, 2023 by asset category are as follows:


		U.S.																Non-U.S
(In millions)		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)				Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Other Unobservable Inputs (Level 3)
Cash and Short Term Securities		$	11			$	6			$	5			$	—			$	50			$	46			$	4			$	—
Equity Securities
Common and Preferred Stock			—				—				—				—				1				1				—				—
Commingled Funds			—				—				—				—				5				5				—				—
Mutual Funds			—				—				—				—				43				22				21				—
Debt Securities
Corporate Bonds			1,832				—				1,831				1				223				—				223				—
Government Bonds			729				—				729				—				1,676				67				1,609				—
Repurchase Agreements			—				—				—				—				(453	)			—				(453	)			—
Asset Backed Securities			163				—				163				—				18				—				18				—
Commingled Funds			—				—				—				—				18				18				—				—
Mutual Funds			—				—				—				—				38				38				—				—
Alternatives
Commingled Funds			—				—				—				—				2				2				—				—
Insurance Contracts			1				—				—				1				21				—				—				21
Derivatives			5				—				5				—				1				—				1				—
Mutual Funds			—				—				—				—				1				1				—				—
Total Investments in the Fair Value Hierarchy			2,741			$	6			$	2,733			$	2				1,644			$	200			$	1,423			$	21
Investments Measured at Net Asset Value, as Practical Expedient:
Equity Securities
Commingled Funds			—																29
Mutual Funds			—																4
Partnership Interests			95																—
Debt Securities
Commingled Funds			216																385
Mutual Funds			289																44
Partnership Interests			150																23
Short Term Securities
Commingled Funds			227																7
Alternatives
Commingled Funds			—																27
Partnership Interests			—																9
Total Investments			3,718																2,172
Other			6																(26	)
Total Plan Assets		$	3,724															$	2,146

Changes in Fair Value of Non-U.S. Pension Plan Insurance Contracts Classified as Level 3

The following table sets forth a summary of changes in fair value of the non-U.S. pension plan insurance contracts classified as Level 3:



(In millions)		2024				2023
Balance, beginning of year		$	21			$	20
Purchases, sales, issuance and settlements (net)			2				—
Unrealized gains relating to instruments still held at the reporting date			1				1
Foreign currency translation			(1	)			—
Balance, end of year		$	23			$	21