Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

The changes in benefit obligation, the changes in fair value of plan assets, and the funded status of our pension plans and other postretirement benefit plans

The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets(a), and the funded status of our defined benefit plans as of and for the years ended below were as follows (in millions):

	Pension Plans				Other Postretirement Benefit Plans
	December 31,				December 31,
	2023		2022		2023		2022
Changes in benefit obligation
Benefit obligation as of beginning of year	$	2,413	$	3,463	$	258	$	347
Service cost	111		152		4		6
Interest cost	121		85		13		8
Participant contributions	—		—		22		13
Plan amendments	19		—		—		—
Benefits paid	(166)		(366)		(42)		(29)
Actuarial (gain) loss	110		(882)		10		(86)
Foreign currency exchange rate changes	10		(39)		1		(1)
Benefit obligation as of end of year	$	2,618	$	2,413	$	266	$	258
Changes in plan assets (a)
Fair value of plan assets as of beginning of year	$	2,485	$	3,303	$	—	$	—
Actual return on plan assets	399		(532)		—		—
Company contributions	101		120		20		16
Participant contributions	—		—		22		13
Benefits paid	(166)		(366)		(42)		(29)
Foreign currency exchange rate changes	16		(40)		—		—
Fair value of plan assets as of end of year	$	2,835	$	2,485	$	—	$	—
Reconciliation of funded status (a)
Fair value of plan assets as of end of year	$	2,835	$	2,485	$	—	$	—
Less: Benefit obligation as of end of year	2,618		2,413		266		258
Funded status as of end of year	$	217	$	72	$	(266)	$	(258)
Accumulated benefit obligation	$	2,450	$	2,271	n/a		n/a

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(a)Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans.

Schedule of amounts recognized in balance sheet

Amounts recognized in our balance sheets for our pension and other postretirement benefits plans include (in millions):

	Pension Plans				Other Postretirement Benefit Plans
	December 31,				December 31,
	2023		2022		2023		2022
Deferred charges and other assets, net	$	482	$	297	$	—	$	—
Accrued expenses	(32)		(14)		(23)		(21)
Other long-term liabilities	(233)		(211)		(243)		(237)
	$	217	$	72	$	(266)	$	(258)

Projected benefit obligations in excess of fair value of plan assets

The following table presents information for our pension plans with projected benefit obligations in excess of plan assets (in millions):

	December 31,
	2023		2022
Projected benefit obligation	$	265	$	249
Fair value of plan assets	—		24

Accumulated benefit obligations in excess of fair value of plan assets

The following table presents information for our pension plans with accumulated benefit obligations in excess of plan assets (in millions):

	December 31,
	2023		2022
Accumulated benefit obligation	$	220	$	209
Fair value of plan assets	—		24

Expected benefit payments

Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive, are as follows for the years ending December 31 (in millions):

	Pension Benefits		Other Postretirement Benefits
2024	$	177	$	22
2025	221		22
2026	193		21
2027	198		20
2028	185		19
2029-2033	1,020		94

Components of net periodic benefit costs

The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):

	Pension Plans						Other Postretirement Benefit Plans
	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
Service cost	$	111	$	152	$	161	$	4	$	6	$	7
Interest cost	121		85		73		13		8		7
Expected return on plan assets	(202)		(192)		(192)		—		—		—
Amortization of:
Net actuarial (gain) loss	(6)		52		81		(6)		—		(1)
Prior service credit	(18)		(18)		(18)		(4)		(4)		(7)
Settlement loss	2		61		8		—		—		—
Net periodic benefit cost	$	8	$	140	$	113	$	7	$	10	$	6

Pre-tax amounts recognized in other comprehensive income (loss)

Pre-tax amounts recognized in other comprehensive income (loss) were as follows (in millions):

	Pension Plans						Other Postretirement Benefit Plans
	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
Net gain (loss) arising during the year:
Net actuarial gain (loss)	$	87	$	158	$	308	$	(10)	$	86	$	9
Prior service cost	(19)		—		(4)		—		—		—
Net (gain) loss reclassified into income:
Net actuarial (gain) loss	(6)		53		81		(6)		(1)		(1)
Prior service credit	(18)		(18)		(18)		(4)		(4)		(7)
Settlement loss	2		61		8		—		—		—
Effect of exchange rates	4		—		2		—		—		—
Total changes in other comprehensive income (loss)	$	50	$	254	$	377	$	(20)	$	81	$	1

Pre-tax amounts in accumulated other comprehensive loss not yet recognized

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were as follows (in millions):

	Pension Plans				Other Postretirement Benefit Plans
	December 31,				December 31,
	2023		2022		2023		2022
Net actuarial (gain) loss	$	256	$	342	$	(73)	$	(89)
Prior service cost (credit)	11		(25)		2		(2)
Total	$	267	$	317	$	(71)	$	(91)

Weighted-average assumptions used to determine the benefit obligations and net periodic benefit cost

The weighted-average assumptions used to determine the benefit obligations were as follows:

	Pension Plans				Other Postretirement Benefit Plans
	December 31,				December 31,
	2023		2022		2023		2022
Discount rate	5.01	%	5.19	%	5.01	%	5.20	%
Rate of compensation increase	3.83	%	3.76	%	n/a		n/a
Interest crediting rate for cash balance plans	3.59	%	3.76	%	n/a		n/a

The weighted-average assumptions used to determine the net periodic benefit cost were as follows:

	Pension Plans						Other Postretirement Benefit Plans
	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
Discount rate	5.19	%	2.94	%	2.62	%	5.20	%	2.96	%	2.64	%
Expected long-term rate of return on plan assets	7.31	%	6.71	%	7.09	%	n/a		n/a		n/a
Rate of compensation increase	3.76	%	3.70	%	3.66	%	n/a		n/a		n/a
Interest crediting rate for cash balance plans	3.76	%	3.03	%	3.03	%	n/a		n/a		n/a

Assumed health care cost trend rates

The assumed health care cost trend rates were as follows:

	December 31,
	2023		2022
Health care cost trend rate assumed for the next year	6.68	%	6.78	%
Rate to which the cost trend rate was assumed to decline (the ultimate trend rate)	4.97	%	4.97	%
Year that the rate reaches the ultimate trend rate	2032		2032

Fair value of pension plan assets by level of fair value hierarchy

The following table presents the fair values of the assets of our pension plans (in millions) as of December 31, 2023 and 2022 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active or inputs other than quoted prices that are observable. No assets were categorized in Level 3 of the hierarchy as of December 31, 2023 and 2022. As previously noted, we do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans.

	2023						2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
Equity securities (a)	$	585	$	—	$	585	$	528	$	—	$	528
Mutual funds	223		—		223		191		—		191
Corporate debt instruments (a)	—		251		251		—		253		253
Government securities	86		186		272		69		127		196
Common collective trusts (b)	—		1,078		1,078		—		940		940
Pooled separate accounts (c)	—		323		323		—		279		279
Private fund	—		46		46		—		43		43
Insurance contract	—		13		13		—		14		14
Interest and dividends receivable	6		—		6		5		—		5
Cash and cash equivalents	48		—		48		38		3		41
Securities transactions payable, net	(10)		—		(10)		(5)		—		(5)
Total pension plan assets	$	938	$	1,897	$	2,835	$	826	$	1,659	$	2,485

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(a)This class of securities includes domestic and international securities, which are held in a wide range of industry sectors.

(b)This class primarily includes investments in approximately 80 percent equities and 20 percent bonds as of December 31, 2023 and 2022.

(c)This class primarily includes investments in approximately 45 percent equities and 55 percent bonds as of December 31, 2023. As of December 31, 2022, this class primarily included investments in approximately 55 percent equities and 45 percent bonds.