Pension, Retiree Medical and Retiree Savings Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Funded status of pension plans

	2023		2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	755	$	1,069
Service cost	5		7
Interest cost	41		31
Benefits paid	(34)		(29)
Settlement payments	—		(59)
Actuarial (gain) loss	11		(264)
Benefit obligation at end of year	$	778	$	755

A significant component of the overall increase in the Company's benefit obligation for the year ended December 31, 2023, was due to interest cost on the benefit obligation partially offset by benefits paid during the year.

A significant component of the overall decrease in the Company’s benefit obligation for the year ended December 31, 2022, was due to an actuarial gain, which was primarily due to an increase in the discount rate used to measure our benefit obligation from 3.00% at December 31, 2021 to 5.60% at December 31, 2022.

	2023		2022
Change in plan assets:
Fair value of plan assets at beginning of year	$	664	$	1,010
Actual return on plan assets	46		(272)
Employer contributions	4		14
Benefits paid	(34)		(29)
Settlement payments	—		(59)
Fair value of plan assets at end of year	$	680	$	664
Funded status at end of year	$	(98)	$	(91)

Amounts recognized in the Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheet:
	2023		2022
Accrued benefit asset - non-current	$	—	$	—
Accrued benefit liability - current	(8)		(6)
Accrued benefit liability - non-current	(90)		(85)
	$	(98)	$	(91)

Pension plans with an accumulated benefit obligation in excess of pan assets

The table below provides information for those pension plan(s) with an accumulated benefit obligation in excess of plan assets. The pension plan(s) included also have a projected benefit obligation in excess of plan assets.
	2023		2022
Projected benefit obligation	$	778	$	755
Accumulated benefit obligation	763		740
Fair value of plan assets	680		644

Components of net periodic benefit cost

Components of net periodic benefit cost:

	2023		2022		2021
Service cost	$	5	$	7	$	8
Interest cost	41		31		32
Amortization of prior service cost(a)	1		6		6
Expected return on plan assets	(50)		(46)		(43)
Amortization of net loss (gain)	(1)		11		14
Net periodic benefit cost (income)	$	(4)	$	9	$	17
Additional (gain) loss recognized due to: Settlement charges(b)	$	—	$	6	$	—

(a)Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.

(b)Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense.

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Pension losses in accumulated other comprehensive income (loss)

Pension gains (losses) in AOCI:
	2023		2022
Beginning of year	$	(74)	$	(43)
Net actuarial gain (loss)	(13)		(54)
Amortization of net (gain) loss	(1)		11
Amortization of prior service cost	1		6
Settlement charges	—		6
End of year	$	(87)	$	(74)

Schedule of Accumulated pre-tax losses recognized in Accumulated Other Comprehensive Income

Accumulated pre-tax losses recognized within AOCI:
	2023		2022
Actuarial net loss	$	(84)	$	(70)
Prior service cost	(3)		(4)
	$	(87)	$	(74)

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

Weighted-average assumptions used to determine benefit obligations at the measurement dates:
	2023		2022
Discount rate	5.60	%	5.60	%
Rate of compensation increase	3.00	%	3.00	%

Weighted-average assumptions used to determine the net periodic benefit cost for fiscal years:
	2023		2022		2021
Discount rate	5.60	%	3.00	%	2.80	%
Long-term rate of return on plan assets	6.25	%	5.40	%	5.25	%
Rate of compensation increase	3.00	%	3.00	%	3.00	%

Schedule of Changes in Fair Value of Plan Assets

The fair values of our pension plan assets at December 31, 2023 and 2022 by asset category and level within the fair value hierarchy are as follows:

	2023		2022
Level 1:
Cash	$	—	$	1
Cash Equivalents(a)	61		22
Fixed Income Securities - U.S. Corporate(b)	7		14
Level 2:
Equity Securities(b)	213		179
Fixed Income Securities - U.S. Corporate(c)	25		22
Fixed Income Securities - U.S. Government and Government Agencies(d)	124		118
Fixed Income Securities - Other(d)	11		19
Total assets in the fair value hierarchy	441		375
Investments measured at net asset value(e)
Fixed Income	132		146
Real Assets	149		192
Total fair value of plan assets(f)	$	722	$	713

(a)Short-term investments in money market funds.

(b)Securities held in common or collective trusts.

(c)Investments held directly by the Plan.

(d)Includes securities held in common or collective trusts and investments held directly by the Plan.

(e)Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy.

(f)2023 and 2022 exclude net unsettled trade payables of $42 million and $49 million, respectively.

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Fair values of pension plan assets

As of December 31, 2023, the Plan’s assets consist of the weighted-average target allocation summarized as follows:

Asset Category	Target Allocation
Fixed income	49	%
Equity securities	32	%
Real assets	19	%

Expected benefit payments

The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:

Year ended:
2024	$	50
2025	54
2026	59
2027	57
2028	60
2029 - 2033	280

[1] Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.

[2] Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense

[3] Includes securities held in common or collective trusts and investments held directly by the Plan.

[4] Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy.

[5] Short-term investments in money market funds.

[6] 2023 and 2022 exclude net unsettled trade payables of $42 million and $49 million, respectively.

[7] Securities held in common or collective trusts.

[8] Investments held directly by the Plan.