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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Pension Plan  
Pension and other postretirement benefits  
Schedule of funded status The changes in pension benefit obligations and plan assets during 2023 and 2022, as well as the funded status and the amounts recognized in our Consolidated Balance Sheets related to our pension plans at December 31, 2023 and 2022, are as follows:
U.S. PlansNon-U.S. Plans
2023202220232022
Benefit obligation
At January 1$300 $383 $188 $254 
Service cost3 4 4 3 
Interest cost15 9 10 9 
Benefits paid(18)(25)(13)(13)
Actuarial loss (gain)5 (71)8 (49)
Curtailment/settlement/amendments— — (1)(2)
Foreign currency translation— — 4 (14)
Benefit obligation at December 31$305 $300 $200 $188 
Fair value of plan assets
At January 1$317 $420 $189 $244 
Actual return on plan assets25 (79)17 (30)
Employer contributions1 1 6 5 
Benefits paid(18)(25)(13)(13)
Plan settlements— — (1)(2)
Foreign currency translation— — 2 (15)
Fair value of plan assets at December 31$325 $317 $200 $189 
Funded status$20 $17 $— $1 
Schedule of amounts recognized in the consolidated balance sheets
Amounts recorded in the Consolidated Balance Sheets as of December 31, 2023 and 2022 are as follows:
U.S. PlansNon-U.S. Plans
2023202220232022
Non-current asset$28 $25 $47 $43 
Current liabilities(1)(1)(2)(1)
Non-current liabilities(7)(7)(45)(41)
Net asset (liability) recognized$20 $17 $— $1 
Schedule of amounts recognized in accumulated other comprehensive loss
Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2023 and 2022, are as follows:
U.S. PlansNon-U.S. Plans
2023202220232022
Net actuarial loss$32 $36 $24 $24 
Prior service (credit) cost(2)(3)— — 
Net amount recognized$30 $33 $24 $24 
Schedule of plan obligations and assets for plans with an accumulated benefit obligation in excess of plan assets Information for pension plans with a projected benefit obligation in excess of plan assets and an accumulated benefit obligation in excess of plan assets is as follows:
U.S. PlansNon-U.S. Plans
2023202220232022
Projected benefit obligation$(8)$(8)$(51)$(45)
Accumulated benefit obligation(8)(8)(40)(35)
Fair value of plan assets— — 4 3 
Components of net periodic benefit cost
Components of net periodic benefit cost consist of the following for 2023, 2022 and 2021:
U.S. PlansNon-U.S. Plans
202320222021202320222021
Service cost$3 $4 $4 $4 $3 $4 
Interest cost15 9 8 10 9 9 
Expected return on plan assets(17)(16)(17)(9)(7)(8)
Amortization of actuarial loss1 — — 1 1 2 
Amortization of prior service credit(1)(1)(1)— — — 
Net periodic benefit cost$1 $(4)$(6)$6 $6 $7 
Schedule of amounts recorded in other comprehensive income and net periodic benefit cost
Total amounts recorded in other comprehensive income and net periodic benefit cost are as follows:
(pre-tax)U.S. PlansNon-U.S. Plans
202320222021202320222021
Net actuarial (gain) loss $(3)$25 $(1)$— $(11)$(11)
Prior service cost— — — — — — 
Amortization of actuarial loss(1)— — (1)(1)(2)
Amortization of prior service credit1 1 1 — — — 
Foreign currency translation— — — 1 (2)(11)
Total recorded in other comprehensive (income) loss(3)26 — — (14)(24)
Net periodic benefit cost1 (4)(6)6 6 7 
Total recorded in other comprehensive (income) loss and net periodic benefit cost$(2)$22 $(6)$6 $(8)$(17)
Schedule of weighted average assumptions used to determine the company's obligations
The weighted average assumptions used to determine our obligations for the pension plans are as follows:
U.S. PlansNon-U.S. Plans
2023202220232022
Discount rate5.00 %5.19 %5.24 %5.66 %
Rate of compensation increase3.83 3.92 3.76 3.83 
Cash balance interest credit rate4.53 4.21 — — 
Schedule of weighted average assumptions used to determine the company's net periodic benefit cost
The weighted average assumptions used to determine our net periodic benefit cost for the pension plans are as follows:
U.S. PlansNon-U.S. Plans
202320222021202320222021
Discount rate5.19 %2.91 %2.58 %5.67 %3.66 %2.84 %
Expected long-term return on plan assets5.50 4.10 4.10 5.05 3.50 3.37 
Rate of compensation increase3.92 4.18 4.26 3.83 3.77 3.54 
Cash balance interest crediting rate4.21 4.11 3.76 — — — 
Schedule of weighted average asset allocation
Our weighted average asset allocations as of December 31, 2023 and 2022, for U.S. and non-U.S. pension plan assets are as follows:
U.S. PlansNon-U.S. Plans
Asset Category2023202220232022
Equity securities12 %11 %8 %8 %
Debt securities86 87 78 77 
Cash and other2 2 14 15 
Total100 %100 %100 %100 %
Schedule of fair values of the company's plan assets, by asset category and level
The fair values of our plan assets by asset category are as follows:
Fair Value Measurements at December 31, 2023
NAVLevel 1Level 2Total
20232022202320222023202220232022
U.S. Plans:
Equity index:
U.S. (a)
$— $— $— $— $24 $22 $24 $22 
International (b)
— — — — 16 14 16 14 
Fixed income index:
Long bond (c)
— — — — 133 127 133 127 
Government bond (d)
— — — — 89 89 89 89 
Other fixed income (e)
57 59 — — — — 57 59 
Cash & Short-term Investments (f)
— — — — 6 6 6 6 
Total U.S. Plans$57 $59 $— $— $268 $258 $325 $317 
Non-U.S. Plans:
Equity index:
U.S. (a)
$— $— $— $— $10 $9 $10 $9 
International (b)
— — — — 6 6 6 6 
Fixed income index:
Government bond (g)
— — — — 78 99 78 99 
Corporate bond (h)
— — — — 79 46 79 46 
Other (i)
— — — — 25 22 25 22 
Cash & Short-term Investments (f)
— — 2 2 — 5 2 7 
Total Non-U.S. Plans$— $— $2 $2 $198 $187 $200 $189 
______________________
(a)This category consists of both passively and actively managed equity index funds that track the return of large capitalization U.S. equities.
(b)This category consists of both passively and actively managed equity index funds that track an index of returns on international developed and emerging market equities.
(c)
This category consists of an actively managed fixed-income index fund that invests in a diversified portfolio of fixed-income securities with maturities generally exceeding 10 years.
(d)This category consists of both passively and actively managed fixed-income index funds that invest in a diversified portfolio of fixed income government debt securities with varying maturities.
(e)
This category consists of an actively managed common collective fund that invests in government bonds, collateralized mortgage obligations, investment grade private credit and real estate debt. This fund is priced monthly at the aggregated market value of the underlying investments and may be fully redeemed with 95 days notice.
(f)This category represents cash, cash equivalents, or highly liquid short-term investments.
(g)This category consists of both passively and actively managed fixed income index funds that track the return of government bonds with varying maturities.
(h)This category consists of actively managed fixed income index funds that track the return of investment grade corporate bonds with varying maturities.
(i)This category mainly consists of investment products provided by insurance companies that offer returns that are subject to a minimum guarantee and mutual funds.
Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made
We expect to pay the following benefit payments to beneficiaries, which reflect anticipated future service, as appropriate:
U.S. PlansNon-U.S. Plans
2024$26 $12 
202526 12 
202626 12 
202727 13 
202824 38 
Thereafter114 73 
Postemployment Retirement Benefits  
Pension and other postretirement benefits  
Schedule of funded status The information presented below includes plans in the U.S., Brazil and Canada. The changes in the benefit obligations of the plans during 2023 and 2022, as well as the amounts recognized in our Consolidated Balance Sheets at December 31, 2023 and 2022, are as follows:
20232022
Accumulated postretirement benefit obligation
At January 1$58 $65 
Service cost1 1 
Interest cost4 3 
Amendments2 — 
Actuarial (gain) loss1 (7)
Benefits paid(4)(4)
Foreign currency translation2 — 
At December 3164 58 
Fair value of plan assets— — 
Funded status$(64)$(58)
Schedule of amounts recognized in the consolidated balance sheets
Amounts recorded in the Consolidated Balance Sheets at December 31, 2023 and 2022 consist of:
20232022
Current liabilities$(4)$(5)
Non-current liabilities(60)(53)
Net liability recognized$(64)$(58)
Schedule of amounts recognized in accumulated other comprehensive loss
Amounts recorded in AOCL, excluding tax effects that have not yet been recognized as components of net periodic benefit cost at December 31, 2023 and 2022, are as follows:
20232022
Net actuarial loss$4 $1 
Prior service cost6 5 
Net amount recognized$10 $6 
Components of net periodic benefit cost
Components of net periodic benefit cost consisted of the following for 2023, 2022 and 2021:
202320222021
Service cost$1 $1 $1 
Interest cost4 3 2 
Amortization of actuarial (gain) loss(1)— 1 
Amortization of prior service cost (credit)1 — (2)
Net periodic benefit cost$5 $4 $2 
Schedule of amounts recorded in other comprehensive income and net periodic benefit cost
Total amounts recorded in other comprehensive income and net periodic benefit cost for 2023, 2022 and 2021 are as follows:
(pre-tax)202320222021
Net actuarial loss (gain)$1 $(7)$(5)
Prior service cost2 — 4 
Amortization of prior service (cost) credit(1)— 2 
Amortization of actuarial gain (loss)1 — (1)
Foreign currency translation1 — (4)
Total recorded in other comprehensive loss (income)4 (7)(4)
Net periodic benefit cost5 4 2 
Total recorded in other comprehensive loss (income) and net periodic benefit cost$9 $(3)$(2)
Schedule of weighted average assumptions used to determine the company's obligations
We used the following weighted average assumptions to determine our postretirement benefit obligations for 2023 and 2022:
20232022
Discount rate7.37 %7.30 %
Schedule of weighted average assumptions used to determine the company's net periodic benefit cost
The following weighted average assumptions were used to determine our net postretirement benefit cost:
202320222021
Discount rate7.30 %4.22 %3.69 %
Schedule of assumptions made in measuring the company's postretirement benefit obligation We used the following assumptions as of December 31, 2023:
U.S. Canada Brazil
2023 increase in per capita cost7.80 %5.04 %8.94 %
Ultimate trend4.50 %4.05 %8.94 %
Year ultimate trend reached203320402023
Schedule of benefit payments, which reflect anticipated future service, as appropriate and are expected to be made
We expect to make the following benefit payments to beneficiaries under our postretirement benefit plans, which reflect anticipated future service, as appropriate:
2024$4 
20254 
20264 
20274 
20284 
Thereafter22