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PENSION AND OTHER RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Changes in Benefit Obligations and Fair Value of Plan Assets for Retirement Plans

ollowing is a summary of changes in benefit obligations and fair value of plan assets for the Retirement Plans for the years ended December 31:


	Pension Plans				Other Retirement Plans
	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation, beginning of the period	$	(462)	$	(570)	$	(39)	$	(48)
Service cost	(11)		(14)		(3)		(4)
Interest cost	(22)		(15)		(2)		(1)
Plan participants’ contributions	—		—		(1)		(1)
Benefits paid	30		20		2		2
Actuarial (loss) gain	(4)		1		2		—
Assumption changes	(15)		116		(1)		13
Benefit obligation, end of the period	$	(484)	$	(462)	$	(42)	$	(39)
Change in plan assets:
Fair value of plan assets, beginning of the period	$	420	$	544	$	—	$	—
Actual return on plan assets	48		(111)		—		—
Benefits paid	(30)		(20)		(2)		(2)
Employer contributions	11		7		1		1
Plan participants’ contributions	—		—		1		1
Fair value of plan assets, end of the period	$	449	$	420	$	—	$	—
Funded status of the plans	$	(35)	$	(42)	$	(42)	$	(39)
Amounts recorded on the consolidated balance sheets:
Pension and retirement benefits asset – non current	$	40	$	39	$	—	$	—
Pension and retirement benefits liability – current	(13)		(5)		(2)		(2)
Pension and retirement benefits liability – non current	(62)		(76)		(40)		(37)
Net amount recognized	$	(35)	$	(42)	$	(42)	$	(39)
Accumulated benefit obligation, end of the period	$	(453)	$	(432)

Accumulated Benefit Obligation in Excess of Plan Assets

The following information is for those pension plans with an accumulated benefit obligation in excess of plan assets:


	December 31,
	2023		2022
Aggregate projected benefit obligation	$	75	$	82
Aggregate accumulated benefit obligation	$	67	$	72

Summary of Pre-Tax Net Actuarial Losses and Prior Service Cost Recognized in AOCI

The following table summarizes the pre-tax net actuarial losses and prior service costs recognized in AOCL for the Company’s Retirement Plans as of December 31:


	Pension Plans				Other Retirement Plans
	2023		2022		2023		2022
Net actuarial gains (losses)	$	(82)	$	(77)	$	10	$	9
Net prior service credits	1		2		—		—
Total recognized in AOCL – pre-tax	$	(81)	$	(75)	$	10	$	9

Components of Net Periodic Benefit Expense Related to Retirement Plans

Net periodic pension (income) expenses recognized for the Retirement Plans are as follows for the years ended December 31:


	Pension Plans						Other Retirement Plans
	2023		2022		2021		2023		2022		2021
Components of net periodic expense
Service cost	$	11	$	14	$	19	$	3	$	4	$	4
Interest cost	22		15		14		2		1		1
Expected return on plan assets	(32)		(26)		(27)		—		—		—
Amortization of net actuarial (gains) losses and prior service credits from earlier periods	(1)		3		11		(1)		—		1
(Gain) loss on settlement of pension obligations	(2)		—		8		—		—		—
Net periodic (income) expense	$	(2)	$	6	$	25	$	4	$	5	$	6

Summary of Pre-Tax Amounts Recorded in OCI

The following table summarizes the pre-tax amounts recorded in OCI related to the Company’s Retirement Plans for the years ended December 31:


	Pension Plans						Other Retirement Plans
	2023		2022		2021		2023		2022		2021
Amortization of net actuarial (gains) losses and prior service credit	$	(1)	$	3	$	11	$	(1)	$	—	$	1
Settlement (gain) loss	(2)		—		8		—		—		—
Net actuarial (loss)/gain arising during the period	(3)		(19)		65		1		13		4
Total recognized in OCI – pre-tax	$	(6)	$	(16)	$	84	$	—	$	13	$	5

Weighted-average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Expenses

Weighted-average assumptions used to determine benefit obligations at December 31:


	Pension Plans				Other Retirement Plans
	2023		2022		2023		2022
Discount rate	4.73	%	4.93	%	4.75	%	4.90	%
Rate of compensation increase	3.60	%	3.63	%	—		—

Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31:


	Pension Plans						Other Retirement Plans
	2023		2022		2021		2023		2022		2021
Discount rate	4.93	%	2.60	%	2.24	%	4.90	%	2.65	%	2.30	%
Expected return on plan assets	6.55	%	5.05	%	5.45	%	—		—		—
Rate of compensation increase	3.63	%	3.63	%	3.62	%	—		—		—
Cash balance plan interest crediting rate	4.50	%	4.50	%	4.50	%	—		—		—

Summary of Pension Plan Assets by Category Based on Hierarchy of Fair Value Measurements

Fair value of the assets in the Company’s funded pension plan by asset category at December 31, 2023 and 2022 are as follows:


	Fair Value Measurement as of December 31, 2023
Asset Category	Balance		Level 1		Level 2		Measured using NAV practical expedient (1)		% of total assets
Cash and cash equivalents	$	5	$	—	$	5	$	—	1	%
Common/collective trust funds—equity securities
U.S. large-cap	106		—		106		—		24	%
U.S. small and mid-cap	21		—		21		—		5	%
Emerging markets	20		—		20		—		4	%
Total equity investments	147		—		147		—		33	%
Emerging markets bond fund	29		—		—		29		6	%
Common/collective trust funds and corporate bonds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds	60		—		60		—		13	%
Mutual funds
Long duration corporate bonds	144		—		144		—		32	%
U.S. Treasury Inflation-Protected Securities (TIPs)	25		25		—		—		6	%

Private investment fund—high yield securities	14		—		—		14		3	%
Total fixed-income investments	272		25		204		43		60	%
Other investment—private real estate fund	25		—		—		25		5	%
Total Assets	$	449	$	25	$	356	$	68	100	%


	Fair Value Measurement as of December 31, 2022
Asset Category	Balance		Level 1		Level 2		Measured using NAV practical expedient (1)		% of total assets
Cash and cash equivalents	$	5	$	—	$	5	$	—	1	%
Common/collective trust funds—equity securities
U.S. large-cap	96		—		96		—		23	%
U.S. small and mid-cap	17		—		17		—		4	%
Emerging markets	19		—		19		—		5	%
Total equity investments	132		—		132		—		31	%
Emerging markets bond fund	26		—		—		26		6	%
Common/collective trust funds and corporate bonds—fixed income securities
Intermediate-term investment grade U.S. government/ corporate bonds	54		—		54		—		13	%
Mutual funds
Long duration corporate bonds	126		—		126		—		30	%
U.S. Treasury Inflation-Protected Securities (TIPs)	24		24		—		—		6	%
Convertible securities	14		14		—		—		3	%
Private investment fund—high yield securities	12		—		—		12		3	%
Total fixed-income investments	256		38		180		38		61	%
Other investment—private real estate debt fund	27		—		—		27		6	%
Total Assets	$	420	$	38	$	317	$	65	100	%

(1)Investments are measured using the net asset value per share (or its equivalent) practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit a reconciliation of the fair value hierarchy to the value of the total plan assets.

Estimated Future Benefits Payments for Retirement Plans

Estimated future benefits payments for the Retirement Plans are as follows as of the year ended December 31, 2023:


Year Ending December 31,	Pension Plans		Other Retirement Plans
2024	$	28	$	2
2025	25		2
2026	28		2
2027	30		2
2028	30		3
2029 - 2033	167		18