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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Net Funded Status
 Pension Benefits 
U.S. PlansNon-U.S. PlansRetiree Health
 202320222023202220232022
Change in Benefit Obligation:    
Benefit obligation, January 1$2,345 $3,372 $4,240 $6,543 $209 $303 
Service cost— 1 5 16 1 1 
Interest cost (income)116 (65)188 123 10 8 
Plan participants' contributions— — 1 2 7 9 
Actuarial loss (gain) 75 (643)165 (1,697)(5)(59)
Currency exchange rate changes— — 205 (534)2 (7)
Plan amendment— — 36 72 (3)(26)
Plan curtailments— — — (20)— — 
Benefits paid/settlements(147)(320)(273)(265)(28)(27)
Other— — — — — 7 
Benefit Obligation, December 31$2,389 $2,345 $4,567 $4,240 $193 $209 
Change in Plan Assets:
Fair value of plan assets, January 1$1,518 $2,544 $4,594 $7,252 $— $— 
Actual return on plan assets104 (730)89 (1,865)— — 
Employer contributions53 24 28 81 21 19 
Plan participants' contributions— — 1 2 7 8 
Currency exchange rate changes— — 223 (609)— — 
Benefits paid/settlements(147)(320)(273)(265)(28)(27)
Other— — — (2)— — 
Fair Value of Plan Assets, December 31$1,528 $1,518 $4,662 $4,594 $— $— 
Net Funded Status at December 31(1)
$(861)$(827)$95 $354 $(193)$(209)
Amounts Recognized in the Consolidated Balance Sheets:    
Other long-term assets$— $— $423 $667 $— $— 
Accrued compensation and benefit costs(24)(24)(20)(19)(22)(25)
Pension and other benefit liabilities(837)(803)(308)(294)— — 
Post-retirement medical benefits— — — — (171)(184)
Net Amounts Recognized$(861)$(827)$95 $354 $(193)$(209)
Accumulated Benefit Obligation$2,389 $2,345 $4,526 $4,194 
  _____________
(1)Includes under-funded and unfunded plans.
Schedule of Pension and Other Benefit Liabilities
Pension and other benefit liabilities include the following additional accounts at December 31st:
December 31,
20232022
Pension liabilities(1)
$1,145 $1,097 
Accrued compensation liabilities56 61 
Deferred compensation liabilities(2)
15 17 
Pension and other benefit liabilities$1,216 $1,175 
__________________________
(1)Reflects pension net funded status liability.
(2)Includes amounts measured at fair value on a recurring basis at December 31, 2023 and 2022 of $13 and $14, respectively. Refer to Note 17 - Fair Value of Financial Assets and Liabilities for additional information regarding deferred compensation liabilities.
Schedule of Amounts in Accumulated Other Comprehensive Loss to be Recognized Over Next Fiscal Year
Benefit plans pre-tax amounts recognized in AOCL at December 31st:
 Pension Benefits 
U.S. PlansNon-U.S. PlansRetiree Health
202320222023202220232022
Net actuarial loss (gain)$731 $692 $1,551 $1,202 $(73)$(79)
Prior service cost (credit)— — 134 99 (82)(94)
Total loss (gain) - Pre-tax$731 $692 $1,685 $1,301 $(155)$(173)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Aggregate information for pension plans with an accumulated benefit obligation in excess of plan assets is presented below. Information for Retiree Health plans with an accumulated post-retirement benefit obligation in excess of plan assets has been disclosed in the preceding table on Benefit obligations and Net funded status as all Retiree Health plans are unfunded.
December 31, 2023December 31, 2022
Accumulated Benefit ObligationFair Value of Plan AssetsAccumulated Benefit ObligationFair Value of Plan Assets
Underfunded Plans:
U.S.$2,146 $1,528 $2,098 $1,518 
Non-U.S.46 40 44 38 
Unfunded Plans:
U.S.$243 $— $247 $— 
Non-U.S.317 — 304 — 
Total Underfunded and Unfunded Plans:
U.S.$2,389 $1,528 $2,345 $1,518 
Non-U.S.363 40 348 38 
Total$2,752 $1,568 $2,693 $1,556 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
Aggregate information for pension plans with a projected benefit obligation in excess of plan assets is presented below:
December 31, 2023December 31, 2022
Projected Benefit ObligationFair Value of Plan AssetsProjected Benefit ObligationFair Value of Plan Assets
Underfunded Plans:
U.S.$2,146 $1,528 $2,098 $1,518 
Non-U.S.47 40 45 38 
Unfunded Plans:
U.S.$243 $— $247 $— 
Non-U.S.322 — 308 — 
Total Underfunded and Unfunded Plans:
U.S.$2,389 $1,528 $2,345 $1,518 
Non-U.S.369 40 353 38 
Total$2,758 $1,568 $2,698 $1,556 
Schedule of Defined Benefit Pension Assets and Obligations by Geography
Pension plan assets and benefit obligations by country were as follows:

December 31, 2023December 31, 2022
Fair Value of Pension Plan AssetsProjected Benefit ObligationNet Funded StatusFair Value of Pension Plan AssetsProjected Benefit ObligationNet Funded Status
U.S. funded$1,528 $2,146 $(618)$1,518 $2,098 $(580)
U.S. unfunded— 243 (243)— 247 (247)
Total U.S.1,528 2,389 (861)1,518 2,345 (827)
U.K.2,892 2,655 237 2,903 2,439 464 
Netherlands839 769 70 793 729 64 
Canada586 562 24 553 532 21 
Germany— 248 (248)— 237 (237)
Other345 333 12 345 303 42 
Total$6,190 $6,956 $(766)$6,112 $6,585 $(473)
Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations
The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:
Year Ended December 31,
 Pension Benefits
 U.S. PlansNon-U.S. PlansRetiree Health
 202320222021202320222021202320222021
Components of Net Periodic Benefit Costs:
Service cost$— $1 $2 $5 $16 $20 $1 $1 $2 
Interest cost (income)(1)
116 (65)80 188 123 88 10 8 8 
Expected return on plan assets(2)
(103)71 (117)(217)(226)(208)— — — 
Recognized net actuarial loss (gain)16 13 17 11 23 59 (12)(4)1 
Amortization of prior service (credit) cost— — (1)5 1 (1)(15)(8)(66)
Recognized settlement loss19 56 54 1 — 1 — — — 
Recognized curtailment gain— — — — (4)(4)— — — 
Defined Benefit Plans48 76 35 (7)(67)(45)(16)(3)(55)
Defined contribution plans19 20 — 21 17 18 n/an/an/a
Net Periodic Benefit Cost (Credit)$67 $96 $35 $14 $(50)$(27)$(16)$(3)$(55)
Other changes in plan assets and benefit obligations recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)
$74 $16 $(57)$298 $368 $(425)$(5)$(57)$(1)
Prior service cost (credit)— — — 36 72 (4)(3)(26)(50)
Amortization of net actuarial (loss) gain(35)(69)(71)(12)(23)(60)12 4 (1)
Amortization of net prior service credit (cost)— — 1 (5)(1)1 15 15 66 
Curtailment gain— — — — 4 4 — — — 
Total Recognized in Other Comprehensive (Loss) Income(3)
$39 $(53)$(127)$317 $420 $(484)$19 $(64)$14 
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income$106 $43 $(92)$331 $370 $(511)$3 $(67)$(41)
_____________
(1)Interest cost for Pension Benefits includes interest expense on non-TRA obligations of $284, $205 and $150 and interest expense/(income) directly allocated to TRA participant accounts of $20, $(147) and $18 for the years ended December 31, 2023, 2022 and 2021, respectively.
(2)Expected return on plan assets includes expected investment income on non-TRA assets of $300, $302 and $307 and actual investment income/(loss) on TRA assets of $20, $(147) and $18 for the years ended December 31, 2023, 2022 and 2021, respectively.
(3)Amounts represent the pre-tax effect included in Other comprehensive income. Refer to Note 24 - Other Comprehensive (Loss) Income for the related tax effects and the net of tax amounts.
Defined Benefit Plan Assets Measured at Fair Value, Observable and Unobservable Inputs
The following tables present the defined benefit plans assets measured at fair value and the basis for that measurement.
December 31, 2023
U.S. PlansNon-U.S. Plans
Asset Class Level 1Level 2Level 3
Assets measured at NAV(1)
TotalLevel 1Level 2Level 3
Assets measured at NAV(1)
Total
Cash and cash equivalents$1 $— $— $— $1 $452 $— $— $— $452 
Equity Securities:
U.S. 48 — — — 48 13 20 — — 33 
International 87 — — 127 214 315 — — 27 342 
Fixed Income Securities:
U.S. treasury securities— 74 — — 74 — 2 — — 2 
Debt security issued by government agency— 134 — — 134 — 546 — — 546 
Corporate bonds— 660 — — 660 — 197 — — 197 
Derivatives— 57 — — 57 — 90 — — 90 
Real estate— — 47 12 59 — — 106 70 176 
Private equity/venture capital— — — 157 157 — — 4 311 315 
Guaranteed insurance contracts— — — — — — — 2,481 — 2,481 
Other(2)(3)
(18)— — 142 124 24 4 — — 28 
Total Fair Value of Plan Assets$118 $925 $47 $438 $1,528 $804 $859 $2,591 $408 $4,662 
 _____________
(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(2)Other NAV includes mutual funds of $92 (measured at NAV) which are invested approximately 70% in fixed income securities and approximately 30% in equity securities.
(3)At December 31, 2023, other Level 1 includes net non-financial (liabilities)/assets, such as due to/from broker, interest receivables and accrued expenses. The U.S. Plans had net liabilities of $(18), while the Non-U.S. plans had net assets of $24.
December 31, 2022
U.S. PlansNon-U.S. Plans
Asset Class Level 1Level 2Level 3
Assets measured at NAV(1)
TotalLevel 1Level 2Level 3
Assets measured at NAV(1)
Total
Cash and cash equivalents$3 $— $— $— $3 $532 $— $— $— $532 
Equity Securities:
U.S. 44 — — — 44 75 27 — — 102 
International 89 — — 128 217 358 2 — 30 390 
Fixed Income Securities:
U.S. treasury securities— 73 — — 73 — 72 — — 72 
Debt security issued by government agency— 151 — — 151 — 1,326 — — 1,326 
Corporate bonds— 644 — — 644 — 263 — — 263 
Derivatives— (8)— — (8)— 79 — — 79 
Real estate— — 57 13 70 — — 144 71 215 
Private equity/venture capital— — — 202 202 — — 4 1,089 1,093 
Guaranteed insurance contracts— — — — — — — 483 — 483 
Other(2)(3)
— — — 122 122 22 17 — — 39 
Total Fair Value of Plan Assets$136 $860 $57 $465 $1,518 $987 $1,786 $631 $1,190 $4,594 
 _____________
(1)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
(2)Other NAV includes mutual funds of $94 (measured at NAV) which are invested approximately 30% in fixed income securities and approximately 70% in equity securities.
(3)Other Level 1 includes net non-financial, Non-U.S assets of $22, such as due to/from broker, interest receivables and accrued expenses.
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables represents a rollforward of the defined benefit plans assets measured at fair value using significant unobservable inputs (Level 3 assets):
U.S.Non-U.S.
Real EstateReal EstatePrivate Equity/Venture CapitalGuaranteed Insurance ContractsTotal
Balance at December 31, 2021$51 $164 $4 $75 $243 
Purchases— — — 569 569 
Sales(2)(19)— (5)(24)
Unrealized gains (losses)8 (10)1 (133)(142)
Currency translation— 9 (1)(23)(15)
Balance at December 31, 2022$57 $144 $4 $483 $631 
Purchases— — — 1,951 1,951 
Sales(13)(16)— (3)(19)
Unrealized gains (losses)3 (31)— (9)(40)
Currency translation— 9 — 59 68 
Balance at December 31, 2023$47 $106 $4 $2,481 $2,591 
Schedule of Allocation of Plan Assets
The target asset allocations for our worldwide defined benefit pension plans were:
20232022
 U.S.
Non-U.S.(2)
U.S.Non-U.S.
Equity investments(1)
24%8%24%11%
Fixed income investments60%16%60%36%
Real estate6%4%6%5%
Private equity/venture capital8%8%8%25%
Other2%64%2%23%
Total Investment Strategy100%100%100%100%
 _____________
(1)Target allows for an additional allocation to synthetic equity which is offset by cash.
(2)Significant changes in asset allocation in Non-U.S. are due to the U.K. pension plan entering an insurance buy-in contract, which is included in Other.
Defined Benefit and Retiree Health Pension Plans, Actual and Expected Cash Contributions
The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans.
Year Ended December 31,
2023
Estimated 2024
U.S. Plans$53 $100 
Non-U.S. Plans28 30 
Total Pension Plans$81 $130 
Retiree Health21 20 
Total Retirement Plans$102 $150 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:
 Pension Benefits
U.S.Non-U.S.TotalRetiree Health
2024$266 $279 $545 $20 
2025235 285 520 20 
2026228 293 521 18 
2027224 298 522 17 
2028213 306 519 16 
Years 2029-2033904 1,629 2,533 63 
Schedule of Assumptions Used
Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:
Pension Benefits 
 202320222021
U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate4.9 %4.1 %5.1 %4.5 %2.7 %1.8 %
Rate of compensation increase— %2.7 %— %2.9 %0.1 %2.8 %
Interest crediting rate4.5 %2.5 %4.5 %2.1 %2.8 %1.5 %
 
Retiree Health 
 202320222021
Discount rate4.7 %5.0 %2.7 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
 Pension Benefits 
2024202320222021
 U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Discount rate4.9 %4.1 %5.1 %4.5 %2.7 %1.8 %2.2 %1.3 %
Expected return on plan assets8.1 %4.3 %8.1 %4.3 %5.9 %3.2 %5.9 %3.1 %
Rate of compensation increase— %2.7 %— %2.9 %0.1 %2.8 %0.1 %2.6 %
Interest crediting rate4.5 %2.5 %4.5 %2.1 %2.5 %1.5 %2.8 %1.5 %
 
 Retiree Health 
 2024202320222021
Discount rate4.7 %5.0 %2.7 %2.2 %
_____________
Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits.
Schedule of Health Care Cost Trend Rates
Assumed health care cost trend rates were as follows:
December 31,
 20232022
Health care cost trend rate assumed for next year6.3 %5.1 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.2 %4.3 %
Year that the rate reaches the ultimate trend rate20282026