XML 76 R58.htm IDEA: XBRL DOCUMENT v3.24.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets
Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below:
20232022
Projected benefit obligation at beginning of year$2,243 $3,374 
Interest cost117 103 
Actuarial (gain) loss222 (1,032)
Settlement(97)(146)
Benefits paid(59)(56)
Projected benefit obligation at end of year
$2,426 $2,243 
Accumulated benefit obligation at end of year $2,426 $2,243 
Fair value of plan assets at beginning of year$2,583 $3,457 
Actual return on plan assets124 (675)
Employer contributions2 3 
Settlement(97)(146)
Benefits paid(59)(56)
Fair value of plan assets at end of year $2,553 $2,583 
Funded status$127 $340 
Schedule of Net Benefit Costs
The components of net periodic benefit (cost) for the years ended December 31, 2023, 2022 and 2021 consisted of the following:

Year Ended December 31,
202320222021
Interest cost$(117)$(103)$(97)
Expected return on plan assets124 156 165 
Remeasurement gain (loss)(223)201 237 
Net periodic pension benefit (cost)$(216)$254 $305 
Schedule of Assumptions Used in the Calculation of Net Benefit Cost
Weighted average assumptions used to determine net periodic benefit costs consisted of the following:

Year ended December 31,
202320222021
Expected long-term rate of return on plan assets5.00 %5.00 %5.00 %
Discount rate 5.46 %3.01 %2.7 %
Schedule of Investment Assets by Fair Value Heirarchy Level
The following tables set forth the investment assets of the qualified pension plan by level within the fair value hierarchy as of December 31, 2023 and 2022:

December 31, 2023December 31, 2022
Fair ValueLevel 2Level 3Fair ValueLevel 1Level 2
Cash$— $— $— $6 $6 $— 
Collective trust funds(a)
745 745 — 1,858 — 1,858 
Group annuity contract(b)
1,464 — 1,464 — — — 
Total investment assets2,209 $745 $1,464 1,864 $6 $1,858 
Accrued investment income and other receivables4 42 
Accrued liabilities(2)(25)
Investments measured at net asset value(c)
342 702 
Fair value of plan assets$2,553 $2,583 

(a)Collective trust funds consist of bond funds with corporate and U.S. treasury debt securities, equity funds with global equity index, infrastructure and real estate securities and short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies and multi-strategy funds, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding.
(b)In June 2023, the Company purchased a buy-in GAC which was initially recorded at the $1.4 billion purchase price and subsequently adjusted to fair value using changes to market conditions impacting the cash flow assumptions that were priced into the original contract.
(c)As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. The primary investment classes include alternative, fixed income and real estate funds. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table represents a rollforward of the Level 3 assets as of December 31, 2023:
Group Annuity Contract
Balance at December 31, 2022
$— 
Purchases1,430 
Unrealized gain34 
Balance at December 31, 2023
$1,464