Employee Benefits (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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Schedule of Multi-employer Plans |
Contributions to the Company's multi-employer plans are expensed as incurred and were as follows: | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | | | Non-U.S. Plans | | Non-U.S. Plans | | Non-U.S. Plans | Contributions to multi-employer plans (1) | | $ | 5 | | | $ | 10 | | | $ | 5 | |
______________________________ (1)The plan information for both the Pensionskasse der Mitarbeiter der Hoechst-Gruppe VVaG and Pensionskasse der Wacker-Chemie GmbH VVaG plans is publicly available. The plans provide fixed, monthly retirement payments on the basis of the credits earned by the participating employees. To the extent that the plans are underfunded, future contributions to the plans may increase and may be used to fund retirement benefits for employees related to other employers. The Company does not consider either of its multi-employer plans individually significant.
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Schedule Of Estimated Future Benefit Payments |
The following benefit payments are expected to be paid: | | | | | | | | | | | | | | | | | Pension Benefits | | Other Post- retirement Benefits | Estimated future benefit payments: | | | | | Year 1 | | $ | 65 | | | $ | 9 | | Year 2 | | 64 | | | 8 | | Year 3 | | 64 | | | 6 | | Year 4 | | 65 | | | 4 | | Year 5 | | 64 | | | 4 | | Years 6 to 10 | | 321 | | | 16 | |
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Defined Benefit Plans |
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
Details of the changes in benefit obligations, plan assets and funded status of the Company's pension plans are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Change in benefit obligation | | | | | | | | | Benefit obligation, beginning of year | | $ | 673 | | | $ | 152 | | | $ | 748 | | | $ | 173 | | Benefit obligation assumed with acquisition | | — | | | 612 | | | — | | | 1 | | Service cost | | 1 | | | 3 | | | 3 | | | 2 | | Interest cost | | 14 | | | 7 | | | 11 | | | 1 | | Actuarial loss (gain) | | (121) | | | (188) | | | (35) | | | (9) | | Benefits paid | | (49) | | | (17) | | | (52) | | | (4) | | Plan amendments | | — | | | — | | | (2) | | | — | | Settlements | | — | | | (1) | | | — | | | (1) | | Foreign exchange effects | | — | | | (38) | | | — | | | (11) | | | | | | | | | | | Benefit obligation, end of year | | $ | 518 | | | $ | 530 | | | $ | 673 | | | $ | 152 | | | | | | | | | | | Change in plan assets | | | | | | | | | Fair value of plan assets, beginning of year | | $ | 562 | | | $ | 21 | | | $ | 563 | | | $ | 21 | | Plan assets assumed with acquisition | | — | | | 538 | | | — | | | — | | Actual return | | (97) | | | (145) | | | 52 | | | 1 | | Employer contribution | | 2 | | | 1 | | | 2 | | | 4 | | Benefits paid | | (49) | | | (17) | | | (52) | | | (4) | | Administrative expenses paid | | (3) | | | — | | | (3) | | | — | | Settlements | | — | | | (1) | | | — | | | (1) | | Foreign exchange effects | | — | | | (27) | | | — | | | — | | Fair value of plan assets, end of year | | $ | 415 | | | $ | 370 | | | $ | 562 | | | $ | 21 | | Funded status, end of year | | $ | (103) | | | $ | (160) | | | $ | (111) | | | $ | (131) | |
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Schedule of Amounts Recognized in Balance Sheet |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Amounts recognized in the consolidated balance sheet at December 31 | | | | | | | | | Noncurrent assets | | $ | — | | | $ | 63 | | | $ | — | | | $ | — | | Current liabilities | | (2) | | | (9) | | | (2) | | | (3) | | Noncurrent liabilities | | (101) | | | (214) | | | (109) | | | (128) | | Net amount recognized | | $ | (103) | | | $ | (160) | | | $ | (111) | | | $ | (131) | |
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Amounts recognized in accumulated other comprehensive income (loss) | | | | | | | | | Net loss (gain) | | $ | (30) | | | $ | (10) | | | $ | (43) | | | $ | 23 | | Prior service credit | | (2) | | | (4) | | | (2) | | | (4) | | | | | | | | | | | Total before tax (1) | | $ | (32) | | | $ | (14) | | | $ | (45) | | | $ | 19 | |
______________________________ (1)After-tax totals for pension benefits were $45 and $21 for 2022 and 2021, respectively, and are reflected in stockholders' equity as accumulated other comprehensive income (loss).
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Schedule Of Accumulated Benefit Obligations In Excess Of Plan Assets |
Pension plans with an accumulated benefit obligation in excess of plan assets at December 31 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Information for pension plans with an accumulated benefit obligation in excess of plan assets | | | | | | | | | Projected benefit obligation | | $ | (518) | | | $ | (223) | | | $ | (673) | | | $ | (130) | | Accumulated benefit obligation | | (518) | | | (221) | | | (673) | | | (128) | | Fair value of plan assets | | 415 | | | — | | | 562 | | | — | |
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Schedule Of Net Benefit Costs And Amounts Recognized In Other Comprehensive Income |
The following table provides the components of net periodic benefit costs, other changes in plan assets and benefit obligation recognized in other comprehensive income. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Components of net periodic benefit cost | | | | | | | | | | | | | Service cost | | $ | 1 | | | $ | 3 | | | $ | 3 | | | $ | 2 | | | $ | 3 | | | $ | 2 | | Administrative expenses | | 3 | | | — | | | 3 | | | — | | | 3 | | | — | | Interest cost | | 14 | | | 7 | | | 11 | | | 1 | | | 17 | | | 2 | | Expected return on plan assets | | (38) | | | (12) | | | (38) | | | (1) | | | (35) | | | (1) | | Net amortization | | — | | | 1 | | | — | | | 3 | | | — | | | 1 | | | | | | | | | | | | | | | Net periodic benefit cost (gain) | | $ | (20) | | | $ | (1) | | | $ | (21) | | | $ | 5 | | | $ | (12) | | | $ | 4 | | | | | | | | | | | | | | | Other changes in plan assets and benefit obligation recognized in other comprehensive income (OCI) | | | | | | | | | | | | | Net loss (gain) emerging | | $ | 13 | | | $ | (31) | | | $ | (49) | | | $ | (9) | | | $ | 22 | | | $ | 13 | | Prior service credit | | — | | | — | | | (2) | | | — | | | — | | | — | | | | | | | | | | | | | | | Amortization of net gain (loss) | | — | | | (1) | | | — | | | (2) | | | — | | | (1) | | Foreign exchange effects | | — | | | (1) | | | — | | | — | | | — | | | — | | Total recognized in OCI | | $ | 13 | | | $ | (33) | | | $ | (51) | | | $ | (11) | | | $ | 22 | | | $ | 12 | | Total net periodic benefit cost and OCI | | $ | (7) | | | $ | (34) | | | $ | (72) | | | $ | (6) | | | $ | 10 | | | $ | 16 | |
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Schedule Of Weighted Average Assumptions Used |
The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for the plans are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Weighted average assumptions used to determine benefit obligations at December 31 | | | | | | | | | | | | | Discount rate | | 4.9 | % | | 3.7 | % | | 2.6 | % | | 1.4 | % | | 2.1 | % | | 0.8 | % | Rate of compensation increase | | — | % | | 2.9 | % | | — | % | | 2.6 | % | | — | % | | 2.6 | % | Weighted average assumptions used to determine net periodic benefit costs for years ended December 31 | | | | | | | | | | | | | Discount rate for benefit obligations | | 2.5 | % | | 1.2 | % | | 2.1 | % | | 0.8 | % | | 3.0 | % | | 1.3 | % | Discount rate for service cost | | 2.8 | % | | 1.4 | % | | 2.4 | % | | 0.8 | % | | 3.2 | % | | 1.4 | % | Discount rate for interest cost | | 2.1 | % | | 1.2 | % | | 1.5 | % | | 0.8 | % | | 2.6 | % | | 1.6 | % | Expected return on plan assets | | 7.0 | % | | 2.6 | % | | 7.0 | % | | 4.0 | % | | 7.0 | % | | 4.0 | % | Rate of compensation increase | | — | % | | 2.8 | % | | — | % | | 2.6 | % | | — | % | | 2.6 | % |
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Schedule Of Fair Value Of Pension Plan Assets |
The investments in the collective trust and mutual funds are valued using a market approach based on the net asset value of units held. The fair values of the Company's plan assets at December 31, by asset category, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | | | U.S. Plans | | Non-U.S. Plans | | | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Cash and common stock: | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 7 | | | $ | — | | | $ | — | | | $ | 7 | | | | | | | | | | | | | | | | | | | | | Collective investment trust and mutual funds—Equity securities: | | | | | | | | | | | | | | | | | | Large-cap funds (1) | | 42 | | | 90 | | | — | | | 132 | | | — | | | 1 | | | — | | | 1 | | | Small-cap funds (2) | | — | | | 10 | | | — | | | 10 | | | — | | | — | | | — | | | — | | | International funds (3) | | 72 | | | 24 | | | — | | | 96 | | | — | | | 73 | | | — | | | 73 | | | Collective investment trust and mutual funds—Fixed income: | | | | | | | | | | | | | | | | | | Bond funds (4) | | 37 | | | 128 | | | — | | | 165 | | | — | | | 280 | | | — | | | 280 | | | Short-term investment funds | | — | | | 12 | | | — | | | 12 | | | — | | | — | | | — | | | — | | | Group insurance contract | | — | | | — | | | — | | | — | | | — | | | — | | | 9 | | | 9 | | | | | $ | 151 | | | $ | 264 | | | $ | — | | | $ | 415 | | | $ | 7 | | | $ | 354 | | | $ | 9 | | | $ | 370 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | | U.S. Plans | | Non-U.S. Plans | | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | Cash and common stock: | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 6 | | | $ | — | | | $ | — | | | $ | 6 | | | | | | | | | | | | | | | | | | | Collective investment trust and mutual funds—Equity securities: | | | | | | | | | | | | | | | | | Large-cap funds (1) | | 62 | | | 125 | | | — | | | 187 | | | — | | | 2 | | | — | | | 2 | | Small-cap funds (2) | | — | | | 14 | | | — | | | 14 | | | — | | | — | | | — | | | — | | International funds (3) | | 93 | | | 33 | | | — | | | 126 | | | — | | | 4 | | | — | | | 4 | | Collective investment trust and mutual funds—Fixed income: | | | | | | | | | | | | | | | | | Bond funds (4) | | 127 | | | 99 | | | — | | | 226 | | | — | | | 9 | | | — | | | 9 | | Short-term investment funds | | — | | | 9 | | | — | | | 9 | | | — | | | — | | | — | | | — | | | | $ | 282 | | | $ | 280 | | | $ | — | | | $ | 562 | | | $ | 6 | | | $ | 15 | | | $ | — | | | $ | 21 | |
______________________________ (1)Substantially all of the assets of these funds are invested in large-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. (2)Substantially all of the assets of these funds are invested in small-cap U.S. companies. The remainder of the assets of these funds is invested in cash reserves. (3)Substantially all of the assets of the U.S. Plans' funds are invested in international companies in developed markets (excluding the U.S.), and the remainder of the assets of these funds is invested in cash reserves. The assets of the non-U.S. Plans' funds are primarily invested in diversified global equities, real estate and private equities. (4)The assets of the U.S. Plans' funds represent investment grade bonds of U.S. issuers, including U.S. Treasury notes. The assets of the non-U.S. Plans represent fixed income funds that are primarily invested in international government bonds and mortgage funds.
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Other Postretirement Benefits Plan |
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
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Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
The following table provides a reconciliation of the benefit obligations of the Company's unfunded post-retirement healthcare plans. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Change in benefit obligation | | | | | | | | | Benefit obligation, beginning of year | | $ | 59 | | | $ | 3 | | | $ | 63 | | | $ | 4 | | Benefit obligation assumed with acquisition | | — | | | 1 | | | — | | | — | | Service cost | | — | | | — | | | 1 | | | — | | Interest cost | | 1 | | | — | | | 1 | | | — | | Actuarial loss (gain) | | (7) | | | (1) | | | (2) | | | (1) | | Benefits paid | | (7) | | | — | | | (8) | | | — | | Plan amendments | | — | | | — | | | 4 | | | — | | Benefit obligation, end of year | | $ | 46 | | | $ | 3 | | | $ | 59 | | | $ | 3 | | | | | | | | | | | Change in plan assets | | | | | | | | | Fair value of plan assets, beginning of year | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Employer contribution | | 7 | | | — | | | 8 | | | — | | | | | | | | | | | Benefits paid | | (7) | | | — | | | (8) | | | — | | Fair value of plan assets, end of year | | $ | — | | | $ | — | | | $ | — | | | $ | — | | Funded status, end of year | | $ | (46) | | | $ | (3) | | | $ | (59) | | | $ | (3) | |
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Schedule of Amounts Recognized in Balance Sheet |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Amounts recognized in the consolidated balance sheet at December 31 | | | | | | | | | Current liabilities | | $ | (8) | | | $ | (1) | | | $ | (8) | | | $ | — | | Noncurrent liabilities | | (38) | | | (2) | | | (51) | | | (3) | | Net amount recognized | | $ | (46) | | | $ | (3) | | | $ | (59) | | | $ | (3) | |
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Amounts recognized in accumulated other comprehensive income (loss) | | | | | | | | | Net gain | | $ | (9) | | | $ | (2) | | | $ | (2) | | | $ | (1) | | Prior service cost | | 3 | | | — | | | 4 | | | — | | Total before tax (1) | | $ | (6) | | | $ | (2) | | | $ | 2 | | | $ | (1) | |
______________________________ (1)After-tax totals for post-retirement healthcare benefits were a gain of $7 and a loss of $1 for 2022 and 2021, respectively, and are reflected in stockholders' equity as accumulated other comprehensive income (loss).
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Schedule Of Net Benefit Costs And Amounts Recognized In Other Comprehensive Income |
The following table provides the components of net periodic benefit costs, other changes in plan assets and benefit obligation recognized in other comprehensive income. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2022 | | 2021 | | 2020 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Components of net periodic benefit cost | | | | | | | | | | | | | Service cost | | $ | — | | | $ | — | | | $ | 1 | | | $ | — | | | $ | 1 | | | $ | — | | Interest cost | | 1 | | | — | | | 1 | | | — | | | 1 | | | — | | Net amortization | | 1 | | | — | | | — | | | — | | | — | | | — | | Net periodic benefit cost | | $ | 2 | | | $ | — | | | $ | 2 | | | $ | — | | | $ | 2 | | | $ | — | | | | | | | | | | | | | | | Other changes in plan assets and benefit obligation recognized in OCI | | | | | | | | | | | | | Net loss (gain) emerging | | $ | (7) | | | $ | (1) | | | $ | (2) | | | $ | (1) | | | $ | 3 | | | $ | — | | Prior service cost | | — | | | — | | | 4 | | | — | | | — | | | — | | | | | | | | | | | | | | | Amortization of prior service cost | | (1) | | | — | | | — | | | — | | | — | | | — | | Total recognized in OCI | | $ | (8) | | | $ | (1) | | | $ | 2 | | | $ | (1) | | | $ | 3 | | | $ | — | | Total net periodic benefit cost and OCI | | $ | (6) | | | $ | (1) | | | $ | 4 | | | $ | (1) | | | $ | 5 | | | $ | — | |
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Schedule Of Weighted Average Assumptions Used |
The weighted-average assumptions used to determine post-retirement healthcare plan obligations and net periodic benefit costs for the plans are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | | U.S. Plans | | Non-U.S. Plans | Weighted average assumptions used to determine benefit obligations at December 31 | | | | | | | | | | | | | Discount rate | | 4.7 | % | | 4.8 | % | | 2.2 | % | | 3.5 | % | | 1.5 | % | | 2.7 | % | Health care cost trend rate | | | | | | | | | | | | | - Initial rate | | 6.5 | % | | 5.5 | % | | 6.3 | % | | 5.6 | % | | 6.5 | % | | 5.6 | % | - Ultimate rate | | 4.8 | % | | 4.0 | % | | 4.5 | % | | 4.0 | % | | 4.5 | % | | 4.0 | % | - Years to ultimate | | 8 | | 18 | | 8 | | 19 | | 9 | | 20 | Weighted average assumptions used to determine net periodic benefit costs for years ended December 31 | | | | | | | | | | | | | Discount rate for benefit obligations | | 2.2 | % | | 3.0 | % | | 1.5 | % | | 2.7 | % | | 2.5 | % | | 3.2 | % | Discount rate for service cost | | 2.6 | % | | 3.0 | % | | 2.1 | % | | 2.7 | % | | 2.8 | % | | 3.2 | % | Discount rate for interest cost | | 1.5 | % | | 3.0 | % | | 0.9 | % | | 2.7 | % | | 2.2 | % | | 3.2 | % | Health care cost trend rate | | | | | | | | | | | | | - Initial rate | | 6.3 | % | | 5.6 | % | | 6.5 | % | | 5.6 | % | | 6.8 | % | | 5.7 | % | - Ultimate rate | | 4.5 | % | | 4.0 | % | | 4.5 | % | | 4.0 | % | | 4.5 | % | | 4.0 | % | - Years to ultimate | | 7 | | 18 | | 8 | | 19 | | 9 | | 20 |
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