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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plan Funded Status of Defined Benefit Plan (Pension Benefits)
Below is the reconciliation of the beginning and ending balances of benefit obligations, fair value of plan assets and the funded status of our defined benefit plans ("Pension Benefits").
 Pension Benefits

20232022
Change in benefit obligation:
Benefit obligation at beginning of year$2,634 $3,550 
Service cost15 23 
Interest cost116 78 
Actuarial gain (1)
(4)(928)
Benefits paid(126)(119)
Settlements(4)(24)
Settlement due to plan termination (2)
(246)— 
Acquisition— 202 
Foreign currency translation adjustments58 (148)
Benefit obligation at end of year2,443 2,634 
Change in plan assets:
Fair value of plan assets at beginning of year2,266 3,147 
Actual return on plan assets121 (850)
Employer contributions18 32 
Benefits paid(126)(119)
Settlements(4)(24)
Settlement due to plan termination (2)
(246)— 
Acquisition— 214 
Foreign currency translation adjustments51 (134)
Fair value of plan assets at end of year2,080 2,266 
Funded status - underfunded at end of year$(363)$(368)
Accumulated benefit obligation$2,399 $2,595 
(1)The actuarial gain in 2022 was primarily related to a change in the discount rate used to measure the benefit obligation for our plans.
(2)Plan termination relates to the termination of one of our fully funded frozen U.S. defined benefit plans that was initiated in April 2022.
Schedule of Amounts Recognized in the Consolidated Balance Sheets
The amounts recognized in the consolidated statements of financial position consist of the following at December 31:
 Pension Benefits

20232022
Noncurrent assets$78 $58 
Current liabilities(17)(15)
Noncurrent liabilities(424)(411)
Net amount recognized$(363)$(368)
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets
Information for the plans with ABOs and PBOs in excess of plan assets consist of the following at December 31:

Pension Benefits

20232022
Projected benefit obligation$1,410 $1,143 
Accumulated benefit obligation$1,366 $1,103 
Fair value of plan assets$968 $717 
Schedule of Projected Benefit Obligation in Excess of Plan Assets
Information for the plans with ABOs and PBOs in excess of plan assets consist of the following at December 31:

Pension Benefits

20232022
Projected benefit obligation$1,410 $1,143 
Accumulated benefit obligation$1,366 $1,103 
Fair value of plan assets$968 $717 
Schedule of Net Period Cost
The components of net periodic cost consist of the following:
Pension Benefits
202320222021
Service cost$15 $23 $27 
Interest cost116 78 64 
Expected return on plan assets(102)(114)(130)
Amortization of prior service credit
1 1 1 
Amortization of net actuarial loss19 27 40 
Curtailment / settlement loss (16)2 2 
Net periodic cost$33 $17 $4 
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations
Weighted average assumptions used to determine benefit obligations for these plans are as follows:
 Pension Benefits

20232022
Discount rate4.54 %4.89 %
Rate of compensation increase3.26 %3.30 %
Interest crediting rate3.98 %4.31 %
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Cost
Weighted average assumptions used to determine net periodic cost for these plans are as follows:
Pension Benefits
202320222021
Discount rate4.89 %2.15 %1.66 %
Expected long-term return on plan assets
5.05 %3.85 %4.07 %
Interest crediting rate4.31 %2.60 %2.60 %
Schedule of Accumulated Other Comprehensive Loss
The amount recorded before-tax in accumulated other comprehensive loss related to our defined benefit plans consists of the following at December 31:
 Pension Benefits

20232022
Net actuarial loss$333 $348 
Net prior service cost15 15 
Total$348 $363 
Schedule of Fair Values of the Assets in U.S. Plan
The table below presents the fair value of the plan assets at December 31:
20232022
Debt securities
Fixed income and cash investment funds$1,122 $1,482 
Equity securities
Global equity securities (1)
227 180 
U.S. equity securities (1)
157 102 
Insurance contracts103 100 
Real estate34 53 
Private equities35 37 
Other investments (2)
402 313 
Total plan assets$2,080 $2,266 
(1)Include direct investments and investment funds.
(2)Consists primarily of asset allocation fund investments.
Schedule of Expected Future Benefit Payments
The following table presents the expected benefit payments for Pension Benefits over the next 10 years. For funded Company sponsored plans, the benefit payments are made by the respective pension trust funds.
YearPension Benefits
2024$164 
2025127 
2026132 
2027135 
2028136 
2029-2033717