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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Company's Pension Plans
The following table details information regarding the Company's pension plans:

(In millions)20222021
Change in Benefit Obligation
Benefit obligation at beginning of year$906 $3,224 
Service cost20 27 
Interest cost18 37 
Actuarial (gain) loss (1)
(271)(112)
Benefits paid(21)(106)
Curtailment, settlements and special termination benefits(7)(54)
Other, including expenses paid(38)(48)
Liabilities held for sale (2)
— (2,062)
Acquisitions (3)
153 — 
Benefit obligation at end of year$760 $906 
Change in Plan Assets
Fair value at beginning of year$591 $3,294 
Actual return on plan assets(170)67 
Company contributions16 47 
Benefits paid(21)(106)
Settlements(7)(54)
Other, including expenses paid(18)(34)
Assets held for sale (2)
— (2,623)
Acquisitions (3)
60 — 
Fair value of assets end of year$451 $591 
Funded status of plans$(309)$(315)
Amounts included in the balance sheet:
Other non-current assets$25 $43 
Accrued compensation and benefits(18)(10)
Post-employment and other benefit liabilities(316)(348)
Net amount recognized$(309)$(315)

(1) Reflects the impact of foreign exchange translation, primarily for plans in the United Kingdom, Canada and Germany.
(2) See Note 20 - Divestitures for additional information.
(3) See Note 19 - Acquisitions for additional information.
Schedule of Amounts Recognized in Accumulated Other Comprehensive (Income) Loss
The pretax amounts recognized in Accumulated other comprehensive (income) loss are:

(In millions)Prior Service Cost (Benefit)Net Actuarial (Gain) LossTotal
As of December 31, 2021$15 $595 $610 
Current year changes recorded in AOCI(2)(476)(478)
Amortization reclassified to earnings(2)(9)(11)
Settlement/curtailment reclassified to earnings— (2)(2)
Currency translation and other— (15)(15)
As of December 31, 2022$11 $93 $104 
Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with accumulated benefit obligations in excess of plan assets:

(In millions)20222021
Projected benefit obligation$564 $405 
Accumulated benefit obligation$538 $374 
Fair value of plan assets$230 $47 
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
Information for pension plans with projected benefit obligations in excess of plan assets:

(In millions)20222021
Projected benefit obligation$564 $405 
Accumulated benefit obligation$538 $374 
Fair value of plan assets$230 $47 
Schedule of Net Periodic Pension Expense (Benefit) for the Defined Benefit Pension Plans
The components of net periodic pension expense (benefit) for the defined benefit pension plans are as follows:

(In millions)
2022 (1)
20212020
Service cost$20 $27 $29 
Interest cost18 37 52 
Expected return on plan assets(27)(145)(140)
Amortization of prior service cost
Recognized actuarial net loss32 22 
Net settlement, curtailment and special termination benefit loss13 
Net periodic pension expense (benefit)$24 $(34)$(31)
Defined Benefit Plan, Assumptions
Major assumptions used in determining the benefit obligation and net cost for pension plans are presented in the following table as weighted-averages:

Benefit ObligationNet Costs
20222021202220212020
Discount rate
Projected benefit obligation4.2%2.1 %2.1%1.4 %2.0 %
Interest cost (1)
—%— %1.9%1.2 %1.8 %
Service cost (1)
—%— %2.8%2.1 %1.8 %
Salary scale2.4%3.1 %3.1%2.8 %3.3 %
Expected return on plan assets—%— %5.0%4.6 %4.9 %
(1) The 2022 and 2021 discount rates used to measure the service cost and interest cost applies to the significant plans of the Company. The projected benefit obligation discount rate is used for the service cost and interest cost measurements for non-significant plans.
Schedule of Fair Values of Pension Plan Assets by Asset Category
The fair values of pension plan assets by asset category are as follows:

Quoted Prices in Active Markets for Identical AssetsSignificant Observable InputsSignificant Unobservable InputsNot Subject
(In millions)(Level 1)(Level 2)(Level 3)to LevelingTotal
Asset Category
Public Equities:
Global Equities$— $27 $— $— $27 
Global Equity Funds at net asset value (1) (2)
— — — 119 119 
Fixed Income Securities:
Governments— 35 — 24 59 
Corporate Bonds— 45 — — 45 
Fixed Income Securities (2)
— 11 — 156 167 
Real Estate (3)
— — — 
Other (4) (5)
— — — 
Cash & Cash Equivalents (2)(6)
— 25 — 26 
Subtotal$ $152 $ $300 $452 
Other assets and liabilities (7)
(1)
Total as of December 31, 2022
$451 
Quoted Prices in Active Markets for Identical AssetsSignificant Observable InputsSignificant Unobservable InputsNot Subject
(In millions)(Level 1)(Level 2)(Level 3)to LevelingTotal
Asset Category
Public Equities:
Global Equities$— $29 $— $— $29 
Global Equity Funds at net asset value (1) (2)
— — — 208 208 
Fixed Income Securities:
Governments— 26 — — 26 
Corporate Bonds— 103 — — 103 
Fixed Income Securities (2)
— — — 189 189 
Real Estate (3)
— — — 
Other (4)(5)
— — — 
Cash & Cash Equivalents (2)(6)
— — 10 
Subtotal$ $179 $ $400 $579 
Other assets and liabilities (7)
12 
Total as of December 31, 2021 (8)
$591 
(1) Represents commingled funds that invest primarily in common stocks.
(2) In accordance with ASU 2015-07, Fair Value Measurement (Topic 820), certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension plan assets.
(3) Represents investments in real estate, including commingled funds and directly held properties.
(4) Represents insurance contracts and global balanced risk commingled funds consisting mainly of equity, bonds and some commodities.
(5) Includes fixed income repurchase agreements entered into for purposes of pension asset and liability matching.
(6) Represents short-term commercial paper, bonds and other cash or cash-like instruments.
(7) Represents trust receivables and payables that are not leveled.
(8) Chubb plan assets for 2021, totaling $2.6 billion are not included within this table, as the business was reclassified as held for sale.