Retirement Plans and Other Retiree Benefits (Tables)

12 Months Ended

Dec. 31, 2023

The target asset allocation for the Company’s defined benefit plans is as follows:


	United States		International
Asset Category
Equity securities	26	%	21	%
Fixed income securities	60	%	63	%
Other investments	14	%	16	%
Total	100	%	100	%

At December 31, 2023, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:


	Level of Valuation Input	Pension Plans
		United States		International

Cash and cash equivalents	Level 1	$	206	$	14
U.S. common stocks	Level 1	—		2
International common stocks	Level 1	—		20
Pooled funds(1)	Level 1	20		113
Fixed income securities(2)	Level 2	710		71
Guaranteed investment contracts(3)	Level 2	—		34
		936		254
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds		315		55
Fixed income funds(5)		99		219
Hedge funds(6)		—		7
Multi-asset funds(7)		40		1
Real estate funds(8)		—		30
		454		312

Other assets and liabilities, net(9)		(30)		—
Total Investments		$	1,360	$	566

At December 31, 2022, the allocation of the Company’s plan assets and the level of valuation input, as applicable, for each major asset category were as follows:


	Level of Valuation Input	Pension Plans
		United States		International

Cash and cash equivalents	Level 1	$	30	$	8
U.S. common stocks	Level 1	—		2
International common stocks	Level 1	—		13
Pooled funds(1)	Level 1	38		95
Fixed income securities(2)	Level 2	676		62
Guaranteed investment contracts(3)	Level 2	—		34
		744		214
Investments valued using NAV per share(4)
Domestic, developed and emerging markets equity funds		260		61
Fixed income funds(5)		337		202
Hedge funds(6)		—		7
Multi-asset funds(7)		24		1
Real estate funds(8)		—		31
		621		302

Other assets and liabilities, net(9)		(2)		—
Total Investments		$	1,363	$	516

_______

(1)Pooled funds primarily invest in U.S. and foreign equity securities, debt and money market securities.

(2)The fixed income securities are traded over-the-counter and certain of these securities lack daily pricing or liquidity and as such are classified as Level 2. As of December 31, 2023, approximately 30% and, as of December 31, 2022, approximately 40% of the U.S. pension plan fixed income portfolio was invested in U.S. treasury or agency securities, with the remainder invested in other government bonds and corporate bonds.

(3)The guaranteed investment contracts (“GICs”) represent contracts with insurance companies measured at the cash surrender value of each contract. The Level 2 valuation reflects that the cash surrender value is based principally on a referenced pool of investment funds with active redemption.

(4)Investments that are measured at fair value using net asset value (“NAV”) per share as a practical expedient have not been classified in the fair value hierarchy. The NAV is based on the value of the underlying investments owned, minus its liabilities, divided by the number of shares outstanding. There are no unfunded commitments related to these investments. Redemption notice period primarily ranges from 0-3 months and redemption frequency windows range from daily to quarterly.

(5)Fixed income funds primarily invest in U.S. government and investment grade corporate bonds.

(6)Consists of investments in underlying hedge fund strategies that are primarily implemented through the use of long and short equity and fixed income securities and derivative instruments such as futures and options.

(7)Multi-asset funds primarily invest across a variety of asset classes, including global stocks and bonds, as well as alternative strategies.

(8)Real estate is valued using the NAV per unit of funds that are invested in real estate property. The investment value of the real estate property is determined quarterly using independent market appraisals as determined by the investment manager.

(9)This category primarily includes unsettled trades for investments purchased and sold and interest receivables.

Schedule of Defined Benefit Plans Disclosures

The Company uses a December 31 measurement date for its defined benefit and other retiree benefit plans. Summarized information for the Company’s defined benefit and other retiree benefit plans is as follows:


	Pension Plans								Other Retiree Benefit Plans
	2023		2022		2023		2022		2023		2022
	United States				International
Change in Benefit Obligations
Benefit obligations at beginning of year	$	1,673	$	2,207	$	675	$	937	$	658	$	1,080
Service cost	—		—		15		15		7		18
Interest cost	91		64		33		21		38		36
Participants’ contributions	—		—		5		5		—		—
Plan amendments	—		—		—		2		(33)		(175)
Actuarial loss (gain)	36		(430)		65		(190)		38		(250)
Foreign exchange impact	—		—		29		(56)		4		2
Termination benefits	3		14		2		—		—		1
Curtailments and settlements	—		(4)		(6)		(27)		—		—
Benefit payments	(148)		(178)		(42)		(32)		(47)		(54)
ERISA litigation matter	267		—		—		—		—		—
Benefit obligations at end of year	$	1,922	$	1,673	$	776	$	675	$	665	$	658
Change in Plan Assets
Fair value of plan assets at beginning of year	$	1,363	$	1,834	$	516	$	723	$	—	$	—
Actual return on plan assets	115		(321)		26		(139)		—		—
Company contributions	30		32		39		35		47		54
Participants’ contributions	—		—		5		5		—		—
Foreign exchange impact	—		—		27		(49)		—		—
Settlements and acquisitions	—		(4)		(5)		(27)		—		—
Benefit payments	(148)		(178)		(42)		(32)		(47)		(54)

Fair value of plan assets at end of year	$	1,360	$	1,363	$	566	$	516	$	—	$	—
Funded Status
Benefit obligations at end of year	$	1,922	$	1,673	$	776	$	675	$	665	$	658
Fair value of plan assets at end of year	1,360		1,363		566		516		—		—
Net amount recognized	$	(562)	$	(310)	$	(210)	$	(159)	$	(665)	$	(658)
Amounts Recognized in Balance Sheet
Noncurrent assets	$	1	$	33	$	48	$	51	$	—	$	—
Current liabilities	(28)		(25)		(15)		(14)		(53)		(43)
Noncurrent liabilities	(535)		(318)		(243)		(196)		(612)		(615)
Net amount recognized	$	(562)	$	(310)	$	(210)	$	(159)	$	(665)	$	(658)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
Actuarial loss	$	767	$	811	$	177	$	137	$	128	$	92
Transition/prior service cost(credit)	—		—		9		10		(180)		(168)
	$	767	$	811	$	186	$	147	$	(52)	$	(76)
Accumulated benefit obligation	$	1,907	$	1,656	$	719	$	616	$	—	$	—


	Pension Plans								Other Retiree Benefit Plans
	2023		2022		2023		2022		2023		2022
	United States				International
Weighted-Average Assumptions Used to Determine Benefit Obligations
Discount rate	5.40	%	5.66	%	4.35	%	4.75	%	5.37	%	5.67	%
Expected long-term rate of return on plan assets	6.50	%	6.25	%	4.66	%	4.66	%	N/A		N/A
Long-term rate of compensation increase	3.50	%	3.50	%	3.19	%	3.22	%	—	%	3.50	%
ESOP growth rate	—	%	—	%	—	%	—	%	6.00	%	6.00	%
Medical cost trend rate of increase	—	%	—	%	—	%	—	%	6.00	%	6.25	%
Interest Crediting Rate	4.99	%	5.21	%	1.13	%	2.28	%	—	%	—	%

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Pension plans with projected benefit obligations in excess of plan assets and plans with accumulated benefit obligations in excess of plan assets as of December 31 consisted of the following:



	2023		2022
Benefit Obligation Exceeds Fair Value of Plan Assets
Projected benefit obligation	$	2,352	$	657
Fair value of plan assets	1,532		108

Accumulated benefit obligation	2,204		540
Fair value of plan assets	1,428		20

Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 31 consisted of the following:



	2023		2022
Benefit Obligation Exceeds Fair Value of Plan Assets
Accumulated postretirement benefit obligation	$	665	$	658
Fair value of plan assets	—		—

Schedule of Net Benefit Costs

Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:


	Pension Plans																		Other Retiree Benefit Plans
	2023			2022			2021			2023			2022			2021			2023			2022			2021
	United States									International
Components of Net Periodic Benefit Cost
Service cost	$	—		$	—		$	—		$	15		$	15		$	19		$	7		$	18		$	26
Interest cost	91			64			61			33			21			20			38			36			35

Expected return on plan assets	(79)			(101)			(106)			(25)			(21)			(20)			—			—			—
Amortization of transition and prior service costs (credits)	—			—			—			1			1			1			(20)			(6)			—
Amortization of actuarial loss	43			46			47			5			7			11			1			14			23
Net periodic benefit cost	$	55		$	9		$	2		$	29		$	23		$	31		$	26		$	62		$	84
Other postretirement charges	3			13			(3)			2			4			1			—			2			—
ERISA litigation matter	267			—			—			—			—			—			—			—			—
Total pension cost	$	325		$	22		$	(1)		$	31		$	27		$	32		$	26		$	64		$	84
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	5.66		%	2.98		%	2.65		%	4.75		%	2.10		%	1.61		%	5.67		%	3.06		%	2.88		%
Expected long-term rate of return on plan assets	6.25		%	5.70		%	5.70		%	4.66		%	2.72		%	2.93		%	N/A			N/A			5.70		%
Long-term rate of compensation increase	3.50		%	3.50		%	3.50		%	3.22		%	2.89		%	2.62		%	—		%	—		%	—		%
ESOP growth rate	—		%	—		%	—		%	—		%	—		%	—		%	6.00		%	6.00		%	10.00		%
Medical cost trend rate of increase	—		%	—		%	—		%	—		%	—		%	—		%	6.25		%	6.00		%	6.00		%
Interest Crediting Rate	5.21		%	2.82		%	2.48		%	2.28		%	0.84		%	0.83		%	—		%	—		%	—		%

Schedule of Expected Benefit Payments

Total benefit payments expected to be paid to participants in both funded and unfunded plans are estimated as follows:


	Pension Plans
Years Ended December 31,	United States		International		Other Retiree Benefit Plans		Total
2024	$	384	$	46	$	53	$	483
2025	142		41		54		237
2026	146		45		54		245
2027	144		44		54		242
2028	144		48		53		245
2029-2033	667		258		261		1,186