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Retirement Plans and Other Retiree Benefits (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Allocation of Plan Assets The target asset allocation for the Company’s defined benefit plans is as follows:
  United StatesInternational
Asset Category
Equity securities26 %21 %
Fixed income securities60 %63 %
Other investments14 %16 %
Total100 %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 StatesInternational
    
Cash and cash equivalentsLevel 1$206 $14 
U.S. common stocksLevel 1— 
International common stocksLevel 1— 20 
Pooled funds(1)
Level 120 113 
Fixed income securities(2)
Level 2710 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)
  — 
Multi-asset funds(7)
  40 
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 StatesInternational
   
Cash and cash equivalentsLevel 1$30 $
U.S. common stocksLevel 1— 
International common stocksLevel 1— 13 
Pooled funds(1)
Level 138 95 
Fixed income securities(2)
Level 2676 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)
  — 
Multi-asset funds(7)
  24 
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 PlansOther Retiree Benefit Plans
 202320222023202220232022
  United StatesInternational  
Change in Benefit Obligations      
Benefit obligations at beginning of year$1,673 $2,207 $675 $937 $658 $1,080 
Service cost— — 15 15 18 
Interest cost91 64 33 21 38 36 
Participants’ contributions— — — — 
Plan amendments— — — (33)(175)
Actuarial loss (gain)36 (430)65 (190)38 (250)
Foreign exchange impact— — 29 (56)
Termination benefits14 — — 
Curtailments and settlements— (4)(6)(27)— — 
Benefit payments(148)(178)(42)(32)(47)(54)
ERISA litigation matter267 — — — — — 
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 assets115 (321)26 (139)— — 
Company contributions30 32 39 35 47 54 
Participants’ contributions— — — — 
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 $658 
Fair value of plan assets at end of year1,360 1,363 566 516 — — 
Net amount recognized$(562)$(310)$(210)$(159)$(665)$(658)
Amounts Recognized in Balance Sheet    
Noncurrent assets$$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)— — 10 (180)(168)
  $767 $811 $186 $147 $(52)$(76)
Accumulated benefit obligation$1,907 $1,656 $719 $616 $— $— 
  Pension PlansOther Retiree Benefit Plans
  202320222023202220232022
  United StatesInternational  
Weighted-Average Assumptions Used to Determine Benefit Obligations      
Discount rate5.40 %5.66 %4.35 %4.75 %5.37 %5.67 %
Expected long-term rate of return on plan assets6.50 %6.25 %4.66 %4.66 %N/AN/A
Long-term rate of compensation increase3.50 %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 Rate4.99 %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:
  20232022
Benefit Obligation Exceeds Fair Value of Plan Assets  
Projected benefit obligation$2,352 $657 
Fair value of plan assets1,532 108 
Accumulated benefit obligation2,204 540 
Fair value of plan assets1,428 20 

Other Retiree Benefit plans with accumulated postretirement benefit obligation in excess of plan assets as of December 31 consisted of the following:
  20232022
Benefit Obligation Exceeds Fair Value of Plan Assets  
Accumulated postretirement benefit obligation$665 $658 
Fair value of plan assets— — 
Schedule of Net Benefit Costs
Summarized information regarding the net periodic benefit costs for the Company’s defined benefit and other retiree benefit plans is as follows:
  Pension PlansOther Retiree Benefit Plans
  202320222021202320222021202320222021
  United StatesInternational   
Components of Net Periodic Benefit Cost         
Service cost$— $— $— $15 $15 $19 $$18 $26 
Interest cost91 64 61 33 21 20 38 36 35 
Expected return on plan assets(79)(101)(106)(25)(21)(20)— — — 
Amortization of transition and prior service costs (credits)— — — (20)(6)— 
Amortization of actuarial loss43 46 47 11 14 23 
Net periodic benefit cost$55 $$$29 $23 $31 $26 $62 $84 
Other postretirement charges13 (3)— — 
ERISA litigation matter267— — — — — — — — 
Total pension cost$325 $22 $(1)$31 $27 $32 $26 $64 $84 
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost         
Discount rate5.66 %2.98 %2.65 %

4.75 %2.10 %1.61 %5.67 %3.06 %2.88 %
Expected long-term rate of return on plan assets6.25 %5.70 %5.70 %4.66 %2.72 %2.93 %N/AN/A5.70 %
Long-term rate of compensation increase3.50 %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 Rate5.21 %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 StatesInternationalOther Retiree Benefit PlansTotal
2024$384 $46 $53 $483 
2025142 41 54 237 
2026146 45 54 245 
2027144 44 54 242 
2028144 48 53 245 
2029-2033667 258 261 1,186