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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Change in Benefit Obligations
The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.
Pension BenefitsPostretirement Benefits
2022202120222021
Change in benefit obligation:
Benefit obligation, beginning of year$4,909 $5,162 $276 $322 
Service cost— — 1 1 
Interest cost150 145 8 8 
Actuarial gain(1,089)(45)(29)(18)
Benefits paid(309)(320)(43)(46)
Settlements paid— (33)— — 
Participants’ contributions— — 6 5 
Retiree Medicare drug subsidy— — 3 4 
Benefit obligation, end of year$3,661 $4,909 $222 $276 
Change in Plan Assets
The following table sets forth the change in plan assets for our pension and postretirement benefit plans.
Pension BenefitsPostretirement Benefits
2022202120222021
Change in plan assets:
Fair value of plan assets, beginning of year$3,191 $3,347 $— $— 
Actual (loss) return on plan assets(592)116 — — 
Employer contributions73 81 34 37 
Benefits paid(309)(320)(43)(46)
Settlements paid— (33)— — 
Participants’ contributions— — 6 5 
Retiree Medicare drug subsidy— — 3 4 
Fair value of plan assets, end of year$2,363 $3,191 $— $— 
Funded Status and Amounts Recognized on Consolidated Balance Sheets
The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:
Pension BenefitsPostretirement Benefits
At December 31,2022202120222021
Funded status at end of year$(1,298)$(1,718)$(222)$(276)
Amounts recognized on the Consolidated Balance Sheets:
Other assets$— $7 $— $— 
Current liabilities(73)(73)(34)(35)
Noncurrent liabilities(1,225)(1,652)(188)(241)
Net amounts recognized$(1,298)$(1,718)$(222)$(276)
Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
Pension BenefitsPostretirement Benefits
At December 31,2022202120222021
Net actuarial (loss) gain$(1,646)$(2,068)$157 $143 
Net prior service cost(1)(1)— — 
Share of equity investee— (1)— — 
(1,647)(2,070)157 143 
Deferred income taxes 438 541 (17)(14)
Net amount recognized in accumulated other
comprehensive income (loss)
$(1,209)$(1,529)$140 $129 
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets
Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.
At December 31,20222021
Projected and accumulated benefit obligation$3,661 $4,908 
Fair value of plan assets$2,363 $3,184 
Components of Net Periodic Benefit Cost
The following tables present the components of net periodic benefit cost and amounts recognized in other comprehensive income (loss).
Pension BenefitsPostretirement Benefits
Year Ended December 31,202220212020202220212020
Components of net periodic cost:
Service cost$— $— $30 $1 $1 $2 
Interest cost150 145 164 8 8 11 
Expected return on plan assets(172)(188)(194)— — — 
Amortization of actuarial losses (gains)97 93 103 (15)(15)(15)
Amortization of prior service cost — — 2 — — 1 
Settlements (a)
— 10 — — — — 
Net periodic cost (b)
$75 $60 $105 $(6)$(6)$(1)
(a) Reflects the accelerated recognition of a portion of the unamortized actuarial losses due to the volume of lump sum benefit payments in one of our pension plans.
(b) Includes amounts reflected in net earnings from discontinued operations of $3 million for each of the years ended December 31, 2022 and 2021 and $5 million for the year ended December 31, 2020.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Pension BenefitsPostretirement Benefits
Year Ended December 31,202220212020202220212020
Other comprehensive income (loss):
Actuarial (loss) gain$325 $(27)$(173)$29 $18 $8 
Share of equity investee1 1 — — — — 
Curtailment gain— — 79 — — — 
Settlements— 10 — — — — 
Amortization of actuarial losses (gains) 97 93 103 (15)(15)(15)
Amortization of prior service cost — — 2 — — 1 
423 77 11 14 3 (6)
Deferred income taxes(103)(19)(3)(3)(1)1 
Recognized in other comprehensive income
   (loss), net of tax		$320 $58 $8 $11 $2 $(5)
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs
Pension BenefitsPostretirement Benefits
202220212020202220212020
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate5.9 %3.2 %2.9 %6.0 %3.0 %2.6 %
Rate of compensation increase— %— %— %N/AN/AN/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate3.2 %2.9 %3.4 %3.0 %2.6 %3.3 %
Expected long-term return on plan assets5.6 %5.9 %6.4 %N/AN/AN/A
Cash balance interest crediting rate5.0 %5.0 %5.0 %N/AN/AN/A
Rate of compensation increase— %— %3.0 %N/AN/AN/A
N/A - not applicable
Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits
The following additional assumptions were used in accounting for postretirement benefits.
20222021
Projected health care cost trend rate (pre-65)6.8 %7.0 %
Projected health care cost trend rate (post-65)6.8 %7.0 %
Ultimate trend rate5.0 %5.0 %
Year ultimate trend rate is achieved 20302030
Fair Value of Pension Plan Assets
The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2022 and 2021. These assets have been categorized according to the three-level fair value hierarchy established by the FASB which prioritizes the inputs used in measuring fair value. See Note 13 for a description of the levels within this hierarchy. There are no investments categorized as Level 3.
At December 31, 2022Level 1Level 2Total
Cash and cash equivalents (a)
$— $3 $3 
Fixed income securities:
U.S. treasury securities108 — 108 
Government-related securities— 133 133 
Corporate bonds (c)
— 1,144 1,144 
Mortgage-backed and asset-backed securities— 101 101 
Equity securities:
U.S. large capitalization48 — 48 
U.S. small capitalization63 — 63 
Total assets in fair value hierarchy$219 $1,381 $1,600 
Common collective funds measured at net asset value (d) (e)
660 
Limited partnerships measured at net asset value (d)
11 
Mutual funds measured at net asset value (d)
92 
Investments, at fair value$2,363 
At December 31, 2021Level 1Level 2Total
Cash and cash equivalents (a) (b)
$83 $5 $88 
Fixed income securities:
U.S. treasury securities164 — 164 
Government-related securities— 175 175 
Corporate bonds (c)
— 1,448 1,448 
Mortgage-backed and asset-backed securities— 76 76 
Equity securities:
U.S. large capitalization72 — 72 
U.S. small capitalization81 — 81 
Other— 14 14 
Total assets in fair value hierarchy$400 $1,718 $2,118 
Common collective funds measured at net asset value (d) (e)
1,013 
Limited partnerships measured at net asset value (d)
18 
Mutual funds measured at net asset value (d)
42 
Investments, at fair value$3,191 
(a)  Assets categorized as Level 2 reflect investments in money market funds.
(b) On January 3, 2022, the trust that held the assets of the Viacom pension plan was merged into the trust that holds the assets of the remainder of the Company’s' domestic plans. As part of this merger, certain of the transferred assets were liquidated, which resulted in a higher level of cash and cash equivalents at December 31, 2021.
(c)  Securities of diverse sectors and industries, substantially all investment grade.
(d)  In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
(e)  Underlying investments consist mainly of U.S. large capitalization and international equity securities.
Estimated Future Benefit Payments
Estimated future benefit payments are as follows: 
202320242025202620272028-2032
Pension$313 $311 $311 $309 $305 $1,421 
Postretirement$35 $32 $29 $27 $24 $87 
Retiree Medicare drug subsidy$3 $3 $3 $3 $3 $14 
Participation in Multi-employer Defined Benefit Pension Plan
The table below presents information concerning our participation in multiemployer defined benefit pension plans.
Employer Identification Number/Pension Plan NumberPension
Protection Act		Company ContributionsExpiration Date of Collective Bargaining Agreement
Zone Status (a)
Pension Plan20222021202220212020
AFTRA Retirement Plan (b)
13-6414972-001GreenGreen$16 $17 $13 6/30/2024
Directors Guild of America - Producer (b)
95-2892780-001GreenGreen19 23 16 6/30/2023
Producer-Writers Guild of America95-2216351-001GreenGreen30 26 22 5/1/2023
Screen Actors Guild - Producers95-2110997-001GreenGreen30 45 24 6/30/2023
Motion Picture Industry95-1810805-001GreenGreen63 66 35 (c)
I.A.T.S.E. Local No. 33 Pension Trust Fund 95-6377503-001GreenGreen5 10 3 3/31/2023
Other Plans14 16 7 
Total contributions$177 $203 $120 
(a) The zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2022 and 2021. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan which has a plan year ending November 30.
(b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan.
(c) The expiration dates range from January 15, 2022 through December 1, 2024.