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Retirement Plans and Profit Sharing Arrangements (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of components of net periodic benefit cost
All components of the net periodic benefit cost are recorded in General and administrative expense and were as follows:
Years Ended December 31,
202220212020
(in millions)
Service cost$43 $45 $45 
Interest cost39 21 29 
Expected return on plan assets(70)(57)(55)
Amortization of prior service credits(1)(2)(2)
Amortization of net loss18 23 15 
Other3 5 7 
Net periodic benefit cost$32 $35 $39 
Reconciliation of changes in benefit obligation
The following table provides a reconciliation of changes in the benefit obligation:
Pension PlansOther Postretirement Plans
2022202120222021
(in millions)
Benefit obligation at January 1$1,815 $1,271 $13 $14 
Service cost43 45 — — 
Interest cost39 21 — — 
Plan change— 7 — — 
Benefits paid(21)(12)(1)(1)
Actuarial (gain) loss(520)16 (1)— 
Acquisitions— 498 — — 
Settlements(27)(27)— — 
Foreign currency rate changes(73)(4)— — 
Benefit obligation at December 31$1,256 $1,815 $11 $13 
Reconciliation of changes in fair value of assets
The following table provides a reconciliation of changes in the fair value of assets:
Pension Plans
20222021
(in millions)
Fair value of plan assets, January 1$1,583 $905 
Actual return on plan assets(365)121 
Employer contributions56 14 
Benefits paid(21)(12)
Acquisitions— 586 
Settlements(27)(27)
Foreign currency rate changes(84)(4)
Fair value of plan assets, December 31$1,142 $1,583 
Schedule of amounts recognized in Consolidated Balance Sheets The following table provides the amounts recognized in the Consolidated Balance Sheets as of December 31, which equal the funded status of the plans:
Pension PlansOther Postretirement Plans
2022202120222021
(in millions)
Benefit liability$(215)$(339)$(11)$(13)
Benefit asset101 107 — — 
Net amount recognized$(114)$(232)$(11)$(13)
Schedule of pension plans with benefit obligations in excess of plan assets The following table provides information for pension plans with benefit obligations in excess of plan assets:
December 31,
20222021
(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation$874 $1,769 
Fair value of plan assets688 1,583 
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation$903 $1,815 
Fair value of plan assets688 1,583 
Schedule of weighted average assumptions used to determine benefit obligations and net periodic benefit cost of pension plans
The weighted average assumptions used to determine benefit obligations were as follows:
Pension PlansOther Postretirement Plans
2022202120222021
Discount rates5.30 %2.46 %5.41 %2.01 %
Rates of increase in compensation levels3.72 3.72 N/AN/A
Interest crediting rates for cash balance plans5.00 5.00 N/AN/A
N/A  Not Applicable
The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:
202220212020
Discount rates2.46 %2.33 %2.97 %
Rates of increase in compensation levels3.69 5.21 4.01 
Expected long-term rates of return on assets4.82 6.58 7.14 
Interest crediting rates for cash balance plans5.00 5.00 5.00 
Schedule of pension plan assets measured at fair value on a recurring basis
The following tables present the Company’s pension plans assets measured at fair value on a recurring basis:
Asset CategoryDecember 31, 2022
Level 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$76 $6 $— $82 
Registered investment companies80 — — 80 
Insurance contracts— — 19 19 
Cash equivalents at NAV6 
(1)
Collective investment funds at NAV758 
(1)
Real estate investment trusts at NAV29 
(1)
Hedge funds at NAV16 
(1)
Pooled pension funds at NAV152 
(1)
Total$156 $6 $19 $1,142 
December 31, 2021
Asset CategoryLevel 1Level 2Level 3Total
(in millions)
Equity securities:
U.S. small cap stocks$102 $— $— $102 
Non-U.S. large cap stocks41 — — 41 
Debt securities:
U.S. investment grade bonds45 21 — 66 
Non-U.S. investment grade bonds17 — — 17 
Insurance contracts— — 41 41 
Cash equivalents at NAV 20 
(1)
Collective investment funds at NAV 984 
(1)
Real estate investment trusts at NAV24 
(1)
Hedge funds at NAV62 
(1)
Pooled pension funds at NAV 226 
(1)
Total $205 $21 $41 $1,583 
(1) Amounts are comprised of certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.
Schedule of expected pension plan benefit payments to retirees
The Company’s pension plans expect to make benefit payments to retirees as follows:
Pension PlansOther
Postretirement Plans
(in millions)
2023$77 $2 
202480 1 
202579 1 
202680 1 
202784 1 
2028-2032465 5