Retirement Plans and Profit Sharing Arrangements (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
	(in millions)
Service cost	$	29	$	43	$	45
Interest cost	65		39		21
Expected return on plan assets	(76)		(70)		(57)
Amortization of prior service credits	(1)		(1)		(2)
Amortization of net loss	—		18		23
Other	3		3		5
Net periodic benefit cost	$	20	$	32	$	35

Reconciliation of changes in benefit obligation

The following table provides a reconciliation of changes in the benefit obligation:

	Pension Plans				Other Postretirement Plans
	2023		2022		2023		2022
	(in millions)
Benefit obligation at January 1	$	1,256	$	1,815	$	11	$	13
Service cost	29		43		—		—
Interest cost	65		39		1		—
Benefits paid	(23)		(21)		(1)		(1)
Actuarial (gain) loss	52		(520)		—		(1)
Settlements	(45)		(27)		—		—
Foreign currency rate changes	21		(73)		—		—
Benefit obligation at December 31	$	1,355	$	1,256	$	11	$	11

Reconciliation of changes in fair value of assets

The following table provides a reconciliation of changes in the fair value of assets:

	Pension Plans
	2023		2022
	(in millions)
Fair value of plan assets, January 1	$	1,142	$	1,583
Actual return on plan assets	136		(365)
Employer contributions	56		56
Benefits paid	(23)		(21)
Settlements	(45)		(27)
Foreign currency rate changes	26		(84)
Fair value of plan assets, December 31	$	1,292	$	1,142

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 Plans				Other Postretirement Plans
	2023		2022		2023		2022
	(in millions)
Benefit liability	$	(169)	$	(215)	$	(11)	$	(11)
Benefit asset	106		101		—		—
Net amount recognized	$	(63)	$	(114)	$	(11)	$	(11)

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,
	2023		2022
	(in millions)
Pension plans with accumulated benefit obligations in excess of plan assets
Accumulated benefit obligation	$	945	$	874
Fair value of plan assets	803		688
Pension plans with projected benefit obligations in excess of plan assets
Projected benefit obligation	$	972	$	903
Fair value of plan assets	803		688

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 Plans				Other Postretirement Plans
	2023		2022		2023		2022
Discount rates	4.98	%	5.30	%	5.07	%	5.41	%
Rates of increase in compensation levels	3.64		3.72		N/A		N/A
Interest crediting rates for cash balance plans	5.00		5.00		N/A		N/A

N/A  Not Applicable

The weighted average assumptions used to determine net periodic benefit cost of pension plans were as follows:

	2023		2022		2021
Discount rates	5.30	%	2.46	%	2.33	%
Rates of increase in compensation levels	3.72		3.69		5.21
Expected long-term rates of return on assets	6.04		4.82		6.58
Interest crediting rates for cash balance plans	5.00		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 Category	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in millions)
Equity securities:
U.S. small cap stocks	$	90	$	7	$	—	$	97
Registered investment companies	90		—		—		90
Insurance contracts	—		—		23		23
Cash equivalents at NAV							3		(1)
Collective investment funds at NAV							859		(1)
Real estate investment trusts at NAV							28		(1)
Hedge funds at NAV							24		(1)
Pooled pension funds at NAV							168		(1)
Total	$	180	$	7	$	23	$	1,292

	December 31, 2022
Asset Category	Level 1		Level 2		Level 3		Total
	(in millions)
Equity securities:
U.S. small cap stocks	$	76	$	6	$	—	$	82
Registered investment companies	80		—		—		80
Insurance contracts	—		—		19		19
Cash equivalents at NAV							6		(1)
Collective investment funds at NAV							758		(1)
Real estate investment trusts at NAV							29		(1)
Hedge funds at NAV							16		(1)
Pooled pension funds at NAV							152		(1)
Total	$	156	$	6	$	19	$	1,142

(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 Plans		Other Postretirement Plans
	(in millions)
2024	$	74	$	1
2025	85		1
2026	82		1
2027	87		1
2028	92		1
2029-2033	500		4