v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets
Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below:
20222021
Projected benefit obligation at beginning of year$3,374 $3,688 
Interest cost103 97 
Actuarial gain(1,032)(183)
Settlement(146)(173)
Benefits paid(56)(55)
Projected benefit obligation at end of year
$2,243 $3,374 
Accumulated benefit obligation at end of year $2,243 $3,374 
Fair value of plan assets at beginning of year$3,457 $3,462 
Actual return on plan assets(675)219 
Employer contributions3 4 
Settlement(146)(173)
Benefits paid(56)(55)
Fair value of plan assets at end of year $2,583 $3,457 
Funded status$340 $83 
Schedule of Net Benefit Costs
The components of net periodic benefit (cost) for the years ended December 31, 2022, 2021 and 2020 consisted of the following:

Year Ended December 31,
202220212020
Interest cost$(103)$(97)$(110)
Expected return on plan assets156 165 156 
Remeasurement gain (loss)201 237 (112)
Net periodic pension benefit (cost)$254 $305 $(66)
Schedule of Assumptions Used in the Calculation of Net Benefit Cost
Weighted average assumptions used to determine net periodic benefit costs consisted of the following:

Year ended December 31,
202220212020
Expected long-term rate of return on plan assets5.00 %5.00 %5.00 %
Discount rate 3.01 %2.70 %3.48 %
Schedule of Investment Assets by Fair Value Heirarchy Level
The following tables set forth the investment assets of the qualified pension plans by level within the fair value hierarchy as of December 31, 2022 and 2021:

December 31, 2022December 31, 2021
Fair ValueLevel 1Level 2Fair ValueLevel 1Level 2
Cash$6 $6 $— $2 $2 $— 
Collective trust funds(a)
1,858 — 1,858 2,708 — 2,708 
Total investment assets1,864 $6 $1,858 2,710 $2 $2,708 
Accrued investment income and other receivables42 247 
Accrued liabilities(25)(46)
Investments measured at net asset value(b)
702 546 
Fair value of plan assets$2,583 $3,457 

(a)Collective trust funds consist of bond funds with corporate and U.S. treasury debt securities, equity funds with global equity index, infrastructure and real estate securities and short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies and multi-strategy funds, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding.
(b)As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. The primary investment classes include alternative, fixed income and real estate funds. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes.