v3.22.4
Pensions And Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]  
Changes in Benefit Obligations, Plan Assets and Funded Status
Year Ended December 31, 2022Year Ended December 31, 2021
Pension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB Plans
U.S. Non-U.S. U.S. Non-U.S.
Change in benefit obligations
Beginning benefit obligation$60,208 $18,314 $6,124 $66,468 $20,807 $6,656 
Service cost161 146 16 187 109 18 
Interest cost1,292 293 148 1,074 236 123 
Actuarial (gains) losses(12,010)(3,797)(1,289)(2,564)(1,015)(282)
Benefits paid(4,239)(955)(410)(4,414)(1,151)(424)
Foreign currency translation adjustments— (1,361)(69)— (509)4 
Curtailments, settlements and other(595)(58)23 (543)(163)29 
Ending benefit obligation44,817 12,582 4,543 60,208 18,314 6,124 
Change in plan assets
Beginning fair value of plan assets59,921 13,521 — 61,077 13,846 — 
Actual return on plan assets(10,258)(2,257)— 3,734 602 — 
Employer contributions71 332 387 67 371 400 
Benefits paid(4,239)(955)(410)(4,414)(1,151)(424)
Foreign currency translation adjustments— (1,024)— — 10 — 
Settlements and other(594)(87)23 (543)(157)24 
Ending fair value of plan assets44,901 9,530 — 59,921 13,521 — 
Ending funded status$84 $(3,052)$(4,543)$(287)$(4,793)$(6,124)
Amounts recorded in the consolidated balance sheets
Non-current assets$1,557 $1,552 $— $1,896 $1,440 $— 
Current liabilities(62)(316)(350)(70)(338)(381)
Non-current liabilities(1,411)

(4,288)(4,193)(2,113)(5,895)(5,743)
Net amount recorded$84 $(3,052)$(4,543)$(287)$(4,793)$(6,124)
Amounts recorded in Accumulated other comprehensive loss
Net actuarial loss$(1,186)$(2,157)$(86)$(13)$(3,675)$(1,439)
Net prior service (cost) credit5 (56)10 7 (54)15 
Total recorded in Accumulated other comprehensive loss$(1,181)$(2,213)$(76)$(6)$(3,729)$(1,424)
Schedule of amounts recorded in the consolidated balance sheets
Year Ended December 31, 2022Year Ended December 31, 2021
Pension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB Plans
U.S. Non-U.S. U.S. Non-U.S.
Change in benefit obligations
Beginning benefit obligation$60,208 $18,314 $6,124 $66,468 $20,807 $6,656 
Service cost161 146 16 187 109 18 
Interest cost1,292 293 148 1,074 236 123 
Actuarial (gains) losses(12,010)(3,797)(1,289)(2,564)(1,015)(282)
Benefits paid(4,239)(955)(410)(4,414)(1,151)(424)
Foreign currency translation adjustments— (1,361)(69)— (509)4 
Curtailments, settlements and other(595)(58)23 (543)(163)29 
Ending benefit obligation44,817 12,582 4,543 60,208 18,314 6,124 
Change in plan assets
Beginning fair value of plan assets59,921 13,521 — 61,077 13,846 — 
Actual return on plan assets(10,258)(2,257)— 3,734 602 — 
Employer contributions71 332 387 67 371 400 
Benefits paid(4,239)(955)(410)(4,414)(1,151)(424)
Foreign currency translation adjustments— (1,024)— — 10 — 
Settlements and other(594)(87)23 (543)(157)24 
Ending fair value of plan assets44,901 9,530 — 59,921 13,521 — 
Ending funded status$84 $(3,052)$(4,543)$(287)$(4,793)$(6,124)
Amounts recorded in the consolidated balance sheets
Non-current assets$1,557 $1,552 $— $1,896 $1,440 $— 
Current liabilities(62)(316)(350)(70)(338)(381)
Non-current liabilities(1,411)

(4,288)(4,193)(2,113)(5,895)(5,743)
Net amount recorded$84 $(3,052)$(4,543)$(287)$(4,793)$(6,124)
Amounts recorded in Accumulated other comprehensive loss
Net actuarial loss$(1,186)$(2,157)$(86)$(13)$(3,675)$(1,439)
Net prior service (cost) credit5 (56)10 7 (54)15 
Total recorded in Accumulated other comprehensive loss$(1,181)$(2,213)$(76)$(6)$(3,729)$(1,424)
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets:
December 31, 2022December 31, 2021
U.S. Non-U.S. U.S. Non-U.S.
ABO$44,798 $12,505 $60,188 $18,244 
Plans with ABO in excess of plan assets
ABO$5,668 $4,739 $8,396 $6,464 
Fair value of plan assets$4,214 $211 $6,233 $300 
Plans with PBO in excess of plan assets
PBO$5,687 $4,815 $8,415 $6,533 
Fair value of plan assets$4,214 $211 $6,223 $300 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the total accumulated benefit obligations (ABO), the ABO and fair value of plan assets for defined benefit pension plans with ABO in excess of plan assets, and the projected benefit obligation (PBO) and fair value of plan assets for defined benefit pension plans with PBO in excess of plan assets:
December 31, 2022December 31, 2021
U.S. Non-U.S. U.S. Non-U.S.
ABO$44,798 $12,505 $60,188 $18,244 
Plans with ABO in excess of plan assets
ABO$5,668 $4,739 $8,396 $6,464 
Fair value of plan assets$4,214 $211 $6,233 $300 
Plans with PBO in excess of plan assets
PBO$5,687 $4,815 $8,415 $6,533 
Fair value of plan assets$4,214 $211 $6,223 $300 
Schedule of Net Periodic Pension and OPEB expense
The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations:

Year Ended December 31, 2022Year Ended December 31, 2021Year Ended December 31, 2020
Pension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB Plans
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Components of expense
Service cost$233$157$16$260$121$18$251$145$19
Interest cost1,2922931481,0742361231,716362173
Expected return on plan assets(3,000)(534)—(3,178)(610)—(3,267)(675)—
Amortization of net actuarial losses181336726212971617174
Curtailments, settlements and other(17)10(5)157(6)17241(8)
Net periodic pension and OPEB (income) expense$(1,474)$59$226$(1,803)$(34)$232$(1,267)$244$258
Weighted-average assumptions used to determine benefit obligations(a)
Discount rate5.47 %4.85 %5.51 %2.78 %2.13 %2.97 %2.37 %1.62 %2.53 %
Weighted-average assumptions used to determine net expense(a)
Discount rate2.34 %2.98 %2.84 %1.86 %2.38 %2.24 %2.84 %2.80 %3.00 %
Expected rate of return on plan assets5.38 %4.39 %N/A5.63 %4.67 %N/A5.88 %4.96 %N/A
_________
(a)    The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans.
Schedule of Assumptions Used
The following table summarizes the components of net periodic pension and OPEB expense along with the assumptions used to determine benefit obligations:

Year Ended December 31, 2022Year Ended December 31, 2021Year Ended December 31, 2020
Pension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB PlansPension BenefitsGlobal OPEB Plans
U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Components of expense
Service cost$233$157$16$260$121$18$251$145$19
Interest cost1,2922931481,0742361231,716362173
Expected return on plan assets(3,000)(534)—(3,178)(610)—(3,267)(675)—
Amortization of net actuarial losses181336726212971617174
Curtailments, settlements and other(17)10(5)157(6)17241(8)
Net periodic pension and OPEB (income) expense$(1,474)$59$226$(1,803)$(34)$232$(1,267)$244$258
Weighted-average assumptions used to determine benefit obligations(a)
Discount rate5.47 %4.85 %5.51 %2.78 %2.13 %2.97 %2.37 %1.62 %2.53 %
Weighted-average assumptions used to determine net expense(a)
Discount rate2.34 %2.98 %2.84 %1.86 %2.38 %2.24 %2.84 %2.80 %3.00 %
Expected rate of return on plan assets5.38 %4.39 %N/A5.63 %4.67 %N/A5.88 %4.96 %N/A
_________
(a)    The rate of compensation increase and the cash balance interest crediting rates do not have a significant effect on our U.S. pension and OPEB plans.
Schedule of Expected Net Benefit Payments The following table summarizes net benefit payments expected to be paid in the future, which include assumptions related to estimated future employee service:
Pension BenefitsGlobal OPEB Plans
U.S. PlansNon-U.S. Plans
2023$4,523 $995 $358 
2024$4,246 $934 $354 
2025$4,144 $916 $351 
2026$4,036 $892 $349 
2027$3,919 $873 $346 
2028–2032
$17,614 $4,142 $1,690 
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of contributions to defined benefit pension plans The following table summarizes contributions made to the defined benefit pension plans:
Years Ended December 31,
202220212020
U.S. hourly and salaried$71 $67 $68 
Non-U.S.332 371 396 
Total$403 $438 $464 
Schedules of Fair Value of Plan Assets by Asset Class and Target Allocations The following table summarizes the target allocations by asset category for U.S. and non-U.S. defined benefit pension plans:
December 31, 2022December 31, 2021
U.S.Non-U.S.U.S.Non-U.S.
Equity8 %10 %9 %14 %
Debt69 %75 %68 %69 %
Other(a)23 %15 %23 %17 %
Total100 %100 %100 %100 %
__________
(a)    Primarily includes private equity, real estate and absolute return strategies, which mainly consist of hedge funds.
Assets and Fair Value Measurements The following tables summarize the fair value of U.S. and non-U.S. defined benefit pension plan assets by asset class:
December 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
U.S. Pension Plan Assets
Common and preferred stocks$1,222 $— $3 $1,225 $2,554 $— $— $2,554 
Government and agency debt securities(a)— 9,606 — 9,606 — 14,924 — 14,924 
Corporate and other debt securities— 21,816 — 21,816 — 26,064 — 26,064 
Other investments, net(b)125 60 254 439 421 21 246 688 
Net plan assets subject to leveling$1,347 $31,482 $257 33,086 $2,975 $41,009 $246 44,230 
Plan assets measured at net asset value
Investment funds5,124 7,304 
Private equity and debt investments3,936 4,415 
Real estate investments3,491 3,604 
Total plan assets measured at net asset value12,551 15,323 
Other plan assets (liabilities), net(c)(736)368 
Net plan assets$44,901 $59,921 

December 31, 2022December 31, 2021
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Non-U.S. Pension Plan Assets
Common and preferred stocks$143 $— $— $143 $372 $— $— $372 
Government and agency debt securities(a)— 2,185 — 2,185 — 3,084 — 3,084 
Corporate and other debt securities— 2,570 1 2,571 — 3,379 2 3,381 
Other investments, net(b)(d)24 (70)84 38 52 (66)116 102 
Net plan assets subject to leveling$167 $4,685 $85 4,937 $424 $6,397 $118 6,939 
Plan assets measured at net asset value
Investment funds3,124 4,963 
Private equity and debt investments483 593 
Real estate investments878 989 
Total plan assets measured at net asset value4,485 6,545 
Other plan assets (liabilities), net(c)108 37 
Net plan assets$9,530 $13,521 
__________
(a)Includes U.S. and sovereign government and agency issues.
(b)Includes net derivative assets (liabilities).
(c)Cash held by the plans, net of amounts receivable/payable for unsettled security transactions and payables for investment manager fees, custody fees and other expenses.
(d)Level 2 Other investments, net includes Canadian repurchase agreements of approximately $150 million and $271 million at December 31, 2022 and 2021.