Investor Presentaiton
Pension Plans
A summary of the fair value of pension plan assets at December 31, 2022 and 2021, is as follows:
(In millions)
Quoted prices
in active
markets for
identical
assets
Total
(Level 1)
Other
observable
inputs
(Level 2)
Unobservable
inputs
(Level 3)¹
2022
Common collective trusts
Non-United States equity and global equities
$
173
$
$
173 $
United States equity
54
54
Fixed income
620
620
Fixed income securities
United States treasuries
Real estate
744
744
☐
660
660
295
76
20
199
Cash equivalents
Exchange traded funds
Other
77
21
56
77
77
387
27
360
Common collective and other trusts measured at net asset
value
Money market funds measured at net asset value
1,100
3
Pending purchases and sales of plan assets, and interest
receivable
Total pension plan assets
(69
4,121 $
834 $
1,694
559
1
These pension plan assets include private equity, private credit and private real estate funds that generally have redemption notice periods of
six months or longer and are often not eligible for redemption until the underlying assets are liquidated or distributed. The Company has
unfunded commitments to these funds of approximately $180 million at December 31, 2022, which will be satisfied by a reallocation of
pension plan assets.
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