Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis are as follows:

The fair values of the Company’s U.S. retirement plan assets are as follows:


(In millions)	December 31, 2024
Asset Category	Level 1		Level 2		NAV		Total
Common trust funds	$	—	$	—	$	310	$	310
LDI	—		56		—		56
Limited partnerships and hedge funds	—		—		89		89
Cash and cash equivalents	—		17		—		17
Total	$	—	$	73	$	399	$	472


(In millions)	December 31, 2023
Asset Category	Level 1		Level 2		NAV		Total
Common trust funds	$	—	$	—	$	308	$	308
LDI	—		88		—		88
Limited partnerships and hedge funds	—		—		105		105
Cash and cash equivalents	—		8		—		8
Total	$	—	$	96	$	413	$	509

The fair values of the Company’s Non-U.S. retirement plan assets are as follows:


(In millions)	December 31, 2024
Asset Category	Level 1		Level 2		Level 3		NAV		Total
Treasury and government securities	$	114	$	10	$	—	$	—	$	124
Insurance contracts	—		—		18		—		18
Bond funds	—		16		—		—		16
Limited partnerships	—		—		—		12		12
Corporate debt securities	—		6		—		—		6
Common and preferred stock	3		—		—		—		3
Common trust funds	—		—		—		—		—
Cash and cash equivalents	1		—		—		—		1
Repurchase agreements	—		(67)		—		—		(67)
Other investment funds	3		18		—		23		44
Total	$	121	$	(17)	$	18	$	35	$	157


(In millions)	December 31, 2023
Asset Category	Level 1		Level 2		Level 3		NAV		Total
Treasury and government securities	$	85	$	10	$	—	$	—	$	95
Bond funds	—		24		—		—		24
Insurance contracts	—		—		19		—		19
Limited partnerships	—		—		—		11		11
Corporate debt securities	—		9		—		—		9
Common and preferred stock	3		—		—		—		3
Common trust funds	—		1		—		—		1
Cash and cash equivalents	1		—		—		—		1
Repurchase agreements	—		(41)		—		—		(41)
Other investment funds	4		13		—		33		50
Total	$	93	$	16	$	19	$	44	$	172