XML 64 R45.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Retirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | We use a measurement date of December 31 to determine the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows:
| Defined Benefit Pension Plans |  | Retiree Health Benefit Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 14,257.9 |  |  | $ | 13,222.0 |  |  | $ | 1,310.3 |  |  | $ | 1,258.8 |
Service cost | 338.7 |  |  | 290.4 |  |  | 35.4 |  |  | 31.8 |
Interest cost | 661.7 |  |  | 648.2 |  |  | 62.1 |  |  | 61.3 |
Actuarial (gain) loss | (1,083.6) |  |  | 590.5 |  |  | (96.5) |  |  | 34.5 |
Benefits paid | (634.3) |  |  | (610.5) |  |  | (82.2) |  |  | (80.6) |
Foreign currency exchange rate changes and other adjustments | (125.0) |  |  | 117.3 |  |  | (6.4) |  |  | 4.5 |
Benefit obligation at end of year | 13,415.4 |  |  | 14,257.9 |  |  | 1,222.7 |  |  | 1,310.3 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 13,708.7 |  |  | 13,195.8 |  |  | 2,580.3 |  |  | 2,492.5 |
Actual return on plan assets | 583.2 |  |  | 881.9 |  |  | 58.5 |  |  | 166.8 |
Employer contribution | 115.3 |  |  | 120.6 |  |  | 9.2 |  |  | 1.7 |
Benefits paid | (634.3) |  |  | (610.5) |  |  | (82.2) |  |  | (80.6) |
Foreign currency exchange rate changes and other adjustments | (114.5) |  |  | 120.9 |  |  | — |  |  | (0.1) |
Fair value of plan assets at end of year | 13,658.4 |  |  | 13,708.7 |  |  | 2,565.8 |  |  | 2,580.3 |
Funded status | 243.0 |  |  | (549.2) |  |  | 1,343.1 |  |  | 1,270.0 |
Unrecognized net actuarial loss | 2,662.9 |  |  | 3,357.9 |  |  | 149.3 |  |  | 109.6 |
Unrecognized prior service (benefit) cost | 4.1 |  |  | 6.4 |  |  | (3.7) |  |  | (9.5) |
Net amount recognized | $ | 2,910.0 |  |  | $ | 2,815.1 |  |  | $ | 1,488.7 |  |  | $ | 1,370.1 |
Amounts recognized in the consolidated balance sheets consisted of: |  |  |  |  |  |  |
Other noncurrent assets | $ | 1,481.6 |  |  | $ | 810.6 |  |  | $ | 1,484.6 |  |  | $ | 1,427.7 |
Other current liabilities | (71.4) |  |  | (70.4) |  |  | (8.2) |  |  | (8.3) |
Accrued retirement benefits | (1,167.2) |  |  | (1,289.4) |  |  | (133.3) |  |  | (149.4) |
Accumulated other comprehensive loss | 2,667.0 |  |  | 3,364.3 |  |  | 145.6 |  |  | 100.1 |
Net amount recognized | $ | 2,910.0 |  |  | $ | 2,815.1 |  |  | $ | 1,488.7 |  |  | $ | 1,370.1 |
Schedule of Assumptions Used | The following represents our weighted-average assumptions:
| Defined Benefit Pension Plans |  | Retiree Health Benefit Plans
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Weighted-average assumptions used to determine net periodic benefit costs: |  |  |  |  |  |  |
Discount rate | 4.8 | % | 5.1 | % | 2.8 | % |  | 5.0 | % | 5.2 | % | 3.0 | %
Rate of compensation increase | 4.3 |  | 4.3 |  | 3.5 |  |  |  |  |
Expected return on plan assets | 8.1 |  | 8.1 |  | 8.1 |  |  | 7.3 |  | 7.3 |  | 7.3 |
Weighted-average assumptions used to determine benefit obligation as of December 31: |  |  |  |  |  |  |
Discount rate | 5.5 | % | 4.8 | % | 5.1 | % |  | 5.7 | % | 5.0 | % | 5.2 | %
Rate of compensation increase | 4.0 |  | 4.3 |  | 4.3 |  |  |  |  |
Schedule of Expected Benefit Payments | Expected benefit payments, which reflect expected future service, are as follows:
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 - 2034
Defined benefit pension plans | $ | 677.0 |  |  | $ | 694.4 |  |  | $ | 721.4 |  |  | $ | 746.9 |  |  | $ | 778.4 |  |  | $ | 4,388.7 |
Retiree health benefit plans | 93.4 |  |  | 93.6 |  |  | 94.4 |  |  | 95.0 |  |  | 95.1 |  |  | 477.5 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts relating to defined benefit pension plans with projected benefit obligations in excess of plan assets were as follows at December 31:
| 2024 |  | 2023
Projected benefit obligation | $ | 2,297.0 |  |  | $ | 2,395.3 |
Fair value of plan assets | 1,058.4 |  |  | 1,035.4 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Amounts relating to defined benefit pension plans and retiree health benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31:
| Defined Benefit Pension Plans |  | Retiree Health Benefit Plans
| 2024 |  | 2023 |  | 2024 |  | 2023
Accumulated benefit obligation | $ | 1,655.8 |  |  | $ | 1,659.5 |  |  | $ | 141.5 |  |  | $ | 157.7 |
Fair value of plan assets | 595.0 |  |  | 564.3 |  |  | — |  |  | — |
Schedule of Net Periodic (Benefit) Costs | Net periodic (benefit) cost included the following components:
| Defined Benefit Pension Plans |  | Retiree Health Benefit Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Components of net periodic (benefit) cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 338.7 |  |  | $ | 290.4 |  |  | $ | 351.7 |  |  | $ | 35.4 |  |  | $ | 31.8 |  |  | $ | 46.6 |
Interest cost | 661.7 |  |  | 648.2 |  |  | 398.1 |  |  | 62.1 |  |  | 61.3 |  |  | 37.8 |
Expected return on plan assets | (1,112.2) |  |  | (1,055.0) |  |  | (947.6) |  |  | (192.3) |  |  | (182.1) |  |  | (152.1) |
Amortization of prior service (benefit) cost | 2.1 |  |  | 2.4 |  |  | 2.4 |  |  | (5.6) |  |  | (52.9) |  |  | (54.8) |
Recognized actuarial (gain) loss | 125.1 |  |  | 122.0 |  |  | 342.4 |  |  | (2.6) |  |  | (5.8) |  |  | 0.9 |
Net periodic (benefit) cost | $ | 15.4 |  |  | $ | 8.0 |  |  | $ | 147.0 |  |  | $ | (103.0) |  |  | $ | (147.7) |  |  | $ | (121.6) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following represents the amounts recognized in other comprehensive income (loss) for the years ended December 31:
| Defined Benefit Pension Plans |  | Retiree Health Benefit Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Actuarial gain (loss) arising during period | $ | 554.5 |  |  | $ | (763.9) |  |  | $ | 823.6 |  |  | $ | (37.2) |  |  | $ | (49.8) |  |  | $ | (552.2) |
Amortization of prior service (benefit) cost included in net income | 2.1 |  |  | 2.4 |  |  | 2.4 |  |  | (5.6) |  |  | (52.9) |  |  | (54.8) |
Amortization of net actuarial (gain) loss included in net income | 125.1 |  |  | 122.0 |  |  | 342.4 |  |  | (2.6) |  |  | (5.8) |  |  | 0.9 |
Foreign currency exchange rate changes and other | 15.6 |  |  | (29.2) |  |  | 55.5 |  |  | (0.1) |  |  | 0.7 |  |  | (0.9) |
Total other comprehensive income (loss) during period | $ | 697.3 |  |  | $ | (668.7) |  |  | $ | 1,223.9 |  |  | $ | (45.5) |  |  | $ | (107.8) |  |  | $ | (607.0) |
Schedule of Allocation of Plan Assets | The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2024 by asset category were as follows:
|  |  | Fair Value Measurements Using |  |
Asset Class | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Investments Valued at Net Asset Value(1)
Defined Benefit Pension Plans |  |  |  |  |  |  |  |  |
Public equity securities: |  |  |  |  |  |  |  |  |
U.S. | $ | 1,905.6 |  |  | $ | 602.4 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 1,302.9 |
International | 1,517.3 |  |  | 453.7 |  |  | 336.7 |  |  | — |  |  | 726.9 |
Fixed income: |  |  |  |  |  |  |  |  |
Developed markets | 2,343.2 |  |  | 20.6 |  |  | 2,161.9 |  |  | 0.1 |  |  | 160.6 |
Developed markets - repurchase agreements | (641.0) |  |  | — |  |  | (641.0) |  |  | — |  |  | — |
Emerging markets | 320.4 |  |  | 21.0 |  |  | 34.9 |  |  | — |  |  | 264.5 |
Private alternative investments: |  |  |  |  |  |  |  |  |
Hedge funds | 3,057.6 |  |  | — |  |  | — |  |  | — |  |  | 3,057.6 |
Equity-like funds | 3,931.5 |  |  | — |  |  | — |  |  | 9.4 |  |  | 3,922.1 |
Real estate | 450.9 |  |  | 301.0 |  |  | — |  |  | — |  |  | 149.9 |
Other | 772.9 |  |  | 10.2 |  |  | 25.9 |  |  | — |  |  | 736.8 |
Total | $ | 13,658.4 |  |  | $ | 1,408.9 |  |  | $ | 1,918.7 |  |  | $ | 9.5 |  |  | $ | 10,321.3 |
Retiree Health Benefit Plans |  |  |  |  |  |  |  |  |
Public equity securities: |  |  |  |  |  |  |  |  |
U.S. | $ | 184.2 |  |  | $ | 56.9 |  |  | $ | — |  |  | $ | — |  |  | $ | 127.3 |
International | 103.7 |  |  | 41.0 |  |  | — |  |  | — |  |  | 62.7 |
Fixed income: |  |  |  |  |  |  |  |  |
Developed markets | 63.0 |  |  | — |  |  | 63.0 |  |  | — |  |  | — |
Emerging markets | 26.0 |  |  | — |  |  | — |  |  | — |  |  | 26.0 |
Private alternative investments: |  |  |  |  |  |  |  |  |
Hedge funds | 285.2 |  |  | — |  |  | — |  |  | — |  |  | 285.2 |
Equity-like funds | 346.1 |  |  | — |  |  | — |  |  | 0.9 |  |  | 345.2 |
Cash value of trust owned insurance contract | 1,464.9 |  |  | — |  |  | 1,464.9 |  |  | — |  |  | — |
Real estate | 28.4 |  |  | 28.4 |  |  | — |  |  | — |  |  | — |
Other | 64.3 |  |  | 3.6 |  |  | (7.0) |  |  | — |  |  | 67.7 |
Total | $ | 2,565.8 |  |  | $ | 129.9 |  |  | $ | 1,520.9 |  |  | $ | 0.9 |  |  | $ | 914.1 |
(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy. The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2023 by asset category were as follows:
|  |  | Fair Value Measurements Using |  |
Asset Class | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Investments Valued at Net Asset Value(1)
Defined Benefit Pension Plans |  |  |  |  |  |  |  |  |
Public equity securities: |  |  |  |  |  |  |  |  |
U.S. | $ | 1,379.7 |  |  | $ | 490.5 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 888.9 |
International | 1,408.9 |  |  | 441.2 |  |  | 333.4 |  |  | — |  |  | 634.3 |
Fixed income: |  |  |  |  |  |  |  |  |
Developed markets | 2,783.9 |  |  | 21.2 |  |  | 2,597.3 |  |  | 0.1 |  |  | 165.3 |
Developed markets - repurchase agreements | (772.8) |  |  | 13.2 |  |  | (786.0) |  |  | — |  |  | — |
Emerging markets | 295.6 |  |  | 10.4 |  |  | 35.7 |  |  | — |  |  | 249.5 |
Private alternative investments: |  |  |  |  |  |  |  |  |
Hedge funds | 3,125.9 |  |  | — |  |  | — |  |  | — |  |  | 3,125.9 |
Equity-like funds | 4,093.7 |  |  | — |  |  | — |  |  | 25.1 |  |  | 4,068.6 |
Real estate | 369.7 |  |  | 261.9 |  |  | — |  |  | — |  |  | 107.8 |
Other | 1,024.1 |  |  | 170.8 |  |  | 42.6 |  |  | — |  |  | 810.7 |
Total | $ | 13,708.7 |  |  | $ | 1,409.2 |  |  | $ | 2,223.3 |  |  | $ | 25.2 |  |  | $ | 10,051.0 |
Retiree Health Benefit Plans |  |  |  |  |  |  |  |  |
Public equity securities: |  |  |  |  |  |  |  |  |
U.S. | $ | 127.0 |  |  | $ | 44.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 82.8 |
International | 89.9 |  |  | 38.2 |  |  | — |  |  | — |  |  | 51.7 |
Fixed income: |  |  |  |  |  |  |  |  |
Developed markets | 74.9 |  |  | — |  |  | 74.9 |  |  | — |  |  | — |
Emerging markets | 23.4 |  |  | — |  |  | — |  |  | — |  |  | 23.4 |
Private alternative investments: |  |  |  |  |  |  |  |  |
Hedge funds | 281.2 |  |  | — |  |  | — |  |  | — |  |  | 281.2 |
Equity-like funds | 335.1 |  |  | — |  |  | — |  |  | 2.4 |  |  | 332.7 |
Cash value of trust owned insurance contract | 1,526.5 |  |  | — |  |  | 1,526.5 |  |  | — |  |  | — |
Real estate | 24.5 |  |  | 24.5 |  |  | — |  |  | — |  |  | — |
Other | 97.8 |  |  | 23.2 |  |  | 2.1 |  |  | — |  |  | 72.5 |
Total | $ | 2,580.3 |  |  | $ | 130.1 |  |  | $ | 1,603.5 |  |  | $ | 2.4 |  |  | $ | 844.3 |
(1) Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfChangesInAccumulatedPostemploymentBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration