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Employee Benefits | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Employee Benefits |
Note 11. Employee Benefits
We maintain non-contributory defined benefit pension plans for certain employees. In addition, we maintain postretirement health care and life insurance plans for certain retirees and their dependents, which are both contributory and non-contributory, and include a limit on our share of the cost for certain current and future retirees. In accordance with our accounting policy for pension and other postretirement benefits, operating expenses include service costs associated with pension and other postretirement benefits while other credits and/or charges based on actuarial assumptions, including projected discount rates, an estimated return on plan assets, and impact from health care trend rates are reported in Other income (expense), net. These estimates are updated in the fourth quarter or upon a remeasurement event, to reflect actual return on plan assets and updated actuarial assumptions. The adjustment is recognized in the income statement during the fourth quarter and upon a remeasurement event pursuant to our accounting policy for the recognition of actuarial gains and losses. Pension and Other Postretirement Benefits Pension and other postretirement benefits for certain employees are subject to collective bargaining agreements. Modifications in benefits have been bargained from time to time, and we may also periodically amend the benefits in the management plans. The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans. Obligations and Funded Status
|  |  |  |  | (dollars in millions)
| Pension |  | Health Care and Life
At December 31, | 2024 |  | 2023 |  | 2024 |  | 2023
Change in Benefit Obligations |  |  |  |  |  |  |
Beginning of year | $ | 15,133 |  |  | $ | 15,369 |  |  | $ | 11,455 |  |  | $ | 11,107 |
Service cost | 185 |  |  | 208 |  |  | 52 |  |  | 54 |
Interest cost | 479 |  |  | 752 |  |  | 543 |  |  | 545 |
Plan amendments | — |  |  | — |  |  | — |  |  | (26) |
Actuarial (gain) loss, net | (1,130) |  |  | 5 |  |  | (533) |  |  | 757 |
Benefits paid | (419) |  |  | (1,008) |  |  | (978) |  |  | (982) |
Curtailment and termination benefits | 6 |  |  | 5 |  |  | — |  |  | — |
Settlements paid | (725) |  |  | (198) |  |  | — |  |  | — |
Annuity contracts transfer | (5,611) |  |  | — |  |  | — |  |  | — |
End of year | 7,918 |  |  | 15,133 |  |  | 10,539 |  |  | 11,455 |
Change in Plan Assets |  |  |  |  |  |  |
Beginning of year | 13,536 |  |  | 13,739 |  |  | 466 |  |  | 450 |
Actual return on plan assets | (400) |  |  | 751 |  |  | 43 |  |  | 62 |
Company contributions | 421 |  |  | 252 |  |  | 935 |  |  | 936 |
Benefits paid | (419) |  |  | (1,008) |  |  | (978) |  |  | (982) |
Settlements paid | (725) |  |  | (198) |  |  | — |  |  | — |
Annuity contracts transfer | (5,611) |  |  | — |  |  | — |  |  | — |
End of year | 6,802 |  |  | 13,536 |  |  | 466 |  |  | 466 |
Funded Status - End of year | $ | (1,116) |  |  | $ | (1,597) |  |  | $ | (10,073) |  |  | $ | (10,989) |
|  |  |  |  | (dollars in millions)
| Pension |  | Health Care and Life
At December 31, | 2024 |  | 2023 |  | 2024 |  | 2023
Amounts recognized in the balance sheets |  |  |  |  |  |  |
Current liabilities | $ | (38) |  |  | $ | (42) |  |  | $ | (643) |  |  | $ | (685) |
Non-current liabilities | (1,078) |  |  | (1,555) |  |  | (9,430) |  |  | (10,304) |
Total | $ | (1,116) |  |  | $ | (1,597) |  |  | $ | (10,073) |  |  | $ | (10,989) |
Amounts recognized in Accumulated other comprehensive loss (pre-tax) |  |  |  |  |  |  |
Prior service cost (benefit) | $ | 523 |  |  | $ | 635 |  |  | $ | (833) |  |  | $ | (962) |
Total | $ | 523 |  |  | $ | 635 |  |  | $ | (833) |  |  | $ | (962) |
The accumulated benefit obligation for all defined benefit pension plans was $7.9 billion and $15.1 billion at December 31, 2024 and 2023, respectively. Pension Annuitization On February 29, 2024, we entered into two separate commitment agreements, one by and between the Company, State Street Global Advisors Trust Company (State Street), as independent fiduciary of the Verizon Management Pension Plan and Verizon Pension Plan for Associates (the Pension Plans), and The Prudential Insurance Company of America (Prudential), and one by and between the Company, State Street and RGA Reinsurance Company (RGA), under which the Pension Plans purchased nonparticipating single premium group annuity contracts from Prudential and RGA, respectively, to settle approximately $5.8 billion of benefit liabilities of the Pension Plans, net of certain adjustments, resulting in a net pre-tax settlement gain of $200 million. The purchase of the group annuity contracts closed on March 6, 2024. The group annuity contracts primarily cover a population that includes 56,000 retirees who commenced benefit payments from the Pension Plans prior to January 1, 2023 (Transferred Participants). Prudential and RGA each irrevocably guarantee and assume the sole obligation to make future payments to the Transferred Participants as provided under their respective group annuity contracts, with direct payments beginning July 1, 2024. The aggregate amount of each Transferred Participant's payment under the group annuity contracts will be equal to the amount of each individual’s payment under the Pension Plans. The purchase of the group annuity contracts was funded directly by transferring $5.6 billion, of assets of the Pension Plans, net of certain settlements. The Company made additional contributions to the Pension Plans prior to the closing date of the transaction, as discussed below. With these contributions, the funded ratio of each of the Pension Plans does not change as a result of this transaction. Pension plan assets and liabilities are primarily presented within Employee benefit obligations in our consolidated balance sheets. Actuarial (Gain) Loss, Net The net actuarial gain in 2024 is primarily the result of a $1.4 billion gain ($764 million in our pension plans and $656 million in our postretirement benefit plans) due to an increase in our discount rate assumption used to determine the current year liabilities of our pension plans and postretirement benefit plans from a weighted-average of 5.0% for both our pension and postretirement plans at December 31, 2023 to a weighted-average of 5.8% for our pension plans and 5.6% for our postretirement plans at December 31, 2024, as well as a net pre-tax settlement gain of $200 million resulting from the pension annuitization transaction discussed above. The net actuarial loss in 2023 is primarily the result of a $534 million loss in our postretirement benefit plans due to an increase in our healthcare cost trend rate assumption used to determine the current year liabilities of our postretirement benefit plans from a weighted-average of 6.6% at December 31, 2022 to a weighted-average of 7.3% at December 31, 2023; and a $503 million loss ($288 million in our pension plans and $215 million in our postretirement benefit plans) due to a decrease in our discount rate assumption used to determine the current year liabilities of our pension plans and postretirement benefit plans from a weighted-average of 5.2% at December 31, 2022 to a weighted-average of 5.0% at December 31, 2023. Plan Amendments The reclassifications from the amounts recorded in Accumulated other comprehensive income (loss) as a result of collective bargaining agreements and plan amendments made in 2016, 2017, 2018 and 2022 resulted in a net increase to net periodic benefit cost and net decrease to pre-tax income of an insignificant amount during 2024. The similar reclassifications resulted in a net decrease to net periodic benefit cost and net increase to pre-tax income of $252 million during 2023 and $390 million during 2022. Information for pension plans with an accumulated benefit obligation in excess of plan assets follows:
| (dollars in millions)
At December 31, | 2024 |  | 2023
Accumulated benefit obligation | $ | 7,881 |  |  | $ | 15,086 |
Fair value of plan assets | 6,802 |  |  | 13,534 |
Information for pension plans with a projected benefit obligation in excess of plan assets follows:
| (dollars in millions)
At December 31, | 2024 |  | 2023
Projected benefit obligation | $ | 7,918 |  |  | $ | 15,133 |
Fair value of plan assets | 6,802 |  |  | 13,536 |
Net Periodic Benefit Cost (Income) The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans:
|  |  |  |  |  |  |  |  | (dollars in millions)
| Pension |  | Health Care and Life
Years Ended December 31, | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost - Cost of services | $ | 159 |  |  | $ | 182 |  |  | $ | 216 |  |  | $ | 44 |  |  | $ | 46 |  |  | $ | 79 |
Service cost - Selling, general and administrative expense | 26 |  |  | 26 |  |  | 30 |  |  | 8 |  |  | 8 |  |  | 15 |
Service cost | 185 |  |  | 208 |  |  | 246 |  |  | 52 |  |  | 54 |  |  | 94 |
Amortization of prior service cost (credit) | 112 |  |  | 112 |  |  | 82 |  |  | (129) |  |  | (419) |  |  | (530) |
Expected return on plan assets | (620) |  |  | (1,013) |  |  | (1,119) |  |  | (28) |  |  | (31) |  |  | (27) |
Interest cost | 479 |  |  | 752 |  |  | 544 |  |  | 543 |  |  | 545 |  |  | 332 |
Remeasurement loss (gain), net | (110) |  |  | 266 |  |  | 1,505 |  |  | (547) |  |  | 726 |  |  | (3,182) |
Curtailment and termination benefits | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Other components | (139) |  |  | 117 |  |  | 1,014 |  |  | (161) |  |  | 821 |  |  | (3,407) |
Total | $ | 46 |  |  | $ | 325 |  |  | $ | 1,260 |  |  | $ | (109) |  |  | $ | 875 |  |  | $ | (3,313) |
The service cost component of net periodic benefit cost (income) is recorded in Cost of services and Selling, general and administrative expense in the consolidated statements of income while the other components, including mark-to-market adjustments, if any, are recorded in Other income (expense), net. Other pre-tax changes in plan assets and benefit obligations recognized in Other comprehensive (income) loss are as follows:
|  |  |  |  |  |  | (dollars in millions)
| Pension |  | Health Care and Life
At December 31, | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Reversal of amortization items |  |  |  |  |  |  |  |  |  |  |
Prior service cost (benefit) | $ | (112) |  |  | $ | (112) |  |  | $ | (82) |  |  | $ | 129 |  |  | $ | 419 |  |  | $ | 530 |
Total recognized in Other comprehensive loss (income) (pre-tax) | $ | (112) |  |  | $ | (112) |  |  | $ | (82) |  |  | $ | 129 |  |  | $ | 419 |  |  | $ | 530 |
Assumptions The weighted-average assumptions used in determining benefit obligations follow:
| Pension |  | Health Care and Life
At December 31, | 2024 |  | 2023 |  | 2024 |  | 2023
Discount Rate | 5.80 | % |  | 5.00 | % |  | 5.60 | % |  | 5.00 | %
Rate of compensation increases | 3.00 | % |  | 3.00 | % |  | N/A |  | N/A
N/A - not applicable The weighted-average assumptions used in determining net periodic cost follow:
| Pension |  | Health Care and Life
At December 31, | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate in effect for determining service cost | 5.40 | % |  | 5.30 | % |  | 3.80 | % |  | 5.10 | % |  | 5.30 | % |  | 3.20 | %
Discount rate in effect for determining interest cost | 5.20 |  |  | 5.10 |  |  | 3.20 |  |  | 4.90 |  |  | 5.10 |  |  | 2.30 |
Expected return on plan assets | 7.90 |  |  | 7.70 |  |  | 6.70 |  |  | 6.30 |  |  | 7.30 |  |  | 4.90 |
Rate of compensation increases | 3.00 |  |  | 3.00 |  |  | 3.00 |  |  | N/A |  | N/A |  | N/A
N/A - not applicable In determining our pension and other postretirement benefit obligations, we used a weighted-average discount rate of 5.7% in 2024. The rates were selected to approximate the composite interest rates available on a selection of high-quality bonds available in the market at December 31, 2024. The bonds selected had maturities that coincided with the time periods during which benefits payments are expected to occur, were non-callable (or callable with certain selection criteria met) and available in sufficient quantities to ensure marketability (at least $300 million par outstanding). In order to project the long-term target investment return for the total portfolio, estimates are prepared for the total return of each major asset class over the subsequent 10-year period. Those estimates are based on a combination of factors including the current market interest rates and valuation levels, consensus earnings expectations and historical long-term risk premiums. To determine the aggregate return for the pension trust, the projected return of each individual asset class is then weighted according to the allocation to that investment area in the trust’s long-term asset allocation policy. The assumed health care cost trend rates are as follows:
| Health Care and Life
At December 31, | 2024 |  | 2023 |  | 2022
Weighted-average healthcare cost trend rate assumed for next year | 8.80 | % |  | 7.30 | % |  | 6.60 | %
Rate to which cost trend rate gradually declines | 4.50 |  |  | 4.50 |  |  | 4.50 |
Year the rate reaches the level it is assumed to remain thereafter | 2034 |  | 2032 |  | 2031
Plan Assets The Company’s overall investment strategy is to achieve a mix of assets that allows us to meet projected benefit payments while taking into consideration risk and return. While target allocation percentages will vary over time, the current target allocation for plan assets is designed so that 53% to 63% of the assets have the objective of achieving a return in excess of the growth in liabilities (comprised of public equities, private equities, real estate, hedge funds, high yield bonds and emerging market debt) and 41% to 51% of the assets are invested as liability hedging assets (where interest rate sensitivity of the liability hedging assets better match the interest rate sensitivity of the liability) and a maximum of 10% is in cash. This allocation will shift as funded status improves to a higher allocation of liability hedging assets. Target policies will be revisited periodically to ensure they are in line with fund objectives. Both active and passive management approaches are used depending on perceived market efficiencies and various other factors. Due to our diversification and risk control processes, there are no significant concentrations of risk, in terms of sector, industry, geography or company names. Pension and healthcare and life plans assets do not include significant amounts of Verizon bonds or common stock. Pension Plans The fair values for the pension plans by asset category at December 31, 2024 are as follows:
| (dollars in millions)
Asset Category | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 542 |  |  | $ | 530 |  |  | $ | 12 |  |  | $ | — |
Equity securities | 12 |  |  | 12 |  |  | — |  |  | — |
Fixed income securities |  |  |  |  |  |  |
U.S. Treasuries and agencies | 720 |  |  | 527 |  |  | 193 |  |  | — |
Corporate bonds | 1,129 |  |  | 627 |  |  | 502 |  |  | — |
International bonds | 113 |  |  | — |  |  | 113 |  |  | — |
Other | 82 |  |  | (87) |  |  | 169 |  |  | — |
Real estate | 934 |  |  | — |  |  | — |  |  | 934 |
Other |  |  |  |  |  |  |
Private equity | 564 |  |  | — |  |  | — |  |  | 564 |
Hedge funds | 50 |  |  | — |  |  | 27 |  |  | 23 |
Total investments at fair value | 4,146 |  |  | 1,609 |  |  | 1,016 |  |  | 1,521 |
Investments measured at NAV | 2,656 |  |  |  |  |  |  |
Total | $ | 6,802 |  |  | $ | 1,609 |  |  | $ | 1,016 |  |  | $ | 1,521 |
The fair values for the pension plans by asset category at December 31, 2023 are as follows:
| (dollars in millions)
Asset Category | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 1,956 |  |  | $ | 1,771 |  |  | $ | 185 |  |  | $ | — |
Equity securities | 69 |  |  | 55 |  |  | 14 |  |  | — |
Fixed income securities |  |  |  |  |  |  |
U.S. Treasuries and agencies | 1,412 |  |  | 1,274 |  |  | 138 |  |  | — |
Corporate bonds | 2,994 |  |  | 204 |  |  | 2,790 |  |  | — |
International bonds | 341 |  |  | 3 |  |  | 338 |  |  | — |
Other | 768 |  |  | 234 |  |  | 534 |  |  | — |
Real estate | 996 |  |  | — |  |  | — |  |  | 996 |
Other |  |  |  |  |  |  |
Private equity | 512 |  |  | — |  |  | — |  |  | 512 |
Hedge funds | 56 |  |  | — |  |  | 30 |  |  | 26 |
Total investments at fair value | 9,104 |  |  | 3,541 |  |  | 4,029 |  |  | 1,534 |
Investments measured at NAV | 4,432 |  |  |  |  |  |  |
Total | $ | 13,536 |  |  | $ | 3,541 |  |  | $ | 4,029 |  |  | $ | 1,534 |
The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs:
|  |  |  |  |  |  | (dollars in millions)
|  |  |  |  |  |  | Real Estate |  | Private Equity |  | Hedge Funds |  | Total
Balance at January 1, 2023 |  |  |  |  |  |  | $ | 1,002 |  |  | $ | 569 |  |  | $ | 52 |  |  | $ | 1,623 |
Actual gain (loss) on plan assets |  |  |  |  |  |  | (54) |  |  | 14 |  |  | 4 |  |  | (36) |
Purchases (sales) |  |  |  |  |  |  | 48 |  |  | (67) |  |  | (1) |  |  | (20) |
Transfers out |  |  |  |  |  |  | — |  |  | (4) |  |  | (29) |  |  | (33) |
Balance at December 31, 2023 |  |  |  |  |  |  | 996 |  |  | 512 |  |  | 26 |  |  | 1,534 |
Actual gain (loss) on plan assets |  |  |  |  |  |  | (69) |  |  | 55 |  |  | 1 |  |  | (13) |
Purchases (sales) |  |  |  |  |  |  | 12 |  |  | (1) |  |  | (1) |  |  | 10 |
Transfers out |  |  |  |  |  |  | (5) |  |  | (2) |  |  | (3) |  |  | (10) |
Balance at December 31, 2024 |  |  |  |  |  |  | $ | 934 |  |  | $ | 564 |  |  | $ | 23 |  |  | $ | 1,521 |
Health Care and Life Plans The fair values for the other postretirement benefit plans by asset category at December 31, 2024 are as follows:
| (dollars in millions)
Asset Category | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 21 |  |  | $ | — |  |  | $ | 21 |  |  | $ | — |
Equity securities | 223 |  |  | 223 |  |  | — |  |  | — |
Fixed income securities |  |  |  |  |  |  |
U.S. Treasuries and agencies | 149 |  |  | 135 |  |  | 14 |  |  | — |
Corporate bonds | 45 |  |  | 32 |  |  | 13 |  |  | — |
International bonds | 15 |  |  | 11 |  |  | 4 |  |  | — |
Other | 10 |  |  | — |  |  | 10 |  |  | — |
Total investments at fair value | 463 |  |  | 401 |  |  | 62 |  |  | — |
Investments measured at NAV | 3 |  |  |  |  |  |  |
Total | $ | 466 |  |  | $ | 401 |  |  | $ | 62 |  |  | $ | — |
The fair values for the other postretirement benefit plans by asset category at December 31, 2023 are as follows:
| (dollars in millions)
Asset Category | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents | $ | 27 |  |  | $ | — |  |  | $ | 27 |  |  | $ | — |
Equity securities | 229 |  |  | 229 |  |  | — |  |  | — |
Fixed income securities |  |  |  |  |  |  |
U.S. Treasuries and agencies | 138 |  |  | 118 |  |  | 20 |  |  | — |
Corporate bonds | 41 |  |  | 29 |  |  | 12 |  |  | — |
International bonds | 12 |  |  | 10 |  |  | 2 |  |  | — |
Other | 14 |  |  | — |  |  | 14 |  |  | — |
Total investments at fair value | 461 |  |  | 386 |  |  | 75 |  |  | — |
Investments measured at NAV | 5 |  |  |  |  |  |  |
Total | $ | 466 |  |  | $ | 386 |  |  | $ | 75 |  |  | $ | — |
The following are general descriptions of asset categories, as well as the valuation methodologies and inputs used to determine the fair value of each major category of assets. Cash and cash equivalents include short-term investment funds (less than 90 days to maturity), primarily in diversified portfolios of investment grade money market instruments and are valued using quoted market prices or other valuation methods. The carrying value of cash equivalents approximates fair value due to the short-term nature of these investments. Investments in securities traded on national and foreign securities exchanges are valued by the trustee at the last reported sale prices on the last business day of the year or, if no sales were reported on that date, at the last reported bid prices. Government obligations, corporate bonds, international bonds and asset-backed debt are valued using matrix prices with input from independent third-party valuation sources. Over-the-counter securities are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from published sources or, if not available, from other sources considered reliable such as multiple broker quotes. Commingled funds not traded on national exchanges are priced by the custodian or fund's administrator at their net asset value (NAV). Commingled funds held by third-party custodians appointed by the fund managers provide the fund managers with a NAV. The fund managers have the responsibility for providing this information to the custodian of the respective plan. The investment manager of the entity values venture capital, corporate finance and natural resource limited partnership investments. Real estate investments are valued at amounts based upon appraisal reports prepared by either independent real estate appraisers or the investment manager using discounted cash flows or market comparable data. Loans secured by mortgages are carried at the lesser of the unpaid balance or appraised value of the underlying properties. The values assigned to these investments are based upon available and current market information and do not necessarily represent amounts that might ultimately be realized. Because of the inherent uncertainty of valuation, estimated fair values might differ significantly from the values that would have been used had a ready market for the securities existed. These differences could be material. Forward currency contracts, futures, and options are valued by the trustee at the exchange rates and market prices prevailing on the last business day of the year. Both exchange rates and market prices are readily available from published sources. These securities are classified by the asset class of the underlying holdings. Hedge funds are valued by the custodian at NAV based on statements received from the investment manager. These funds are valued in accordance with the terms of their corresponding offering or private placement memoranda. Commingled funds, hedge funds, venture capital, corporate finance, natural resource and real estate limited partnership investments for which fair value is measured using the NAV per share as a practical expedient are not leveled within the fair value hierarchy but are included in total investments. Employer Contributions In 2024, we made discretionary contributions in the aggregate amount of $365 million to the Pension Plans, $56 million of contributions to our nonqualified pension plans and $935 million of contributions to our other postretirement benefit plans. For 2025, we expect no required qualified pension plan contributions and insignificant nonqualified pension plan contributions. Contributions to our other postretirement benefit plans are estimated to be approximately $726 million in 2025. Estimated Future Benefit Payments The benefit payments to retirees are expected to be paid as follows:
|  |  | (dollars in millions)
Year | Pension Benefits |  | Health Care and Life
2025 | $ | 1,024 |  |  | $ | 754 |
2026 | 770 |  |  | 795 |
2027 | 357 |  |  | 810 |
2028 | 384 |  |  | 829 |
2029 | 412 |  |  | 836 |
2030 to 2034 | 2,448 |  |  | 4,364 |
Savings Plan and Employee Stock Ownership Plans We maintain four leveraged employee stock ownership plans (ESOP). We match a certain percentage of eligible employee contributions to certain savings plans with shares of our common stock from this ESOP. At December 31, 2024, the number of allocated shares of common stock in this ESOP was 39 million. There were no unallocated shares of common stock in this ESOP at December 31, 2024. All leveraged ESOP shares are included in earnings per share computations. Total savings plan costs were $700 million in 2024, $724 million in 2023 and $620 million in 2022. Severance Benefits The following table provides an analysis of our severance liability:
|  |  |  |  | (dollars in millions)
Year | Beginning of Year |  | Charged to Expense |  | Payments |  |  |  | End of Year
2022 | $ | 548 |  |  | $ | 319 |  |  | $ | (214) |  |  |  |  | $ | 653 |
2023 | 653 |  |  | 531 |  |  | (617) |  |  |  |  | 567 |
2024 | 567 |  |  | 1,494 |  |  | (966) |  |  |  |  | 1,095 |
Severance, Pension and Benefits Charges (Credits) During 2024, we recorded net pre-tax severance charges of $1.5 billion, p rincipally as a result of our voluntary separation program, but also as a result of other headcount reduction initiatives, in Selling, general and administrative expense in our consolidated statements of income. In June 2024, we announced a voluntary separation program for select U.S.-based management employees. Approximately 4,800 eligible employees will separate from Verizon under this program by the end of March 2025, with the majority of these employees having exited through December 31, 2024. During 2023 and 2022, we recorded net pre-tax severance charges of $531 million and $319 million, respectively in Selling, general and administrative expense in our consolidated statements of income. During 2024, in accordance with our accounting policy to recognize actuarial gains and losses in the period in which they occur, we recorded net pre-tax pension and benefits credits of $657 million in our pension and postretirement benefit plans. The net gain was recorded in Other income (expense), net, in our consolidated statement of income. This was primarily driven by a credit of $1.4 billion ($764 million for pension plans and $656 million for postretirement benefit plans) due to an increase in our discount rate assumption used to determine the current year liabilities of our pension plans from a weighted-average of 5.0% for both our pension and post retirement plans at December 31, 2023 to a weighted-average of 5.8% for our pension plans and 5.6% for our postretirement benefit plans at December 31, 2024; a charge of $1.0 billion due to the difference between our estimated and our actual return on plan assets; and a net pre-tax settlement credit of $200 million resulting from the pension annuitization transaction discussed above. During 2023, we recorded net pre-tax pension and benefits charges of $992 million in our pension and postretirement benefit plans. The charges were recorded in Other income (expense), net, in our consolidated statement of income and were primarily driven by a charge of $534 million due to an increase in our healthcare cost trend rate assumption used to determine the current year liabilities of our postretirement benefit plans from a weighted-average of 6.6% at December 31, 2022 to a weighted-average of 7.3% at December 31, 2023; a charge of $503 million due to a decrease in our discount rate assumption used to determine the current year liabilities of our pension plans ($288 million) and postretirement benefit plans ($215 million) from a weighted-average of 5.2% at December 31, 2022 to a weighted-average of 5.0% at December 31, 2023; a net credit of $45 million primarily due to changes in other actuarial assumption adjustments, which includes the difference between our estimated and our actual return on plan assets. During 2022, we recorded net pre-tax pension and benefits credits of $1.7 billion in our pension and postretirement benefit plans. The credits were recorded in Other income (expense), net in our consolidated statement of income and were primarily driven by a credit of $7.0 billion due to an increase in our discount rate assumption used to determine the current year liabilities of our pension plans ($4.1 billion) and postretirement benefit plans ($2.9 billion) from a weighted-average of 2.9% at December 31, 2021 to a weighted-average of 5.2% at December 31, 2022, a charge of $5.5 billion due to the difference between our estimated and our actual return on assets and a credit of $206 million due to other actuarial assumption adjustments.

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