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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Change In Benefit Obligations, Change In Plan Assets, Funded Status, Amounts Recognized on Balance Sheet, and Amounts Recognized In Accumulated Other Comprehensive Income (Pretax) | 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) |
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | 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 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | 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 |
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance | 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) |
Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss | 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 |
Weighted Average Assumptions Used in Determining Benefit Obligations and Net Periodic Cost | 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
Health Care Cost Trend Rates | 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
Fair Values for Plans by Asset Category | 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 |
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 |  |  | $ | — |
Reconciliation of Beginning and Ending Balance of Plan Assets Measured at Fair Value | 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 |
Expected Benefit Payments to Retirees | 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 |
Schedule of Recorded Severance Liability | 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 |

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