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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Employee Benefit Plans |
NOTE 15—EMPLOYEE BENEFIT PLANS
Defined Contribution Plan We sponsor a contributory Associate Savings Plan (the “Plan”) in which all full-time and part-time associates over the age of 18 are eligible to participate. We make non-elective contributions to each eligible associate’s account and match a portion of associate contributions. We also sponsor a voluntary non-qualified deferred compensation plan in which select groups of employees are eligible to participate. We make contributions to this plan based on participants’ deferral of salary, bonuses and other eligible pay. In addition, we match participants’ excess compensation (compensation over the Internal Revenue Service (“IRS”) compensation limit) less deferrals. We contributed $492 million during the years ended December 31, 2024 and 2023 and $444 million during the year ended December 31, 2022 to these plans. Defined Benefit Pension and Other Postretirement Benefit Plans We sponsor several frozen plans, including a qualified defined benefit pension plan, several non-qualified defined benefit pension plans, and a plan that provides other postretirement benefits, including medical and life insurance coverage. Our pension plans and the other postretirement benefit plan are valued using December 31 as the measurement date each year. Our policy is to amortize prior service amounts on a straight-line basis over the average remaining years of service to full eligibility for benefits of active plan participants. We are currently in the process of terminating the qualified defined benefit pension plan noted above and certain other postretirement benefits coverage. A Notice of Intent to Terminate (“NOIT”) the plan was distributed to plan participants on January 21, 2025 and a request for qualified status determination was filed with the IRS on February 13, 2025. Termination activities are expected to continue through the first quarter of 2026. The following table sets forth, on an aggregated basis, changes in the benefit obligation and plan assets, the funded status and how the funded status is recognized on our consolidated balance sheets. Table 15.1: Changes in Benefit Obligation and Plan Assets
|  | Defined Pension Benefits |  | Other Postretirement Benefits
(Dollars in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |  |
Accumulated benefit obligation as of January 1, |  | $ | 127 |  |  | $ | 128 |  |  | $ | 10 |  |  | $ | 12 |
Service cost |  | 1 |  |  | 1 |  |  | 0 |  |  | 0 |
Interest cost |  | 6 |  |  | 7 |  |  | 0 |  |  | 0 |
Benefits paid |  | (11) |  |  | (10) |  |  | (1) |  |  | (2) |
Actuarial loss (gain) |  | (5) |  |  | 1 |  |  | 0 |  |  | 0 |
Accumulated benefit obligation as of December 31, |  | $ | 118 |  |  | $ | 127 |  |  | $ | 9 |  |  | $ | 10 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets as of January 1, |  | $ | 236 |  |  | $ | 222 |  |  | $ | 5 |  |  | $ | 5 |
Actual return on plan assets |  | 15 |  |  | 23 |  |  | 1 |  |  | 1 |
Employer contributions |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Benefits paid |  | (11) |  |  | (10) |  |  | (1) |  |  | (2) |
Fair value of plan assets as of December 31, |  | $ | 241 |  |  | $ | 236 |  |  | $ | 6 |  |  | $ | 5 |
Over (under) funded status as of December 31, |  | $ | 123 |  |  | $ | 109 |  |  | $ | (3) |  |  | $ | (5) |
|  | Defined Pension Benefits |  | Other Postretirement Benefits
(Dollars in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Balance sheet presentation as of December 31, |  |  |  |  |  |  |  |
Other assets |  | $ | 131 |  |  | $ | 117 |  |  | $ | 0 |  |  | $ | 0 |
Other liabilities |  | (8) |  |  | (8) |  |  | (3) |  |  | (5) |
Net amount recognized as of December 31, |  | $ | 123 |  |  | $ | 109 |  |  | $ | (3) |  |  | $ | (5) |
Net periodic benefit gain for our defined benefit pension plans and other postretirement benefit plan was $6 million in both 2024 and 2023 and $8 million in 2022. We recognized pre-tax gains of $8 million in 2024 and $9 million in 2023 and pre-tax losses of $24 million in 2022 in AOCI for our defined benefit pension plans and our other postretirement benefit plan. Pre-tax amounts recognized in AOCI that have not yet been recognized as a component of net periodic benefit cost consist of net actuarial losses of $39 million and $47 million for our defined benefit pension plans as of December 31, 2024 and 2023, respectively, and net actuarial gains of $2 million for our other postretirement benefit plan as of both December 31, 2024 and 2023. There was no meaningful prior service cost recognized in AOCI. Plan Assets and Fair Value Measurement Plan assets are invested using a total return investment approach whereby a mix of equity securities and debt securities are used to preserve asset values, diversify risk and enhance our ability to achieve our benchmark for long-term investment return. Investment strategies and asset allocations are based on careful consideration of plan liabilities, the plan’s funded status and our financial condition. Investment performance and asset allocation are measured and monitored on a daily basis. As of December 31, 2024 and 2023, our plan assets totaled $247 million and $241 million, respectively. We invested substantially all our plan assets in common collective trusts, which primarily consist of domestic and international equity securities, government securities and corporate and municipal bonds. Our plan assets were classified as Level 2 in the fair value hierarchy as of December 31, 2024 and 2023. For information on fair value measurements, including descriptions of Level 1, 2 and 3 of the fair value hierarchy, see “Note 17—Fair Value Measurement.” Expected Future Benefit Payments As of December 31, 2024, the benefits expected to be paid in the next ten years totaled $103 million for our defined pension benefit plans and $9 million for our other postretirement benefit plan, respectively.

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