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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Net Funded Status | Changes in our PBO and plan assets were as follows for the years ended December 31:
Funded Status |  |
Millions | 2024 | 2023
Projected Benefit Obligation |  |
Projected benefit obligation at beginning of year | $ | 3,880 |  | $ | 3,725 |
Service cost | 52 |  | 52 |
Interest cost | 186 |  | 187 |
Actuarial loss/(gain) | (269) |  | 146 |
Gross benefits paid | (336) |  | (230) |
Projected benefit obligation at end of year | $ | 3,513 |  | $ | 3,880 |
Plan Assets |  |
Fair value of plan assets at beginning of year | $ | 4,400 |  | $ | 4,363 |
Actual return/(loss) on plan assets | (28) |  | 235 |
Non-qualified plan benefit contributions | 32 |  | 32 |
Gross benefits paid | (336) |  | (230) |
Fair value of plan assets at end of year | $ | 4,068 |  | $ | 4,400 |
Funded status at end of year | $ | 555 |  | $ | 520 |
Schedule of Amounts Recognized in Statement of Financial Position | Amounts recognized in the statement of financial position as of December 31, 2024 and 2023, consist of:
Millions | 2024 | 2023
Noncurrent assets | $ | 950 |  | $ | 924 |
Current liabilities | (32) |  | (31) |
Noncurrent liabilities | (363) |  | (373) |
Net amounts recognized at end of year | $ | 555 |  | $ | 520 |
Schedule of Pre-Tax Changes Recognized in Comprehensive Income/Loss | Pre-tax changes recognized in other comprehensive income/loss as of December 31, 2024, 2023, and 2022, were as follows:
Millions | 2024 | 2023 | 2022
Net actuarial (loss)/gain | $ | (11) |  | $ | (159) |  | $ | 272 |
Amortization of: |  |  |
Actuarial loss | 11 |  | 9 |  | 86 |
Total | $ | - |  | $ | (150) |  | $ | 358 |
Schedule of Accumulated benefit Obligation in Excess of Fair Value | The following table discloses only the PBO, ABO, and fair value of plan assets for pension plans where the accumulated benefit obligation is in excess of the fair value of the plan assets as of December 31:
Underfunded Accumulated Benefit Obligation |  |
Millions | 2024 | 2023
Projected benefit obligation | $ | 395 |  | $ | 404 |
Accumulated benefit obligation | $ | 389 |  | $ | 399 |
Fair value of plan assets | - |  | - |
Underfunded accumulated benefit obligation | $ | (389) |  | $ | (399) |
Schedule of Weighted Average Actuarial Assumptions | The weighted-average actuarial assumptions used to determine benefit obligations at December 31:
Percentages | 2024 | 2023
Discount rate | 5.61 | % | 5.00 | %
Compensation increase | 4.00 | % | 4.00 | %
The weighted-average actuarial assumptions used to determine expense were as follows:
Percentages | 2024 | 2023 | 2022
Discount rate for benefit obligations | 5.00 | % | 5.21 | % | 2.80 | %
Discount rate for interest on benefit obligations | 4.91 | % | 5.14 | % | 2.40 | %
Discount rate for service cost | 5.05 | % | 5.19 | % | 2.91 | %
Discount rate for interest on service cost | 5.02 | % | 5.21 | % | 2.86 | %
Expected return on plan assets | 5.25 | % | 5.25 | % | 6.25 | %
Compensation increase | 4.00 | % | 4.10 | % | 4.10 | %
Schedule of Net Periodic Pension Benefit/Cost | The components of our net periodic pension benefit/cost were as follows for the years ended December 31:
Millions | 2024 | 2023 | 2022
Service cost | $ | 52 |  | $ | 52 |  | $ | 93 |
Interest cost | 186 |  | 187 |  | 123 |
Expected return on plan assets | (252) |  | (248) |  | (293) |
Amortization of actuarial loss | 11 |  | 9 |  | 86 |
Net periodic pension (benefit)/cost | $ | (3) |  | $ | - |  | $ | 9 |
Schedule of Cash Contributions | The following table details cash contributions, if any, for the qualified and non-qualified (supplemental) pension plans:
Millions | Qualified | Non-qualified
2024 | $ | - |  | $ | 32 |
2023 | $ | - |  | $ | 32 |
Schedule of Expected Benefit Payments | The following table details expected benefit payments for the years 2025 through 2034:
Millions |
2025 | $ | 231 |
2026 | 230 |
2027 | 230 |
2028 | 230 |
2029 | 231 |
Years 2030 - 2034 | $ | 1,177 |
Schedule of Pension Plan Asset Allocation | Our pension plan asset allocation at December 31, 2024 and 2023, and target allocation for 2025, are as follows:
| Target Allocation 2025 | Percentage of Plan Assets December 31,
| 2024 | 2023
Equity securities | 20% to 30% | 24 | % | 24 | %
Debt securities | 70% to 80% | 75 |  | 75 |
Real estate | 0% to 2% | 1 |  | 1 |
Total |  | 100 | % | 100 | %
Schedule of Pension Plan Measured at Fair Value on Recurring Basis | As of December 31, 2024, the pension plan assets measured at fair value on a recurring basis were as follows:
Millions | Quoted Prices in Active Markets for Identical Inputs (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total
Plan assets at fair value: |  |  |  |
Federal government securities | $ | - |  | $ | 1,448 |  | $ | - |  | $ | 1,448 |
Bonds and debentures | - |  | 1,512 |  | - |  | 1,512 |
Corporate stock | 220 |  | 6 |  | - |  | 226 |
Total plan assets at fair value | $ | 220 |  | $ | 2,966 |  | $ | - |  | $ | 3,186 |
Plan assets at NAV: |  |  |  |
Venture capital and buyout partnerships |  |  |  | 446 |
Real estate funds |  |  |  | 26 |
Collective trust and other funds |  |  |  | 370 |
Total plan assets at NAV |  |  |  | $ | 842 |
Other assets/(liabilities) [a] |  |  |  | 40 |
Total plan assets |  |  |  | $ | 4,068 |
As of December 31, 2023, the pension plan assets measured at fair value on a recurring basis were as follows:
Millions | Quoted Prices in Active Markets for Identical Inputs (Level 1) | Significant Other Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total
Plan assets at fair value: |  |  |  |
Federal government securities | $ | - |  | $ | 1,508 |  | $ | - |  | $ | 1,508 |
Bonds and debentures | - |  | 1,696 |  | - |  | 1,696 |
Corporate stock | 176 |  | 5 |  | - |  | 181 |
Total plan assets at fair value | $ | 176 |  | $ | 3,209 |  | $ | - |  | $ | 3,385 |
Plan assets at NAV: |  |  |  |
Venture capital and buyout partnerships |  |  |  | 554 |
Real estate funds |  |  |  | 30 |
Collective trust and other funds |  |  |  | 382 |
Total plan assets at NAV |  |  |  | $ | 966 |
Other assets/(liabilities) [a] |  |  |  | 49 |
Total plan assets |  |  |  | $ | 4,400 |
[a]Includes accrued receivables, net payables, and pending broker settlements.

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