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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Projected Benefit Obligations, Plan Assets and Funded Status of Pension Plans | Benefit obligations, plan assets and funded status for our pension and postretirement plans were as follows at December 31:
| Pension |  | Postretirement
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 6,428 |  |  | $ | 6,292 |  |  | $ | 1,246 |  |  | $ | 1,275 |
Service cost | 41 |  |  | 39 |  |  | 15 |  |  | 15 |
Interest cost | 321 |  |  | 333 |  |  | 62 |  |  | 65 |
Benefits paid | (457) |  |  | (460) |  |  | (91) |  |  | (96) |
Actuarial (gains) losses | (251) |  |  | 224 |  |  | (153) |  |  | (10) |
Plan amendments | — |  |  | — |  |  | (1) |  |  | (3) |
Benefit obligation at end of year | 6,082 |  |  | 6,428 |  |  | 1,078 |  |  | 1,246 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 6,775 |  |  | 6,603 |  |  | 102 |  |  | 122 |
Actual return on plan assets | 209 |  |  | 612 |  |  | 12 |  |  | 13 |
Employer contributions | 18 |  |  | 20 |  |  | — |  |  | — |
Benefits paid | (457) |  |  | (460) |  |  | (30) |  |  | (33) |
Fair value of plan assets at end of year | 6,545 |  |  | 6,775 |  |  | 84 |  |  | 102 |
Funded status at December 31 | $ | 463 |  |  | $ | 347 |  |  | $ | (994) |  |  | $ | (1,144) |
Amounts recognized on our consolidated balance sheets: |  |  |  |  |  |  |
Other assets | $ | 624 |  |  | $ | 506 |  |  | $ | — |  |  | $ | — |
Other accrued liabilities | (25) |  |  | (29) |  |  | (59) |  |  | (65) |
Accrued pension costs | (136) |  |  | (130) |  |  | — |  |  | — |
Accrued postretirement health care costs | — |  |  | — |  |  | (935) |  |  | (1,079) |
| $ | 463 |  |  | $ | 347 |  |  | $ | (994) |  |  | $ | (1,144) |
Net Pension Liability Recognized in Consolidated Balance Sheets | Benefit obligations, plan assets and funded status for our pension and postretirement plans were as follows at December 31:
| Pension |  | Postretirement
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 6,428 |  |  | $ | 6,292 |  |  | $ | 1,246 |  |  | $ | 1,275 |
Service cost | 41 |  |  | 39 |  |  | 15 |  |  | 15 |
Interest cost | 321 |  |  | 333 |  |  | 62 |  |  | 65 |
Benefits paid | (457) |  |  | (460) |  |  | (91) |  |  | (96) |
Actuarial (gains) losses | (251) |  |  | 224 |  |  | (153) |  |  | (10) |
Plan amendments | — |  |  | — |  |  | (1) |  |  | (3) |
Benefit obligation at end of year | 6,082 |  |  | 6,428 |  |  | 1,078 |  |  | 1,246 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 6,775 |  |  | 6,603 |  |  | 102 |  |  | 122 |
Actual return on plan assets | 209 |  |  | 612 |  |  | 12 |  |  | 13 |
Employer contributions | 18 |  |  | 20 |  |  | — |  |  | — |
Benefits paid | (457) |  |  | (460) |  |  | (30) |  |  | (33) |
Fair value of plan assets at end of year | 6,545 |  |  | 6,775 |  |  | 84 |  |  | 102 |
Funded status at December 31 | $ | 463 |  |  | $ | 347 |  |  | $ | (994) |  |  | $ | (1,144) |
Amounts recognized on our consolidated balance sheets: |  |  |  |  |  |  |
Other assets | $ | 624 |  |  | $ | 506 |  |  | $ | — |  |  | $ | — |
Other accrued liabilities | (25) |  |  | (29) |  |  | (59) |  |  | (65) |
Accrued pension costs | (136) |  |  | (130) |  |  | — |  |  | — |
Accrued postretirement health care costs | — |  |  | — |  |  | (935) |  |  | (1,079) |
| $ | 463 |  |  | $ | 347 |  |  | $ | (994) |  |  | $ | (1,144) |
Assumptions used to Determine Benefit Obligations | We used the following assumptions to determine our pension and postretirement benefit obligations at December 31:
| Pension |  | Postretirement
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.7 | % |  | 5.3 | % |  | 5.7 | % |  | 5.2 | %
Rate of compensation increase - long-term | 4.0 |  |  | 4.0 |  |  | — |  |  | — |
Health care cost trend rate assumed for next year | — |  |  | — |  |  | 6.3 |  |  | 6.5 |
Ultimate trend rate | — |  |  | — |  |  | 5.0 |  |  | 5.0 |
Year that the rate reaches the ultimate trend rate | — |  |  | — |  |  | 2031 |  | 2031
Schedule of Net Benefit Costs | Net periodic benefit cost (income) consisted of the following for the years ended December 31:
| Pension |  | Postretirement
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost | $ | 41 |  |  | $ | 39 |  |  | $ | 64 |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | 23 |
Interest cost | 321 |  |  | 333 |  |  | 206 |  |  | 62 |  |  | 65 |  |  | 41 |
Expected return on plan assets | (465) |  |  | (485) |  |  | (493) |  |  | (6) |  |  | (8) |  |  | (13) |
Amortization: |  |  |  |  |  |  |  |  |  |  |
Net loss (gain) | 28 |  |  | 4 |  |  | 96 |  |  | (6) |  |  | (2) |  |  | 18 |
Prior service cost (credit) | 5 |  |  | 6 |  |  | 6 |  |  | (41) |  |  | (40) |  |  | (45) |
Net periodic benefit cost (income) | $ | (70) |  |  | $ | (103) |  |  | $ | (121) |  |  | $ | 24 |  |  | $ | 30 |  |  | $ | 24 |
Schedule Of Assumptions To Determine Net Periodic Benefit Cost | The following assumptions were used to determine our net periodic benefit cost (income) for the years ended December 31:
| Pension |  | Postretirement
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rates: |  |  |  |  |  |  |  |  |  |  |
Service cost | 5.4 | % |  | 5.7 | % |  | 3.2 | % |  | 5.3 | % |  | 5.7 | % |  | 3.2 | %
Interest cost | 5.2 |  |  | 5.5 |  |  | 2.5 |  |  | 5.2 |  |  | 5.5 |  |  | 2.5 |
Expected rate of return on plan assets | 6.1 |  |  | 6.1 |  |  | 6.1 |  |  | 7.4 |  |  | 7.4 |  |  | 7.7 |
Rate of compensation increase - long-term | 4.0 |  |  | 4.0 |  |  | 4.0 |  |  | — |  |  | — |  |  | — |
Health care cost trend rate | — |  |  | — |  |  | — |  |  | 6.5 |  |  | 6.5 |  |  | 6.5 |
Schedule of Fair Value of Plan Assets by Asset Category | The actual composition of our plan assets at December 31, 2024 was broadly characterized with the following allocation:
| Pension |  | Postretirement
Equity securities | 21 | % |  | 57 | %
Corporate bonds | 63 | % |  | 30 | %
U.S. Treasury and foreign government securities and all other investments | 16 | % | (1) | 13 | %
(1) Amount includes U.S. Treasury and foreign government securities (8%) and all other investments (8%). The fair values of our pension plan assets by asset category were as follows at December 31:
| 2024 |  | 2023
(in millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total
U.S. and foreign government securities or their agencies: |  |  |  |  |  |  |
U.S. government and agencies | $ | — |  | $ | 508 |  | $ | 508 |  |  | $ | — |  | $ | 1,114 |  | $ | 1,114 |
U.S. municipal bonds | — |  | 69 |  | 69 |  |  | — |  | 81 |  | 81 |
Foreign government and agencies | — |  | 54 |  | 54 |  |  | — |  | 33 |  | 33 |
Corporate debt instruments: |  |  |  |  |  |  |
Above investment grade | — |  | 3,572 |  | 3,572 |  |  | — |  | 3,160 |  | 3,160 |
Below investment grade and no rating | — |  | 582 |  | 582 |  |  | — |  | 716 |  | 716 |
Common stock: |  |  |  |  |  |  |
International equities | 398 |  | — |  | 398 |  |  | 360 |  | — |  | 360 |
U.S. equities | 361 |  | — |  | 361 |  |  | 323 |  | — |  | 323 |
Asset backed securities | — |  | 185 |  | 185 |  |  | — |  | 279 |  | 279 |
Other, net | (15) |  | 99 |  | 84 |  |  | 47 |  | 154 |  | 201 |
| $ | 744 |  | $ | 5,069 |  | $ | 5,813 |  |  | $ | 730 |  | $ | 5,537 |  | $ | 6,267 |
Investments measured at NAV as a practical expedient for fair value: |  |  |  |  |  |  |
Collective investment funds |  |  |  |  |  |  |
U.S. large cap |  |  | $ | 445 |  |  |  |  | $ | 388 |
U.S. small cap |  |  | 100 |  |  |  |  | 90 |
International developed markets |  |  | 53 |  |  |  |  | 55 |
Total investments measured at NAV |  |  | $ | 598 |  |  |  |  | $ | 533 |
Other |  |  | 134 |  |  |  |  | (25) |
Fair value of plan assets, net |  |  | $ | 6,545 |  |  |  |  | $ | 6,775 |
Level 3 holdings and transactions were immaterial to total plan assets at December 31, 2024 and 2023. The fair values of our postretirement plan assets were as follows at December 31:
| 2024 |  | 2023
(in millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total
U.S. and foreign government securities or their agencies: |  |  |  |  |  |  |
U.S. government and agencies | $ | — |  | $ | 1 |  | $ | 1 |  |  | $ | — |  | $ | 4 |  | $ | 4 |
Foreign government and agencies | — |  | 2 |  | 2 |  |  | — |  | 2 |  | 2 |
Corporate debt instruments: |  |  |  |  |  |  |
Above investment grade | — |  | 24 |  | 24 |  |  | — |  | 31 |  | 31 |
Below investment grade and no rating | — |  | 2 |  | 2 |  |  | — |  | 4 |  | 4 |
Other, net | — |  | 8 |  | 8 |  |  | 1 |  | 3 |  | 4 |
| $ | — |  | $ | 37 |  | $ | 37 |  |  | $ | 1 |  | $ | 44 |  | $ | 45 |
Investments measured at NAV as a practical expedient for fair value: |  |  |  |  |  |  |
Collective investment funds: |  |  |  |  |  |  |
U.S. large cap |  |  | $ | 35 |  |  |  |  | $ | 44 |
International developed markets |  |  | 12 |  |  |  |  | 11 |
Total investments measured at NAV |  |  | $ | 47 |  |  |  |  | $ | 55 |
Other |  |  | — |  |  |  |  | 2 |
Fair value of plan assets, net |  |  | $ | 84 |  |  |  |  | $ | 102 |
Estimated Future Benefit Payments | Estimated future benefit payments at December 31, 2024 were as follows:
(in millions) | Pension |  | Postretirement
2025 | $ | 488 |  |  | $ | 84 |
2026 | 480 |  |  | 83 |
2027 | 481 |  |  | 82 |
2028 | 482 |  |  | 82 |
2029 | 483 |  |  | 83 |
2030-2034 | 2,358 |  |  | 423 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | We recorded the following amounts in accumulated other comprehensive losses at December 31, 2024:
(in millions) | Pension |  | Post- retirement |  | Post- employment |  | Total
Net (loss) gain | $ | (2,213) |  |  | $ | 172 |  |  | $ | (45) |  |  | $ | (2,086) |
Prior service (cost) credit | (13) |  |  | 216 |  |  | (5) |  |  | 198 |
Deferred income taxes | 578 |  |  | (95) |  |  | 13 |  |  | 496 |
Amounts recorded in accumulated other comprehensive losses | $ | (1,648) |  |  | $ | 293 |  |  | $ | (37) |  |  | $ | (1,392) |
We recorded the following amounts in accumulated other comprehensive losses at December 31, 2023:
(in millions) | Pension |  | Post- retirement |  | Post- employment |  | Total
Net (loss) gain | $ | (2,236) |  |  | $ | 19 |  |  | $ | (39) |  |  | $ | (2,256) |
Prior service (cost) credit | (18) |  |  | 256 |  |  | (5) |  |  | 233 |
Deferred income taxes | 585 |  |  | (67) |  |  | 12 |  |  | 530 |
Amounts recorded in accumulated other comprehensive losses | $ | (1,669) |  |  | $ | 208 |  |  | $ | (32) |  |  | $ | (1,493) |
Movements in Other Comprehensive Earnings/Losses | The movements in other comprehensive earnings (losses) for the year ended December 31, 2024 were as follows:
(in millions) | Pension |  | Post- retirement |  | Post- employment |  | Total
Amounts reclassified to net earnings as components of net periodic benefit cost (income): |  |  |  |  |  |  |
Amortization: |  |  |  |  |  |  |
Net loss (gain) | $ | 28 |  |  | $ | (6) |  |  | $ | 7 |  |  | $ | 29 |
Prior service cost (credit) | 5 |  |  | (41) |  |  | — |  |  | (36) |
Deferred income taxes | (8) |  |  | 12 |  |  | (2) |  |  | 2 |
| $ | 25 |  |  | $ | (35) |  |  | $ | 5 |  |  | $ | (5) |
Other movements during the year: |  |  |  |  |  |  |
Net (loss) gain | $ | (5) |  |  | $ | 159 |  |  | $ | (13) |  |  | $ | 141 |
Prior service (cost) credit | — |  |  | 1 |  |  | — |  |  | 1 |
Deferred income taxes | 1 |  |  | (40) |  |  | 3 |  |  | (36) |
| $ | (4) |  |  | $ | 120 |  |  | $ | (10) |  |  | $ | 106 |
Total movements in other comprehensive earnings (losses) | $ | 21 |  |  | $ | 85 |  |  | $ | (5) |  |  | $ | 101 |
The movements in other comprehensive earnings (losses) for the year ended December 31, 2023 were as follows:
(in millions) | Pension |  | Post-retirement |  | Post-employment |  | Total
Amounts reclassified to net earnings as components of net periodic benefit cost (income): |  |  |  |  |  |  |
Amortization: |  |  |  |  |  |  |
Net loss (gain) | $ | 4 |  |  | $ | (2) |  |  | $ | 6 |  |  | $ | 8 |
Prior service cost (credit) | 6 |  |  | (40) |  |  | — |  |  | (34) |
Deferred income taxes | (2) |  |  | 11 |  |  | (1) |  |  | 8 |
| $ | 8 |  |  | $ | (31) |  |  | $ | 5 |  |  | $ | (18) |
Other movements during the year: |  |  |  |  |  |  |
Net (loss) gain | $ | (60) |  |  | $ | 20 |  |  | $ | (11) |  |  | $ | (51) |
Prior service (cost) credit | — |  |  | 3 |  |  | — |  |  | 3 |
Deferred income taxes | 16 |  |  | (10) |  |  | 3 |  |  | 9 |
| $ | (44) |  |  | $ | 13 |  |  | $ | (8) |  |  | $ | (39) |
Total movements in other comprehensive earnings (losses) | $ | (36) |  |  | $ | (18) |  |  | $ | (3) |  |  | $ | (57) |
The movements in other comprehensive earnings (losses) for the year ended December 31, 2022 were as follows:
(in millions) | Pension |  | Post- retirement |  | Post- employment |  | Total
Amounts reclassified to net earnings as components of net periodic benefit cost (income): |  |  |  |  |  |  |
Amortization: |  |  |  |  |  |  |
Net loss (gain) | $ | 96 |  |  | $ | 18 |  |  | $ | 13 |  |  | $ | 127 |
Prior service cost (credit) | 6 |  |  | (45) |  |  | — |  |  | (39) |
Deferred income taxes | (26) |  |  | 7 |  |  | (3) |  |  | (22) |
| $ | 76 |  |  | $ | (20) |  |  | $ | 10 |  |  | $ | 66 |
Other movements during the year: |  |  |  |  |  |  |
Net (loss) gain | $ | (183) |  |  | $ | 345 |  |  | $ | (15) |  |  | $ | 147 |
Prior service (cost) credit | — |  |  | (2) |  |  | — |  |  | (2) |
Deferred income taxes | 48 |  |  | (87) |  |  | 4 |  |  | (35) |
| $ | (135) |  |  | $ | 256 |  |  | $ | (11) |  |  | $ | 110 |
Total movements in other comprehensive earnings (losses) | $ | (59) |  |  | $ | 236 |  |  | $ | (1) |  |  | $ | 176 |

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