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Benefit Plans (Tables)

12 Months Ended

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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