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Pension and Other Benefit Programs (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | The fair values of our plan assets as of December 31, 2024, by asset category, are as follows (in millions):
| Fair Value Measurements
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Equity securities: |  |  |  |  |  |  |
U.S. large-cap | — |  |  | 20 |  |  | — |  |  | 20 |
U.S. small-cap | — |  |  | 5 |  |  | — |  |  | 5 |
International | — |  |  | 10 |  |  | — |  |  | 10 |
Fixed income securities | 153 |  |  | 507 |  |  | 6 |  |  | 666 |
Total | $ | 161 |  |  | $ | 542 |  |  | $ | 6 |  |  | $ | 709 |
The fair values of our plan assets as of December 31, 2023, by asset category, are as follows (in millions):
| Fair Value Measurements
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Equity securities: |  |  |  |  |  |  |
U.S. large-cap | — |  |  | 18 |  |  | — |  |  | 18 |
U.S. small-cap | — |  |  | 6 |  |  | — |  |  | 6 |
International | — |  |  | 11 |  |  | — |  |  | 11 |
Fixed income securities | 154 |  |  | 542 |  |  | 5 |  |  | 701 |
Total | $ | 162 |  |  | $ | 577 |  |  | $ | 5 |  |  | $ | 744 |
Schedule of Changes in Projected Benefit Obligations | The following table provides a summary of the changes in the pension plan’s benefit obligations and the fair value of assets measured using the valuation techniques described in Note 18, as of December 31, 2024 and 2023 and a statement of funded status of the pension plan as of December 31, 2024 and 2023 (in millions):
| As of December 31,
| 2024 |  | 2023
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 644 |  |  | $ | 647 |
Interest cost | 29 |  |  | 30 |
Actuarial (gain)/loss | (28) |  |  | 14 |
Benefits paid | (47) |  |  | (47) |
Benefit obligation at year end | $ | 598 |  |  | $ | 644 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 694 |  |  | $ | 687 |
Actual return on plan assets | 6 |  |  | 54 |
Benefits paid | (47) |  |  | (47) |
Fair value of plan assets at end of year | $ | 653 |  |  | $ | 694 |
Funded status | $ | 55 |  |  | $ | 50 |
Accumulated benefit obligation | $ | 598 |  |  | $ | 644 |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other non-current assets | $ | 55 |  |  | $ | 50 |
The following table provides a summary of the changes in the SERP benefit obligations (in millions):
| As of December 31,
| 2024 |  | 2023
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 23 |  |  | $ | 26 |
Interest cost | 1 |  |  | 1 |
Benefits paid | (3) |  |  | (4) |
Benefit obligation at year end | $ | 21 |  |  | $ | 23 |
Funded status | $ | (21) |  |  | $ | (23) |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other current liabilities | $ | (3) |  |  | $ | (4) |
Accrued employee benefits | (18) |  |  | (19) |
The following table provides a summary of the changes in the benefit obligation (in millions):
| As of December 31,
Change in benefit obligation: | 2024 |  | 2023
Benefit obligation at beginning of year | $ | 129 |  |  | $ | 116 |
Interest cost | 5 |  |  | 5 |
Actuarial (gain)/loss | (7) |  |  | 19 |
Employee contributions | 2 |  |  | 2 |
Benefits paid | (13) |  |  | (13) |
Benefit obligation at the end of year | $ | 116 |  |  | $ | 129 |
Funded status | $ | (116) |  |  | $ | (129) |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other current liabilities | $ | (9) |  |  | $ | (9) |
Accrued employee benefits | $ | (107) |  |  | $ | (120) |
Schedule of Components of Pension Plan Expense (Benefit) | The following shows the components of the pension plan expense for 2024, 2023 and 2022 (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Interest cost | $ | 29 |  |  | $ | 30 |  |  | $ | 17 |
Estimated return on plan assets | (33) |  |  | (35) |  |  | (21) |
Amortization of loss | — |  |  | — |  |  | 2 |
Aggregate pension (benefit)/expense | $ | (4) |  |  | $ | (5) |  |  | $ | (2) |
Schedule of Expected Benefit Payments | The following shows the projected payments for the pension plan based on actuarial assumptions (in millions):
2025 | $ | 52 |
2026 | 51 |
2027 | 51 |
2028 | 50 |
2029 | 50 |
Next 5 years | 229 |
The following table shows the projected payments for the SERP plan based on the actuarial assumptions (in millions):
Projected SERP Plan Payments |
2025 | $ | 3 |
2026 | 3 |
2027 | 3 |
2028 | 2 |
2029 | 2 |
Next 5 years | 8 |
The following table shows the payments projected for our post-retirement benefit plans (net of expected Medicare subsidy receipts of $8 million in aggregate over the next ten fiscal years) based on actuarial assumptions (in millions):
Projected Post-Retirement Benefit by Year: | Projected Payment
2025 | $ | 9 |
2026 | 10 |
2027 | 10 |
2028 | 10 |
2029 | 10 |
Next 5 years | 48 |
Schedule of Assumptions Used | The weighted-average assumptions used to develop the actuarial present value of the projected benefit obligation and net periodic pension/SERP costs in 2024, 2023 and 2022 are set forth below:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Weighted-average discount rate for determining benefit obligations (pension/SERP plans) | 5.4% / 5.2% |  | 4.7% / 4.6% |  | 4.9% / 4.8%
Weighted-average discount rate for determining interest costs (pension/SERP plans) | 4.6% / 4.6% |  | 4.8% / 4.7% |  | 2.1% / 1.6%
Expected long-term rate of return on plan assets (pension/SERP plans) | 4.3% / N/A |  | 4.4% / N/A |  | 2.5% / N/A
Rate of compensation increase | N/A |  | N/A |  | N/A
Schedule of Net Periodic Benefit Cost Not yet Recognized | The accumulated other comprehensive loss, after tax, as of December 31, 2024, consisted of the following amounts that have not yet been recognized in net periodic benefit cost (in millions):
| Pension Plans |  | SERP Plans |  | Post-retirement Benefit Plans |  | Total
Unrecognized net actuarial losses/(gains), after tax | $ | 77 |  |  | $ | 3 |  |  | $ | (18) |  |  | $ | 62 |

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