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COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Net Periodic Benefit Cost for Pension and Postretirement Benefit Plans
Information about net periodic benefit cost for the company-sponsored pension and postretirement defined benefit plans is as follows (in millions):
 U.S. Pension BenefitsU.S. Postretirement
Medical Benefits		International
Pension Benefits
 202420232022202420232022202420232022
Net Periodic Benefit Cost:
Service cost$1,240 $1,172 $2,024 $20 $20 $30 $42 $43 $68 
Interest cost2,574 2,508 1,950 109 116 83 66 66 45 
Expected return on plan assets(3,085)(2,967)(3,280)(4)(12)(4)(83)(84)(78)
Amortization of prior service cost152 106 93 1 2 — 1 1 1 
Actuarial (gain) loss673 393 (875)— — — (8)(42)(152)
Curtailment and settlement (gain) loss— — — — — — — 8 (34)
Net periodic benefit cost$1,554 $1,212 $(88)$126 $126 $109 $18 $(8)$(150)
Weighted Average Actuarial Assumptions Used Disclosure
The table below provides the weighted-average actuarial assumptions used to determine the net periodic benefit cost:
 U.S. Pension BenefitsU.S. Postretirement
Medical Benefits		International
Pension Benefits
 202420232022202420232022202420232022
Service cost discount rate5.42 %5.79 %3.13 %5.80 %6.06 %3.28 %4.59 %5.09 %2.78 %
Interest cost discount rate5.42 %5.79 %3.13 %5.80 %6.06 %3.28 %4.56 %5.02 %2.74 %
Rate of compensation increase3.25 %3.25 %4.29 %N/AN/AN/A3.19 %3.20 %3.17 %
Expected return on plan assets7.17 %7.07 %5.90 %6.36 %6.62 %4.77 %4.54 %5.13 %3.87 %
Cash balance interest credit rate3.83 %4.21 %2.50 %N/AN/AN/A3.31 %3.69 %2.94 %
The table below provides the weighted-average actuarial assumptions used to determine the benefit obligations of our plans:
 U.S. Pension BenefitsU.S. Postretirement
Medical Benefits		International
Pension Benefits
 202420232024202320242023
Discount rate5.88 %5.42 %6.18 %5.80 %4.45 %4.21 %
Rate of compensation increase3.25 %3.25 %N/AN/A3.04 %3.19 %
Cash balance interest credit rate4.30 %3.83 %N/AN/A3.09 %3.31 %
Schedule of One Basis Point Change in Discount Rate on the Projected Benefit Obligation
As of December 31, 2024, the impact of each basis point change in the discount rate on the projected benefit obligation of our pension and postretirement medical benefit plans was as follows (in millions):
 Increase (Decrease) in the Projected Benefit Obligation
 Pension BenefitsPostretirement Medical Benefits
One basis point increase in discount rate$(57)$(1)
One basis point decrease in discount rate$60 $1 
Funded Status as of the Respective Measurement Dates in Each Year and the Amounts Recognized in Balance Sheet
The following table discloses the funded status of our plans and the amounts recognized in our consolidated balance sheets as of December 31 (in millions):
 U.S. Pension BenefitsU.S. Postretirement
Medical Benefits		International
Pension Benefits
 202420232024202320242023
Funded Status:
Fair value of plan assets$41,499 $43,491 $119 $98 $1,778 $1,893 
Benefit obligation(46,559)(47,712)(1,850)(1,974)(1,500)(1,601)
Funded status recognized at December 31$(5,060)$(4,221)$(1,731)$(1,876)$278 $292 
Funded Status Amounts Recognized in our Balance Sheet:
Other non-current assets$— $— $— $— $480 $510 
Other current liabilities(27)(26)(100)(123)(7)(7)
Pension and postretirement benefit obligations(5,033)(4,195)(1,631)(1,753)(195)(211)
Net liability at December 31$(5,060)$(4,221)$(1,731)$(1,876)$278 $292 
Amounts Recognized in AOCI (1):
Unrecognized net prior service cost$(1,251)$(1,326)$(1)$(2)$(5)$(7)
Unrecognized net actuarial gain (loss)(2,686)(2,097)131 129 107 99 
Gross unrecognized cost at December 31(3,937)(3,423)130 127 102 92 
Deferred tax asset at December 31956 831 (32)(31)(32)(28)
Net unrecognized cost at December 31$(2,981)$(2,592)$98 $96 $70 $64 
(1)    Accumulated Other Comprehensive Income (Loss)
Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets
As of December 31, 2024 and 2023, the projected benefit obligation, the accumulated benefit obligation and the fair value of plan assets for pension plans with benefit obligations in excess of plan assets were as follows (in millions):
 Projected Benefit Obligation
Exceeds the Fair Value of Plan Assets		Accumulated Benefit Obligation
Exceeds the Fair Value of Plan Assets
2024202320242023
U.S. Pension Benefits:
Projected benefit obligation$46,559 $47,712 $46,559 $47,712 
Accumulated benefit obligation46,526 47,674 46,526 47,674 
Fair value of plan assets41,499 43,491 41,499 43,491 
International Pension Benefits:
Projected benefit obligation$337 $345 $281 $315 
Accumulated benefit obligation301 304 255 281 
Fair value of plan assets135 127 88 100 
Reconciliation of the Changes in the Plans' Benefit Obligations and Fair Value of Plan Assets
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of plan assets as of the respective measurement dates in each year (in millions):
 U.S. Pension BenefitsU.S. Postretirement
Medical Benefits		International
Pension Benefits
 202420232024202320242023
Benefit Obligations:
Projected benefit obligation at beginning of year$47,712 $43,504 $1,974 $2,016 $1,601 $1,416 
Service cost1,240 1,172 20 20 42 43 
Interest cost2,574 2,508 109 116 66 66 
Gross benefits paid(2,604)(2,437)(284)(265)(55)(46)
Plan participants’ contributions— — 39 34 4 4 
Plan amendments(1)
76 699 — — — — 
Actuarial (gain)/loss(2,438)2,266 (7)53 (58)99 
Foreign currency exchange rate changes— — — — (99)51 
Curtailments and settlements— — — — (4)(38)
Other(1)— (1)— 3 6 
Projected benefit obligation at end of year$46,559 $47,712 $1,850 $1,974 $1,500 $1,601 
 U.S. Pension BenefitsU.S. Postretirement
Medical Benefits		International
Pension Benefits
 202420232024202320242023
Fair Value of Plan Assets:
Fair value of plan assets at beginning of year$43,491 $42,058 $98 $215 $1,893 $1,643 
Actual return on plan assets(615)2,664 (2)(8)41 201 
Employer contributions1,228 1,206 269 122 27 65 
Plan participants’ contributions— — 39 34 4 4 
Gross benefits paid(2,604)(2,437)(284)(265)(55)(46)
Foreign currency exchange rate changes— — — — (118)64 
Curtailments and settlements— — — — (4)(38)
Other(1)— (1)— (10)— 
Fair value of plan assets at end of year$41,499 $43,491 $119 $98 $1,778 $1,893 
(1)    Plan amendments in 2024 and 2023 were related to collective bargaining agreements with the Teamsters.
Fair Values of U.S. Pension and Postretirement Benefit Plan Assets by Asset Category as Well as the Percentage That Each Category Comprises of Total Plan Assets and the Respective Target Allocations
The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2024 and 2023 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations. The asset categories within equity securities, fixed income securities, and alternative and other investments in the table below have been collapsed from prior year presentation to align with the nature, characteristics, and type of underlying risk of those assets. There were no transfers between asset categories.
December 31, 2024
Total
Assets(1)
Level 1Level 2Level 3Percentage of Plan AssetsPercentage Target
Allocation
Asset Category (U.S. Plans):
Cash and cash equivalents(3)
$5,716 $5,450 $266 $— 13.7 %
1-7%
Equity securities
6,979 3,270 3,709 — 16.8 %
15-45%
Fixed income securities
19,643 13,375 6,247 21 47.2 %
30-73%
Alternative and other investments(1):
Hedge funds
2,034 — 538 — 4.9 %
3-13%
Real estate
2,674 301 77 — 6.4 %
3-15%
Private equity, private debt, and other investments
6,508 — 195 — 15.6 %
5-29%
Total Alternative and other investments
11,216 301 810 — 
Derivatives and other instruments, net:
Equity risk
(392)(99)(294)— (0.9)%
Interest rate risk
(1,619)(442)(1,177)— (3.9)%
Other risk(2)
75 2 73 — 0.2 %
Total Derivatives and other instruments
(1,936)(539)(1,398)— 
Total U.S. plan assets
$41,618 $21,857 $9,634 $21 100.0 %
Asset Category (International Plans):
Cash and cash equivalents
$127 $127 $— $— 7.1 %
1-10%
Equity securities
165 23 142 — 9.3 %
1-10%
Fixed income securities
1,202 243 959 — 67.6 %
50-75%
Alternative and other investments(1):
Real estate
62 — 17 23 3.5 %
1-10%
Private equity, private debt, and other investments
222 — 189 18 12.5 %
10-35%
Total International plan assets
$1,778 $393 $1,307 $41 100.0 %
Total plan assets
$43,396 $22,250 $10,941 $62 
(1)    Includes certain investments that are measured at NAV per share (or its equivalent).
(2)    Includes credit risk, foreign currency exchange risk and commodity risk.
(3)    Includes $2.7 billion of cash held as collateral for market exposures, which is not subject to the target allocations.
December 31, 2023
Total
Assets(1)
Level 1Level 2Level 3Percentage of
Plan Assets 		Percentage Target
Allocation
Asset Category (U.S. Plans):
Cash and cash equivalents
$1,018 $894 $124 $— 2.3 %
1-7%
Equity securities
10,164 3,448 6,716 — 23.3 %
15-45%
Fixed income securities
25,673 17,299 8,374 — 58.9 %
30-70%
Alternative and other investments(1):
Hedge funds
3,959 28 2,194 — 9.1 %
3-13%
Real estate
2,575 393 77 — 5.9 %
3-15%
Private equity, private debt, and other investments
6,188 — 169 — 14.2 %
5-35%
Total Alternative and other investments
12,722 421 2,440 — 
Derivative and other instruments, net:
Equity risk contracts
(136)29 (165)— (0.3)%
Interest rate risk contracts
(5,877)(20)(5,857)— (13.5)%
Other risk(2)
25 (1)26 — 0.1 %
Total Derivative and other instruments
(5,988)8 (5,996)— 
Total U.S. plan assets
$43,589 $22,070 $11,658 $— 100.0 %
Asset Category (International Plans):
Cash and cash equivalents
$71 $77 $(6)$— 3.8 %
1-10%
Equity securities
109 20 89 — 5.8 %
1-10%
Fixed income securities
1,392 312 1,080 — 73.5 %
50-75%
Alternative and other investments(1):
Real estate
66 — 18 25 3.5 %
1-10%
Private equity, private debt, and other investments
255 — 183 55 13.4 %
10-35%
Total International plan assets
$1,893 $409 $1,364 $80 100.0 %
Total plan assets
$45,482 $22,479 $13,022 $80 
(1)    Includes certain investments that are measured at NAV per share (or its equivalent).
(2)    Includes credit risk, foreign currency exchange risk and commodity risk.
Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in the Level 3 instruments measured on a recurring basis for the years ended December 31, 2024 and 2023 (in millions):
Fixed Income Securities
Alternative and Other Investments
Total
Balance as of January 1, 2023
$— $77 $77 
Actual Return on Assets:
Assets Held at End of Year— 4 4 
Assets Sold During the Year2 — 2 
Purchases450 2 452 
Sales(452)(3)(455)
Transfers Into (Out of) Level 3— — — 
Balance as of December 31, 2023
$— $80 $80 
Actual Return on Assets:
Assets Held at End of Year(1)1 — 
Assets Sold During the Year4 (12)(8)
Purchases38 — 38 
Sales(10)(28)(38)
Transfers Into (Out of) Level 3(10)— (10)
Balance as of December 31, 2024
$21 $41 $62 
Expected Cash Flows for Pension and Postretirement Benefit Plans
Information about expected cash flows for our pension and postretirement medical benefit plans is as follows (in millions):
U.S.
Pension Benefits		U.S. Postretirement
Medical Benefits		International Pension Benefits
Expected Employer Contributions:
2025 to plan trust
$1,170 $140 $10 
2025 to plan participants
28 93 7 
Expected Benefit Payments:
2025$2,395 $209 $55 
20262,529 199 61 
20272,665 190 67 
20282,800 179 74 
20292,926 169 79 
2030 - 2034
16,292 731 469