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Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefit Obligations and Plan Assets | Pension and Other Postretirement Benefit Obligations and Plan Assets
| Pension Benefits |  | Other Postretirement Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
| ($ in millions)
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 2,151 |  |  | $ | 2,051 |  |  | $ | 310 |  |  | $ | 326 |
Service cost | 26 |  |  | 25 |  |  | 4 |  |  | 4 |
Interest cost | 107 |  |  | 108 |  |  | 15 |  |  | 17 |
Actuarial (gains) losses | (91) |  |  | 122 |  |  | (21) |  |  | 1 |
Plan amendments | — |  |  | — |  |  | — |  |  | (5) |
Benefits paid | (155) |  |  | (155) |  |  | (32) |  |  | (33) |
Curtailment | — |  |  | — |  |  | 2 |  |  | — |
Benefit obligation at end of year | 2,038 |  |  | 2,151 |  |  | 278 |  |  | 310 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 2,503 |  |  | 2,260 |  |  | 138 |  |  | 122 |
Actual return on plan assets | 181 |  |  | 375 |  |  | 21 |  |  | 21 |
Employer contributions | 22 |  |  | 23 |  |  | 18 |  |  | 28 |
Benefits paid | (155) |  |  | (155) |  |  | (32) |  |  | (33) |
Fair value of plan assets at end of year | 2,551 |  |  | 2,503 |  |  | 145 |  |  | 138 |
Funded status at end of year | $ | 513 |  |  | $ | 352 |  |  | $ | (133) |  |  | $ | (172) |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |  |  |
Other assets | $ | 786 |  |  | $ | 652 |  |  | $ | — |  |  | $ | — |
Other current liabilities | (21) |  |  | (21) |  |  | — |  |  | — |
Other liabilities | (252) |  |  | (279) |  |  | (133) |  |  | (172) |
Net amount recognized | $ | 513 |  |  | $ | 352 |  |  | $ | (133) |  |  | $ | (172) |
Amounts included in accumulated other comprehensive |  |  |  |  |  |  |
loss (before tax): |  |  |  |  |  |  |
Net (gain) loss | $ | 488 |  |  | $ | 574 |  |  | $ | (56) |  |  | $ | (28) |
Prior service benefit | (4) |  |  | (5) |  |  | (113) |  |  | (156) |
Pension and Other Postretirement Benefit Cost Components | Pension and Other Postretirement Benefit Cost Components
| 2024 |  | 2023 |  | 2022
| ($ in millions)
Pension benefits: |  |  |  |  |
Service cost | $ | 26 |  |  | $ | 25 |  |  | $ | 40 |
Interest cost | 107 |  |  | 108 |  |  | 67 |
Expected return on plan assets | (203) |  |  | (208) |  |  | (213) |
Amortization of net losses | 17 |  |  | 4 |  |  | 49 |
Amortization of prior service benefit | (1) |  |  | (1) |  |  | — |
Net benefit | $ | (54) |  |  | $ | (72) |  |  | $ | (57) |
Other postretirement benefits: |  |  |  |  |
Service cost | $ | 4 |  |  | $ | 4 |  |  | $ | 6 |
Interest cost | 15 |  |  | 17 |  |  | 9 |
Expected return on plan assets | (11) |  |  | (11) |  |  | (13) |
Amortization of net gains | (1) |  |  | — |  |  | — |
Amortization of prior service benefit | (23) |  |  | (26) |  |  | (25) |
Curtailment gain | (20) |  |  | — |  |  | — |
Net benefit | $ | (36) |  |  | $ | (16) |  |  | $ | (23) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
| 2024
| Pension Benefits |  | Other Postretirement Benefits
| ($ in millions)
Net gains arising during the year | $ | (69) |  |  | $ | (31) |
Amortization of net gains (losses) | (17) |  |  | 1 |
Amortization of prior service benefit | 1 |  |  | 23 |
Prior service benefit due to curtailment | — |  |  | 20 |
Effect of curtailment | — |  |  | 2 |
Total recognized in other comprehensive income | $ | (85) |  |  | $ | 15 |
Total recognized in net periodic cost and other comprehensive income | $ | (139) |  |  | $ | (21) |
Pension and Other Postretirement Benefit Assumptions | A summary of the major assumptions follows:
| 2024 |  | 2023 |  | 2022
Pension funded status: |  |  |  |  |
Discount rate | 5.73 | % |  | 5.23 | % |  | 5.56 | %
Future salary increases | 4.44 | % |  | 4.44 | % |  | 4.44 | %
Other postretirement benefits funded status: |  |  |  |  |
Discount rate | 5.52 | % |  | 5.11 | % |  | 5.45 | %
Pension cost: |  |  |  |  |
Discount rate - service cost | 5.41 | % |  | 5.75 | % |  | 3.25 | %
Discount rate - interest cost | 5.10 | % |  | 5.40 | % |  | 2.45 | %
Return on assets in plans | 8.00 | % |  | 8.00 | % |  | 8.00 | %
Future salary increases | 4.44 | % |  | 4.44 | % |  | 4.44 | %
Other postretirement benefits cost: |  |  |  |  |
Discount rate - service cost | 5.81 | % |  | 5.56 | % |  | 3.01 | %
Discount rate - interest cost | 5.58 | % |  | 5.23 | % |  | 2.13 | %
Return on assets in plans | 7.75 | % |  | 7.75 | % |  | 7.75 | %
Health care trend rate | 6.50 | % |  | 7.00 | % |  | 6.50 | %
Pension Plan Weighted-Average Asset Allocations, By Asset Category | Our pension plan’s weighted-average asset allocations, by asset category, were as follows:
| Percentage of Plan Assets at December 31,
| 2024 |  | 2023
Domestic equity securities | 52 | % |  | 50 | %
Debt securities | 25 | % |  | 24 | %
International equity securities | 22 | % |  | 24 | %
Cash and cash equivalents | 1 | % |  | 2 | %
Total | 100 | % |  | 100 | %
Fair Value of Plan Assets | The following table sets forth the pension plan’s assets by valuation technique level, within the fair value hierarchy. There were no level 3 valued assets at December 31, 2024 or 2023.
| December 31, 2024
| Level 1 |  | Level 2 |  | Total
| ($ in millions)
Common stock | $ | 1,054 |  |  | $ | — |  |  | $ | 1,054 |
Common collective trusts: |  |  |  |  |
International equity securities | — |  |  | 362 |  |  | 362 |
Debt securities | — |  |  | 637 |  |  | 637 |
Domestic equity securities | — |  |  | 346 |  |  | 346 |
Fixed income securities: |  |  |  |  |
Government and agencies securities | — |  |  | 4 |  |  | 4 |
Commingled funds | — |  |  | 123 |  |  | 123 |
Cash and cash equivalents | 25 |  |  | — |  |  | 25 |
Total investments | $ | 1,079 |  |  | $ | 1,472 |  |  | $ | 2,551 |
| December 31, 2023
| Level 1 |  | Level 2 |  | Total
| ($ in millions)
Common stock | $ | 1,192 |  |  | $ | — |  |  | $ | 1,192 |
Common collective trusts: |  |  |  |  |
International equity securities | — |  |  | 371 |  |  | 371 |
Debt securities | — |  |  | 310 |  |  | 310 |
Domestic equity securities | — |  |  | 166 |  |  | 166 |
Fixed income securities: |  |  |  |  |
Government and agencies securities | — |  |  | 170 |  |  | 170 |
Corporate bonds | — |  |  | 93 |  |  | 93 |
Mortgage and other asset-backed securities | — |  |  | 32 |  |  | 32 |
Commingled funds | — |  |  | 122 |  |  | 122 |
Cash and cash equivalents | 47 |  |  | — |  |  | 47 |
Total investments | $ | 1,239 |  |  | $ | 1,264 |  |  | $ | 2,503 |
Estimated Future Benefit Payments | Benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
| Pension Benefits |  | Other Postretirement Benefits
| ($ in millions)
2025 | $ | 153 |  |  | $ | 30 |
2026 | 152 |  |  | 29 |
2027 | 150 |  |  | 27 |
2028 | 149 |  |  | 26 |
2029 | 148 |  |  | 25 |
Years 2030 – 2034 | 738 |  |  | 119 |

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