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Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

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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The weighted-average asset allocations by asset category for the reporting period associated with the pension plan.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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