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Retirement Benefits | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Retirement Benefits | RETIREMENT BENEFITS: Savings and Profit Sharing Plans We and our subsidiaries sponsor defined contribution savings and profit sharing plans, which collectively cover virtually all eligible employees, including those of Sunoco LP and USAC. Employer matching contributions are calculated using a formula based on employee contributions. We and our subsidiaries made matching contributions of $103 million, $86 million and $79 million to these 401(k) savings plans for the years ended December 31, 2024, 2023 and 2022, respectively. Pension and Other Postretirement Benefit Plans Certain of the Partnership’s subsidiaries sponsor pension and/or other postretirement benefit plans that provide benefits to a defined group of retirees. The following table contains information at the dates indicated about the obligations and funded status of pension and other postretirement plans on a combined basis:
| December 31, 2024 |  | December 31, 2023
| Pension Benefits |  |  |  | Pension Benefits |  |
| Funded Plans |  | Unfunded Plans |  | Other Postretirement Benefits |  | Funded Plans |  | Unfunded Plans |  | Other Postretirement Benefits
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of period | $ | 23 |  |  | $ | 17 |  |  | $ | 138 |  |  | $ | 22 |  |  | $ | 19 |  |  | $ | 148 |
Service cost | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Interest cost | 6 |  |  | 1 |  |  | 7 |  |  | 1 |  |  | 1 |  |  | 6 |
Amendments | — |  |  | — |  |  | (11) |  |  | — |  |  | — |  |  | — |
Benefits paid, net | (37) |  |  | (3) |  |  | (13) |  |  | (1) |  |  | (3) |  |  | (13) |
Actuarial gain and other | 13 |  |  | 1 |  |  | (6) |  |  | 1 |  |  | — |  |  | (3) |
NuStar acquisition | 152 |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |
Benefit obligation at end of period | 158 |  |  | 16 |  |  | 127 |  |  | 23 |  |  | 17 |  |  | 138 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period | 22 |  |  | — |  |  | 277 |  |  | 20 |  |  | — |  |  | 259 |
Return on plan assets and other | 13 |  |  | — |  |  | 29 |  |  | 2 |  |  | — |  |  | 29 |
Employer contributions | 5 |  |  | — |  |  | 2 |  |  | 1 |  |  | — |  |  | 2 |
Benefits paid, net | (36) |  |  | — |  |  | (13) |  |  | (1) |  |  | — |  |  | (13) |
NuStar acquisition | 178 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value of plan assets at end of period | 182 |  |  | — |  |  | 295 |  |  | 22 |  |  | — |  |  | 277 |
Amount underfunded (overfunded) at end of period | $ | (24) |  |  | $ | 16 |  |  | $ | (168) |  |  | $ | 1 |  |  | $ | 17 |  |  | $ | (139) |
Amounts recognized in the consolidated balance sheets consist of: |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | 24 |  |  | $ | — |  |  | $ | 185 |  |  | $ | — |  |  | $ | — |  |  | $ | 155 |
Current liabilities | — |  |  | (3) |  |  | (3) |  |  | — |  |  | (3) |  |  | (2) |
Non-current liabilities | — |  |  | (13) |  |  | (14) |  |  | (1) |  |  | (14) |  |  | (14) |
| $ | 24 |  |  | $ | (16) |  |  | $ | 168 |  |  | $ | (1) |  |  | $ | (17) |  |  | $ | 139 |
Amounts recognized in accumulated other comprehensive income (pre-tax basis) consist of: |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) | $ | (9) |  |  | $ | (1) |  |  | $ | (59) |  |  | $ | — |  |  | $ | (2) |  |  | $ | (12) |
Prior service credit | — |  |  | — |  |  | 25 |  |  | — |  |  | — |  |  | (3) |
| $ | (9) |  |  | $ | (1) |  |  | $ | (34) |  |  | $ | — |  |  | $ | (2) |  |  | $ | (15) |
The following table summarizes information at the dates indicated for plans with an accumulated benefit obligation in excess of plan assets:
| December 31, 2024 |  | December 31, 2023
| Pension Benefits |  |  |  | Pension Benefits |  |
| Funded Plans |  | Unfunded Plans |  | Other Postretirement Benefits |  | Funded Plans |  | Unfunded Plans |  | Other Postretirement Benefits
Projected benefit obligation | $ | 22 |  |  | $ | 16 |  |  | N/A |  | $ | 23 |  |  | $ | 15 |  |  | N/A
Accumulated benefit obligation | 158 |  |  | 16 |  |  | $ | 127 |  |  | 23 |  |  | 17 |  |  | $ | 138 |
Fair value of plan assets | 182 |  |  | — |  |  | 295 |  |  | 22 |  |  | — |  |  | 277 |
Components of Net Periodic Benefit Cost
| December 31, 2024 |  | December 31, 2023
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
Net periodic benefit cost: |  |  |  |  |  |  |
Service cost | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 6 |  |  | 7 |  |  | 1 |  |  | 6 |
Expected return on plan assets | (8) |  |  | (13) |  |  | (1) |  |  | (12) |
Prior service cost amortization | (2) |  |  | 2 |  |  | — |  |  | 2 |
Actuarial gain amortization | — |  |  | (1) |  |  | — |  |  | (1) |
Settlements | 2 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | (1) |  |  | $ | (5) |  |  | $ | — |  |  | $ | (5) |
Assumptions The weighted-average assumptions used in determining benefit obligations at the dates indicated are shown in the following table:
| December 31, 2024 |  | December 31, 2023
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
Discount rate | 4.80 | % |  | 4.40 | % |  | 2.70 | % |  | 4.62 | %
The weighted-average assumptions used in determining net periodic benefit cost for the periods presented are shown in the following table:
| December 31, 2024 |  | December 31, 2023
| Pension Benefits |  | Other Postretirement Benefits |  | Pension Benefits |  | Other Postretirement Benefits
Discount rate | 5.40 | % |  | 4.40 | % |  | 2.70 | % |  | 4.93 | %
Expected return on assets: |  |  |  |  |  |  |
Tax exempt accounts | 7.00 | % |  | 7.00 | % |  | 7.00 | % |  | 7.00 | %
Taxable accounts | 4.26 | % |  | 4.75 | % |  | — |  |  | 4.75 | %
The long-term expected rate of return on plan assets was estimated based on a variety of factors including the historical investment return achieved over a long-term period, the targeted allocation of plan assets and expectations concerning future returns in the marketplace for both equity and fixed income securities. Current market factors such as inflation and interest rates are evaluated before long-term market assumptions are determined. Peer data and historical returns are reviewed to ensure reasonableness and appropriateness. The assumed health care cost trend weighted-average rates used to measure the expected cost of benefits covered by the plans are shown in the following table:
| December 31,
| 2024 |  | 2023
Health care cost trend rate | 7.44 | % |  | 7.42 | %
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.09 | % |  | 5.17 | %
Year that the rate reaches the ultimate trend rate | 2032 |  | 2031
Changes in the health care cost trend rate assumptions are not expected to have a significant impact on postretirement benefits. Plan Assets The fair value of the pension plan assets by asset category at the dates indicated is as follows:
|  |  |  | Fair Value Measurements at December 31, 2024
|  | Fair Value Total |  | Level 1 |  | Level 2 |  | Level 3
Asset Category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 81 |  |  | $ | 81 |  |  | $ | — |  |  | $ | — |
Mutual funds (1) |  | 65 |  |  | 21 |  |  | 44 |  |  | — |
Fixed income securities |  | 36 |  |  | 36 |  |  | — |  |  | — |
Total |  | $ | 182 |  |  | $ | 138 |  |  | $ | 44 |  |  | $ | — |
(1)Comprised of approximately 100% equities as of December 31, 2024.
|  |  |  | Fair Value Measurements at December 31, 2023
|  | Fair Value Total |  | Level 1 |  | Level 2 |  | Level 3
Asset Category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Mutual funds (1) |  | 21 |  |  | 21 |  |  | — |  |  | — |
Total |  | $ | 22 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |
(1)Comprised of approximately 100% equities as of December 31, 2023. The fair value of other postretirement plan assets by asset category at the dates indicated is as follows:
|  |  | Fair Value Measurements at December 31, 2024
| Fair Value Total |  | Level 1 |  | Level 2 |  | Level 3
Asset category: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 8 |  |  | $ | 8 |  |  | $ | — |  |  | $ | — |
Mutual funds(1) | 189 |  |  | 189 |  |  | — |  |  | — |
Fixed income securities | 98 |  |  | — |  |  | 98 |  |  | — |
Total | $ | 295 |  |  | $ | 197 |  |  | $ | 98 |  |  | $ | — |
(1)Primarily composed of market index funds as of December 31, 2024.
|  |  | Fair Value Measurements at December 31, 2023
| Fair Value Total |  | Level 1 |  | Level 2 |  | Level 3
Asset category: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 13 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |
Mutual funds(1) | 166 |  |  | 166 |  |  | — |  |  | — |
Fixed income securities | 98 |  |  | — |  |  | 98 |  |  | — |
Total | $ | 277 |  |  | $ | 179 |  |  | $ | 98 |  |  | $ | — |
(1)Primarily composed of market index funds as of December 31, 2023. The Level 1 plan assets are valued based on active market quotes. The Level 2 plan assets are valued based on the net asset value per share (or its equivalent) of the investments, which was not determinable through publicly published sources but was calculated consistent with authoritative accounting guidelines. Contributions We expect to contribute $3 million to pension plans and $1 million to other postretirement plans in 2025. The cost of the plans are funded in accordance with federal regulations, not to exceed the amounts deductible for income tax purposes. Benefit Payments The Partnership’s estimate of expected benefit payments, which reflect expected future service, as appropriate, in each of the next five years and in the aggregate for the five years thereafter are shown in the following table:
|  | Pension Benefits - Funded Plans |  | Pension Benefits - Unfunded Plans |  | Other Postretirement Benefits (Gross, Before Medicare Part D)
2025 |  | $ | 72 |  |  | $ | 3 |  |  | $ | 14 |
2026 |  | 4 |  |  | 2 |  |  | 13 |
2027 |  | 4 |  |  | 2 |  |  | 12 |
2028 |  | 4 |  |  | 2 |  |  | 12 |
2029 |  | 5 |  |  | 1 |  |  | 11 |
2030 – 2034 |  | 26 |  |  | 5 |  |  | 46 |
The Medicare Prescription Drug Act provides for a prescription drug benefit under Medicare (“Medicare Part D”) as well as a federal subsidy to sponsors of retiree health care benefit plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D. The Partnership does not expect to receive any Medicare Part D subsidies in any future periods.

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