XML 109 R47.htm IDEA: XBRL DOCUMENT v3.25.0.1
EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plan [Abstract]  
Schedule of Pension and Postretirement Benefit Plans Obligations and Fair Value of Plan Assets The following table sets forth our retirement and other postretirement benefit plans benefit obligations and fair value of plan assets for the periods indicated:
Retirement BenefitsOther Postretirement Benefits
Dec. 31,Dec. 31,
 2024202320242023
Change in benefit obligation
(Millions of dollars)
Benefit obligation, beginning of period$702 $423 $51 $38 
Service cost21 7 — — 
Interest cost37 27 2 2 
Plan participants’ contributions— — 1 1 
Actuarial (gain) loss
(35)38 (5)3 
Benefits paid(36)(33)(3)(4)
Magellan Acquisition
— 240 — 11 
Benefit obligation, end of period (a)689 702 46 51 
Change in plan assets  
Fair value of plan assets, beginning of period554 322 16 17 
Actual return on plan assets12 60 1 2 
Employer contributions5 — — — 
Plan participants’ contributions— — 1 1 
Benefits paid(36)(33)(3)(4)
Magellan Acquisition
— 205 — — 
Fair value of plan assets, end of period (b)535 554 15 16 
Balance at Dec. 31
$(154)$(148)$(31)$(35)
Current liabilities$(5)$(5)$— $— 
Noncurrent liabilities(149)(143)(31)(35)
Balance at Dec. 31
$(154)$(148)$(31)$(35)
(a) - The benefit obligation for Retirement Benefits at Dec. 31, 2024 and 2023, include the supplemental executive retirement plan obligation.
(b) - Fair value of plan assets for Retirement Benefits exclude the assets of our supplemental executive retirement plan, which totaled $92 million and $89 million at Dec. 31, 2024 and 2023, respectively, and are included in other assets on the Consolidated Balance Sheets. These assets are maintained in a rabbi trust and are not treated as assets of the supplemental executive retirement plan.
Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Costs The following table sets forth the weighted-average assumptions used to determine benefit obligations for retirement and other postretirement benefits for the periods indicated:
Retirement BenefitsOther Postretirement Benefits
Dec. 31,Dec. 31,
 2024202320242023
Discount rate5.80%5.40%5.80%5.50%
Compensation increase rate3.65%3.65%NANA
Interest credit rating (a)
4.78%4.03%NANA
(a) - This actuarial assumption is only applicable to the pension plans assumed with the Magellan Acquisition.
Schedule of Allocation Plan Assets The combined target allocation for the assets of our pension plans as of Dec. 31, 2024, is as follows:
Domestic and international equities32 %
Long duration fixed income55 %
Return-seeking credit5 %
Hedge funds5 %
Real estate funds3 %
Total100 %
As part of our risk management for the plans, minimums and maximums have been set for each of the asset classes listed above.
The fair value of the plan assets for our other postretirement benefit plans as of Dec. 31, 2024, are not material. The following tables set forth the plan assets by fair value category as of the measurement date for our defined benefit pension plans:
Pension Benefits
Dec. 31, 2024
Asset CategoryLevel 1Level 2Level 3Subtotal
Measured at NAV (d)
Total
 
(Millions of dollars)
Investments:    
Equity securities$64 $— $— $64 $— $64 
Cash and money market funds7 — — 7 — 7 
Government obligations
36 — — 36 — 36 
Corporate obligations
101 — — 101 — 101 
Common/collective trusts
Equity securities (a)— — — — 107 107 
Real estate funds— — — — 18 18 
Government obligations— — — — 50 50 
Corporate obligations (b)— — — — 118 118 
Short-term investments— — — — 5 5 
Other investments (c)— — — — 29 29 
Fair value of plan assets$208 $— $— $208 $327 $535 
(a) - This category represents securities of the respective market sector from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category represents alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk.
(d) - Plan asset investments measured at fair value using the net asset value per share.
Pension Benefits
Dec. 31, 2023
Asset CategoryLevel 1Level 2Level 3Subtotal
Measured at NAV (d)
Total
 
(Millions of dollars)
Investments:    
Equity securities$65 $— $— $65 $— $65 
Cash and money market funds9 — — 9 — 9 
Government obligations
45 — — 45 — 45 
Corporate obligations
100 — — 100 — 100 
Common/collective trusts
Equity securities (a)— — — — 109 109 
Real estate funds— — — — 17 17 
Government obligations— — — — 60 60 
Corporate obligations (b)— — — — 114 114 
Short-term investments— — — — 6 6 
Other investments (c)— — — — 29 29 
Fair value of plan assets$219 $— $— $219 $335 $554 
(a) - This category represents securities of the respective market sector from diverse industries.
(b) - This category represents bonds from diverse industries.
(c) - This category represents alternative investments in limited partnerships, which can be redeemed with a 30-day notice with no further restrictions. There are no unfunded capital commitments. These limited partnerships invest through multi-strategy programs in broadly diversified portfolios of private investment funds, hedge funds and/or separate accounts to seek equity-like returns with low market correlation, reduced volatility and limited risk.
(d) - Plan asset investments measured at fair value using the net asset value per share.
Schedule of Pension Benefits and Post Retirement Benefit Payments Expected to Be Paid The following table sets forth the defined benefit pension and other postretirement benefits payments expected to be paid in 2025 through 2034:
 Pension
Benefits		Other Postretirement
Benefits
Benefits to be paid in:
(Millions of dollars)
2025$44 $5 
2026$45 $4 
2027$47 $4 
2028$48 $4 
2029$51 $4 
2030 through 2034$272 $17