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Pension, Retiree Medical and Retiree Savings Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |  |
Funded status of pension plans |
|  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of year |  | $ | 778 |  |  | $ | 755 |
Service cost |  | 4 |  |  | 5 |
Interest cost |  | 42 |  |  | 41 |
Benefits paid |  | (45) |  |  | (34) |
Actuarial (gain) loss |  | (3) |  |  | 11 |
Benefit obligation at end of year |  | $ | 776 |  |  | $ | 778 |
A significant component of the overall decrease in the Company's benefit obligation for the year ended December 31, 2024, was due to benefits paid during the year partially offset by interest cost on the benefit obligation. A significant component of the overall increase in the Company's benefit obligation for the year ended December 31, 2023, was due to interest cost on the benefit obligation partially offset by benefits paid during the year.
|  | 2024 |  | 2023
Change in plan assets: |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 680 |  |  | $ | 664 |
Actual return on plan assets |  | 6 |  |  | 46 |
Employer contributions |  | 3 |  |  | 4 |
Benefits paid |  | (45) |  |  | (34) |
Fair value of plan assets at end of year |  | $ | 644 |  |  | $ | 680 |
Funded status at end of year |  | $ | (132) |  |  | $ | (98) |
Amounts recognized in the Consolidated Balance Sheet |
Amounts recognized in the Consolidated Balance Sheet:
|  | 2024 |  | 2023
Accrued benefit asset - non-current |  | $ | — |  |  | $ | — |
Accrued benefit liability - current |  | (11) |  |  | (8) |
Accrued benefit liability - non-current |  | (121) |  |  | (90) |
|  | $ | (132) |  |  | $ | (98) |
Pension plans with an accumulated benefit obligation in excess of pan assets |
The table below provides information for those pension plan(s) with an accumulated benefit obligation in excess of plan assets. The pension plan(s) included also have a projected benefit obligation in excess of plan assets. |  |  |  |
|  | 2024 |  | 2023 |  |  |  |
Projected benefit obligation |  | $ | 776 |  |  | $ | 778 |  |  |  |  |
Accumulated benefit obligation |  | 764 |  |  | 763 |  |  |  |  |
Fair value of plan assets |  | 644 |  |  | 680 |  |  |  |  |
Components of net periodic benefit cost | Components of net periodic benefit cost:
|  | 2024 |  | 2023 |  | 2022
Service cost |  | $ | 4 |  |  | $ | 5 |  |  | $ | 7 |
Interest cost |  | 42 |  |  | 41 |  |  | 31 |
Amortization of prior service cost(a) |  | 1 |  |  | 1 |  |  | 6 |
Expected return on plan assets |  | (51) |  |  | (50) |  |  | (46) |
Amortization of net loss (gain) |  | 1 |  |  | (1) |  |  | 11 |
Net periodic benefit cost (income) |  | $ | (3) |  |  | $ | (4) |  |  | $ | 9 |
Additional (gain) loss recognized due to: Settlement charges(b) |  | $ | — |  |  | $ | — |  |  | $ | 6 |
(a)Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits. (b)Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense. | [1],[2]
Pension losses in accumulated other comprehensive income (loss) |
Pension gains (losses) in AOCI:
|  | 2024 |  | 2023
Beginning of year |  | $ | (87) |  |  | $ | (74) |
Net actuarial (loss) gain |  | (42) |  |  | (13) |
Amortization of net loss (gain) |  | 1 |  |  | (1) |
Amortization of prior service cost |  | 1 |  |  | 1 |
End of year |  | $ | (127) |  |  | $ | (87) |
Schedule of Accumulated pre-tax losses recognized in Accumulated Other Comprehensive Income |
Accumulated pre-tax losses recognized within AOCI:
|  | 2024 |  | 2023
Actuarial net loss |  | $ | (125) |  |  | $ | (84) |
Prior service cost |  | (2) |  |  | (3) |
|  | $ | (127) |  |  | $ | (87) |
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost |
Weighted-average assumptions used to determine benefit obligations at the measurement dates:
|  | 2024 |  | 2023
Discount rate |  | 5.80 | % |  | 5.60 | %
Rate of compensation increase |  | 3.00 | % |  | 3.00 | %
Weighted-average assumptions used to determine the net periodic benefit cost for fiscal years:
|  | 2024 |  | 2023 |  | 2022
Discount rate |  | 5.60 | % |  | 5.60 | % |  | 3.00 | %
Long-term rate of return on plan assets |  | 6.35 | % |  | 6.25 | % |  | 5.40 | %
Rate of compensation increase |  | 3.00 | % |  | 3.00 | % |  | 3.00 | %
Schedule of Changes in Fair Value of Plan Assets | The fair values of our pension plan assets at December 31, 2024 and 2023 by asset category and level within the fair value hierarchy are as follows:
|  | 2024 |  | 2023
Level 1: |  |  |  |
Cash |  | $ | 2 |  |  | $ | — |
Cash Equivalents(a) |  | 30 |  |  | 61 |
Fixed Income Securities - U.S. Corporate(b) |  | 16 |  |  | 7 |
Level 2: |  |  |  |
Equity Securities(b) |  | 212 |  |  | 213 |
Fixed Income Securities - U.S. Corporate(c) |  | 21 |  |  | 25 |
Fixed Income Securities - U.S. Government and Government Agencies(d) |  | 113 |  |  | 124 |
Fixed Income Securities - Other(d) |  | 15 |  |  | 11 |
Total assets in the fair value hierarchy |  | 409 |  |  | 441 |
Investments measured at net asset value(e) |  |  |  |
Fixed Income |  | 146 |  |  | 132 |
Real Assets |  | 141 |  |  | 149 |
Total fair value of plan assets(f) |  | $ | 696 |  |  | $ | 722 |
(a)Short-term investments in money market funds. (b)Securities held in common or collective trusts. (c)Investments held directly by the Plan. (d)Includes securities held in common or collective trusts and investments held directly by the Plan. (e)Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy. (f)2024 and 2023 exclude net unsettled trade payables of $52 million and $42 million, respectively. | [3],[4],[5],[6],[7],[8]
Fair values of pension plan assets | As of December 31, 2024, the Plan’s assets consist of the weighted-average target allocation summarized as follows:
Asset Category |  | Target Allocation
Fixed income |  | 49 | %
Equity securities |  | 32 | %
Real assets |  | 19 | %
Expected benefit payments | The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:
Year ended: |  |  |  |
2025 |  | $ | 59 |  |  |
2026 |  | 63 |  |  |
2027 |  | 59 |  |  |
2028 |  | 63 |  |  |
2029 |  | 58 |  |  |
2030 - 2034 |  | 284 |  |  |
[1] | Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.
[2] | Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. These losses were recorded in Other pension (income) expense
[3] | Includes securities held in common or collective trusts and investments held directly by the Plan.
[4] | Includes securities that have been measured at fair value using the net asset value per unit practical expedient due to the absence of readily available market prices. Accordingly, these securities have not been classified in the fair value hierarchy.
[5] | Short-term investments in money market funds.
[6] | 2024 and 2023 exclude net unsettled trade payables of $52 million and $42 million, respectively.
[7] | Securities held in common or collective trusts.
[8] | Investments held directly by the Plan.

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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