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Pension, Retiree Medical and Retiree Savings Plans (Tables)

12 Months Ended

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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