XML 81 R60.htm IDEA: XBRL DOCUMENT v3.24.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets
Changes in the projected benefit obligation, fair value of plan assets and funded status of the pension plans from January 1 through December 31 are presented below:
20242023
Projected benefit obligation at beginning of year$2,426 $2,243 
Interest cost108 117 
Actuarial (gain) loss(141)222 
Settlement(127)(97)
Benefits paid(60)(59)
Projected benefit obligation at end of year
$2,206 $2,426 
Accumulated benefit obligation at end of year $2,206 $2,426 
Fair value of plan assets at beginning of year$2,553 $2,583 
Actual return on plan assets(56)124 
Employer contributions3 2 
Settlement(127)(97)
Benefits paid(60)(59)
Fair value of plan assets at end of year $2,313 $2,553 
Funded status$107 $127 
Schedule of Net Benefit Costs
The components of net periodic benefit (cost) for the years ended December 31, 2024, 2023 and 2022 consisted of the following:

Year Ended December 31,
202420232022
Interest cost$(108)$(117)$(103)
Expected return on plan assets113 124 156 
Remeasurement gain (loss)(28)(223)201 
Net periodic pension benefit (cost)$(23)$(216)$254 
Schedule of Assumptions Used in the Calculation of Net Benefit Cost
Weighted average assumptions used to determine net periodic benefit costs consisted of the following:

Year ended December 31,
202420232022
Expected long-term rate of return on plan assets5.00 %5.00 %5.00 %
Discount rate 4.65 %5.46 %3.01 %
Schedule of Investment Assets by Fair Value Heirarchy Level
The following tables set forth the investment assets of the qualified pension plan by level within the fair value hierarchy as of December 31, 2024 and 2023:

December 31, 2024December 31, 2023
Fair ValueLevel 2Level 3Fair ValueLevel 2Level 3
Collective trust funds(a)
$806 $806 $— $745 $745 $— 
Group annuity contract(b)
1,363 — 1,363 1,464 — 1,464 
Total investment assets2,169 $806 $1,363 2,209 $745 $1,464 
Accrued investment income and other receivables2 4 
Accrued liabilities— (2)
Investments measured at net asset value(c)
142 342 
Fair value of plan assets$2,313 $2,553 

(a)Collective trust funds consist of bond funds with corporate and U.S. treasury debt securities, equity funds with global equity index, infrastructure and real estate securities and short-term investment strategies comprised of instruments issued or fully guaranteed by the U.S. government and/or its agencies and multi-strategy funds, which are valued using the net assets provided by the administrator of the fund. The value of each fund is based on the readily determinable fair value of the underlying assets owned by the fund, less liabilities, and then divided by the number of units outstanding.
(b)In June 2023, the Company purchased a buy-in GAC which was initially recorded at the $1.4 billion purchase price and subsequently adjusted to fair value using changes to market conditions impacting the cash flow assumptions that were priced into the original contract.
(c)As a practical expedient, certain investment classes which hold securities that are not readily available for redemption and are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. The primary investment classes include alternative, fixed income and real estate funds. Certain investments report NAV per share on a month or quarter lag. There are no material unfunded commitments with respect to these investment classes.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following table represents a rollforward of the GAC, which consist of Level 3 assets, as of December 31, 2024:
Year Ended December 31,
20242023
Balance, beginning of period$1,464 $— 
Purchases— 1,430 
Unrealized gain (loss)(101)34 
Balance, end of period$1,363 $1,464