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Pension plans and other postretirement benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Net Periodic Pension Expense for Defined Benefit Plans | Net periodic pension expense for defined benefit plans consisted of the following:
| Year Ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Service cost | $ | 10 |  |  | $ | 11 |  |  | $ | 18 |
Interest cost on benefit obligation | 114 |  |  | 115 |  |  | 82 |
Expected return on plan assets | (200) |  |  | (201) |  |  | (188) |
Amortization of prior service cost | — |  |  | — |  |  | 1 |
Amortization of net actuarial (gain) loss | (2) |  |  | (2) |  |  | 20 |
Settlement gain | (12) |  |  | — |  |  | — |
Net periodic pension benefit | $ | (90) |  |  | $ | (77) |  |  | $ | (67) |
Net other postretirement benefits expense for defined benefit plans consisted of the following:
| Year Ended December 31,
(Dollars in millions) | 2024 |  | 2023 |  | 2022
Service cost | $ | 1 |  |  | $ | 2 |  |  | $ | 3 |
Interest cost on benefit obligation | 3 |  |  | 3 |  |  | 2 |
Amortization of prior service credit | (2) |  |  | (2) |  |  | (3) |
Amortization of net actuarial gain | (3) |  |  | (3) |  |  | (1) |
Net other postretirement (benefit) cost | $ | (1) |  |  | $ | — |  |  | $ | 1 |
Data Relating to Funding Position of Defined Benefit Plans | Data relating to the funding position of the defined benefit plans were as follows:
| Pension Benefits |  | Other Postretirement Benefits
(Dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 2,369 |  |  | $ | 2,379 |  |  | $ | 57 |  |  | $ | 60 |
Service cost | 10 |  |  | 11 |  |  | 1 |  |  | 2 |
Interest cost | 114 |  |  | 115 |  |  | 3 |  |  | 3 |
Plan participants’ contributions | — |  |  | — |  |  | — |  |  | 1 |
Actuarial (gain) loss | (132) |  |  | 13 |  |  | (7) |  |  | (5) |
Settlements paid | (171) |  |  | — |  |  | — |  |  | — |
Benefits paid | (148) |  |  | (149) |  |  | (3) |  |  | (4) |
Benefit obligation at end of year | 2,042 |  |  | 2,369 |  |  | 51 |  |  | 57 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 3,145 |  |  | 2,942 |  |  | — |  |  | — |
Actual return on plan assets | 366 |  |  | 334 |  |  | — |  |  | — |
Employer contributions | 16 |  |  | 18 |  |  | 2 |  |  | 3 |
Plan participants’ contributions | — |  |  | — |  |  | 1 |  |  | 1 |
Settlements paid | (171) |  |  | — |  |  | — |  |  | — |
Benefits paid | (148) |  |  | (149) |  |  | (3) |  |  | (4) |
Fair value of plan assets at end of year | 3,208 |  |  | 3,145 |  |  | — |  |  | — |
Funded status | $ | 1,166 |  |  | $ | 776 |  |  | $ | (51) |  |  | $ | (57) |
Prepaid asset recognized in the Consolidated Balance Sheet | $ | 1,298 |  |  | $ | 922 |  |  | $ | — |  |  | $ | — |
Accrued liability recognized in the Consolidated Balance Sheet | (132) |  |  | (146) |  |  | (51) |  |  | (57) |
Net accrued asset (liability) recognized in the Consolidated Balance Sheet | $ | 1,166 |  |  | $ | 776 |  |  | $ | (51) |  |  | $ | (57) |
Amounts recognized in accumulated other comprehensive income were: |  |  |  |  |  |  |
Net (gain) loss | $ | (93) |  |  | $ | 191 |  |  | $ | (41) |  |  | $ | (37) |
Net prior service cost | — |  |  | — |  |  | 3 |  |  | 1 |
Pre-tax adjustment to accumulated other comprehensive income | (93) |  |  | 191 |  |  | (38) |  |  | (36) |
Taxes | 23 |  |  | (49) |  |  | 10 |  |  | 9 |
Net adjustment to accumulated other comprehensive income | $ | (70) |  |  | $ | 142 |  |  | $ | (28) |  |  | $ | (27) |
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | The table below reflects the changes in plan assets and benefit obligations recognized in other comprehensive income related to the Company’s postretirement benefit plans.
(Dollars in millions) | Pension Plans |  | Other Postretirement Benefit Plans |  | Total
2024 |  |  |  |  |
Net gain | $ | (298) |  |  | $ | (7) |  |  | $ | (305) |
Amortization of prior service credit | — |  |  | 2 |  |  | 2 |
Amortization of actuarial gain | 2 |  |  | 3 |  |  | 5 |
Settlement gain | 12 |  |  | — |  |  | 12 |
Total recognized in other comprehensive income, pre-tax | $ | (284) |  |  | $ | (2) |  |  | $ | (286) |
2023 |  |  |  |  |
Net gain | $ | (120) |  |  | $ | (5) |  |  | $ | (125) |
Amortization of prior service credit | — |  |  | 2 |  |  | 2 |
Amortization of actuarial gain | 2 |  |  | 3 |  |  | 5 |
Total recognized in other comprehensive income, pre-tax | $ | (118) |  |  | $ | — |  |  | $ | (118) |
Schedule of Allocation of Plan Assets | The fair values of the Company’s pension plan assets at December 31, 2024 and 2023, by asset category, were as follows:
| Fair Value Measurement of Plan Assets At December 31, 2024
(Dollars in millions) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset category: |  |  |  |  |  |  |
Money-market investments | $ | 76 |  |  | $ | 50 |  |  | $ | 26 |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |
M&T | 135 |  |  | 135 |  |  | — |  |  | — |
Domestic (a) | 440 |  |  | 440 |  |  | — |  |  | — |
International (b) | 17 |  |  | 17 |  |  | — |  |  | — |
Mutual funds: |  |  |  |  |  |  |
Domestic (a) | 282 |  |  | 282 |  |  | — |  |  | — |
International (b) | 481 |  |  | 481 |  |  | — |  |  | — |
| 1,355 |  |  | 1,355 |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |
Corporate (c) | 222 |  |  | — |  |  | 222 |  |  | — |
Government | 281 |  |  | — |  |  | 281 |  |  | — |
International | 16 |  |  | — |  |  | 16 |  |  | — |
Mutual funds: |  |  |  |  |  |  |
Domestic (d) | 425 |  |  | 425 |  |  | — |  |  | — |
| 944 |  |  | 425 |  |  | 519 |  |  | — |
Other: |  |  |  |  |  |  |
Diversified mutual fund | 110 |  |  | 110 |  |  | — |  |  | — |
Common and collective funds | 145 |  |  | — |  |  | 145 |  |  | — |
Real estate partnerships | 31 |  |  | 5 |  |  | — |  |  | 26 |
Private equity/debt | 265 |  |  | — |  |  | — |  |  | 265 |
Hedge funds | 267 |  |  | 83 |  |  | — |  |  | 184 |
Guaranteed deposit fund | 10 |  |  | — |  |  | — |  |  | 10 |
| 828 |  |  | 198 |  |  | 145 |  |  | 485 |
Total (e) | $ | 3,203 |  |  | $ | 2,028 |  |  | $ | 690 |  |  | $ | 485 |
| Fair Value Measurement of Plan Assets At December 31, 2023
(Dollars in millions) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Asset category: |  |  |  |  |  |  |
Money-market investments | $ | 65 |  |  | $ | 41 |  |  | $ | 24 |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |
M&T | 112 |  |  | 112 |  |  | — |  |  | — |
Domestic (a) | 512 |  |  | 512 |  |  | — |  |  | — |
International (b) | 17 |  |  | 17 |  |  | — |  |  | — |
Mutual funds: |  |  |  |  |  |  |
Domestic (a) | 307 |  |  | 307 |  |  | — |  |  | — |
International (b) | 501 |  |  | 501 |  |  | — |  |  | — |
| 1,449 |  |  | 1,449 |  |  | — |  |  | — |
Debt securities: |  |  |  |  |  |  |
Corporate (c) | 227 |  |  | — |  |  | 227 |  |  | — |
Government | 276 |  |  | — |  |  | 276 |  |  | — |
International | 6 |  |  | — |  |  | 6 |  |  | — |
Mutual funds: |  |  |  |  |  |  |
Domestic (d) | 450 |  |  | 450 |  |  | — |  |  | — |
| 959 |  |  | 450 |  |  | 509 |  |  | — |
Other: |  |  |  |  |  |  |
Diversified mutual fund | 110 |  |  | 110 |  |  | — |  |  | — |
Real estate partnerships | 29 |  |  | 7 |  |  | — |  |  | 22 |
Private equity/debt | 235 |  |  | — |  |  | — |  |  | 235 |
Hedge funds | 285 |  |  | 107 |  |  | — |  |  | 178 |
Guaranteed deposit fund | 9 |  |  | — |  |  | — |  |  | 9 |
| 668 |  |  | 224 |  |  | — |  |  | 444 |
Total (e) | $ | 3,141 |  |  | $ | 2,164 |  |  | $ | 533 |  |  | $ | 444 |
__________________________________________________________________________________ (a)This category is mainly comprised of equities of companies primarily within the small-cap, mid-cap and large-cap sectors of the U.S. economy and range across diverse industries. (b)This category is comprised of equities in companies primarily within the mid-cap and large-cap sectors of international markets mainly in developed and emerging markets in Europe and the Pacific Rim. (c)This category represents investment grade bonds of U.S. issuers from diverse industries. (d)Approximately 73% of the mutual funds were invested in investment grade bonds and 27% in high-yielding bonds at each of December 31, 2024 and 2023. The holdings within the funds were spread across diverse industries. (e)Excludes dividends and interest receivable totaling $5 million and $4 million at December 31, 2024 and 2023, respectively.
Defined Benefit Plan Estimated Future Benefit Payments | Estimated benefits expected to be paid in future years related to the Company’s defined benefit pension and other postretirement benefits plans are as follows:
(Dollars in millions) | Pension Benefits |  | Other Postretirement Benefits
Year ending December 31: |  |  |
2025 | $ | 159 |  |  | $ | 4 |
2026 | 152 |  |  | 4 |
2027 | 154 |  |  | 4 |
2028 | 156 |  |  | 4 |
2029 | 157 |  |  | 4 |
2030 through 2034 | 778 |  |  | 18 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The changes in Level 3 pension plan assets measured at estimated fair value on a recurring basis during the year ended December 31, 2024 were as follows:
(Dollars in millions) | Balance — January 1, 2024 |  | Net Purchases (Sales) |  | Realized/Unrealized Gains(Losses) |  | Balance — December 31, 2024
Real estate partnerships | $ | 22 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 26 |
Private equity/debt | 235 |  |  | 5 |  |  | 25 |  |  | 265 |
Hedge funds | 178 |  |  | (18) |  |  | 24 |  |  | 184 |
Guaranteed deposit fund | 9 |  |  | — |  |  | 1 |  |  | 10 |
Total | $ | 444 |  |  | $ | (10) |  |  | $ | 51 |  |  | $ | 485 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The assumed weighted-average rates used to determine benefit obligations at December 31 were:
| Pension Benefits |  | Other Postretirement Benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
Discount rate | 5.50 | % |  | 5.00 | % |  | 5.50 | % |  | 5.00 | %
Rate of increase in future compensation levels | 3.30 |  |  | 3.32 |  |  | — |  |  | — |
The assumed weighted-average rates used to determine net benefit expense for the years ended December 31 were:
| Pension Benefits |  | Other Postretirement Benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Discount rate | 5.02 | % |  | 5.00 | % |  | 2.75 | % |  | 5.00 | % |  | 5.00 | % |  | 2.75 | %
Long-term rate of return on plan assets | 6.23 |  |  | 6.25 |  |  | 6.25 |  |  | — |  |  | — |  |  | — |
Rate of increase in future compensation levels | 3.32 |  |  | 3.33 |  |  | 3.35 |  |  | — |  |  | — |  |  | — |

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