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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Changes in Accumulated Market Based Cash Balance Plan and Postemployment Benefit Obligations | The following table shows the change in the accumulated market based cash balance plan and postretirement benefit obligations for the years ended December 31, 2024 and 2023:
|  | Market Based Cash Balance Plan |  | Postretirement Benefits
|  | December 31, |  | December 31,
(in millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Accumulated Benefit Obligation at beginning of period |  | $ | — |  |  | $ | — |  |  | $ | 269 |  |  | $ | 241 |
Service cost |  | 31 |  |  | — |  |  | 16 |  |  | 14 |
Interest cost |  | — |  |  | — |  |  | 14 |  |  | 12 |
Benefits paid |  | — |  |  | — |  |  | (18) |  |  | (9) |
Actuarial (gain) loss |  | (1) |  |  | — |  |  | (35) |  |  | 11 |
Plan Amendments |  | — |  |  | — |  |  | 11 |  |  | — |
Accumulated Benefit Obligation at end of period |  | $ | 30 |  |  | $ | — |  |  | $ | 257 |  |  | $ | 269 |
Fair value of plan assets at beginning of period |  | — |  |  | — |  |  | — |  |  | — |
Actual gain/(loss) on plan assets |  | — |  |  | — |  |  | — |  |  | — |
Employer contributions |  | 31 |  |  | — |  |  | 20 |  |  | 9 |
Benefits paid |  | $ | — |  |  | $ | — |  |  | $ | (20) |  |  | $ | (9) |
Fair value of plan assets at end of period |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Estimated Future Benefit Payments | The following table shows the estimated future benefit payments expected to be paid:
|  | Market Based Cash Balance Plan |  | Postretirement Benefits |  | Total
(in millions) |  |  |
2025 |  | $ | 1 |  |  | $ | 16 |  |  | $ | 17 |
2026 |  | 3 |  | 17 |  | 20
2027 |  | 7 |  | 18 |  | 25
2028 |  | 12 |  | 20 |  | 32
2029 |  | 18 |  | 21 |  | 39
Next 5 yrs thereafter |  | 147 |  | 126 |  | 273
Schedule of Amounts Recognized in Balance Sheet | The following table reconciles the combined funded status of the market based cash balance and postretirement benefit plans to the accrued benefit plan cost recognized in Other noncurrent liabilities on the Company’s Consolidated Balance Sheet as of December 31, 2024 and 2023.
(in millions) |  | 2024 |  | 2023
Funded status |  | $ | (256) |  |  | $ | (269) |
Unrecognized net actuarial gain |  | (179) |  |  | (151) |
Unrecognized prior service cost |  | 13 |  |  | 2 |
Accumulated other comprehensive income |  | 165 |  |  | 149 |
Consolidated Balance Sheet liability |  | $ | (257) |  |  | $ | (269) |
Schedule of Net Benefit Costs | The consolidated periodic benefit cost for the years ended December 31, 2024, 2023, and 2022, included the following:
|  | Market Based Cash Balance Plan |  | Postretirement Benefits
(in millions) |  | 2024 |  | 2024 |  | 2023 |  | 2022
Service cost |  | $ | 11 |  |  | $ | 16 |  |  | $ | 14 |  |  | $ | 19 |
Interest cost |  | — |  |  | 14 |  |  | 12 |  |  | 9 |
Amortization of net gain |  | — |  |  | (7) |  |  | (10) |  |  | (2) |
Net periodic benefit cost |  | $ | 11 |  |  | $ | 23 |  |  | $ | 16 |  |  | $ | 26 |
Schedule of Assumptions Used | The following actuarial assumptions were used to account for the Company’s market based cash balance and postretirement plans at December 31, 2024, 2023, and 2022:
|  | Market Based Cash Balance Plan |  | Postretirement Benefits
|  | 2024 |  | 2024 |  | 2023 |  | 2022
Weighted-average discount rate |  | 5.25 | % |  | 5.65 | % |  | 5.20 | % |  | 5.60 | %
Assumed healthcare cost trend rate (a) |  | n/a |  | 8.15 | % |  | 6.25 | % |  | 6.50 | %
Weighted average expected long-term rate of return |  | 5.25 | % |  | n/a |  | n/a |  | n/a
(a)The assumed healthcare cost trend rate is expected to be 8.15% for 2025, then decline gradually to 4.5% by 2034 and remain level thereafter.

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- Definition Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -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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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -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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