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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of plan assets, benefit obligations, funded status for the U.S. and Canadian plans
Our plan assets, benefit obligations, funded status and amounts recognized on our consolidated balance sheets for our North America and United Kingdom plans as of the December 31 measurement date are as follows:
Pension PlansRetiree Medical Plans
 North AmericaUnited KingdomNorth America
December 31,December 31,December 31,
 202420232024202320242023
 (in millions)
Change in plan assets
Fair value of plan assets as of January 1$313 $273 $360 $320 $— $— 
Return on plan assets10 29 (7)19 — — 
Employer contributions— 19 22 25 2 2 
Benefit payments(13)(11)(24)(22)(2)(2)
Foreign currency translation(11)3 (6)18 — — 
Fair value of plan assets as of December 31299 313 345 360 — — 
Change in benefit obligation
Benefit obligation as of January 1(292)(274)(367)(347)(20)(23)
Service cost(5)(5)— — — — 
Interest cost(13)(13)(16)(16)(1)(1)
Benefit payments13 11 24 22 2 2 
Foreign currency translation9 (3)5 (19)— — 
Change in assumptions and other10 (8)37 (7)— 2 
Benefit obligation as of December 31(278)(292)(317)(367)(19)(20)
Funded status as of December 31$21 $21 $28 $(7)$(19)$(20)
Schedule of amounts recognized in consolidated balance sheets
Amounts recognized on the consolidated balance sheets consist of the following:
Pension PlansRetiree Medical Plans
 North AmericaUnited KingdomNorth America
 December 31,December 31,December 31,
 202420232024202320242023
 (in millions)
Other assets$21 $23 $28 $— $— $— 
Accounts payable and accrued expenses— — — — (2)(2)
Other liabilities— (2)— (7)(17)(18)
$21 $21 $28 $(7)$(19)$(20)
Schedule of pre-tax amounts recognized in accumulated other comprehensive loss
Pre-tax amounts recognized in accumulated other comprehensive loss consist of the following:
Pension PlansRetiree Medical Plans
 North AmericaUnited KingdomNorth America
 December 31,December 31,December 31,
 202420232024202320242023
 (in millions)
Prior service cost$— $— $1 $1 $— $— 
Net actuarial (gain) loss(3)1 71 73 (5)(6)
$(3)$1 $72 $74 $(5)$(6)
Schedule of net periodic benefit cost and other amounts recognized in accumulated other comprehensive loss
Net periodic benefit cost (income) and other amounts recognized in other comprehensive (income) loss for the years ended December 31 included the following:
 Pension PlansRetiree Medical Plans
North AmericaUnited KingdomNorth America
 202420232022202420232022202420232022
 (in millions)
Service cost$5 $5 $16 $— $— $— $— $— $— 
Interest cost13 13 19 16 16 10 1 1 1 
Expected return on plan assets(16)(15)(22)(28)(25)(14)— — — 
Settlement loss— — 21 — — — — — — 
Curtailment gains— — (4)— — — — — — 
Amortization of prior service cost— — 1 — — — — — — 
Amortization of actuarial loss (gain)— — — — — 2 — (1)— 
Net periodic benefit cost (income)2 3 31 (12)(9)(2)1 — 1 
Net actuarial (gain) loss (4)(6)(2)(1)14 (22)1 (2)(8)
Settlement loss— — (21)— — — — — — 
Curtailment effects— — (20)— — — — — — 
Curtailment gains— — 4 — — — — — — 
Amortization of prior service cost— — (1)— — — — — — 
Amortization of actuarial (loss) gain— — — — — (2)— 1 — 
Total recognized in other comprehensive (income) loss(4)(6)(40)(1)14 (24)1 (1)(8)
Total recognized in net periodic benefit cost (income) and other comprehensive (income) loss$(2)$(3)$(9)$(13)$5 $(26)$2 $(1)$(7)
Schedule of benefit obligations in excess of fair value of plan assets
The following table presents aggregated information for those individual defined benefit pension plans that have an ABO in excess of plan assets as of December 31, which excludes all five of the defined benefit pension plans in 2024, and for 2023, excludes all three of the North America defined benefit pension plans, as each had plan assets in excess of its ABO:
North AmericaUnited Kingdom
2024202320242023
 (in millions)
Accumulated benefit obligation$— $— $— $(367)
Fair value of plan assets— — — 360 
The following table presents aggregated information for those individual defined benefit pension plans that have a projected benefit obligation (PBO) in excess of plan assets as of December 31, which excludes all five of the defined benefit pension plans in 2024, and for 2023, excludes two North America defined benefit pension plans as each had plan assets in excess of its PBO:
North AmericaUnited Kingdom
2024202320242023
 (in millions)
Projected benefit obligation$— $(176)$— $(367)
Fair value of plan assets— 174 — 360 
Schedule of expected future pension and retiree medical benefit payments
The expected future benefit payments for our pension and retiree medical plans are as follows:
Pension PlansRetiree Medical Plans
North AmericaUnited KingdomNorth America
 (in millions)
2025$14 $25 $2 
202615 25 2 
202716 26 2 
202816 27 2 
202917 27 2 
2030-203492 148 7 
Schedule of assumptions used in determining the benefit obligations and expense
The following assumptions were used in determining the benefit obligations and expense:
Pension PlansRetiree Medical Plans
 North AmericaUnited KingdomNorth America
 202420232022202420232022202420232022
Weighted-average discount rate—obligation5.2 %4.8 %5.1 %5.5 %4.6 %4.8 %5.4 %4.8 %5.0 %
Weighted-average discount rate—expense4.8 %5.1 %3.6 %4.6 %4.8 %2.0 %4.8 %5.0 %2.7 %
Weighted-average cash balance interest crediting rate—obligation 4.4 %3.9 %3.9 %n/an/an/an/an/an/a
Weighted-average cash balance interest crediting rate—expense3.9 %3.9 %3.0 %n/an/an/an/an/an/a
Weighted-average rate of increase in future compensation3.3 %3.3 %3.8 %n/an/an/an/an/an/a
Weighted-average expected long-term rate of return on assets—expense5.0 %4.8 %3.9 %6.5 %6.1 %3.4 %n/an/an/a
Weighted-average retail price index—obligationn/an/an/a3.1 %3.0 %3.2 %n/an/an/a
Weighted-average retail price index—expensen/an/an/a3.0 %3.2 %3.3 %n/an/an/a
______________________________________________________________________________
n/a—not applicable
Schedule of fair values of U.S. and Canadian pension plan assets
The fair values of our pension plan assets as of December 31, 2024 and 2023, by major asset class, are as follows:
 North America
December 31, 2024
Total Fair
Value		Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash and cash equivalents(1)
$2 $1 $1 $— 
Equity mutual funds
Index equity(2)
41 41 — — 
Fixed income    
U.S. Treasury bonds and notes(3)
14 14 — — 
    Fixed income mutual funds(4)
42 42 — — 
Corporate bonds and notes(5)
100 — 100 — 
Government and agency securities(6)
90 — 90 — 
Other(7)
10 — 10 — 
Total assets at fair value by fair value levels$299 $98 $201 $— 
Accruals and payables—net— 
Total assets$299    
 United Kingdom
December 31, 2024
Total Fair
Value		Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash and cash funds(8)
$2 $1 $1 $— 
Pooled equity funds(9)
14 — 14 — 
Pooled diversified funds(10)
31 — 31 — 
Debt funds
Pooled U.K. government fixed and index-linked securities funds(11)
78 — 78 — 
Pooled global debt funds(12)
124 — 124 — 
Pooled liability-driven investment funds(13)
52 — 52 — 
Total assets at fair value by fair value levels$301 $1 $300 $— 
Funds measured at NAV as a practical expedient(14)
43 
Total assets at fair value$344 
Receivable from redemption1 
Total assets$345 
 North America
December 31, 2023
 Total Fair
Value		Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash and cash equivalents(1)
$1 $— $1 $— 
Short-term investments(15)
3 1 2 — 
Equity mutual funds
Index equity(2)
35 35 — — 
Pooled equity(16)
16 — 16 — 
Fixed income
U.S. Treasury bonds and notes(3)
17 17 — — 
Fixed income mutual funds(4)
45 11 34 — 
Corporate bonds and notes(5)
101 — 101 — 
Government and agency securities(6)
88 — 88 — 
Other(7)
8 — 8 — 
Total assets at fair value by fair value levels$314 $64 $250 $— 
Accruals and payables—net(1)   
Total assets$313    
 United Kingdom
December 31, 2023
 Total Fair
Value		Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
 (in millions)
Cash and cash funds$13 $13 $— $— 
Pooled equity funds(9)
44 — 44 — 
Pooled diversified funds(10)
54 — 54 — 
Debt funds
Pooled U.K. government fixed and index-linked securities funds(11)
54 — 54 — 
Pooled global debt funds(12)
74 — 74 — 
Pooled liability-driven investment funds(13)
68 — 68 — 
Total assets at fair value by fair value levels$307 $13 $294 $— 
Funds measured at NAV as a practical expedient(14)
47 
Total assets at fair value$354 
Receivable from redemption6 
Total assets$360 
_______________________________________________________________________________
(1)Cash and cash equivalents are primarily short-term money market funds.
(2)The index equity funds are mutual funds that utilize a passively managed investment approach designed to track specific equity indices. They are valued at quoted market prices in an active market, which represent the net asset values (NAVs) of the shares held by the plan.
(3)U.S. Treasury bonds and notes are valued based on quoted market prices in an active market.
(4)The fixed income mutual funds invest primarily in high-quality longer duration fixed income securities, which include bonds, debt securities and other similar instruments. The funds are priced based on a daily published NAV.
(5)Corporate bonds and notes, including private placement securities, are valued by institutional bond pricing services, which gather information from market sources and integrate credit information, observed market movements and sector news into their pricing applications and models.
(6)Government and agency securities consist of U.S. municipal bonds and Canadian provincial bonds that are valued by institutional bond pricing services, which gather information on current trading activity, market movements, trends, and specific data on specialty issues.
(7)Other includes primarily mortgage-backed, asset-backed securities and U.S. Treasury strips. Mortgage-backed and asset-backed securities are valued by institutional pricing services, which gather information from market sources and integrate credit information, observed market movements and sector news into their pricing applications and models. U.S. Treasury strips are valued using stripped interest and stripped principal yield curves based on data obtained from various dealer contacts and live data sources.
(8)Cash and cash funds as of December 31, 2024 includes a cash fund that invests primarily in short-dated money market instruments.
(9)Pooled equity funds invest in a broad array of global equity, equity-related securities, a range of diversifiers and may use derivatives for efficient portfolio management. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.
(10)Pooled diversified funds invest in a broad array of asset classes and a range of diversifiers including the use of derivatives. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.
(11)Pooled U.K. government fixed and index-linked securities funds invest primarily in Sterling denominated fixed income and inflation-linked fixed income securities issued or guaranteed by the U.K. government and may use derivatives for efficient portfolio management. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.
(12)Pooled global debt funds invest in a broad array of debt securities from corporate and government bonds to emerging markets and high-yield fixed and floating rate securities of varying maturities and may use derivatives for efficient portfolio management. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.
(13)Pooled liability-driven investment funds primarily invest, either through a sub-fund or directly, in gilt repurchase agreements, physical U.K. government gilts, other inflation-linked fixed income securities, and derivatives to provide exposure to interest rates and inflation, thus hedging these elements of risk associated with pension liabilities. The funds are valued at NAV as determined by the fund managers based on the value of the underlying net assets of the fund.
(14)Funds measured at NAV as a practical expedient include funds of funds with return strategies with exposure to varying asset classes and credit strategies, as well as alternative investment strategies not precluding multi-asset credit strategies, global macro strategies, commodities, fixed income, equities and currency, and funds that invest primarily in freehold and leasehold property in the United Kingdom. The funds are valued using NAV as determined by the fund managers based on the value of the underlying assets of the fund.
(15)Short-term investments are primarily U.S. and Canadian treasury bills with original maturities longer than three months but less than a year.
(16)The equity pooled mutual funds consist of pooled funds that invest in common stock and other equity securities that are traded on U.S., Canadian, and foreign markets.