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PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Reconciliation of Pension and OPEB Plan Obligations, Assets and Funded Status
The benefit plan information in the table below pertains to all of our pension and OPEB plans, both in the United States and in other countries.    
Pension benefitsOPEB
as of and for the years ended December 31 (in millions)2024202320242023
Benefit obligations
Beginning of period$2,901 $2,665 $154 $160 
Service cost11 19 — — 
Interest cost136 148 8 8 
Participant contributions3 4 — — 
Actuarial (gain) loss(129)169 (3)5 
Benefit payments(133)(133)(15)(19)
Settlements(8)(14)— — 
Acquisitions— 2 — — 
Plan Amendments— 3 (2)— 
Foreign exchange and other(33)38 (1)— 
End of period2,748 2,901 141 154 
Fair value of plan assets
Beginning of period2,350 2,161 — — 
Actual return on plan assets(4)268 — — 
Employer contributions46 27 15 19 
Participant contributions3 4 — — 
Benefit payments(133)(133)(15)(19)
Settlements(8)(14)— — 
Foreign exchange and other(26)37 — — 
End of period2,228 2,350 — — 
Funded status at December 31$(520)$(551)$(141)$(154)
Amounts recognized in the consolidated balance sheets
Noncurrent asset$56 $46 $— $— 
Current liability(23)(20)(16)(17)
Noncurrent liability(553)(577)(125)(137)
Net liability recognized at December 31$(520)$(551)$(141)$(154)
Information Relating to Individual Plans in Funded Status that have ABO in Excess of Plan Assets The following table is information relating to the individual plans in the funded status table above that have an ABO in excess of plan assets.
as of December 31 (in millions)20242023
ABO$2,403 $2,502 
Fair value of plan assets$1,843 $1,919 
Information Relating to Individual Plans in Funded Status that have PBO in Excess of Plan Assets
The following table presents information relating to the individual plans in the funded status table above that have a PBO in excess of plan assets (many of which also have an ABO in excess of assets and are therefore also included in the table directly above).
as of December 31 (in millions)20242023
PBO$2,419 $2,561 
Fair value of plan assets$1,843 $1,961 
Expected Net Pension and OPEB Plan Payments for Next 10 Years
(in millions)Pension benefitsOPEB
2025$156 $17 
2026160 15 
2027172 14 
2028179 14 
2029183 13 
2030 through 2034973 55 
Total expected net benefit payments for next 10 years$1,823 $128 
Summary of Pre-Tax losses Included in AOCI
The following table is a summary of the pre-tax losses (gains) included in AOCI at December 31, 2024 and 2023.
(in millions)Pension benefitsOPEB
Actuarial loss (gain)$642 $(42)
Prior service credit and transition obligation11 (10)
Total pre-tax loss (gain) recognized in AOCI at December 31, 2024$653 $(52)
Actuarial loss (gain)$615 $(50)
Prior service credit and transition obligation11 (16)
Total pre-tax loss (gain) recognized in AOCI at December 31, 2023$626 $(66)
Summary of Net-of-Tax Amounts Recorded in OCI Relating to Pension and OPEB Plans The following table is a summary of the net-of-tax amounts recorded in OCI relating to pension and OPEB plans.
Year ended December 31 (in millions)202420232022
Gain (loss) arising during the year, net of tax of $(6) in 2024, $31 in 2023 and $4 in 2022
$(15)$(103)$(61)
Amortization of gain (loss) to earnings, net of tax of zero in 2024, $(5) in 2023 and $6 in 2022
(4)13 21 
Settlement charges, net of tax of zero in 2024, $(1) in 2023 and zero 2022
— (2)1 
Pension and other employee benefits$(19)$(92)$(39)
Net Periodic Benefit Cost - Continuing Operations
Year ended December 31 (in millions)202420232022
Pension benefits
Service cost$11 $19 $71 
Interest cost136 148 94 
Expected return on plan assets(179)(187)(156)
Amortization of net losses and other deferred amounts15 6 41 
Curtailment gain— — (12)
Settlement charges— 1 — 
Other— 1 1 
Net periodic pension benefit cost$(17)$(12)$39 
OPEB
Service cost$— $— $1 
Interest cost8 8 4 
Amortization of net losses and prior service credit(19)(24)(14)
Curtailment gain— (1)— 
Net periodic OPEB cost$(11)$(17)$(9)
Weighted-Average Assumptions Used in Determining Benefit Obligations at Measurement Date
Pension benefitsOPEB
2024202320242023
Discount rate
U.S. and Puerto Rico plans5.71 %5.20 %5.54 %5.11 %
International plans3.67 %1.76 %n/an/a
Rate of compensation increase
U.S. and Puerto Rico plans3.00 %2.60 %n/an/a
International plans3.07 %2.59 %n/an/a
Annual rate of increase in the per-capita costn/an/a6.75 %6.25 %
Rate decreased ton/an/a5.00 %5.00 %
by the year endedn/an/a20322029
Pension benefitsOPEB
202420232022202420232022
Discount rate
U.S. and Puerto Rico plans5.20 %5.55 %3.01 %5.11 %5.46 %2.76 %
International plans3.41 %4.11 %1.55 %n/an/an/a
Expected return on plan assets
U.S. and Puerto Rico plans6.65 %6.43 %5.00 %n/an/an/a
International plans4.86 %4.93 %3.89 %n/an/an/a
Rate of compensation increase
U.S. and Puerto Rico plans2.60 %2.93 %3.68 %n/an/an/a
International plans3.32 %3.43 %3.17 %n/an/an/a
Annual rate of increase in the per-capita costn/an/an/a6.75 %6.25 %6.50 %
Rate decreased ton/an/an/a5.00 %5.00 %5.00 %
by the year endedn/an/an/a203220292029
Fair Value of Pension Plan Assets and Liabilities
The following tables summarize our pension plan financial instruments that are measured at fair value on a recurring basis.
Basis of fair value measurement
(in millions)Balance at December 31, 2024Quoted prices
in active
markets for
identical assets
(Level 1)		Significant
other
observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Measured at NAV (a)
Assets
Cash$52 
Fixed income securities
Cash equivalents$179 $— $179 $— $— 
U.S. government and government agency issues135 — 135 — — 
Corporate bonds357 — 357 — — 
Equity securities
Common stock353 353 — — — 
Mutual funds199 199 — — —
Common/collective trust funds540 — — — 540 
Partnership investments198 — — — 198 
Other holdings215 9 79 127 — 
Fair value of pension plan assets$2,228 $561 $750 $127 $738 
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Basis of fair value measurement
(in millions)Balance at December 31, 2023Quoted prices
in active
markets for
identical assets
(Level 1)		Significant
other
observable
inputs
(Level 2)		Significant
unobservable
inputs
(Level 3)		Measured at NAV (a)
Assets
Cash$60 
Fixed income securities
Cash equivalents$399 $— $399 $— $— 
U.S. government and government agency issues95 — 95 — — 
Corporate bonds265 — 265 — — 
Equity securities
Common stock344 344 — — — 
Mutual funds192 192 — — —
Common/collective trust funds540 — — — 540 
Partnership investments216 — — — 216 
Other holdings239 12 72 155 — 
Fair value of pension plan assets$2,350 $548 $831 $155 $756 
(a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Changes in Fair Value Measurements that Used Significant Unobservable Inputs
The following table is a reconciliation of changes in fair value measurements that used significant unobservable inputs (Level 3).
(in millions)Other
holdings
Balance at December 31, 2022$7 
Purchases1
148 
Balance at December 31, 2023155 
Unrealized gains (losses)(24)
Sales(7)
Purchases3 
Balance at December 31, 2024$127 
1 Purchases in 2023 included $148 million for an insurance contract buy-in related to our pension plan in the United Kingdom.
Funded Status Percentage of Pension Plans
The following table details the funded status percentage of our pension plans as of December 31, 2024, including certain plans that are unfunded in accordance with the guidelines of our funding policy outlined above.
United States and Puerto RicoInternational
as of December 31, 2024 (in millions)Qualified
plans		Nonqualified
plan		Funded
plans		Unfunded
plans		Total
Fair value of plan assets$1,763 $ n/a$465 $ n/a$2,228 
PBO2,015 183 518 33 2,749 
Funded status percentage87 %n/a90 %n/a81 %