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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following table sets forth certain information regarding the Retirement Plan as of the dates indicated:
| December 31,
(in millions) | 2024 |  | 2023
Change in Benefit Obligation: |  |  |
Benefit obligation at beginning of year | $ | 115 |  |  | $ | 116 |
Interest cost | 5 |  |  | 5 |
Actuarial gain | (6) |  |  | 2 |
Annuity payments | (7) |  |  | (7) |
Settlements | (1) |  |  | (1) |
Benefit obligation at end of year | $ | 106 |  |  | $ | 115 |
Change in Plan Assets: |  |  |
Fair value of assets at beginning of year | $ | 253 |  |  | $ | 228 |
Actual return (loss) on plan assets | — |  |  | 33 |
Annuity payments | (6) |  |  | (7) |
Settlements | (1) |  |  | (1) |
Fair value of assets at end of year | $ | 246 |  |  | $ | 253 |
Funded status (included in other assets) | $ | 140 |  |  | $ | 138 |
Changes recognized in other comprehensive income for the year ended December 31: |  |  |
Amortization of actuarial loss | $ | (3) |  |  | $ | (7) |
Net actuarial (gain) loss arising during the year | 10 |  |  | (18) |
Total recognized in other comprehensive income for the year (pre-tax) | $ | 7 |  |  | $ | (25) |
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31: |  |  |
Actuarial loss, net | $ | 49 |  |  | $ | 41 |
Total accumulated other comprehensive loss (pre-tax) | $ | 49 |  |  | $ | 41 |
Schedule of Net Benefit Costs | The components of net periodic pension (credit) expense were as follows for the years indicated:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Components of net periodic pension expense (credit): |  |  |  |  |
Interest cost | $ | 5 |  |  | $ | 5 |  |  | $ | 4 |
Expected return on plan assets | (17) |  |  | (14) |  |  | (16) |
Amortization of net actuarial loss | 3 |  |  | 7 |  |  | 2 |
Net periodic pension credit | $ | (9) |  |  | $ | (2) |  |  | $ | (10) |
Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Discount rate | 4.7 | % |  | 4.9 | % |  | 2.6 | %
Expected rate of return on plan assets | 6.8 |  |  | 6.3 |  |  | 6.0 |
Schedule of Allocation of Plan Assets | The asset allocation guidelines in the table below reflect the plan sponsor’s risk tolerance and long-term objectives for the Plan:
Asset Allocation Parameters by Asset Class
Equity | Minimum | Target | Maximum
U.S. Large-Cap |  | 27% |
U.S. Mid-Cap |  | 7% |
U.S. Small-Cap |  | 7% |
Non-U.S. |  | 14% |
Total - Equity | 45% | 55% | 65%
Total - Fixed Income/Cash Equivalents | 35% | 45% | 55%
The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2024:
(in millions) | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Equity: |  |  |  |  |  |  |
Large-cap value | $ | 14 |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |
Large-cap growth | 28 |  |  | 28 |  |  | — |  |  | — |
Large-cap core | 21 |  |  | 21 |  |  | — |  |  | — |
Mid-cap core | 17 |  |  | 17 |  |  | — |  |  | — |
Small-cap core | 17 |  |  | 17 |  |  | — |  |  | — |
International growth | 18 |  |  | 18 |  |  | — |  |  | — |
International value | 12 |  |  | 12 |  |  | — |  |  | — |
Fixed Income Funds: |  |  |  |  |  |  |
Intermediate - Core Plus | 96 |  |  | 96 |  |  | — |  |  | — |
Equity Securities: |  |  |  |  |  |  |
Company common stock | 9 |  |  | 9 |  |  | — |  |  | — |
Common/Collective Trusts-Equity: |  |  |  |  |  |  |
Large cap value | 14 |  |  | — |  |  | 14 |  |  | — |
| $ | 246 |  |  | $ | 232 |  |  | $ | 14 |  |  | $ | — |
Schedule of Defined Benefit Plan, Plan Assets, Allocation | The asset allocations for the Retirement Plan were as follows:
| December 31,
| 2024 |  | 2023
Equity securities | 61 | % |  | 61 | %
Debt securities | 39 | % |  | 39 | %
Total | 100 | % |  | 100 | %
Schedule of Expected Benefit Payments | The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated:
(in millions) |
2025 | $ | 8 |
2026 | 8 |
2027 | 8 |
2028 | 8 |
2029 | 8 |
2030 and thereafter | 43 |
Total | $ | 83 |

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- Definition Tabular disclosure of investment allocation of defined benefit plan assets. Includes, but is not limited to, investment allocation percentage or range of percentages. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -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 benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-3 + 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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