XML 62 R48.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Employee Retirement Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Reconciliation of Benefit Obligations and Plan Assets | The following table provides a reconciliation of benefit obligations and plan assets of the Company’s pension plans and postretirement benefit plans (in millions):
| Pension |  | Postretirement
| 2024 |  | 2023 |  | 2024 |  | 2023
Change in Projected Benefit Obligations |  |  |  |  |  |  |
Benefit obligations at beginning of year | $ | 137 |  |  | $ | 134 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | 7 |  |  | 7 |  |  | — |  |  | — |
Plan settlements | (7) |  |  | — |  |  | — |  |  | — |
Benefits paid | — |  |  | (7) |  |  | — |  |  | — |
Actuarial (gain) loss | (4) |  |  | 3 |  |  | — |  |  | — |
Benefit obligations at end of year | $ | 133 |  |  | $ | 137 |  |  | $ | 1 |  |  | $ | 1 |
Change in Fair Value of Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 119 |  |  | $ | 113 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 2 |  |  | 9 |  |  | — |  |  | — |
Employer contribution | 4 |  |  | 4 |  |  | — |  |  | — |
Plan settlements | (7) |  |  | — |  |  | — |  |  | — |
Benefits paid | — |  |  | (7) |  |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 118 |  |  | $ | 119 |  |  | $ | — |  |  | $ | — |
Funded Status | $ | (15) |  |  | $ | (18) |  |  | $ | (1) |  |  | $ | (1) |
Accumulated benefit obligations | $ | 133 |  |  | $ | 137 |  |  |  |  |
Schedule of Amounts Recognized in Balance Sheet |
| Pension |  | Postretirement
| 2024 |  | 2023 |  | 2024 |  | 2023
Amounts Recognized in Balance Sheet |  |  |  |  |  |  |
Other long-term liabilities | $ | (15) |  |  | $ | (18) |  |  | $ | (1) |  |  | $ | (1) |
Net amount recognized | $ | (15) |  |  | $ | (18) |  |  | $ | (1) |  |  | $ | (1) |
Amounts Recognized in Accumulated Other Comprehensive Loss |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (18) |  |  | $ | (19) |  |  | $ | — |  |  | $ | 1 |
Net amount recognized | $ | (18) |  |  | $ | (19) |  |  | $ | — |  |  | $ | 1 |
Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations |  |  |  |
Discount rate | 5.5 | % |  | 5.1 | % |  | 5.5 | % |  | 5.1 | %
Average rate of increase in compensation | — | % |  | — | % |  | — | % |  | — | %
Interest credit rate | 3.8 | % |  | 3.8 | % |  | — | % |  | — | %
Initial healthcare cost trend rate | N/A |  | N/A |  | 6.9 | % |  | 6.1 | %
Ultimate healthcare cost trend rate | N/A |  | N/A |  | 4.0 | % |  | 4.0 | %
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) |
| Pension |  | Postretirement
| 2024 |  | 2023 |  | 2024 |  | 2023
Amounts Recognized in Balance Sheet |  |  |  |  |  |  |
Other long-term liabilities | $ | (15) |  |  | $ | (18) |  |  | $ | (1) |  |  | $ | (1) |
Net amount recognized | $ | (15) |  |  | $ | (18) |  |  | $ | (1) |  |  | $ | (1) |
Amounts Recognized in Accumulated Other Comprehensive Loss |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (18) |  |  | $ | (19) |  |  | $ | — |  |  | $ | 1 |
Net amount recognized | $ | (18) |  |  | $ | (19) |  |  | $ | — |  |  | $ | 1 |
Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations |  |  |  |
Discount rate | 5.5 | % |  | 5.1 | % |  | 5.5 | % |  | 5.1 | %
Average rate of increase in compensation | — | % |  | — | % |  | — | % |  | — | %
Interest credit rate | 3.8 | % |  | 3.8 | % |  | — | % |  | — | %
Initial healthcare cost trend rate | N/A |  | N/A |  | 6.9 | % |  | 6.1 | %
Ultimate healthcare cost trend rate | N/A |  | N/A |  | 4.0 | % |  | 4.0 | %
Schedule of Assumptions Used |
| Pension |  | Postretirement
| 2024 |  | 2023 |  | 2024 |  | 2023
Amounts Recognized in Balance Sheet |  |  |  |  |  |  |
Other long-term liabilities | $ | (15) |  |  | $ | (18) |  |  | $ | (1) |  |  | $ | (1) |
Net amount recognized | $ | (15) |  |  | $ | (18) |  |  | $ | (1) |  |  | $ | (1) |
Amounts Recognized in Accumulated Other Comprehensive Loss |  |  |  |  |  |  |
Net actuarial (loss) gain | $ | (18) |  |  | $ | (19) |  |  | $ | — |  |  | $ | 1 |
Net amount recognized | $ | (18) |  |  | $ | (19) |  |  | $ | — |  |  | $ | 1 |
Weighted‑Average Assumptions Used to Determine Projected Benefit Obligations |  |  |  |
Discount rate | 5.5 | % |  | 5.1 | % |  | 5.5 | % |  | 5.1 | %
Average rate of increase in compensation | — | % |  | — | % |  | — | % |  | — | %
Interest credit rate | 3.8 | % |  | 3.8 | % |  | — | % |  | — | %
Initial healthcare cost trend rate | N/A |  | N/A |  | 6.9 | % |  | 6.1 | %
Ultimate healthcare cost trend rate | N/A |  | N/A |  | 4.0 | % |  | 4.0 | %
Schedule of Benefit Obligations in Excess of Plan Assets | The benefit obligations and fair value of plan assets for the Company’s qualified and non-qualified pension and postretirement plans with projected benefit obligations or accumulated benefit obligations in excess of plan assets are as follows (in millions):
| Pension |  | Postretirement
| 2024 |  | 2023 |  | 2024 |  | 2023
Plans with Benefit Obligations in Excess of Plan Assets |  |  |  |  |  |  |
Projected benefit obligations | $ | 133 |  |  | $ | 137 |  |  | $ | 1 |  |  | $ | 1 |
Accumulated benefit obligations | 133 |  |  | 137 |  |  | — |  |  | — |
Fair value of plan assets | 118 |  |  | 119 |  |  | — |  |  | — |
Schedule of Net Periodic Costs | The following table sets forth the net periodic pension cost (benefit) (in millions):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Components of Net Periodic Pension Cost (Benefit) |  |  |  |  |
Interest cost | $ | 7 |  |  | $ | 7 |  |  | $ | 5 |
Expected return on plan assets | (6) |  |  | (3) |  |  | (6) |
Net amortization of actuarial net loss | 1 |  |  | 1 |  |  | — |
Settlement loss | 1 |  |  | — |  |  | 2 |
Net periodic pension cost (benefit) | $ | 3 |  |  | $ | 5 |  |  | $ | 1 |
Weighted‑Average Assumptions Used to Determine Net Periodic Pension Cost (Benefit) |  |  |  |
Discount rate | 5.1 | % |  | 5.4 | % |  | 2.7 | %
Expected return on assets | 6.3 | % |  | 6.0 | % |  | 4.6 | %
Average rate of increase in compensation | — | % |  | — | % |  | — | %
Interest credit rate | 3.8 | % |  | 3.8 | % |  | 3.8 | %
Schedule of Pension Plan Assets | The fair value measurements of most plan assets are based upon significant other observable inputs (Level 2), except for the high yield mutual fund and cash which are based upon quoted market prices in active markets for identical assets (Level 1). The following represents the Company's pension plan assets (in millions):
Asset Category | December 31, 2024 |  | December 31, 2023
Cash | $ | 7 |  |  | $ | 2 |
Equity Securities: |  |  |
U.S. Large Cap | 17 |  |  | 13 |
U.S. Mid Cap | 1 |  |  | 2 |
International Developed | 6 |  |  | 12 |
International Emerging Markets | 3 |  |  | 2 |
Fixed Income Securities: |  |  |
U.S. Treasuries | 40 |  |  | 23 |
Corporate Bonds | 17 |  |  | 38 |
Government Bonds | 1 |  |  | 7 |
Municipal Bonds | — |  |  | 2 |
Mortgage-Backed Securities | 8 |  |  | 1 |
Asset-Backed Securities | 1 |  |  | 2 |
Bank Loans | — |  |  | 6 |
Preferreds | — |  |  | 6 |
Other | 17 |  |  | 3 |
Total fair value of pension plan assets | $ | 118 |  |  | $ | 119 |
Schedule of Expected Benefit Payments | The following table presents estimated future benefit payments (in millions):
| Pension |  | Postretirement
2025 | $ | 9 |  |  | $ | — |
2026 | 11 |  |  | — |
2027 | 12 |  |  | — |
2028 | 13 |  |  | — |
2029 | 14 |  |  | — |
2030-2034 | 70 |  |  | — |
| $ | 129 |  |  | $ | — |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration