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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
The Changes in Benefit Obligation, the Changes in Fair Value of Plan Assets, and the Funded Status of Our Pension Plans and Other Postretirement Benefit Plans
The changes in benefit obligation related to all of our defined benefit plans, the changes in fair value of plan assets(a), and the funded status of our defined benefit plans as of and for the years ended below were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2024202320242023
Changes in benefit obligation
Benefit obligation as of beginning of year$2,618 $2,413 $266 $258 
Service cost112 111 4 4 
Interest cost125 121 13 13 
Participant contributions— — 24 22 
Plan amendments— 19 — — 
Benefits paid(186)(166)(41)(42)
Actuarial (gain) loss(99)110 (29)10 
Foreign currency exchange rate changes(4)10 (2)1 
Benefit obligation as of end of year$2,566 $2,618 $235 $266 
Changes in plan assets (a)
Fair value of plan assets as of beginning of year$2,835 $2,485 $— $— 
Actual return on plan assets310 399 — — 
Company contributions76 101 17 20 
Participant contributions— — 24 22 
Benefits paid(186)(166)(41)(42)
Foreign currency exchange rate changes(6)16 — — 
Fair value of plan assets as of end of year$3,029 $2,835 $— $— 
Reconciliation of funded status (a)
Fair value of plan assets as of end of year$3,029 $2,835 $— $— 
Less: Benefit obligation as of end of year2,566 2,618 235 266 
Funded status as of end of year$463 $217 $(235)$(266)
Accumulated benefit obligation$2,423 $2,450 n/an/a
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(a)Plan assets include only the assets associated with pension plans subject to legal minimum funding standards. Plan assets associated with U.S. nonqualified pension plans are not included here because they are not protected from our creditors and therefore cannot be reflected as a reduction from our obligations under the pension plans. As a result, the reconciliation of funded status does not reflect the effect of plan assets that exist for all of our defined benefit plans. See Note 19 for the assets associated with certain U.S. nonqualified pension plans.
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in our balance sheets for our pension and other postretirement benefit plans include (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2024202320242023
Deferred charges and other assets, net$724 $482 $— $— 
Accrued expenses(51)(32)(22)(23)
Other long-term liabilities(210)(233)(213)(243)
$463 $217 $(235)$(266)
Projected Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information for our pension plans with projected benefit obligations in excess of plan assets (in millions):
December 31,
20242023
Projected benefit obligation$260 $265 
Fair value of plan assets— — 
Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents information for our pension plans with accumulated benefit obligations in excess of plan assets (in millions):
December 31,
20242023
Accumulated benefit obligation$220 $220 
Fair value of plan assets— — 
Expected Benefit Payments
Benefit payments that we expect to pay, including amounts related to expected future services that we expect to receive, are as follows for the years ending December 31 (in millions):
Pension
Benefits		Other
Postretirement
Benefits
2025$224 $22 
2026228 21 
2027222 20 
2028199 20 
2029189 19 
2030-20341,112 92 
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202420232022202420232022
Service cost$112 $111 $152 $4 $4 $6 
Interest cost125 121 85 13 13 8 
Expected return on plan assets(214)(202)(192)— — — 
Amortization of:
Net actuarial (gain) loss(5)(6)52 (4)(6)— 
Prior service credit(10)(18)(18)— (4)(4)
Settlement loss5 2 61 — — — 
Net periodic benefit cost$13 $8 $140 $13 $7 $10 
Pre-Tax Amounts Recognized in Other Comprehensive Income (Loss)
Pre-tax amounts recognized in other comprehensive income (loss) were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202420232022202420232022
Net gain (loss) arising during
the year:
Net actuarial gain (loss)$195 $87 $158 $29 $(10)$86 
Prior service cost— (19)— — — — 
Net (gain) loss reclassified into
income:
Net actuarial (gain) loss(5)(6)53 (4)(6)(1)
Prior service credit(10)(18)(18)— (4)(4)
Settlement loss5 2 61 — — — 
Effect of exchange rates(2)4 — (1)— — 
Total changes in other
comprehensive income (loss)
$183 $50 $254 $24 $(20)$81 
Pre-Tax Amounts in Accumulated Other Comprehensive Loss Not Yet Recognized
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2024202320242023
Net actuarial (gain) loss$62 $256 $(96)$(73)
Prior service cost22 11 1 2 
Total$84 $267 $(95)$(71)
Weighted-Average Assumptions Used to Determine the Benefit Obligations and Net Periodic Benefit Cost
The weighted-average assumptions used to determine the benefit obligations were as follows:
Pension PlansOther Postretirement
Benefit Plans
December 31,December 31,
2024202320242023
Discount rate5.72 %5.01 %5.64 %5.01 %
Rate of compensation increase4.04 %3.83 %n/an/a
Interest crediting rate for
cash balance plans
4.25 %3.59 %n/an/a
The weighted-average assumptions used to determine the net periodic benefit cost were as follows:
Pension PlansOther Postretirement
Benefit Plans
Year Ended December 31,Year Ended December 31,
202420232022202420232022
Discount rate5.01 %5.19 %2.94 %5.01 %5.20 %2.96 %
Expected long-term rate of return
on plan assets
7.29 %7.31 %6.71 %n/an/an/a
Rate of compensation increase3.84 %3.76 %3.70 %n/an/an/a
Interest crediting rate for
cash balance plans
3.59 %3.76 %3.03 %n/an/an/a
Assumed Health Care Cost Trend Rates
The assumed health care cost trend rates were as follows:
December 31,
20242023
Health care cost trend rate assumed for the next year8.13 %6.68 %
Rate to which the cost trend rate was assumed to decline
(the ultimate trend rate)
4.97 %4.97 %
Year that the rate reaches the ultimate trend rate20362032
Fair Value of Pension Plan Assets by Level of Fair Value Hierarchy
The following table presents the fair values of the assets of our pension plans (in millions) as of December 31, 2024 and 2023 by level of the fair value hierarchy. Assets categorized in Level 1 of the hierarchy are measured at fair value using a market approach based on unadjusted quoted prices from national securities exchanges. Assets categorized in Level 2 of the hierarchy are measured at net asset value in a market that is not active or using inputs other than quoted prices that are observable. No assets were categorized in Level 3 of the hierarchy as of December 31, 2024 and 2023. As previously noted, we do not fund or fully fund U.S. nonqualified and certain foreign pension plans that are not subject to funding requirements, and we do not fund our other postretirement benefit plans.
20242023
Level 1Level 2TotalLevel 1Level 2Total
Equity securities (a)$542 $— $542 $585 $— $585 
Mutual funds233 — 233 223 — 223 
Corporate debt instruments— 261 261 — 251 251 
Government securities81 169 250 86 186 272 
Common collective trusts (b)— 1,337 1,337 — 1,078 1,078 
Pooled separate accounts (c)— 325 325 — 323 323 
Private fund— — — — 46 46 
Insurance contract— 13 13 — 13 13 
Interest and dividends receivable6 — 6 6 — 6 
Cash and cash equivalents64 — 64 48 — 48 
Securities transactions payable, net(2)— (2)(10)— (10)
Total pension plan assets$924 $2,105 $3,029 $938 $1,897 $2,835 
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(a)This class of securities includes domestic and international securities, which are held in a wide range of industry sectors.
(b)This class primarily includes investments in approximately 70 percent equities and 30 percent bonds as of December 31, 2024. As of December 31, 2023, this class primarily included investments in approximately 80 percent equities and 20 percent bonds.
(c)This class primarily includes investments in approximately 45 percent equities and 55 percent bonds as of December 31, 2024 and 2023.