Pension plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of net periodic pension expense

Our net periodic pension expense for each of the three years ending December 31, 2024 was as follows (in millions).

	2024			2023			2022
Service cost	$	107		$	111		$	181
Interest cost		617			640			482
Expected return on plan assets		(818	)		(785	)		(975	)
Other		41			2			156
Net periodic pension expense	$	(53	)	$	(32	)	$	(156	)

Schedule of changes in plan assets, changes in projected benefit obligations, and asset and liability balances reflected in consolidated balance sheets

Reconciliations of the changes in plan assets and PBOs for each of the two years ending December 31, 2024 and the asset and liability balances reflected in the Consolidated Balance Sheets at year end 2024 and 2023 follow (in millions).

	2024			2023
Plan assets
Balance at the beginning of the year	$	13,379		$	12,592
Employer contributions		111			145
Benefits paid		(810	)		(852	)
Settlements paid		(354	)		(448	)
Actual return on plan assets		1,909			1,783
Other		(55	)		159
Balance at the end of the year	$	14,180		$	13,379
Projected benefit obligations
Balance at the beginning of the year	$	12,767		$	12,738
Service cost		107			111
Interest cost		617			640
Benefits paid		(810	)		(852	)
Settlements paid		(354	)		(448	)
Actuarial (gains) losses and other		(607	)		578
Balance at the end of the year	$	11,720		$	12,767
Net funded status - asset (liability)	$	2,460		$	612
Balances included in other assets	$	3,490		$	1,823
Balances included in accounts payable and other liabilities	$	1,030		$	1,211

Schedule of weighted average assumptions

Weighted average assumptions used in determining PBOs and net periodic pension expense follow.

	2024			2023			2022
Discount rate applicable to PBOs		5.5	%		5.0	%		5.2	%
Expected long-term rate of return on plan assets		5.9			6.0		5.9
Rate of compensation increase	2.6			2.6			2.5
Discount rate applicable to net periodic pension expense		5.1			5.3			2.9

Schedule of fair value measurements by major categories of plan assets

Fair value measurements of plan assets as of December 31, 2024 and 2023 follow (in millions).

	Fair Value								Investments carried at net
	Total		Level 1		Level 2		Level 3		asset value
December 31, 2024
Cash and cash equivalents	$	600	$	556	$	44	$	—	$	—
Equity securities		9,757		9,036		581		140		—
Fixed maturity securities		1,747		953		794		—		—
Investment funds and other		2,076		385		144		23		1,524
	$	14,180	$	10,930	$	1,563	$	163	$	1,524
December 31, 2023
Cash and cash equivalents	$	449	$	370	$	79	$	—	$	—
Equity securities		8,487		7,808		543		136		—
Fixed maturity securities		2,138		1,277		851		10		—
Investment funds and other		2,305		342		272		42		1,649
	$	13,379	$	9,797	$	1,745	$	188	$	1,649

Schedule of pension plan amounts recognized In accumulated other comprehensive income

A reconciliation of the pre-tax accumulated other comprehensive income (loss) of our defined benefit pension plans for each of the two years ending December 31, 2024 follows (in millions).

	2024			2023
Balance at the beginning of the year	$	(161	)	$	(738	)
Amount included in net periodic pension expense		29			(12	)
Actuarial gains (losses) and other		1,599			589
Balance at the end of the year	$	1,467		$	(161	)