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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following:


	December 31, 2024												December 31, 2023
	Pension Benefits						Other Postretirement Benefits						Pension Benefits						Other Postretirement Benefits
	U.S. Plans		Non- U.S. Plans		Total		U.S. Plans		Non- U.S. Plans		Total		U.S. Plans		Non- U.S. Plans		Total		U.S. Plans		Non- U.S. Plans		Total
	(In millions)
Benefit obligations	$	8,320	$	757	$	9,077	$	693	$	37	$	730	$	8,649	$	849	$	9,498	$	723	$	42	$	765
Estimated fair value of plan assets	7,370		466		7,836		1,302		27		1,329		7,786		484		8,270		1,307		27		1,334
Over (under) funded status	$	(950)	$	(291)	$	(1,241)	$	609	$	(10)	$	599	$	(863)	$	(365)	$	(1,228)	$	584	$	(15)	$	569
Net periodic benefit costs	$	257	$	60	$	317	$	(43)	$	3	$	(40)	$	227	$	64	$	291	$	(41)	$	3	$	(38)

The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:


	Years Ended December 31,
	2024				2023				2022
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	156	$	3	$	143	$	3	$	187	$	4
Interest costs	460		40		474		43		328		34
Settlement and curtailment (gains) losses	5		1		6		—		5		—
Expected return on plan assets	(460)		(56)		(480)		(54)		(516)		(55)
Amortization of net actuarial (gains) losses	167		(28)		159		(30)		129		(25)
Amortization of prior service costs (credit)	(11)		—		(11)		—		(11)		—
Total net periodic benefit costs (credit)	317		(40)		291		(38)		122		(42)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	141		(20)		250		(41)		2		(191)
Prior service costs (credit)	3		—		—		—		8		—
Amortization of net actuarial gains (losses)	(167)		28		(159)		30		(129)		25
Amortization of prior service (costs) credit	11		—		11		—		11		—
Settlement and curtailment (gains) losses	(5)		(1)		(6)		—		(5)		—
Exchange rate changes	2		—		(2)		—		(7)		—

Total recognized in OCI	(15)		7		94		(11)		(120)		(166)
Total recognized in net periodic benefit costs and OCI	$	302	$	(33)	$	385	$	(49)	$	2	$	(208)

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

Obligations and Funded Status


	December 31,
	2024				2023
	Pension Benefits (1)		Other Postretirement Benefits		Pension Benefits (1)		Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	9,498	$	765	$	9,298	$	794
Service costs	156		3		143		3
Interest costs	460		40		474		43
Plan participants’ contributions	—		29		—		30
Plan amendments	3		—		—		—
Net actuarial (gains) losses (2)	(281)		(16)		299		(23)
Acquisition, divestitures, settlements and curtailments	(36)		(2)		(35)		—
Benefits paid	(638)		(83)		(636)		(86)
Effect of foreign currency translation	(85)		(6)		(45)		4
Benefit obligations at December 31,	9,077		730		9,498		765
Change in plan assets:
Estimated fair value of plan assets at January 1,	8,270		1,334		8,294		1,303
Actual return on plan assets	39		59		529		72
Acquisition, divestitures and settlements	(36)		(2)		(35)		—
Plan participants’ contributions	—		29		—		30
Employer contributions	256		(5)		140		13
Benefits paid	(638)		(83)		(636)		(86)
Effect of foreign currency translation	(55)		(3)		(22)		2
Estimated fair value of plan assets at December 31,	7,836		1,329		8,270		1,334
Over (under) funded status at December 31,	$	(1,241)	$	599	$	(1,228)	$	569
Amounts recognized on the consolidated balance sheets:
Other assets	$	132	$	907	$	229	$	886
Other liabilities	(1,373)		(308)		(1,457)		(317)
Net amount recognized	$	(1,241)	$	599	$	(1,228)	$	569
AOCI:
Net actuarial (gains) losses	$	2,331	$	(502)	$	2,360	$	(509)
Prior service costs (credit)	(11)		—		(25)		—
AOCI, before income tax	$	2,320	$	(502)	$	2,335	$	(509)
Accumulated benefit obligation	$	8,969	N/A		$	9,377	N/A

__________________

(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion at both December 31, 2024 and 2023.

(2)For the year ended December 31, 2024, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of ($386) million and ($15) million, respectively, demographic assumptions of ($2) million and $0, respectively, and plan experience of $107 million and ($1) million, respectively. For the year ended December 31, 2023, significant sources of actuarial (gains) losses for pension and other postretirement benefits include the impact of changes to the financial assumptions of $256 million and $8 million, respectively, demographic assumptions of ($54) million and ($8) million, respectively, and plan experience of $97 million and ($23) million, respectively.

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

Obligations and Funded Status


	December 31,
	2024				2023
	Pension Benefits (1)		Other Postretirement Benefits		Pension Benefits (1)		Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	9,498	$	765	$	9,298	$	794
Service costs	156		3		143		3
Interest costs	460		40		474		43
Plan participants’ contributions	—		29		—		30
Plan amendments	3		—		—		—
Net actuarial (gains) losses (2)	(281)		(16)		299		(23)
Acquisition, divestitures, settlements and curtailments	(36)		(2)		(35)		—
Benefits paid	(638)		(83)		(636)		(86)
Effect of foreign currency translation	(85)		(6)		(45)		4
Benefit obligations at December 31,	9,077		730		9,498		765
Change in plan assets:
Estimated fair value of plan assets at January 1,	8,270		1,334		8,294		1,303
Actual return on plan assets	39		59		529		72
Acquisition, divestitures and settlements	(36)		(2)		(35)		—
Plan participants’ contributions	—		29		—		30
Employer contributions	256		(5)		140		13
Benefits paid	(638)		(83)		(636)		(86)
Effect of foreign currency translation	(55)		(3)		(22)		2
Estimated fair value of plan assets at December 31,	7,836		1,329		8,270		1,334
Over (under) funded status at December 31,	$	(1,241)	$	599	$	(1,228)	$	569
Amounts recognized on the consolidated balance sheets:
Other assets	$	132	$	907	$	229	$	886
Other liabilities	(1,373)		(308)		(1,457)		(317)
Net amount recognized	$	(1,241)	$	599	$	(1,228)	$	569
AOCI:
Net actuarial (gains) losses	$	2,331	$	(502)	$	2,360	$	(509)
Prior service costs (credit)	(11)		—		(25)		—
AOCI, before income tax	$	2,320	$	(502)	$	2,335	$	(509)
Accumulated benefit obligation	$	8,969	N/A		$	9,377	N/A

__________________

(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion at both December 31, 2024 and 2023.

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

Obligations and Funded Status


	December 31,
	2024				2023
	Pension Benefits (1)		Other Postretirement Benefits		Pension Benefits (1)		Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	9,498	$	765	$	9,298	$	794
Service costs	156		3		143		3
Interest costs	460		40		474		43
Plan participants’ contributions	—		29		—		30
Plan amendments	3		—		—		—
Net actuarial (gains) losses (2)	(281)		(16)		299		(23)
Acquisition, divestitures, settlements and curtailments	(36)		(2)		(35)		—
Benefits paid	(638)		(83)		(636)		(86)
Effect of foreign currency translation	(85)		(6)		(45)		4
Benefit obligations at December 31,	9,077		730		9,498		765
Change in plan assets:
Estimated fair value of plan assets at January 1,	8,270		1,334		8,294		1,303
Actual return on plan assets	39		59		529		72
Acquisition, divestitures and settlements	(36)		(2)		(35)		—
Plan participants’ contributions	—		29		—		30
Employer contributions	256		(5)		140		13
Benefits paid	(638)		(83)		(636)		(86)
Effect of foreign currency translation	(55)		(3)		(22)		2
Estimated fair value of plan assets at December 31,	7,836		1,329		8,270		1,334
Over (under) funded status at December 31,	$	(1,241)	$	599	$	(1,228)	$	569
Amounts recognized on the consolidated balance sheets:
Other assets	$	132	$	907	$	229	$	886
Other liabilities	(1,373)		(308)		(1,457)		(317)
Net amount recognized	$	(1,241)	$	599	$	(1,228)	$	569
AOCI:
Net actuarial (gains) losses	$	2,331	$	(502)	$	2,360	$	(509)
Prior service costs (credit)	(11)		—		(25)		—
AOCI, before income tax	$	2,320	$	(502)	$	2,335	$	(509)
Accumulated benefit obligation	$	8,969	N/A		$	9,377	N/A

__________________

(1)Includes nonqualified unfunded plans, for which the aggregate PBO was $1.0 billion at both December 31, 2024 and 2023.

Accumulated benefit obligations in excess of fair value of plan assets

Information regarding pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:


	December 31,
	2024		2023		2024		2023		2024		2023
	PBO Exceeds Estimated Fair Value of Plan Assets				ABO Exceeds Estimated Fair Value of Plan Assets				APBO Exceeds Estimated Fair Value of Plan Assets
	(In millions)
PBO	$	1,388	$	1,474	$	1,376	$	1,459	N/A		N/A
ABO	$	1,337	$	1,411	$	1,337	$	1,411	N/A		N/A
APBO	N/A		N/A		N/A		N/A		$	549	$	580
Estimated fair value of plan assets	$	12	$	15	$	2	$	2	$	244	$	266

Defined benefit plan pension plans with projected benefit obligations in excess of plan assets

Information regarding pension plans and other postretirement benefit plans with PBOs and/or accumulated benefit obligations (“ABO”) or APBO in excess of plan assets was as follows at:


	December 31,
	2024		2023		2024		2023		2024		2023
	PBO Exceeds Estimated Fair Value of Plan Assets				ABO Exceeds Estimated Fair Value of Plan Assets				APBO Exceeds Estimated Fair Value of Plan Assets
	(In millions)
PBO	$	1,388	$	1,474	$	1,376	$	1,459	N/A		N/A
ABO	$	1,337	$	1,411	$	1,337	$	1,411	N/A		N/A
APBO	N/A		N/A		N/A		N/A		$	549	$	580
Estimated fair value of plan assets	$	12	$	15	$	2	$	2	$	244	$	266

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:


	Years Ended December 31,
	2024				2023				2022
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	156	$	3	$	143	$	3	$	187	$	4
Interest costs	460		40		474		43		328		34
Settlement and curtailment (gains) losses	5		1		6		—		5		—
Expected return on plan assets	(460)		(56)		(480)		(54)		(516)		(55)
Amortization of net actuarial (gains) losses	167		(28)		159		(30)		129		(25)
Amortization of prior service costs (credit)	(11)		—		(11)		—		(11)		—
Total net periodic benefit costs (credit)	317		(40)		291		(38)		122		(42)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	141		(20)		250		(41)		2		(191)
Prior service costs (credit)	3		—		—		—		8		—
Amortization of net actuarial gains (losses)	(167)		28		(159)		30		(129)		25
Amortization of prior service (costs) credit	11		—		11		—		11		—
Settlement and curtailment (gains) losses	(5)		(1)		(6)		—		(5)		—
Exchange rate changes	2		—		(2)		—		(7)		—

Total recognized in OCI	(15)		7		94		(11)		(120)		(166)
Total recognized in net periodic benefit costs and OCI	$	302	$	(33)	$	385	$	(49)	$	2	$	(208)

Assumptions used in determining benefit obligations and net periodic benefit costs

Assumptions used in determining benefit obligations for the U.S. plans were as follows:


	Pension Benefits			Other Postretirement Benefits
December 31, 2024
Weighted average discount rate	5.70%			5.80%
Weighted average interest crediting rate	4.31%			N/A
Rate of compensation increase	2.50%	-	8.00%	N/A
December 31, 2023
Weighted average discount rate	5.25%			5.35%
Weighted average interest crediting rate	4.00%			N/A
Rate of compensation increase	2.50%	-	8.00%	N/A

Assumptions used in determining net periodic benefit costs for the U.S. plans were as follows:


	Pension Benefits			Other Postretirement Benefits
Year Ended December 31, 2024
Weighted average discount rate	5.25%			5.35%
Weighted average interest crediting rate	4.30%			N/A
Weighted average expected rate of return on plan assets	6.00%			4.25%
Rate of compensation increase	2.50%	-	8.00%	N/A
Year Ended December 31, 2023
Weighted average discount rate	5.60%			5.70%
Weighted average interest crediting rate	4.00%			N/A
Weighted average expected rate of return on plan assets	6.25%			4.25%
Rate of compensation increase	2.50%	-	8.00%	N/A
Year Ended December 31, 2022
Weighted average discount rate	2.95%			3.05%
Weighted average interest crediting rate	3.43%			N/A
Weighted average expected rate of return on plan assets	5.00%			3.86%
Rate of compensation increase	2.50%	-	8.00%	N/A

Assumed healthcare costs trend rates

The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows:


	December 31,
	2024				2023
	Before Age 65		Age 65 and older		Before Age 65		Age 65 and older
Following year	6.1	%	8.3	%	6.2	%	4.5	%
Ultimate rate to which cost increase is assumed to decline	3.7	%	4.5	%	3.7	%	4.5	%
Year in which the ultimate trend rate is reached	2074		2089		2074		2102

Plan Assets

The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2024 for the Invested Plans:


	December 31,
	2024								2023
	U.S. Pension Benefits				U.S. Other Postretirement Benefits (1)				U.S. Pension Benefits		U.S. Other Postretirement Benefits (1)
	Target		Actual Allocation		Target		Actual Allocation		Actual Allocation		Actual Allocation
Asset Class
Fixed maturity securities AFS	85	%	83	%	95	%	94	%	82	%	94	%
Equity securities (2)	7	%	7	%	5	%	6	%	6	%	6	%
Alternative securities (3)	8	%	10	%	—	%	—	%	12	%	—	%
Total assets			100	%			100	%	100	%	100	%

__________________

(1)U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities AFS.

(2)Equity securities percentage includes derivative assets.

(3)Alternative securities primarily include private equity and real estate funds.

The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:


	December 31, 2024
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
Corporate	$	—	$	3,025	$	56	$	3,081	$	—	$	175	$	—	$	175
U.S. government bonds	1,693		30		—		1,723		102		7		—		109
Foreign bonds	—		729		2		731		—		38		—		38
Federal agencies	96		83		—		179		1		1		—		2
Municipals	—		79		—		79		—		5		—		5
Short-term investments	2		168		—		170		469		406		—		875
Other (1)	173		271		2		446		10		56		—		66
Total fixed maturity securities AFS	1,964		4,385		60		6,409		582		688		—		1,270
Equity securities	489		198		8		695		58		—		—		58
Other investments	42		5		680		727		1		—		—		1
Derivative assets	4		1		—		5		—		—		—		—
Total assets	$	2,499	$	4,589	$	748	$	7,836	$	641	$	688	$	—	$	1,329


	December 31, 2023
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities AFS:
Corporate	$	—	$	3,029	$	54	$	3,083	$	—	$	167	$	—	$	167
U.S. government bonds	1,537		38		—		1,575		52		6		—		58
Foreign bonds	—		808		2		810		—		46		—		46
Federal agencies	62		141		—		203		1		—		—		1
Municipals	—		147		—		147		—		8		—		8
Short-term investments	13		184		—		197		554		403		—		957
Other (1)	114		577		8		699		4		33		—		37
Total fixed maturity securities AFS	1,726		4,924		64		6,714		611		663		—		1,274
Equity securities	436		162		12		610		59		—		—		59
Other investments	41		—		828		869		1		—		—		1
Derivative assets	10		67		—		77		—		—		—		—
Total assets	$	2,213	$	5,153	$	904	$	8,270	$	671	$	663	$	—	$	1,334

__________________

(1)Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS & CLO.

Rollforward fair value measurement using significant unobservable outputs (level 3)

A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows:


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Fixed Maturity Securities AFS:
	Foreign Bonds		Corporate		Other		Equity Securities		Other Investments		Derivative Assets
	(In millions)
Balance, January 1, 2023	$	—	$	55	$	3	$	3	$	855	$	4
Realized gains (losses)	—		—		—		—		(1)		—
Unrealized gains (losses)	—		1		—		1		(51)		(1)
Purchases, sales, issuances and settlements, net	—		2		—		8		25		(3)
Transfers into and/or out of Level 3	2		(4)		5		—		—		—
Balance, December 31, 2023	$	2	$	54	$	8	$	12	$	828	$	—
Realized gains (losses)	—		—		—		—		—		—
Unrealized gains (losses)	—		(2)		(1)		—		(24)		—
Purchases, sales, issuances and settlements, net	—		16		(4)		(4)		(124)		—
Transfers into and/or out of Level 3	—		(12)		(1)		—		—		—
Balance, December 31, 2024	$	2	$	56	$	2	$	8	$	680	$	—

Defined benefit plan estimated future benefit payments

Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows:


	Pension Benefits		Other Postretirement Benefits
	(In millions)
2025	$	702	$	61
2026	$	714	$	59
2027	$	724	$	59
2028	$	739	$	59
2029	$	767	$	59
2030-2034	$	3,690	$	274