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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Components of net periodic benefit cost
The cost to the company of its retirement benefit plans is shown in the following table:
 Year Ended December 31
 Pension BenefitsMedical and Life Benefits
$ in millions202420232022202420232022
Components of net periodic benefit cost (benefit)
Service cost$239 $236 $367 $4 $5 $9 
Interest cost1,526 1,568 1,136 62 67 47 
Expected return on plan assets(2,197)(2,098)(2,641)(87)(85)(110)
Amortization of prior service credit— — — — (1)(1)
Mark-to-market (benefit) expense(450)442 (1,262)7 (20)30 
Other15 — — — — — 
Net periodic benefit cost (benefit)$(867)$148 $(2,400)$(14)$(34)$(25)
Changes in unamortized benefit plan costs
The table below summarizes the changes in unamortized prior service credit for the years ended December 31, 2022, 2023 and 2024:
$ in millionsPension BenefitsMedical and Life BenefitsTotal
Changes in unamortized prior service credit
Amortization of prior service credit$— $1 $1 
Tax expense— — — 
Decrease (increase) in unamortized prior service credit – 2022— 1 1 
Amortization of prior service credit— 1 1 
Tax expense— — — 
Decrease (increase) in unamortized prior service credit – 2023— 1 1 
(Increase) decrease in prior service credit— (12)(12)
Amortization of prior service credit— — — 
Tax expense— 3 3 
(Increase) decrease in unamortized prior service credit – 2024$— $(9)$(9)
Change in plan assets and amounts recognized in the consolidated statements of financial position
The following table sets forth the funded status and amounts recognized in the consolidated statements of financial position for the company’s defined benefit retirement plans. Pension benefits data includes the qualified plans, foreign plans and U.S. unfunded non-qualified plans for benefits provided to directors, officers and certain employees. The company uses a December 31 measurement date for its plans.
 Pension BenefitsMedical and Life Benefits
$ in millions2024202320242023
Plan Assets
Fair value of plan assets at beginning of year$30,251 $28,920 $1,274 $1,226 
Net gain on plan assets1,358 3,104 61 146 
Employer contributions96 105 33 34 
Participant contributions6 6 26 27 
Benefits paid(1,942)(1,894)(157)(159)
Other— 10 — — 
Fair value of plan assets at end of year29,769 30,251 1,237 1,274 
Projected Benefit Obligation
Projected benefit obligation at beginning of year30,443 29,067 1,246 1,264 
Service cost239 236 4 5 
Interest cost1,526 1,568 62 67 
Participant contributions6 6 26 27 
Actuarial (gain) loss(1,295)1,447 (19)42 
Benefits paid(1,942)(1,894)(157)(159)
Other15 13 (12)— 
Projected benefit obligation at end of year28,992 30,443 1,150 1,246 
Funded status$777 $(192)$87 $28 
The decrease in the fair value of plan assets for the year ended December 31, 2024 was principally driven by $2.1 billion of benefit payments, partially offset by net returns on plan assets of 4.7 percent. The decrease in our projected benefit obligation for the year ended December 31, 2024, was primarily driven by $2.1 billion of benefit payments and a 58 basis point increase in the discount rate from year end 2023, partially offset by $1.6 billion of interest cost.
Pension BenefitsMedical and Life Benefits
$ in millions2024202320242023
Classification of amounts recognized in the consolidated statements of financial position
Non-current assets$1,851 $1,042 $333 $289 
Current liability(177)(178)(23)(27)
Non-current liability(897)(1,056)(223)(234)
Pension plans with accumulated benefit obligations in excess of fair value of plan assets Amounts for pension plans with accumulated benefit obligations in excess of fair value of plan assets are as follows:
 December 31
$ in millions20242023
Projected benefit obligation$1,076 $1,152 
Accumulated benefit obligation1,066 1,143 
Fair value of plan assets3 3 
Weighted-average plan assumptions
On a weighted-average basis, the following assumptions were used to determine benefit obligations at December 31 of each year and net periodic benefit cost for the following year:
 Pension BenefitsMedical and Life Benefits

202420232022202420232022
Discount rate5.73 %5.15 %5.54 %5.69 %5.20 %5.57 %
Expected long-term return on plan assets7.50 %7.50 %7.50 %7.08 %7.12 %7.23 %
Initial cash balance crediting rate assumed for the next year4.78 %4.02 %3.96 %
Rate to which the cash balance crediting rate is assumed to increase/decrease (the ultimate rate)4.90 %4.02 %3.88 %
Year that the cash balance crediting rate reaches the ultimate rate203020292028
Rate of compensation increase3.00 %3.00 %3.00 %
Initial health care cost trend rate assumed for the next year5.90 %6.20 %6.50 %
Rate to which the health care cost trend rate is assumed to decline (the ultimate trend rate)5.00 %5.00 %5.00 %
Year that the health care cost trend rate reaches the ultimate trend rate202820282028
Plan asset allocation
For the majority of the plans’ assets, the investment policies require that the asset allocation be maintained within the following ranges as of December 31, 2024:
Asset Allocation Ranges
Cash and cash equivalents
0% - 12%
Global public equities
18% - 38%
Fixed-income securities
35% - 55%
Alternative investments
10% - 30%
Private credit
0% - 15%
The table below provides the fair values of the company’s pension and Voluntary Employees’ Beneficiary Association (VEBA) trust plan assets at December 31, 2024 and 2023, by asset category. The table also identifies the level of inputs used to determine the fair value of assets in each category. See Note 1 for the definitions of these levels. Certain investments that are measured at fair value using NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table. As of December 31, 2024 and 2023, there were no investments expected to be sold at a value materially different than NAV.
 Level 1Level 2Level 3Total
$ in millions20242023202420232024202320242023
Asset category
Cash and cash equivalents$223 $85 $751 $830 $974 $915 
U.S. equities1,824 1,712 — 1 1,824 1,713 
International equities1,570 1,506 1,570 1,506 
Fixed-income securities
U.S. Treasuries17 — 3,520 3,890 3,537 3,890 
U.S. Government Agency97 124 97 124 
Non-U.S. Government1 — 282 176 283 176 
Corporate debt79 74 3,664 4,432 3,743 4,506 
Asset backed1,301 436 1,301 436 
High yield debt12 13 20 20 32 33 
Bank loans16 15 16 15 
Derivatives and other assets(55)64 99 43 $2 $2 46 109 
Investments valued using NAV as a practical expedient
U.S. equities1,486 1,294 
International equities4,071 3,972 
Fixed-income funds3,559 4,057 
Hedge funds32 38 
Opportunistic investments1,816 3,176 
Private equity funds3,521 3,466 
Real estate funds1,860 2,123 
Private credit1,779 — 
Payables, net(541)(24)
Fair value of plan assets at the end of the year$3,671 $3,454 $9,750 $9,967 $2 $2 $31,006 $31,525 
Estimated benefit payments
The following table reflects estimated future benefit payments for the next ten years, based upon the same assumptions used to measure the benefit obligation, and includes expected future employee service, as of December 31, 2024:
$ in millionsPension PlansMedical and Life PlansTotal
Year Ending December 31
2025$2,058 $111 $2,169 
20262,101 112 2,213 
20272,138 111 2,249 
20282,164 109 2,273 
20292,183 106 2,289 
2030 through 203410,909 473 11,382