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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table provides an analysis of the changes in the benefit obligations, plan assets and funded status of our dedicated pension plans (including those transferred to us):
As of and for the
Year Ended December 31,
(MILLIONS OF DOLLARS)20242023
Change in benefit obligation:
Projected benefit obligation, beginning$129 $122 
Service cost5 5 
Interest cost5 5 
Changes in actuarial assumptions and other9 (4)
Settlements and curtailments(2)— 
Benefits paid(4)(3)
Adjustments for foreign currency translation(5)5 
Other––net(1)(1)
Benefit obligation, ending136 129 
Change in plan assets:
Fair value of plan assets, beginning86 78 
Actual return on plan assets12 3 
Company contributions6 6 
Settlements and curtailments(3)— 
Benefits paid(4)(3)
Adjustments for foreign currency translation(3)2 
Other––net— — 
Fair value of plan assets, ending94 86 
Funded status—Projected benefit obligation in excess of plan assets at end of year(a)
$(42)$(43)
(a) Included in Other noncurrent liabilities.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Information related to the funded status of selected plans follows:
As of December 31,
(MILLIONS OF DOLLARS)20242023
Pension plans with an accumulated benefit obligation in excess of plan assets:
Fair value of plan assets$9 $8 
Accumulated benefit obligation50 45 
Pension plans with a projected benefit obligation in excess of plan assets:
Fair value of plan assets9 64 
Projected benefit obligation55 109 
Schedule of Net Benefit Costs
The following table provides the net periodic benefit cost associated with dedicated pension plans (including those transferred to us):
Year Ended December 31,
(MILLIONS OF DOLLARS)202420232022
Service cost$5 $5 $6 
Interest cost5 5 2 
Expected return on plan assets(4)(4)(3)
Amortization of net losses— — 1 
Settlement and curtailments (gains) / losses1 — — 
Net periodic benefit cost$7 $6 $6 
Schedule of Assumptions Used
The following table provides the weighted average actuarial assumptions for the dedicated pension plans (including those transferred to us):
As of December 31,
(PERCENTAGES)202420232022
Weighted average assumptions used to determine benefit obligations:
Discount rate3.5 %4.2 %3.7 %
Rate of compensation increase3.5 %3.6 %3.5 %
Cash balance credit interest rate1.7 %1.6 %1.7 %
Weighted average assumptions used to determine net benefit cost for the year ended December 31:
Discount rate4.2 %3.7 %1.4 %
Expected return on plan assets4.6 %4.7 %3.3 %
Rate of compensation increase3.6 %3.5 %3.4 %
Cash balance credit interest rate1.6 %1.7 %1.5 %
Schedule of Allocation of Plan Assets
The components of plan assets follow:
As of December 31,
(MILLIONS OF DOLLARS)20242023
Cash and cash equivalents$1 $1 
Equity securities: Equity commingled funds37 34 
Debt securities: Government bonds46 40 
Other investments10 11 
Total(a)
$94 $86 
(a)    Fair values are determined based on valuation inputs categorized as Level 1, 2 or 3 (see Note 3. Significant Accounting Policies—Fair Value). Investment plan assets are valued using Level 1 or Level 2 inputs.
Schedule Of Percentage Of Allocation Of Plan Assets
The long-term target asset allocations and the percentage of the fair value of plans assets for dedicated benefit plans follow:
As of December 31,
Target allocation
percentagePercentage of Plan Assets
(PERCENTAGES)202420242023
Cash and cash equivalents
0-10%
1.4 %1.7 %
Equity securities
0-60%
39.2 %39.4 %
Debt securities
15-100%
48.4 %46.9 %
Other investments
0-100%
11.0 %12.0 %
Total
100%
100 %100 %