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Pension and Other Benefit Programs (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The fair values of our plan assets as of December 31, 2024, by asset category, are as follows (in millions):
Fair Value Measurements
Asset Category
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs 
(Level 3)
Total
Cash
$8 $— $— $8 
Equity securities:
U.S. large-cap
— 20 — 20 
U.S. small-cap
— 5 — 5 
International
— 10 — 10 
Fixed income securities
153 507 6 666 
Total
$161 $542 $6 $709 
The fair values of our plan assets as of December 31, 2023, by asset category, are as follows (in millions):
Fair Value Measurements
Asset Category
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		Significant
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs 
(Level 3)
Total
Cash
$8 $— $— $8 
Equity securities:
U.S. large-cap
— 18 — 18 
U.S. small-cap
— 6 — 6 
International
— 11 — 11 
Fixed income securities
154 542 5 701 
Total
$162 $577 $5 $744 
Schedule of Changes in Projected Benefit Obligations The following table provides a summary of the changes in the pension plan’s benefit obligations and the fair value of assets measured using the valuation techniques described in Note 18, as of December 31, 2024 and 2023 and a statement of funded status of the pension plan as of December 31, 2024 and 2023 (in millions):
As of December 31,
20242023
Change in benefit obligation:
Benefit obligation at beginning of year
$644 $647 
Interest cost
29 30 
Actuarial (gain)/loss
(28)14 
Benefits paid
(47)(47)
Benefit obligation at year end
$598 $644 
Change in plan assets:
Fair value of plan assets at beginning of year
$694 $687 
Actual return on plan assets
6 54 
Benefits paid
(47)(47)
Fair value of plan assets at end of year
$653 $694 
Funded status
$55 $50 
Accumulated benefit obligation
$598 $644 
Amounts recognized in the accompanying consolidated balance sheets:
Other non-current assets
$55 $50 
The following table provides a summary of the changes in the SERP benefit obligations (in millions):
As of December 31,
20242023
Change in benefit obligation:
Benefit obligation at beginning of year
$23 $26 
Interest cost
1 1 
Benefits paid
(3)(4)
Benefit obligation at year end
$21 $23 
Funded status
$(21)$(23)
Amounts recognized in the accompanying consolidated balance sheets:
Other current liabilities
$(3)$(4)
Accrued employee benefits
(18)(19)
The following table provides a summary of the changes in the benefit obligation (in millions):
As of December 31,
Change in benefit obligation:20242023
Benefit obligation at beginning of year
$129 $116 
Interest cost
5 5 
Actuarial (gain)/loss
(7)19 
Employee contributions
2 2 
Benefits paid
(13)(13)
Benefit obligation at the end of year
$116 $129 
Funded status
$(116)$(129)
Amounts recognized in the accompanying consolidated balance sheets:
Other current liabilities
$(9)$(9)
Accrued employee benefits
$(107)$(120)
Schedule of Components of Pension Plan Expense (Benefit)
The following shows the components of the pension plan expense for 2024, 2023 and 2022 (in millions):
Year Ended December 31,
202420232022
Interest cost
$29 $30 $17 
Estimated return on plan assets
(33)(35)(21)
Amortization of loss
— — 2 
Aggregate pension (benefit)/expense
$(4)$(5)$(2)
Schedule of Expected Benefit Payments
The following shows the projected payments for the pension plan based on actuarial assumptions (in millions):
2025$52 
202651 
202751 
202850 
202950 
Next 5 years
229 
The following table shows the projected payments for the SERP plan based on the actuarial assumptions (in millions):
Projected SERP Plan Payments
2025$3 
20263 
20273 
20282 
20292 
Next 5 years
8 
The following table shows the payments projected for our post-retirement benefit plans (net of expected Medicare subsidy receipts of $8 million in aggregate over the next ten fiscal years) based on actuarial assumptions (in millions):
Projected Post-Retirement Benefit by Year:
Projected Payment
2025$9 
202610 
202710 
202810 
202910 
Next 5 years
48 
Schedule of Assumptions Used
The weighted-average assumptions used to develop the actuarial present value of the projected benefit obligation and net periodic pension/SERP costs in 2024, 2023 and 2022 are set forth below:
Year Ended December 31,
202420232022
Weighted-average discount rate for determining benefit obligations (pension/SERP plans)
5.4% / 5.2%
4.7% / 4.6%
4.9% / 4.8%
Weighted-average discount rate for determining interest costs (pension/SERP plans)
4.6% / 4.6%
4.8% / 4.7%
2.1% / 1.6%
Expected long-term rate of return on plan assets (pension/SERP plans)
4.3% / N/A
4.4% / N/A
2.5% / N/A
Rate of compensation increase
N/AN/AN/A
Schedule of Net Periodic Benefit Cost Not yet Recognized
The accumulated other comprehensive loss, after tax, as of December 31, 2024, consisted of the following amounts that have not yet been recognized in net periodic benefit cost (in millions):
Pension Plans
SERP Plans
Post-retirement
Benefit Plans
Total
Unrecognized net actuarial losses/(gains), after tax
$77 $3 $(18)$62