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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in and Amount of Accumulated Postretirement Benefit Obligation The changes in and the amount of the accumulated postretirement benefit obligation were as follows:
As of December 31,
20242023
(in millions)
Accumulated postretirement benefit obligation as of January 1$16 $34 
Service cost— — 
Interest cost
Benefits paid(2)(2)
Actuarial gains— (18)
Accumulated postretirement benefit obligation as of December 31 $15 $16 
Schedule of Accrued Benefit Obligation Included in Consolidated Balance Sheets
The accrued benefit obligation was included in our consolidated balance sheets as follows:
As of December 31,
20242023
(in millions)
Accrued and other current liabilities$$
Long-term postretirement benefit obligation13 14 
$15 $16 
Schedule of Accrued Benefit Obligation Recorded in Accumulated Other Comprehensive Income
A portion of our accrued benefit obligation has been recorded in accumulated other comprehensive income as follows:
As of
December 31, 2022
Changes As of
December 31, 2023
Changes As of
December 31, 2024
(in millions)
Net actuarial gain$29 $15 $44 $(4)$40 
Deferred income tax expense(6)(4)(10)(9)
Accumulated other comprehensive income$23 $11 $34 $(3)$31 
Schedule of Weighted-Average Assumptions to Determine Postretirement Benefit Obligations
We used the following weighted-average assumptions to determine our postretirement benefit obligations:
As of December 31,
20242023
Discount rate5.58 %4.95 %
Health care cost trend rate assumed for next year8.50 %8.00 %
Ultimate trend rate4.40 %4.50 %
Year that the rate reaches the ultimate trend rate20352033
Schedule of Weighted-Average Assumptions to Determine Net Periodic Postretirement Health Care Cost
We used the following weighted-average assumptions to determine our net periodic postretirement health care cost:
For the Years Ended December 31,
202420232022
Discount rate4.95 %5.18 %2.90 %
Health care cost trend rate assumed for next year8.00 %7.00 %6.60 %
Ultimate trend rate4.50 %4.50 %4.50 %
Year that the rate reaches the ultimate trend rate203320322029
Schedule of Estimated Future Benefit Payments
Our estimated future benefit payments for our postretirement benefit plan as of December 31, 2024 were as follows:
(in millions)
2025$
2026
2027
2028
2029
2030-2034