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Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Pension, Postretirement and Supplemental Retirement Plans
The following tables provide certain information regarding the Company's pension, postretirement and supplemental retirement plans as of December 31, 2023 and 2022:
Defined Benefit Pension PlansPostretirement Benefit PlansSupplemental Retirement Plans
(Dollars in millions)202320222023202220232022
Change in benefit obligation:
Benefit obligation at beginning of year$162$215$1$2$17$22
Interest cost86——11
Actuarial loss (gain)6(45)———(5)
Benefits paid(12)(9)—(1)(1)(1)
(Gain) loss due to settlement1(5)————
Benefit obligation at end of year$165$162$1$1$17$17
Change in plan assets:
Fair value of plan assets at beginning of year$124$166$1$1$11$12
Actual return on plan assets12(33)——1(1)
Employer contributions103——11
Benefits paid(12)(9)——(1)(1)
(Loss) gain due to settlement—(3)————
Fair value of plan assets at end of year134124111211
Funded status of the plans at year end$(31)$(38)$—$—$(5)$(6)
Schedule of Amounts Recognized in Balance Sheet
The amounts recognized in the Consolidated Balance Sheets as of December 31, 2023 and 2022 consist of:
Defined Benefit Pension PlansPostretirement Benefit PlansSupplemental Retirement Plans
(Dollars in millions)202320222023202220232022
Noncurrent assets$—$—$—$1$—$—
Noncurrent liabilities(31)(38)—(1)(5)(6)
Net liability recognized
$(31)$(38)$—$—$(5)$(6)
Schedule of Amounts Recognized In Accumulated Other Comprehensive Income (Before Taxes)
Amounts recognized in accumulated other comprehensive income (before taxes) at December 31, 2023 and 2022 consist of:
Defined Benefit Pension PlansPostretirement Benefit Plans Supplemental Retirement Plans
(Dollars in millions)202320222023202220232022
Net actuarial loss (gain)$31$31$(1)$(1)$2$2
Total amount recognized in accumulated other comprehensive losses (earnings) $31$31$(1)$(1)$2$2
Schedule of Pension Plans with ABO and PBO in Excess of the Fair Value of Plan Assets The table below presents information for the pension plans with an ABO and PBO in excess of the fair value of plan assets at December 31, 2023 and 2022:
(Dollars in millions)20232022
Projected benefit obligation$182 $179 
Accumulated benefit obligation182 179 
Fair value of plan assets146 135 
Schedule of Weighted Average Actuarial Assumptions
The following table summarizes the weighted average actuarial assumptions used to determine our benefit obligations at December 31, 2023 and 2022:
Defined Benefit Pension PlansPostretirement Benefit PlansSupplemental Retirement Plans
202320222023202220232022
Rate assumptions
Discount rate4.8 %5.0 %4.7 %4.9 %4.8 %5.1 %
Increase in future compensation levelsN/AN/AN/AN/AN/AN/A
Expected long-term return on plan assets6.5 %7.2 %6.5 %7.2 %N/AN/A
Health care trend rate assumed for next yearN/AN/A5.9 %5.3 %N/AN/A
Ultimate health care trend rateN/AN/A4.2 %4.2 %N/AN/A
Year rate reaches ultimate trend rateN/AN/A20372037N/AN/A
The following table summarizes the weighted average actuarial assumptions used to determine our net periodic cost of the plans for the years ended December 31, 2023, 2022 and 2021:
Defined Benefit Pension PlansPostretirement Benefit PlansSupplemental Retirement Plans
202320222021202320222021202320222021
Rate assumptions
Discount rate5.0 %2.8 %2.8 %4.9 %2.6 %2.1 %5.0 %2.8 %2.4 %
Expected long-term return on plan assets7.2 %5.9 %6.4 %7.2 %5.9 %6.4 %N/AN/AN/A
Increase in future compensation levelsN/AN/AN/AN/AN/AN/AN/AN/AN/A
Health care trend rate assumed for next yearN/AN/AN/A5.3 %5.5 %5.8 %N/AN/AN/A
Ultimate health care trend rateN/AN/AN/A4.2 %4.2 %4.5 %N/AN/AN/A
Year rate reaches ultimate trend rateN/AN/AN/A203720312030N/AN/AN/A
Schedule of Net Benefit Costs
The following table summarizes the components of net periodic benefit cost for the Company's pension, postretirement and supplemental retirement plans for the years ended December 31, 2023, 2022 and 2021. Net actuarial gains and losses are amortized to expense when they exceed the 10% accounting corridor, based on the greater of the plan assets or benefit obligations, over the average future lifetime for all plans that are frozen, and over the average remaining service period for active plans.
Defined Benefit Pension PlansPostretirement Benefit PlansSupplemental Retirement Plans
(Dollars in millions)202320222021202320222021202320222021
Interest cost$8 $6 $5 $— $— $— $1 $1 $1 
Expected return on plan assets(7)(7)(7)— — — — — — 
Amortization of net actuarial loss (gain)1 1 2 — — (1)— — — 
Settlement expense (income)— 1 — — — — — — — 
Net periodic benefit cost
$2 $1 $— $— $— $(1)$1 $1 $1 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income
The following table summarizes the other changes in plan assets and benefit obligations recognized in other comprehensive earnings for the Company's pension, postretirement and supplemental retirement benefit plans for the years ended December 31, 2023, 2022 and 2021:
Defined Benefit Pension PlansPostretirement Benefit PlansSupplemental Retirement Plans
(Dollars in millions)202320222021202320222021202320222021
Net actuarial loss (gain)$1 $(8)$(11)$— $— $— $— $(4)$(1)
Amortization of net actuarial (loss) gain from prior years(1)(2)(2)— — 1 — — — 
Total recognized in other comprehensive income
$— $(10)$(13)$— $— $1 $— $(4)$(1)
Schedule of Allocation of Plan Assets
The table below represents all of the Company's funded pension plans' and postretirement benefit plans' weighted average asset allocation at December 31, 2023 and 2022 by asset category:
Asset Allocation
20232022
Asset Category
Equity securities33 %37 %
Debt securities55 %49 %
Real estate4 %6 %
Other, primarily cash and cash equivalents, and hedge funds8 %8 %
The table below presents the target allocation ranges for each major asset category for the Company's benefit plans for the years ended December 31, 2023 and 2022:
Target Asset Allocation Range
20232022
Asset Category
Equity securities
28% - 36%
30% - 50%
Debt securities
54% - 70%
45% - 65%
Real estate
0% - 8%
0% - 10%
Other, primarily cash and cash equivalents and hedge funds
0% - 10%
0% - 10%
Schedule of Fair Value of Category of Plan Assets
The following tables provides the fair value of plan assets held by our defined benefit plan by asset category and by fair value hierarchy level. Certain investments are measured at their NAV per share and do not have readily determined fair values. As such, these investments are not subject to leveling in the fair value hierarchy.
December 31, 2023
(Dollars in millions)Level 1Level 2Level 3Total
Asset category
Investments measured at fair value:
Cash and cash equivalents$11 $— $— $11 
Equity securities5 — — 5 
Total$16 $— $— $16 
Investments measured at NAV:
Collective trust funds131 
Equity and fixed income funds— 
Total
$16 $— $— $147 
December 31, 2022
(Dollars in millions)Level 1Level 2Level 3Total
Asset category
Investments measured at fair value:
Cash and cash equivalents$10 $— $— $10 
Equity securities5 — — 5 
Total$15 $— $— $15 
Investments measured at NAV:
Collective trust funds121 
Equity and fixed income funds— 
Total
$15 $— $— $136 
Schedule of Expected Benefit Payments
The following table presents expected pension and postretirement benefit payments over the next 10 years:
(Dollars in millions)
Year Ending December 31,
Defined Benefit Pension PlansPostretirement Benefit PlansSupplemental Retirement Plans
2024$13 $— $1 
202512 — 1 
202612 — 1 
202713 — 1 
202813 — 1 
2029-203361 1 6