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Pension plans and other postretirement benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Net Periodic Pension Expense for Defined Benefit Plans
Net periodic pension expense for defined benefit plans consisted of the following:
Year Ended December 31,
(Dollars in millions)202420232022
Service cost$10 $11 $18 
Interest cost on benefit obligation114 115 82 
Expected return on plan assets(200)(201)(188)
Amortization of prior service cost— — 1 
Amortization of net actuarial (gain) loss(2)(2)20 
Settlement gain(12)— — 
Net periodic pension benefit$(90)$(77)$(67)
Net other postretirement benefits expense for defined benefit plans consisted of the following:
Year Ended December 31,
(Dollars in millions)202420232022
Service cost$1 $2 $3 
Interest cost on benefit obligation3 3 2 
Amortization of prior service credit(2)(2)(3)
Amortization of net actuarial gain(3)(3)(1)
Net other postretirement (benefit) cost$(1)$— $1 
Data Relating to Funding Position of Defined Benefit Plans
Data relating to the funding position of the defined benefit plans were as follows:
Pension Benefits
Other
Postretirement Benefits
(Dollars in millions)2024202320242023
Change in benefit obligation:
Benefit obligation at beginning of year$2,369 $2,379 $57 $60 
Service cost10 11 1 2 
Interest cost114 115 3 3 
Plan participants’ contributions— — — 1 
Actuarial (gain) loss(132)13 (7)(5)
Settlements paid(171)— — — 
Benefits paid(148)(149)(3)(4)
Benefit obligation at end of year2,042 2,369 51 57 
Change in plan assets:
Fair value of plan assets at beginning of year3,145 2,942 — — 
Actual return on plan assets366 334 — — 
Employer contributions16 18 2 3 
Plan participants’ contributions— — 1 1 
Settlements paid(171)— — — 
Benefits paid(148)(149)(3)(4)
Fair value of plan assets at end of year3,208 3,145 — — 
Funded status$1,166 $776 $(51)$(57)
Prepaid asset recognized in the Consolidated Balance Sheet
$1,298 $922 $— $— 
Accrued liability recognized in the Consolidated Balance Sheet
(132)(146)(51)(57)
Net accrued asset (liability) recognized
   in the Consolidated Balance Sheet
$1,166 $776 $(51)$(57)
Amounts recognized in accumulated other comprehensive income were:
Net (gain) loss$(93)$191 $(41)$(37)
Net prior service cost — — 3 1 
Pre-tax adjustment to accumulated other comprehensive income(93)191 (38)(36)
Taxes23 (49)10 9 
Net adjustment to accumulated other comprehensive income
$(70)$142 $(28)$(27)
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income The table below reflects the changes in plan assets and benefit obligations recognized in other comprehensive income related to the Company’s postretirement benefit plans.
(Dollars in millions)
Pension Plans
Other
Postretirement
Benefit Plans
Total
2024
Net gain$(298)$(7)$(305)
Amortization of prior service credit— 2 2 
Amortization of actuarial gain2 3 5 
Settlement gain12 — 12 
Total recognized in other comprehensive income, pre-tax$(284)$(2)$(286)
2023
Net gain$(120)$(5)$(125)
Amortization of prior service credit— 2 2 
Amortization of actuarial gain2 3 5 
Total recognized in other comprehensive income, pre-tax$(118)$— $(118)
Schedule of Allocation of Plan Assets
The fair values of the Company’s pension plan assets at December 31, 2024 and 2023, by asset category, were as follows:
Fair Value Measurement of Plan Assets At December 31, 2024
(Dollars in millions)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)
Asset category:
Money-market investments$76 $50 $26 $— 
Equity securities:
M&T135 135 — — 
Domestic (a)440 440 — — 
International (b)17 17 — — 
Mutual funds:    
Domestic (a)282 282 — — 
International (b)481 481 — — 
1,355 1,355 — — 
Debt securities:
Corporate (c)222 — 222 — 
Government281 — 281 — 
International16 — 16 — 
Mutual funds:    
Domestic (d)425 425 — — 
944 425 519 — 
Other:
Diversified mutual fund110 110 — — 
Common and collective funds145 — 145 — 
Real estate partnerships31 5 — 26 
Private equity/debt265 — — 265 
Hedge funds267 83 — 184 
Guaranteed deposit fund10 — — 10 
828 198 145 485 
Total (e)$3,203 $2,028 $690 $485 
Fair Value Measurement of Plan Assets At December 31, 2023
(Dollars in millions)TotalQuoted Prices in Active Markets for Identical Assets (Level 1)Significant Observable Inputs (Level 2)Significant Unobservable Inputs
(Level 3)
Asset category:
Money-market investments$65 $41 $24 $— 
Equity securities:
M&T112 112 — — 
Domestic (a)512 512 — — 
International (b)17 17 — — 
Mutual funds:
Domestic (a)307 307 — — 
International (b)501 501 — — 
1,449 1,449 — — 
Debt securities:
Corporate (c)227 — 227 — 
Government276 — 276 — 
International6 — 6 — 
Mutual funds:    
Domestic (d)450 450 — — 
959 450 509 — 
Other:
Diversified mutual fund110 110 — — 
Real estate partnerships29 7 — 22 
Private equity/debt235 — — 235 
Hedge funds285 107 — 178 
Guaranteed deposit fund9 — — 9 
668 224 — 444 
Total (e)$3,141 $2,164 $533 $444 
__________________________________________________________________________________
(a)This category is mainly comprised of equities of companies primarily within the small-cap, mid-cap and large-cap sectors of the U.S. economy and range across diverse industries.
(b)This category is comprised of equities in companies primarily within the mid-cap and large-cap sectors of international markets mainly in developed and emerging markets in Europe and the Pacific Rim.
(c)This category represents investment grade bonds of U.S. issuers from diverse industries.
(d)Approximately 73% of the mutual funds were invested in investment grade bonds and 27% in high-yielding bonds at each of December 31, 2024 and 2023. The holdings within the funds were spread across diverse industries.
(e)Excludes dividends and interest receivable totaling $5 million and $4 million at December 31, 2024 and 2023, respectively.
Defined Benefit Plan Estimated Future Benefit Payments
Estimated benefits expected to be paid in future years related to the Company’s defined benefit pension and other postretirement benefits plans are as follows:
(Dollars in millions)
Pension
Benefits
Other
Postretirement
Benefits
Year ending December 31:
2025$159 $4 
2026152 4 
2027154 4 
2028156 4 
2029157 4 
2030 through 2034778 18 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The changes in Level 3 pension plan assets measured at estimated fair value on a recurring basis during the year ended December 31, 2024 were as follows:
(Dollars in millions)Balance — January 1, 2024
Net Purchases
(Sales)
Realized/Unrealized
Gains(Losses)		Balance — December 31, 2024
Real estate partnerships$22 $3 $1 $26 
Private equity/debt235 5 25 265 
Hedge funds178 (18)24 184 
Guaranteed deposit fund9 — 1 10 
Total$444 $(10)$51 $485 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
The assumed weighted-average rates used to determine benefit obligations at December 31 were:
Pension
Benefits 		Other
Postretirement
Benefits
2024202320242023
Discount rate5.50 %5.00 %5.50 %5.00 %
Rate of increase in future compensation levels3.30 3.32 — — 
The assumed weighted-average rates used to determine net benefit expense for the years ended December 31 were:
Pension Benefits
Other
Postretirement Benefits
202420232022202420232022
Discount rate5.02 %5.00 %2.75 %5.00 %5.00 %2.75 %
Long-term rate of return on plan assets6.23 6.25 6.25 — — — 
Rate of increase in future compensation levels3.32 3.33 3.35 — — —