RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Accumulated Benefit Obligation, Change in Benefit Obligation, Change in Plan Assets, Plans' Funded Status and Amount Included in Consolidated Balance Sheets

The following table provides information relating to the accumulated benefit obligation, change in benefit obligation, change in plan assets, the plans’ funded status and the amount included in the Consolidated Balance Sheets for the qualified and non-qualified plans described above (collectively, the Plans):

TABLE 18.1

December 31	2024						2023
	Qualified		Non-Qualified		Total		Qualified		Non-Qualified		Total
(in millions)
Accumulated benefit obligation	$	108	$	14	$	122	$	116	$	15	$	131
Projected benefit obligation at beginning of year	$	116	$	15	$	131	$	114	$	16	$	130
Interest cost	5		1		6		6		1		7
Actuarial loss (gain)	(4)		—		(4)		5		—		5
Benefits paid	(9)		(2)		(11)		(9)		(2)		(11)
Projected benefit obligation at end of year	$	108	$	14	$	122	$	116	$	15	$	131
Fair value of plan assets at beginning of year	$	178	$	—	$	178	$	170	$	—	$	170
Actual return on plan assets	15		—		15		17		—		17
Corporation contribution	—		2		2		—		2		2
Benefits paid	(9)		(2)		(11)		(9)		(2)		(11)
Fair value of plan assets at end of year	$	184	$	—	$	184	$	178	$	—	$	178
Funded status of plans	$	76	$	(14)	$	62	$	62	$	(15)	$	47

Schedule of Actuarial Assumptions Used in Determination of Projected Benefit Obligation

Actuarial assumptions used in the determination of the projected benefit obligation in the Plans are as follows:

TABLE 18.2

Assumptions at December 31	2024		2023
Weighted average discount rate	5.48	%	4.99	%
Rates of average increase in compensation levels	n/a		3.30

Schedule of Net Periodic Pension Cost and Other Comprehensive Income

The net periodic pension cost and OCI for the Plans included the following components:

TABLE 18.3

Year Ended December 31	2024		2023		2022
(in millions)
Interest cost	$	6	$	7	$	5
Expected return on plan assets	(12)		(11)		(14)
Actuarial loss amortization	2		2		2
Total pension cost (income)	(4)		(2)		(7)
Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income):
Current year actuarial (gain) loss	(8)		(1)		(2)
Amortization of actuarial loss	(2)		(2)		(2)
Total amount recognized in other comprehensive loss (income)	(10)		(3)		(4)
Total amount recognized in net periodic benefit cost (benefit) and other comprehensive loss (income)	$	(14)	$	(5)	$	(11)

Schedule of Actuarial Assumptions Used in Determination of Net Periodic Pension Cost

Actuarial assumptions used in the determination of the net periodic pension cost in the Plans are as follows:

TABLE 18.4

Assumptions for the Year Ended December 31	2024		2023		2022
Weighted average discount rate	4.99	%	5.34	%	2.72	%
Expected long-term rate of return on assets	6.75		6.75		6.75
Rates of increase in compensation levels	n/a		3.30		3.30

Schedule of Estimated Future Cash Flows

The following table provides information regarding estimated future cash flows relating to the Plans at December 31, 2024:

TABLE 18.5

(in millions)
Expected employer contributions:	2025	$	—
Expected benefit payments:	2025	12
	2026	11
	2027	11
	2028	11
	2029	11
	2030 – 2034	49

Schedule of Contribution Expense

Our contribution expense is presented in the following table:

TABLE 18.6

Year Ended December 31	2024		2023		2022
(in millions)
401(k) contribution expense	$	21	$	21	$	20

Schedule of Asset Allocations for Pension Plans

The following table presents asset allocations for our pension plans as of December 31, 2024 and 2023, and the target allocation for 2025, by asset category:

TABLE 18.7

	Target Allocation	Percentage of Plan Assets
December 31	2025	2024		2023
Asset Category
Equity securities	45 - 65	60	%	65	%
Debt securities	30 - 50	36		31
Cash equivalents	0 - 10	4		4

Schedule of Fair Values of Pension Plan Assets by Asset Category

The fair values of our pension plan assets by asset category are as follows:

TABLE 18.8

(in millions)	Level 1		Level 2		Level 3		Total
December 31, 2024
Asset Class
Cash	$	8	$	—	$	—	$	8
Equity securities:
F.N.B. Corporation	3		—		—		3
Other large-cap U.S. financial services companies	3		—		—		3
Other large-cap U.S. companies	58		—		—		58
Other equity	1		—		—		1
Mutual fund equity investments:
U.S. equity index funds:
U.S. small-cap equity index funds	4		—		—		4
U.S. mid-cap equity index funds	6		—		—		6
Non-U.S. equities growth fund	15		—		—		15
U.S. equity funds:
U.S. mid-cap	12		—		—		12
U.S. small-cap	4		—		—		4
Other	4		—		—		4
Fixed income securities:
U.S. Treasury bonds	18		—		—		18
U.S. government agencies	—		26		—		26
Fixed income mutual funds:
U.S. investment-grade fixed income securities	22		—		—		22
Total	$	158	$	26	$	—	$	184

(in millions)	Level 1		Level 2		Level 3		Total
December 31, 2023
Asset Class
Cash	$	7	$	—	$	—	$	7
Equity securities:
F.N.B. Corporation	5		—		—		5
Other large-cap U.S. financial services companies	2		—		—		2
Other large-cap U.S. companies	62		—		—		62
International companies	1		—		—		1
Other equity	1		—		—		1
Mutual fund equity investments:
U.S. equity index funds:
U.S. small-cap equity index funds	4		—		—		4
U.S. mid-cap equity index funds	6		—		—		6
Non-U.S. equities growth fund	14		—		—		14
U.S. equity funds:
U.S. mid-cap	13		—		—		13
U.S. small-cap	4		—		—		4
Other	4		—		—		4
Fixed income securities:
U.S. Treasury bonds	—		3		—		3
U.S. government agencies	—		32		—		32
Fixed income mutual funds:
U.S. investment-grade fixed income securities	20		—		—		20
Total	$	143	$	35	$	—	$	178