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Pension Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Changes in Benefit Obligations

The following tables outline the change in pension benefit obligation and plan assets over the specified periods:


In millions	2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	4,736	$	4,740

Interest cost	222		231
Actuarial loss (gain)	(262)		145
Benefit payments	(347)		(380)

Benefit obligation, end of year	4,349		4,736

Change in plan assets:
Fair value of plan assets, beginning of year	5,379		5,346

Actual return on plan assets	133		389
Employer contributions	23		24
Benefit payments	(347)		(380)

Fair value of plan assets, end of year	5,188		5,379

Funded status	$	839	$	643

Schedule of Changes in Plan Assets

The following tables outline the change in pension benefit obligation and plan assets over the specified periods:


In millions	2024		2023
Change in benefit obligation:
Benefit obligation, beginning of year	$	4,736	$	4,740

Interest cost	222		231
Actuarial loss (gain)	(262)		145
Benefit payments	(347)		(380)

Benefit obligation, end of year	4,349		4,736

Change in plan assets:
Fair value of plan assets, beginning of year	5,379		5,346

Actual return on plan assets	133		389
Employer contributions	23		24
Benefit payments	(347)		(380)

Fair value of plan assets, end of year	5,188		5,379

Funded status	$	839	$	643

Schedule of Assets (Liabilities) Recognized in Balance Sheet

The assets (liabilities) recognized on the consolidated balance sheets at December 31, 2024 and 2023 for the defined benefit pension plans consisted of the following:


In millions	2024		2023
Noncurrent assets reflected in other assets	$	1,030	$	856
Current liabilities reflected in accrued expenses and other current liabilities	(22)		(24)
Noncurrent liabilities reflected in other long-term liabilities	(169)		(189)
Net assets	$	839	$	643

Schedule of Net Periodic Benefit Cost (Income)

The components of net periodic benefit cost (income) for the years ended December 31, 2024, 2023 and 2022 are shown below:


In millions	2024		2023		2022
Components of net periodic benefit cost (income):
Interest cost	$	222	$	231	$	132
Expected return on plan assets	(327)		(326)		(309)
Amortization of net actuarial loss	1		1		3
Settlement losses	—		—		1
Net periodic benefit cost (income)	$	(104)	$	(94)	$	(173)

Weighted Average Assumptions Used in Determining Benefit Obligations and Net Benefit Costs

The Company determined its benefit obligation based on the following weighted average assumptions as of December 31, 2024 and 2023:


	2024		2023
Discount rate	5.6	%	5.0	%

The Company determined its net periodic benefit cost (income) based on the following weighted average assumptions for the years ended December 31, 2024, 2023 and 2022:


	2024		2023		2022
Discount rate	4.9	%	5.1	%	2.3	%
Expected long-term rate of return on plan assets	6.3	%	6.3	%	4.8	%

Schedule of Changes in Fair Value of Plan Assets

Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2024 were as follows:


In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	32	$	67	$	—	$	99
Debt securities:
U.S. government securities	481		6		—		487
States, municipalities and political subdivisions	—		70		—		70
U.S. corporate securities	—		2,752		1		2,753
Foreign securities	—		98		—		98
Residential mortgage-backed securities	—		7		—		7
Commercial mortgage-backed securities	—		9		—		9
Other asset-backed securities	—		4		—		4
Redeemable preferred securities	—		1		—		1
Total debt securities	481		2,947		1		3,429
Equity securities:
U.S. domestic	30		—		—		30
International	12		—		—		12

Total equity securities	42		—		—		42
Other investments:
Private real estate	—		—		276		276
Common/collective trusts (1)	—		502		—		502
Derivatives	—		3		—		3
Total other investments	—		505		276		781
Total pension investments (2)	$	555	$	3,519	$	277	$	4,351

_____________________________________________

(1)The assets in the underlying funds of common/collective trusts consist of $288 million of equity securities and $214 million of debt securities.

(2)Excludes $267 million of other receivables as well as $290 million of private equity limited partnership investments and $280 million of hedge fund limited partnership investments as these amounts are measured at NAV per share or an equivalent and are not subject to leveling within the fair value hierarchy.

Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2023 were as follows:


In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	12	$	69	$	—	$	81
Debt securities:
U.S. government securities	518		4		—		522
States, municipalities and political subdivisions	—		94		—		94
U.S. corporate securities	—		2,649		—		2,649
Foreign securities	—		106		—		106
Residential mortgage-backed securities	—		17		—		17
Commercial mortgage-backed securities	—		9		—		9
Other asset-backed securities	—		8		—		8
Redeemable preferred securities	—		1		—		1
Total debt securities	518		2,888		—		3,406
Equity securities:
U.S. domestic	150		—		—		150
International	34		—		—		34

Total equity securities	184		—		—		184
Other investments:
Private real estate	—		—		290		290
Common/collective trusts (1)	—		405		—		405
Derivatives	—		(14)		—		(14)
Total other investments	—		391		290		681
Total pension investments (2)	$	714	$	3,348	$	290	$	4,352

_____________________________________________

(1)The assets in the underlying funds of common/collective trusts consist of $114 million of equity securities and $291 million of debt securities.

(2)Excludes $314 million of other receivables as well as $461 million of private equity limited partnership investments and $252 million of hedge fund limited partnership investments as these amounts are measured at NAV per share or an equivalent and are not subject to leveling within the fair value hierarchy.

Schedule of Change in Level 3 Plan Assets

The changes in the balances of Level 3 pension plan assets during the year ended December 31, 2024 were as follows:


In millions	Private real estate		U.S. corporate securities		Total
Beginning balance	$	290	$	—	$	290
Actual return on plan assets	1		—		1
Purchases, sales and settlements	(15)		1		(14)
Transfers out of Level 3	—		—		—
Ending balance	$	276	$	1	$	277

The changes in the balances of Level 3 pension plan assets during the year ended December 31, 2023 were as follows:


In millions	Private real estate
Beginning balance	$	325
Actual return on plan assets	(23)
Purchases, sales and settlements	(12)
Transfers out of Level 3	—
Ending balance	$	290

Schedule of Expected Future Benefits Payments

The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the pension benefit obligation as of December 31, 2024:


In millions
2025	$	389
2026	384
2027	380
2028	380
2029	371
2030-2034	1,712

The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the accumulated other postretirement benefit obligation as of December 31, 2024:


In millions
2025	$	12
2026	12
2027	12
2028	12
2029	12
2030-2034	59