XML 89 R53.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets
A reconciliation of the changes in the projected benefit obligation for qualified pension, nonqualified pension and postretirement benefit plans, as well as the change in plan assets for the qualified pension and postretirement benefit plans follows:

Table 100: Reconciliation of Changes in Projected Benefit Obligation and Change in Plan Assets
 Qualified
Pension (a)		Nonqualified
Pension		Postretirement
Benefits
In millions202420232024202320242023
Accumulated benefit obligation at December 31$4,496 $4,601 $205 $212 
Projected benefit obligation at January 1$4,641 $4,543 $217 $222 $261 $260 
Service cost128 130 3 3 3 3 
Interest cost240 249 11 11 13 14 
Actuarial (gains)/losses and changes in assumptions (a)(91)45 3 (12)7 
Participant contributions  2 2 
Benefits paid(389)(326)(21)(22)(24)(25)
Projected benefit obligation at December 31$4,529 $4,641 $210 $217 $243 $261 
Fair value of plan assets at January 1$5,615 $5,400 $257 $242 
Actual return on plan assets280 541 3 16 
Employer contribution $21 $22 22 22 
Participant contributions  2 2 
Benefits paid(389)(326)(21)(22)(24)(25)
Fair value of plan assets at December 31$5,506 $5,615 $260 $257 
Funded status$977 $974 $(210)$(217)$17 $(4)
Amounts recognized on the consolidated balance sheet
Noncurrent asset$977 $974 $46 $26 
Current liability $(24)$(23)(3)(3)
Noncurrent liability (186)(194)(26)(27)
Net amount recognized on the consolidated balance sheet$977 $974 $(210)$(217)$17 $(4)
Amounts recognized in AOCI consist of:
Prior service cost (credit)$7 $11 $1 $1 
Net actuarial (gain)/loss135 148 $32 $33 (34)(31)
Amount of (gain)/loss recognized in AOCI$142 $159 $32 $33 $(33)$(30)
(a)The actuarial (gains)/losses and changes in assumptions in 2024 and 2023 were primarily related to a change in the discount rate used to measure the projected benefit obligation.
Asset Strategy Allocations
The asset strategy allocations for the Plan at the end of 2024 and 2023, and the target allocation range at the end of 2024, by asset category, are as follows:
Table 101: Asset Strategy Allocations
 Target Allocation RangePercentage of Plan Assets by Strategy at December 31
  20242023
Asset Category
Domestic equity
15 – 40%
21 %22 %
International equity
10 – 25%
17 %19 %
Private equity
0 – 15%
12 %11 %
Total equity
30 – 70%
50 %52 %
Domestic fixed income
10 – 40%
31 %29 %
High yield fixed income
0 – 25%
8 %9 %
Total fixed income
10 – 65%
39 %38 %
Real estate
0 – 10%
6 %6 %
Other
0 – 20%
5 %4 %
Total
100%
100 %100 %
Description of The Valuation Methodologies Used for Pension Plan
A description of the valuation methodologies used for assets measured at fair value at both December 31, 2024 and 2023 follows:
Table 102: Pension Plan Valuation Methodologies
AssetValuation Methodology
Money market funds
• Valued at the NAV of the shares held by the pension plan at year end.

U.S. government and agency securities

Corporate debt

Common stock
• Valued at the closing price reported on the active market on which the individual securities are traded.
• If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models or quoted prices of securities with similar characteristics. Such securities are generally classified within Level 2 of the valuation hierarchy but may be a Level 3 depending on the level of liquidity and activity in the market for the security.
Mutual funds
• Valued based on third-party pricing of the fund that is not actively traded.
Other investments

   Derivative financial instruments

   Group annuity contracts

   Preferred stock

• Derivative financial instruments - recorded at estimated fair value as determined by third-party appraisals and pricing models.
• Group annuity contracts - measured at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations considering the creditworthiness of the issuer.
• Preferred stock - valued at the closing price reported on an active market on which the securities are traded.
Investments measured at NAV

   Collective trust fund investments

   Limited partnerships
• Collective trust fund investments - valued based upon the units of such collective trust fund held by the Plan at year end multiplied by the respective unit value. The unit value of the collective trust fund is based upon significant observable inputs, although it is not based upon quoted prices in an active market. The underlying investments of the collective trust funds consist primarily of equity securities, debt obligations, short-term investments, and other marketable securities. Due to the nature of these securities, there are no unfunded commitments or redemption restrictions.
• Limited partnerships - valued by investment managers based on recent financial information used to estimate fair value. The unit value of limited partnerships is based upon significant observable inputs, although it is not based upon quoted marked prices in an active market.
Pension Plan Assets - Fair Value Hierarchy
The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2024 and 2023.
Table 103: Pension Plan Assets - Fair Value Hierarchy
 December 31, 2024December 31, 2023
In millionsLevel 1Level 2Level 3Total Fair ValueLevel 1Level 2Level 3Total Fair Value
Interest-bearing cash$56  $56 $46  $46 
Money market funds220 220 186 186 
U.S. government and agency securities391 $302 693 394 $145 539 
Corporate debt684 $1 685  749 $2 751 
Common stock410  410 716   716 
Mutual funds147 147 160 160 
Other1 40 41  32  32 
Investments measured at NAV (a)3,254 3,185 
Total$1,078 $1,173 $1 $5,506 $1,342 $1,086 $2 $5,615 
(a)Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.
Estimated Cash Flows
The following table provides information regarding our estimated future cash flows related to our various plans.
Table 104: Estimated Cash Flows
 Pension PlansPostretirement Benefits
In millionsQualified PensionNonqualified Pension
Estimated 2025 employer contributions$24 $22 
Estimated future benefit payments
2025$335 $24 $22 
2026$345 $24 $22 
2027$347 $24 $22 
2028$350 $23 $21 
2029$347 $22 $21 
2030-2034$1,709 $89 $100 
Components of Net Periodic Benefit Cost
The components of net periodic benefit cost and other amounts recognized in OCI were as follows:

Table 105: Components of Net Periodic Benefit Cost (a)
 Qualified Pension PlanNonqualified Pension PlanPostretirement Benefits
Year ended December 31 – in millions202420232022202420232022202420232022
Net periodic cost consists of:
Service cost$128 $130 $142 $3 $3 $3 $3 $3 $4 
Interest cost240 249 156 11 11 7 13 14 9 
Expected return on plan assets(358)(324)(298)(11)(10)(6)
Amortization of prior service cost4 4 3   
Amortization of actuarial loss/(gain)  1 1 5 (1)  
Net periodic cost $14 $59 $3 $15 $15 $15 $4 $7 $7 
Other changes in plan assets and benefit obligations recognized in OCI:
Amortization of prior service (cost)$(4)$(4)$(3)  
Current year actuarial loss/(gain)(13)(173)508  $3 $(44)$(4)$1 $(30)
Amortization of actuarial gain/(loss)  $(1)(1)(5)1   
Total recognized in OCI$(17)$(177)$505 $(1)$2 $(49)$(3)$1 $(30)
Total amounts recognized in net periodic cost and OCI$(3)$(118)$508 $14 $17 $(34)$1 $8 $(23)
(a) The service cost component is included in Personnel expense on the Consolidated Income Statement. All other components are included in Other noninterest expense on the Consolidated Income Statement.
Net Periodic Costs - Assumptions
The weighted-average assumptions used (as of the beginning of each year) to determine the net periodic costs shown in Table 105 were as follows:
Table 106: Net Periodic Costs - Assumptions
 Net Periodic Cost Determination
As of January 1202420232022
Discount rate
Qualified pension 5.25 %5.55 %2.90 %
Nonqualified pension5.10 %5.45 %2.65 %
Postretirement benefits5.15 %5.50 %2.80 %
Rate of compensation increase (average) (a)4.25 %4.25 %4.25 %
Interest crediting rate (average)
Qualified pension4.35 %4.65 %3.70 %
Nonqualified pension4.45 %4.80 %4.00 %
Postretirement benefits4.00 %4.30 %1.65 %
Assumed health care cost trend rate (b)
Initial trend6.00 %6.00 %6.00 %
Ultimate trend4.50 %4.50 %4.50 %
Year ultimate trend reached203020292028
Expected long-term return on plan assets (a)6.60 %6.20 %4.50 %
(a)Rate disclosed is for the qualified pension plan.
(b)Rate is applicable only to the postretirement benefit plans.
Other Pension Assumptions
The weighted-average assumptions used (as of the end of each year) to determine year end obligations for pension and postretirement benefits were as follows:
Table 107: Other Pension Assumptions
Year ended December 3120242023
Discount rate
Qualified pension5.75 %5.25 %
Nonqualified pension5.50 %5.10 %
Postretirement benefits5.60 %5.15 %
Rate of compensation increase (average) (a)4.25 %4.25 %
Interest crediting rate (average)
Qualified pension4.70 %4.35 %
Nonqualified pension4.75 %4.45 %
Postretirement benefits4.50 %4.00 %
Assumed health care cost trend rate (b)
Initial trend6.50 %6.00 %
Ultimate trend4.50 %4.50 %
Year ultimate trend reached20332030
    
(a)Rate disclosed is for the qualified pension plan.
(b)Rate is applicable only to the postretirement benefit plans.