XML 67 R42.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Change In Benefit Obligations, Change In Plan Assets, Funded Status, Amounts Recognized on Balance Sheet, and Amounts Recognized In Accumulated Other Comprehensive Income (Pretax) The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans.
Obligations and Funded Status
(dollars in millions)
PensionHealth Care and Life
At December 31,2024202320242023
Change in Benefit Obligations
Beginning of year$15,133 $15,369 $11,455 $11,107 
Service cost185 208 52 54 
Interest cost479 752 543 545 
Plan amendments— — — (26)
Actuarial (gain) loss, net(1,130)5 (533)757 
Benefits paid(419)(1,008)(978)(982)
Curtailment and termination benefits6 5 — — 
Settlements paid(725)(198)— — 
Annuity contracts transfer
(5,611)— — — 
End of year7,918 15,133 10,539 11,455 
Change in Plan Assets
Beginning of year13,536 13,739 466 450 
Actual return on plan assets(400)751 43 62 
Company contributions421 252 935 936 
Benefits paid(419)(1,008)(978)(982)
Settlements paid(725)(198)— — 
Annuity contracts transfer
(5,611)— — — 
End of year6,802 13,536 466 466 
Funded Status - End of year$(1,116)$(1,597)$(10,073)$(10,989)

(dollars in millions)
PensionHealth Care and Life
At December 31,2024202320242023
Amounts recognized in the balance sheets
Current liabilities$(38)$(42)$(643)$(685)
Non-current liabilities(1,078)(1,555)(9,430)(10,304)
Total$(1,116)$(1,597)$(10,073)$(10,989)
Amounts recognized in Accumulated other comprehensive loss (pre-tax)
Prior service cost (benefit)$523 $635 $(833)$(962)
Total$523 $635 $(833)$(962)
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets follows:
(dollars in millions)
At December 31,20242023
Accumulated benefit obligation$7,881 $15,086 
Fair value of plan assets6,802 13,534 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
Information for pension plans with a projected benefit obligation in excess of plan assets follows:
(dollars in millions)
At December 31,20242023
Projected benefit obligation$7,918 $15,133 
Fair value of plan assets6,802 13,536 
Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance
The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans:
(dollars in millions)
PensionHealth Care and Life
Years Ended December 31,202420232022202420232022
Service cost - Cost of services$159 $182 $216 $44 $46 $79 
Service cost - Selling, general and administrative expense26 26 30 8 8 15 
Service cost185 208 246 52 54 94 
Amortization of prior service cost (credit)112 112 82 (129)(419)(530)
Expected return on plan assets(620)(1,013)(1,119)(28)(31)(27)
Interest cost479 752 544 543 545 332 
Remeasurement loss (gain), net(110)266 1,505 (547)726 (3,182)
Curtailment and termination benefits— — 2 — — — 
Other components(139)117 1,014 (161)821 (3,407)
Total$46 $325 $1,260 $(109)$875 $(3,313)
Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss
Other pre-tax changes in plan assets and benefit obligations recognized in Other comprehensive (income) loss are as follows:
(dollars in millions)
PensionHealth Care and Life
At December 31,202420232022202420232022
Reversal of amortization items
Prior service cost (benefit)$(112)$(112)$(82)$129 $419 $530 
Total recognized in Other comprehensive loss (income) (pre-tax)$(112)$(112)$(82)$129 $419 $530 
Weighted Average Assumptions Used in Determining Benefit Obligations and Net Periodic Cost
The weighted-average assumptions used in determining benefit obligations follow:
PensionHealth Care and Life
At December 31,2024202320242023
Discount Rate5.80 %5.00 %5.60 %5.00 %
Rate of compensation increases3.00 %3.00 %N/AN/A
N/A - not applicable

The weighted-average assumptions used in determining net periodic cost follow:
PensionHealth Care and Life
At December 31,202420232022202420232022
Discount rate in effect for determining service cost
5.40 %5.30 %3.80 %5.10 %5.30 %3.20 %
Discount rate in effect for determining interest cost
5.20 5.10 3.20 4.90 5.10 2.30 
Expected return on plan assets7.90 7.70 6.70 6.30 7.30 4.90 
Rate of compensation increases3.00 3.00 3.00 N/AN/AN/A
N/A - not applicable
Health Care Cost Trend Rates
The assumed health care cost trend rates are as follows:
Health Care and Life
At December 31,202420232022
Weighted-average healthcare cost trend rate assumed for next year8.80 %7.30 %6.60 %
Rate to which cost trend rate gradually declines4.50 4.50 4.50 
Year the rate reaches the level it is assumed to remain thereafter203420322031
Fair Values for Plans by Asset Category
The fair values for the pension plans by asset category at December 31, 2024 are as follows:
(dollars in millions)
Asset CategoryTotalLevel 1Level 2Level 3
Cash and cash equivalents$542 $530 $12 $— 
Equity securities12 12 — — 
Fixed income securities
U.S. Treasuries and agencies720 527 193 — 
Corporate bonds1,129 627 502 — 
International bonds113 — 113 — 
Other82 (87)169 — 
Real estate934 — — 934 
Other
Private equity564 — — 564 
Hedge funds50 — 27 23 
Total investments at fair value4,146 1,609 1,016 1,521 
Investments measured at NAV2,656 
Total$6,802 $1,609 $1,016 $1,521 
The fair values for the pension plans by asset category at December 31, 2023 are as follows:
(dollars in millions)
Asset CategoryTotalLevel 1Level 2Level 3
Cash and cash equivalents$1,956 $1,771 $185 $— 
Equity securities69 55 14 — 
Fixed income securities
U.S. Treasuries and agencies1,412 1,274 138 — 
Corporate bonds2,994 204 2,790 — 
International bonds341 3 338 — 
Other768 234 534 — 
Real estate996 — — 996 
Other
Private equity512 — — 512 
Hedge funds56 — 30 26 
Total investments at fair value9,104 3,541 4,029 1,534 
Investments measured at NAV4,432 
Total$13,536 $3,541 $4,029 $1,534 
Health Care and Life Plans
The fair values for the other postretirement benefit plans by asset category at December 31, 2024 are as follows:
(dollars in millions)
Asset CategoryTotalLevel 1Level 2Level 3
Cash and cash equivalents$21 $— $21 $— 
Equity securities223 223 — — 
Fixed income securities
U.S. Treasuries and agencies149 135 14 — 
Corporate bonds45 32 13 — 
International bonds15 11 4 — 
Other10 — 10 — 
Total investments at fair value463 401 62 — 
Investments measured at NAV3 
Total$466 $401 $62 $— 
The fair values for the other postretirement benefit plans by asset category at December 31, 2023 are as follows:
(dollars in millions)
Asset CategoryTotalLevel 1Level 2Level 3
Cash and cash equivalents$27 $— $27 $— 
Equity securities229 229 — — 
Fixed income securities
U.S. Treasuries and agencies138 118 20 — 
Corporate bonds41 29 12 — 
International bonds12 10 2 — 
Other14 — 14 — 
Total investments at fair value461 386 75 — 
Investments measured at NAV5 
Total$466 $386 $75 $— 
Reconciliation of Beginning and Ending Balance of Plan Assets Measured at Fair Value
The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs:
(dollars in millions)
Real
Estate		Private
Equity		Hedge
Funds		Total
Balance at January 1, 2023$1,002 $569 $52 $1,623 
Actual gain (loss) on plan assets(54)14 4 (36)
Purchases (sales)48 (67)(1)(20)
Transfers out— (4)(29)(33)
Balance at December 31, 2023996 512 26 1,534 
Actual gain (loss) on plan assets(69)55 1 (13)
Purchases (sales)12 (1)(1)10 
Transfers out(5)(2)(3)(10)
Balance at December 31, 2024$934 $564 $23 $1,521 
Expected Benefit Payments to Retirees
The benefit payments to retirees are expected to be paid as follows:
(dollars in millions)
YearPension BenefitsHealth Care and Life
2025$1,024 $754 
2026770 795 
2027357 810 
2028384 829 
2029412 836 
2030 to 20342,448 4,364 
Schedule of Recorded Severance Liability
The following table provides an analysis of our severance liability:
(dollars in millions)
YearBeginning of YearCharged to
Expense		PaymentsEnd of Year
2022$548 $319 $(214)$653 
2023653 531 (617)567 
2024567 1,494 (966)1,095