XML 79 R51.htm IDEA: XBRL DOCUMENT v3.25.0.1
Pension And Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Plan Obligations in Excess of Plan Assets
The following table presents the change in the projected benefit obligation for the years ended December 31:
Pension BenefitsPostretirement Benefits
2024202320242023
Benefit obligation at beginning of year$33,227 $42,828 $6,693 $7,280 
Service cost - benefits earned during the period487 477 22 23 
Interest cost on projected benefit obligation1,586 1,876 310 340 
Amendments— — — (42)
Actuarial (gain) loss(1,909)976 84 278 
Benefits paid, including settlements(2,447)(4,863)(770)(1,186)
Group annuity contract transfer
— (8,067)— — 
Benefit obligation at end of year$30,944 $33,227 $6,339 $6,693 
The following table presents the change in the fair value of plan assets for the years ended December 31 and the plans’ funded status at December 31:
Pension BenefitsPostretirement Benefits
2024202320242023
Fair value of plan assets at beginning of year$30,098 $40,874 $1,763 $2,160 
Actual return on plan assets265 1,791 117 227 
Benefits paid, including settlements1
(2,447)(4,863)(736)(624)
Contributions3 — — — 
Group annuity contract transfer
— (7,704)— — 
Fair value of plan assets at end of year27,919 30,098 1,144 1,763 
Unfunded status at end of year2
$(3,025)$(3,129)$(5,195)$(4,930)
1At our discretion, certain postretirement benefits may be paid from our cash accounts, which does not reduce Voluntary Employee Benefit Association (VEBA) assets. Future benefit payments may be made from VEBA trusts and thus reduce those asset balances.
2Funded status is not indicative of our ability to pay ongoing pension benefits or of our obligation to fund retirement trusts. Required pension funding is determined in accordance with the Employee Retirement Income Security Act of 1974, as amended (ERISA), and applicable regulations.

Amounts recognized on our consolidated balance sheets at December 31 are listed below:
Pension Benefits
Postretirement Benefits
2024202320242023
Current portion of employee benefit obligation1
$— $— $(455)$(521)
Employee benefit obligation2
(3,025)(3,129)(4,740)(4,409)
Net amount recognized$(3,025)$(3,129)$(5,195)$(4,930)
1Included in “Accounts payable and accrued liabilities.”
2Included in “Postemployment benefit obligation,” combined with international pension obligations and other postemployment obligations of $157 and $1,103 at December 31, 2024, and $152 and $1,044 at December 31, 2023, respectively.
Schedule Of Defined Benefit Plan And Postretirement Benefits Disclosure
The following table presents the components of net periodic benefit cost (credit):
Pension Benefits
Postretirement Benefits
202420232022202420232022
Service cost – benefits earned
during the period
$487 $477 $617 $22 $23 $32 
Interest cost on projected benefit
obligation
1,586 1,876 1,747 310 340 277 
Expected return on assets(2,212)(2,533)(3,107)(61)(130)(112)
Amortization of prior service credit(87)(133)(133)(1,928)(2,472)(2,558)
Net periodic benefit cost (credit) before
remeasurement
(226)(313)(876)(1,657)(2,239)(2,361)
Actuarial (gain) loss38 1,717 (115)28 181 (1,437)
Settlement (gain) loss
— (363)— — — — 
Net pension and postretirement
cost (credit)
$(188)$1,041 $(991)$(1,629)$(2,058)$(3,798)

Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
The following table presents the after-tax changes in benefit obligations recognized in OCI and the after-tax prior service credits that were amortized from OCI into net periodic benefit costs:
Pension BenefitsPostretirement Benefits
202420232022202420232022
Balance at beginning of year$216 $316 $416 $4,523 $6,354 $6,496 
Prior service (cost) credit— — — — 32 1,786 
Amortization of prior service credit(66)(100)(100)(1,457)(1,863)(1,928)
Total recognized in other
comprehensive (income) loss
(66)(100)(100)(1,457)(1,831)(142)
Balance at end of year$150 $216 $316 $3,066 $4,523 $6,354 
Schedule of Assumptions in Determining the Projected Benefit Obligation and Net Pension and Postretirement Benefit Cost
In determining the projected benefit obligation and the net pension and postretirement benefit cost, we used the following significant weighted-average assumptions:
Pension BenefitsPostretirement Benefits
202420232022202420232022
Weighted-average discount rate for determining benefit obligation at December 315.70 %5.00 %5.20 %5.60 %5.00 %5.20 %
Discount rate in effect for determining
service cost1
5.10 %5.40 %4.40 %5.10 %5.20 %4.00 %
Discount rate in effect for determining interest cost1
4.90 %5.30 %3.90 %4.90 %5.10 %3.20 %
Weighted-average interest credit rate for cash balance pension programs2
4.60 %4.20 %4.10 %— %— %— %
Long-term rate of return on plan assets7.75 %7.50 %6.75 %4.00 %6.50 %4.50 %
Composite rate of compensation
increase for determining benefit
obligation
3.00 %3.00 %3.00 %3.00 %3.00 %3.00 %
Composite rate of compensation
increase for determining net cost
(credit)
3.00 %3.00 %3.00 %3.00 %3.00 %3.00 %
1Weighted-average discount rates shown for years with interim remeasurements: 2023 and 2022 for pension benefits and 2022 for postretirement benefits.
2Weighted-average interest crediting rates for cash balance pension programs relate only to the cash balance portion of total pension benefits. A 0.50% increase in the weighted-average interest crediting rate would increase the pension benefit obligation by $150.
Schedule of Defined Benefit Plan Targeted and Actual Plan Asset Allocations
The plans’ weighted-average asset targets and actual allocations as a percentage of plan assets, including the notional exposure of future contracts by asset categories, at December 31 are as follows:
Pension AssetsPostretirement (VEBA) Assets
Target20242023Target20242023
Equity securities:
Domestic7  %-17 %12  %10  %5  %-15  %10  %16  %
International4  %-14 %9 7 —  %-9  %4 11 
Fixed income securities39  %-49 %44 47 7  %-17  %12 8 
Real assets14  %-24 %15 16 —  %-6  %1 1 
Private equity11  %-21 %19 20 —  %-6  %1 1 
Other—  %-3 %1 — 68  %-78  %72 63 
Total100 %100 %100 %100 %
Schedule of Fair Value of Pension and Postretirement Assets and Liabilities by Level
The following tables set forth by level, within the fair value hierarchy, the pension and postretirement assets and liabilities at fair value as of December 31, 2024:
Pension Assets and Liabilities at Fair Value

Level 1
Level 2
Level 3
Total
Non-interest bearing cash$146 $— $— $146 
Interest bearing cash23 — — 23 
Foreign currency contracts— 2 — 2 
Equity securities:
Domestic equities2,608 — 2 2,610 
International equities1,145 — — 1,145 
Fixed income securities:
Corporate bonds and other investments— 6,925 1 6,926 
Government and municipal bonds— 4,274 — 4,274 
Mortgage-backed securities— 267 — 267 
Real estate and real assets— — 2,311 2,311 
Securities lending collateral643 961 — 1,604 
Receivable for variation margin4 — — 4 
Assets at fair value4,569 12,429 2,314 19,312 
Investments sold short and other liabilities at fair value(152)(12)— (164)
Total plan net assets at fair value$4,417 $12,417 $2,314 $19,148 
Assets held at net asset value practical expedient
Private equity funds5,138 
Real estate funds1,957 
Commingled funds3,895 
Total assets held at net asset value practical expedient10,990 
Other assets (liabilities)1
(2,219)
Total Plan Net Assets$27,919 
1Other assets (liabilities) include amounts receivable, accounts payable and net adjustment for securities lending payable.

Postretirement Assets and Liabilities at Fair Value
Level 1
Level 2
Level 3
Total
Interest bearing cash$816 $6 $— $822 
Equity securities:
Domestic equities1 — — 1 
Total plan net assets at fair value$817 $6 $— $823 
Assets held at net asset value practical expedient
Private equity funds9 
Real estate funds9 
Commingled funds299 
Total assets held at net asset value practical expedient317 
Other assets (liabilities)1
4 
Total Plan Net Assets$1,144 
1Other assets (liabilities) include amounts receivable and accounts payable.
The following tables set forth by level, within the fair value hierarchy, the pension and postretirement assets and liabilities at fair value as of December 31, 2023:
Pension Assets and Liabilities at Fair Value
Level 1
Level 2
Level 3
Total
Non-interest bearing cash$102 $— $— $102 
Interest bearing cash5 — — 5 
Foreign currency contracts— 5 — 5 
Equity securities:
Domestic equities2,146 — 2 2,148 
International equities1,085 — — 1,085 
Fixed income securities:
Corporate bonds and other investments— 7,584 1 7,585 
Government and municipal bonds1 4,856 — 4,857 
Mortgage-backed securities— 329 — 329 
Real estate and real assets— — 2,954 2,954 
Securities lending collateral719 985 — 1,704 
Receivable for variation margin2 — — 2 
Assets at fair value4,060 13,759 2,957 20,776 
Investments sold short and other liabilities at fair value(147)(1)— (148)
Total plan net assets at fair value$3,913 $13,758 $2,957 $20,628 
Assets held at net asset value practical expedient
Private equity funds5,889 
Real estate funds1,877 
Commingled funds3,863 
Total assets held at net asset value practical expedient11,629 
Other assets (liabilities)1
(2,159)
Total Plan Net Assets$30,098 
1Other assets (liabilities) include amounts receivable, accounts payable and net adjustment for securities lending payable.

Postretirement Assets and Liabilities at Fair Value
Level 1Level 2Level 3
Total
Interest bearing cash
$1,109 $3 $— $1,112 
Equity securities:
Domestic equities1 — — 1 
International equities— — 1 1 
Total plan net assets at fair value$1,110 $3 $1 $1,114 
Assets held at net asset value practical expedient
Private equity funds8 
Real estate funds11 
Commingled funds
624 
Total assets held at net asset value practical expedient643 
Other assets (liabilities)1
6 
Total Plan Net Assets$1,763 
1Other assets (liabilities) include amounts receivable and accounts payable.
Summary of Changes in The Fair Value of the Level 3 Pension and Postretirement Assets
For the years ended December 31, 2024 and 2023, our postretirement assets did not include significant investments in Level 3 assets, nor were there significant changes in fair value of those assets during the period. The tables below set forth a summary of changes in the fair value of the Level 3 pension assets:
EquitiesFixed Income FundsReal Estate and Real AssetsTotal
Balance as of December 31, 2023
$2 $1 $2,954 $2,957 
Realized gains (losses)— — 159 159 
Unrealized gains (losses)— — (510)(510)
Purchases— — 291 291 
Sales— — (583)(583)
Balance as of December 31, 2024
$2 $1 $2,311 $2,314 
EquitiesFixed Income FundsReal Estate and Real Assets
Total
Balance as of December 31, 2022
$5,429 $1 $4,343 $9,773 
Realized gains (losses)(639)— 569 (70)
Unrealized gains (losses)643 — (1,270)(627)
Purchases— — 128 128 
Sales(5,431)— (816)(6,247)
Balance as of December 31, 2023
$2 $1 $2,954 $2,957 
Estimated Future Benefit Payments The following table provides expected benefit payments under our pension and postretirement plans:
Pension BenefitsPostretirement Benefits
2025$3,508 $672 
20262,964 638 
20272,919 627 
20282,860 606 
20292,808 518 
Years 2030 - 203412,995 2,419