Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following table sets forth certain information regarding the Retirement Plan as of the dates indicated:


	December 31,
(in millions)	2024		2023
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	115	$	116
Interest cost	5		5
Actuarial gain	(6)		2
Annuity payments	(7)		(7)
Settlements	(1)		(1)
Benefit obligation at end of year	$	106	$	115
Change in Plan Assets:
Fair value of assets at beginning of year	$	253	$	228
Actual return (loss) on plan assets	—		33
Annuity payments	(6)		(7)
Settlements	(1)		(1)
Fair value of assets at end of year	$	246	$	253
Funded status (included in other assets)	$	140	$	138
Changes recognized in other comprehensive income for the year ended December 31:
Amortization of actuarial loss	$	(3)	$	(7)
Net actuarial (gain) loss arising during the year	10		(18)
Total recognized in other comprehensive income for the year (pre-tax)	$	7	$	(25)
Accumulated other comprehensive loss (pre-tax) not yet recognized in net periodic benefit cost at December 31:
Actuarial loss, net	$	49	$	41
Total accumulated other comprehensive loss (pre-tax)	$	49	$	41

Schedule of Net Benefit Costs

The components of net periodic pension (credit) expense were as follows for the years indicated:


	Years Ended December 31,
(in millions)	2024		2023		2022
Components of net periodic pension expense (credit):
Interest cost	$	5	$	5	$	4
Expected return on plan assets	(17)		(14)		(16)
Amortization of net actuarial loss	3		7		2
Net periodic pension credit	$	(9)	$	(2)	$	(10)

Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

The following table indicates the weighted average assumptions used in determining the net periodic benefit cost for the years indicated:


	Years Ended December 31,
	2024		2023		2022
Discount rate	4.7	%	4.9	%	2.6	%
Expected rate of return on plan assets	6.8		6.3		6.0

Schedule of Allocation of Plan Assets

The asset allocation guidelines in the table below reflect the plan sponsor’s risk tolerance and long-term objectives for the Plan:


Asset Allocation Parameters by Asset Class
Equity	Minimum	Target	Maximum
U.S. Large-Cap		27%
U.S. Mid-Cap		7%
U.S. Small-Cap		7%
Non-U.S.		14%
Total - Equity	45%	55%	65%

Total - Fixed Income/Cash Equivalents	35%	45%	55%

The following table presents information about the fair value measurements of the investments held by the Retirement Plan as of December 31, 2024:


(in millions)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity:
Large-cap value	$	14	$	14	$	—	$	—
Large-cap growth	28		28		—		—
Large-cap core	21		21		—		—


Mid-cap core	17		17		—		—


Small-cap core	17		17		—		—
International growth	18		18		—		—
International value	12		12		—		—
Fixed Income Funds:

Intermediate - Core Plus	96		96		—		—
Equity Securities:
Company common stock	9		9		—		—
Common/Collective Trusts-Equity:
Large cap value	14		—		14		—


	$	246	$	232	$	14	$	—

Schedule of Defined Benefit Plan, Plan Assets, Allocation

The asset allocations for the Retirement Plan were as follows:


	December 31,
	2024		2023
Equity securities	61	%	61	%
Debt securities	39	%	39	%

Total	100	%	100	%

Schedule of Expected Benefit Payments

The following annuity payments, which reflect expected future service, as appropriate, are expected to be paid by the Retirement Plan during the years indicated:


(in millions)
2025	$	8
2026	8
2027	8
2028	8
2029	8
2030 and thereafter	43
Total	$	83