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EMPLOYEE RETIREMENT PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Accumulated Market Based Cash Balance Plan and Postemployment Benefit Obligations
The following table shows the change in the accumulated market based cash balance plan and postretirement benefit obligations for the years ended December 31, 2024 and 2023:
Market Based Cash Balance PlanPostretirement Benefits
December 31,December 31,
(in millions)2024202320242023
Accumulated Benefit Obligation at beginning of period$— $— $269 $241 
Service cost31 — 16 14 
Interest cost— — 14 12 
Benefits paid— — (18)(9)
Actuarial (gain) loss(1)— (35)11 
Plan Amendments— — 11 — 
Accumulated Benefit Obligation at end of period$30 $— $257 $269 
Fair value of plan assets at beginning of period— — — — 
Actual gain/(loss) on plan assets— — — — 
Employer contributions31 — 20 9 
Benefits paid$— $— $(20)$(9)
Fair value of plan assets at end of period$31 $— $— $— 
Schedule of Estimated Future Benefit Payments The following table shows the estimated future benefit payments expected to be paid:
Market Based Cash Balance PlanPostretirement BenefitsTotal
(in millions)
2025$1 $16 $17 
202631720
202771825
2028122032
2029182139
Next 5 yrs thereafter147126273
Schedule of Amounts Recognized in Balance Sheet
The following table reconciles the combined funded status of the market based cash balance and postretirement benefit plans to the accrued benefit plan cost recognized in Other noncurrent liabilities on the Company’s Consolidated Balance Sheet as of December 31, 2024 and 2023.
 
(in millions)20242023
Funded status$(256)$(269)
Unrecognized net actuarial gain(179)(151)
Unrecognized prior service cost13 2 
Accumulated other comprehensive income165 149 
Consolidated Balance Sheet liability$(257)$(269)
Schedule of Net Benefit Costs
The consolidated periodic benefit cost for the years ended December 31, 2024, 2023, and 2022, included the following:
Market Based Cash Balance PlanPostretirement Benefits
(in millions)2024202420232022
Service cost$11 $16 $14 $19 
Interest cost— 14 12 9 
Amortization of net gain— (7)(10)(2)
Net periodic benefit cost$11 $23 $16 $26 
Schedule of Assumptions Used The following actuarial assumptions were used to account for the Company’s market based cash balance and postretirement plans at December 31, 2024, 2023, and 2022:
Market Based Cash Balance PlanPostretirement Benefits
2024202420232022
Weighted-average discount rate5.25 %5.65 %5.20 %5.60 %
Assumed healthcare cost trend rate (a)n/a8.15 %6.25 %6.50 %
Weighted average expected long-term rate of return5.25 %n/an/an/a

(a)The assumed healthcare cost trend rate is expected to be 8.15% for 2025, then decline gradually to 4.5% by 2034 and remain level thereafter.