v3.25.0.1
Employee Pension and Other Postretirement Benefits Employee Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs The costs of the Company's defined benefit pension plans and other postretirement benefit plans for the years ended December 31, 2024, 2023, and 2022, were as follows:
Pension BenefitsOther Benefits
Year Ended December 31Year Ended December 31
($ in millions)202420232022202420232022
Components of net periodic benefit cost
Service cost$109 $112 $181 $6 $6 $9 
Interest cost321 343 258 19 21 14 
Expected return on plan assets(538)(529)(594)— — — 
Amortization of prior service cost (credit)16 17 22 (2)(2)(4)
Amortization of net actuarial loss (gain)18 17 35 (13)(15)(3)
Settlement gain— — (4)— — — 
Net periodic benefit (income) cost$(74)$(40)$(102)$10 $10 $16 
Schedule of Defined Benefit Plans Disclosures
The funded status of these plans as of December 31, 2024 and 2023, was as follows:
 Pension Benefits Other Benefits
December 31December 31
($ in millions)2024202320242023
Change in benefit obligation
Benefit obligation at beginning of year$6,242 $6,438 $370 $394 
Service cost109 112 6 6 
Interest cost321 343 19 21 
Plan participants' contributions5 10 9 9 
Plan amendments— — — — 
Actuarial loss (gain)(499)62 (26)(19)
Benefits paid(307)(333)(45)(41)
Settlement(80)(390)— — 
Benefit obligation at end of year5,791 6,242 333 370 
Change in plan assets
Fair value of plan assets at beginning of year6,873 6,781 — — 
Actual return on plan assets514 793 — — 
Employer contributions11 12 36 32 
Plan participants' contributions5 10 9 9 
Benefits paid(307)(333)(45)(41)
Transfers2 — — — 
Settlement(74)(390)— — 
Fair value of plan assets at end of year7,024 6,873 — — 
Funded status$1,233 $631 $(333)$(370)
Amounts recognized in the consolidated statements of financial position:
Pension plan assets$1,422 $888 $— $— 
Current liability (1)
(47)(45)(124)(129)
Non-current liability (2)
(142)(212)(209)(241)
Accumulated other comprehensive loss (income) (pre-tax) related to:
Prior service costs (credits)122 138 (11)(13)
Net actuarial loss (gain)60 562 (119)(107)
(1)    Included in other current liabilities and current portion of postretirement plan liabilities, respectively.
(2)     Included in pension plan liabilities and other postretirement plan liabilities, respectively.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The changes in amounts recorded in accumulated other comprehensive income (loss) were as follows:
Pension BenefitsOther Benefits
Year Ended December 31Year Ended December 31
($ in millions)202420232022202420232022
Prior service credit (cost)$— $— $(97)$— $— $— 
Amortization of prior service cost (credit)16 17 22 (2)(2)(4)
Net actuarial gain475 202 384 26 19 103 
Amortization of net actuarial loss (gain)18 17 35 (13)(15)(3)
Other9 — (4)(1)— (1)
Total changes in accumulated other comprehensive income (loss)$518 $236 $340 $10 $2 $95 
Schedule of Assumptions Used and Health Care Cost Trend Rates
The weighted average assumptions used to determine the net periodic benefit costs for each year ended December 31 were as follows:
 Pension Benefits
202420232022
Discount rate5.28 %5.47 %3.00 %
Expected long-term rate on plan assets8.00 %8.00 %7.25 %
Rate of compensation increase3.63 %3.63 %3.58 %
 Other Benefits
202420232022
Discount rate5.35 %5.50 %2.94 %
Initial health care cost trend rate assumed for next year6.00 %6.00 %5.50 %
Gradually declining to a rate of4.50 %4.50 %4.50 %
Year in which the rate reaches the ultimate rate2029 2028 2027 
The weighted average assumptions used to determine the benefit obligations as of December 31 of each year were as follows:
 Pension Benefits Other Benefits
December 31December 31
2024202320242023
Discount rate5.98 %5.28 %5.79 %5.35 %
Weighted average interest crediting rate3.54 %3.58 %
Rate of compensation increase3.76 %3.63 %
Initial health care cost trend rate assumed for next year6.00 %6.00 %
Gradually declining to a rate of4.50 %4.50 %
Year in which the rate reaches the ultimate rate2030 2029 
Schedule of Defined Benefit Plans Disclosures, Cash Contributions The Company made the following contributions to its defined benefit pension plans and other postretirement benefit plans for the years ended December 31, 2024, 2023, and 2022:
Year Ended December 31
($ in millions)202420232022
Pension plans
Discretionary
Qualified$— $— $— 
Non-qualified11 12 10 
Other benefit plans36 32 31 
Total contributions$47 $44 $41 
Schedule of Expected Benefit Payments and Prescription Drug Subsidy Receipts
The following table presents estimated future benefit payments, using the same assumptions used in determining the Company's benefit obligations, as of December 31, 2024. Benefit payments depend on future employment and compensation levels, years of service, and mortality. Changes in any of these factors could significantly affect these estimated amounts.
($ in millions)Pension BenefitsOther Benefit Payments
2025$343 $34 
2026362 35 
2027380 35 
2028397 34 
2029411 32 
Years 2030 to 2034$2,202 $133 
Schedule of Allocation of Plan Assets The Investment Committee set the minimum and maximum permitted values for each asset class in the Company's pension plan master trust for the year ended December 31, 2024, as follows:
Range
U.S. and international equities30 -55%
Fixed income securities25 -45%
Alternative investments10 -35%
Schedule of Level Three Defined Benefit Plan Assets Roll Forward
Certain investments that are measured at fair value using NAV per share (or its equivalent) as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above.
December 31, 2024
($ in millions)TotalLevel 1Level 2Level 3
Plan assets subject to leveling
U.S. and international equities$1,499 $1,499 $— $— 
Government and agency debt securities777 — 777 — 
Corporate and other debt securities1,487 — 1,487 — 
Group annuity contract3 — 3 — 
Cash and cash equivalents, net21 21 — — 
Net plan assets subject to leveling$3,787 $1,520 $2,267 $— 
Plan assets not subject to leveling
U.S. and international equities (a)1,199 
Corporate and other debt securities242 
Real estate investments469 
Private partnerships926 
Hedge funds275 
Cash and cash equivalents, net (b)126 
Total plan assets not subject to leveling3,237 
Net plan assets$7,024 
(a) U.S. and international equity securities include investments in small, medium, and large capitalization stocks of public companies held in commingled trust funds.
(b) Cash and cash equivalents are liquid short-term investment funds and include net receivables and payables of the trust. These funds are available for immediate use to fund daily operations, execute investment policies, and serve as a temporary investment vehicle.
December 31, 2023
($ in millions)TotalLevel 1Level 2Level 3
Plan assets subject to leveling
U.S. and international equities$1,723 $1,723 $— $— 
Government and agency debt securities448 — 448 — 
Corporate and other debt securities1,469 — 1,469 — 
Group annuity contract3 — 3 — 
Net plan assets subject to leveling$3,643 $1,723 $1,920 $— 
Plan assets not subject to leveling
U.S. and international equities (a)1,134 
Corporate and other debt securities234 
Real estate investments532 
Private partnerships828 
Hedge funds388 
Cash and cash equivalents, net (b)114 
Total plan assets not subject to leveling3,230 
Net plan assets$6,873 
(a) U.S. and international equity securities include investments in small, medium, and large capitalization stocks of public companies held in commingled trust funds.
(b) Cash and cash equivalents are liquid short-term investment funds and include net receivables and payables of the trust. These funds are available for immediate use to fund daily operations, execute investment policies, and serve as a temporary investment vehicle.