v3.25.0.1
Pension Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations
The following tables outline the change in pension benefit obligation and plan assets over the specified periods:
In millions20242023
Change in benefit obligation:
Benefit obligation, beginning of year$4,736 $4,740 
Interest cost222 231 
Actuarial loss (gain)(262)145 
Benefit payments(347)(380)
Benefit obligation, end of year4,349 4,736 
Change in plan assets:
Fair value of plan assets, beginning of year5,379 5,346 
Actual return on plan assets133 389 
Employer contributions23 24 
Benefit payments(347)(380)
Fair value of plan assets, end of year5,188 5,379 
Funded status$839 $643 
Schedule of Changes in Plan Assets
The following tables outline the change in pension benefit obligation and plan assets over the specified periods:
In millions20242023
Change in benefit obligation:
Benefit obligation, beginning of year$4,736 $4,740 
Interest cost222 231 
Actuarial loss (gain)(262)145 
Benefit payments(347)(380)
Benefit obligation, end of year4,349 4,736 
Change in plan assets:
Fair value of plan assets, beginning of year5,379 5,346 
Actual return on plan assets133 389 
Employer contributions23 24 
Benefit payments(347)(380)
Fair value of plan assets, end of year5,188 5,379 
Funded status$839 $643 
Schedule of Assets (Liabilities) Recognized in Balance Sheet
The assets (liabilities) recognized on the consolidated balance sheets at December 31, 2024 and 2023 for the defined benefit pension plans consisted of the following:
In millions20242023
Noncurrent assets reflected in other assets$1,030 $856 
Current liabilities reflected in accrued expenses and other current liabilities
(22)(24)
Noncurrent liabilities reflected in other long-term liabilities(169)(189)
Net assets$839 $643 
Schedule of Net Periodic Benefit Cost (Income)
The components of net periodic benefit cost (income) for the years ended December 31, 2024, 2023 and 2022 are shown below:
In millions202420232022
Components of net periodic benefit cost (income):
Interest cost$222 $231 $132 
Expected return on plan assets(327)(326)(309)
Amortization of net actuarial loss1 1 3 
Settlement losses— — 1 
Net periodic benefit cost (income)$(104)$(94)$(173)
Weighted Average Assumptions Used in Determining Benefit Obligations and Net Benefit Costs
The Company determined its benefit obligation based on the following weighted average assumptions as of December 31, 2024 and 2023:
20242023
Discount rate5.6 %5.0 %

The Company determined its net periodic benefit cost (income) based on the following weighted average assumptions for the years ended December 31, 2024, 2023 and 2022:
202420232022
Discount rate4.9 %5.1 %2.3 %
Expected long-term rate of return on plan assets6.3 %6.3 %4.8 %
Schedule of Changes in Fair Value of Plan Assets
Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2024 were as follows:
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$32 $67 $— $99 
Debt securities:
    U.S. government securities481 6 — 487 
    States, municipalities and political subdivisions— 70 — 70 
    U.S. corporate securities— 2,752 1 2,753 
    Foreign securities— 98 — 98 
    Residential mortgage-backed securities— 7 — 7 
    Commercial mortgage-backed securities— 9 — 9 
    Other asset-backed securities— 4 — 4 
    Redeemable preferred securities— 1 — 1 
Total debt securities481 2,947 1 3,429 
Equity securities:
    U.S. domestic30 — — 30 
    International12 — — 12 
Total equity securities42 — — 42 
Other investments:
    Private real estate
— — 276 276 
    Common/collective trusts (1)
— 502 — 502 
    Derivatives— 3 — 3 
Total other investments— 505 276 781 
Total pension investments (2)
$555 $3,519 $277 $4,351 
_____________________________________________
(1)The assets in the underlying funds of common/collective trusts consist of $288 million of equity securities and $214 million of debt securities.
(2)Excludes $267 million of other receivables as well as $290 million of private equity limited partnership investments and $280 million of hedge fund limited partnership investments as these amounts are measured at NAV per share or an equivalent and are not subject to leveling within the fair value hierarchy.
Pension plan assets with changes in fair value measured on a recurring basis at December 31, 2023 were as follows:
In millionsLevel 1Level 2Level 3Total
Cash and cash equivalents$12 $69 $— $81 
Debt securities:
    U.S. government securities518 4 — 522 
    States, municipalities and political subdivisions— 94 — 94 
    U.S. corporate securities— 2,649 — 2,649 
    Foreign securities— 106 — 106 
    Residential mortgage-backed securities— 17 — 17 
    Commercial mortgage-backed securities— 9 — 9 
    Other asset-backed securities— 8 — 8 
    Redeemable preferred securities— 1 — 1 
Total debt securities518 2,888 — 3,406 
Equity securities:
    U.S. domestic150 — — 150 
    International34 — — 34 
Total equity securities184 — — 184 
Other investments:
    Private real estate
— — 290 290 
    Common/collective trusts (1)
— 405 — 405 
    Derivatives— (14)— (14)
Total other investments— 391 290 681 
Total pension investments (2)
$714 $3,348 $290 $4,352 
_____________________________________________
(1)The assets in the underlying funds of common/collective trusts consist of $114 million of equity securities and $291 million of debt securities.
(2)Excludes $314 million of other receivables as well as $461 million of private equity limited partnership investments and $252 million of hedge fund limited partnership investments as these amounts are measured at NAV per share or an equivalent and are not subject to leveling within the fair value hierarchy.
Schedule of Change in Level 3 Plan Assets
The changes in the balances of Level 3 pension plan assets during the year ended December 31, 2024 were as follows:
In millions
Private
real estate
U.S. corporate
securities		Total
Beginning balance$290 $— $290 
Actual return on plan assets1 — 1 
Purchases, sales and settlements(15)1 (14)
Transfers out of Level 3— — — 
Ending balance$276 $1 $277 

The changes in the balances of Level 3 pension plan assets during the year ended December 31, 2023 were as follows:

In millions
Private
real estate
Beginning balance$325 
Actual return on plan assets(23)
Purchases, sales and settlements(12)
Transfers out of Level 3— 
Ending balance$290 
Schedule of Expected Future Benefits Payments
The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the pension benefit obligation as of December 31, 2024:
In millions
2025$389 
2026384 
2027380 
2028380 
2029371 
2030-2034
1,712 
The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the accumulated other postretirement benefit obligation as of December 31, 2024:
In millions
2025$12 
202612 
202712 
202812 
202912 
2030-2034
59