v3.25.2
Retirement Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
We provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified (supplemental) pension plans. Qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment, with specific reductions made for early retirements. Non-union employees hired on or after January 1, 2018, are no longer eligible for pension benefits, but are eligible for an enhanced 401(k) plan.

Expense

Pension expense is determined based upon the annual service cost of benefits (the actuarial cost of benefits earned during a period) and the interest cost on those liabilities, less the expected return on plan assets. The expected long-term rate of return on plan assets is applied to a calculated value of plan assets that recognizes changes in fair value over a 5-year period. This practice is intended to reduce year-to-year volatility in pension expense, but it can have the effect of delaying the recognition of differences between actual returns on assets and expected returns based on long-term rate of return assumptions. Differences in actual experience in relation to assumptions are not recognized in net income immediately but are deferred in accumulated other comprehensive income/loss and, if necessary, amortized as pension expense.
The components of our net periodic pension benefit/cost were as follows:
Three months ended
June 30,		Six months ended
June 30,
Millions2025202420252024
Service cost$11 $14 $22 $27 
Interest cost45 46 90 92 
Expected return on plan assets(61)(63)(121)(126)
Amortization of actuarial loss2 2 4 4 
Net periodic pension (benefit)/cost$(3)$(1)$(5)$(3)
Cash contributions
For the six months ended June 30, 2025, cash contributions totaled $0 to the qualified pension plans. Any contributions made during 2025 will be based on cash generated from operations and financial market considerations. Our policy with respect to funding the qualified pension plans is to fund at least the minimum required by law and not more than the maximum amount deductible for tax purposes. At June 30, 2025, we do not have minimum cash funding requirements for 2025.