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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of Change in Benefit Obligations
The following table sets forth the change in benefit obligation for our pension and postretirement benefit plans.
Pension BenefitsPostretirement Benefits
2024202320242023
Change in benefit obligation:
Benefit obligation, beginning of year$3,711 $3,661 $193 $222 
Service cost— — 1 1 
Interest cost198 207 10 12 
Actuarial (gain) loss(93)137 (14)(11)
Benefits paid(335)(294)(34)(40)
Participants’ contributions— — 6 6 
Retiree Medicare drug subsidy— — 3 3 
Benefit obligation, end of year$3,481 $3,711 $165 $193 
Summary of Change in Plan Assets
The following table sets forth the change in plan assets for our pension and postretirement benefit plans.
Pension BenefitsPostretirement Benefits
2024202320242023
Change in plan assets:
Fair value of plan assets, beginning of year$2,507 $2,363 $— $— 
Actual return on plan assets100 243 — — 
Employer contributions80 195 25 31 
Benefits paid(335)(294)(34)(40)
Participants’ contributions— — 6 6 
Retiree Medicare drug subsidy— — 3 3 
Fair value of plan assets, end of year$2,352 $2,507 $— $— 
Summary of Funded Status and Amounts Recognized on Consolidated Balance Sheets
The funded status of pension and postretirement benefit obligations and the related amounts recognized on the Consolidated Balance Sheets were as follows:
Pension BenefitsPostretirement Benefits
At December 31,2024202320242023
Funded status at end of year$(1,129)$(1,204)$(165)$(193)
Amounts recognized on the Consolidated Balance Sheets:
Noncurrent assets$1 $— $— $— 
Current liabilities(73)(74)(27)(30)
Noncurrent liabilities(1,057)(1,130)(138)(163)
Net amounts recognized$(1,129)$(1,204)$(165)$(193)
Summary of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)
The following amounts were recognized in accumulated other comprehensive income (loss) on the Consolidated Balance Sheets.
Pension BenefitsPostretirement Benefits
At December 31,2024202320242023
Net actuarial (loss) gain$(1,448)$(1,585)$147 $150 
Net prior service cost(1)(1)— — 
(1,449)(1,586)147 150 
Deferred income taxes 390 424 (14)(15)
Net amount recognized in accumulated other
comprehensive income (loss)
$(1,059)$(1,162)$133 $135 
Summary of Accumulated Benefit Obligations in Excess of Plan Assets
Information for the pension plans with an accumulated benefit obligation in excess of plan assets is set forth below.
At December 31,20242023
Projected and accumulated benefit obligation$2,960 $3,711 
Fair value of plan assets$1,830 $2,507 
Summary of Components of Net Periodic Cost (Benefit)
The following tables present the components of net periodic cost (benefit) and amounts recognized in other comprehensive income (loss).
Pension BenefitsPostretirement Benefits
Year Ended December 31,202420232022202420232022
Components of net periodic cost:
Service cost$— $— $— $1 $1 $1 
Interest cost198 207 150 10 12 8 
Expected return on plan assets(136)(128)(172)— — — 
Amortization of actuarial losses (gains)80 83 97 (17)(18)(15)
Net periodic cost (benefit) (a)
$142 $162 $75 $(6)$(5)$(6)
(a) Includes amounts reflected in net earnings from discontinued operations of $7 million and $3 million for the years ended December 31, 2023 and 2022, respectively.
Summary of Amounts Recognized in Other Comprehensive Income (Loss)
Pension BenefitsPostretirement Benefits
Year Ended December 31,202420232022202420232022
Other comprehensive income (loss):
Actuarial (loss) gain$57 $(22)$325 $14 $11 $29 
Share of equity investee— — 1 — — — 
Amortization of actuarial losses (gains) 80 83 97 (17)(18)(15)
137 61 423 (3)(7)14 
Deferred income taxes(34)(14)(103)1 2 (3)
Recognized in other comprehensive income
   (loss), net of tax		$103 $47 $320 $(2)$(5)$11 
Summary of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Costs
Pension BenefitsPostretirement Benefits
202420232022202420232022
Weighted average assumptions used to determine benefit obligations at December 31:
Discount rate6.0 %5.6 %5.9 %6.1 %5.7 %6.0 %
Rate of compensation increase— %— %— %N/AN/AN/A
Weighted average assumptions used to determine net periodic costs for the year ended December 31:
Discount rate5.6 %5.9 %3.2 %5.7 %6.0 %3.0 %
Expected long-term return on plan assets5.7 %5.7 %5.6 %N/AN/AN/A
Cash balance interest crediting rate5.0 %5.0 %5.0 %N/AN/AN/A
Rate of compensation increase— %— %— %N/AN/AN/A
N/A - not applicable
Summary of Assumptions Regarding Heath Care Cost Trend Rates for Postretirement Benefits
The following additional assumptions were used in accounting for postretirement benefits.
20242023
Projected health care cost trend rate (pre-65)7.0 %6.5 %
Projected health care cost trend rate (post-65)7.0 %6.5 %
Ultimate trend rate5.0 %5.0 %
Year ultimate trend rate is achieved 20332030
Summary of Fair Value of Pension Plan Assets
The following tables set forth our pension plan assets measured at fair value on a recurring basis at December 31, 2024 and 2023. These assets have been categorized according to the three-level fair value hierarchy established by the FASB, which prioritizes the inputs used in measuring fair value. See Note 11 for a description of the levels within this hierarchy. There are no investments categorized as Level 3.
At December 31, 2024Level 1Level 2Total
Cash and cash equivalents (a)
$— $(60)$(60)
Fixed income securities:
U.S. treasury securities140 — 140 
Government-related securities— 117 117 
Corporate bonds (b)
— 1,138 1,138 
Mortgage-backed and asset-backed securities— 156 156 
Equity securities:
U.S. large capitalization43 — 43 
U.S. small capitalization67 — 67 
Non-U.S. large capitalization25 — 25 
Non-U.S. small capitalization2 — 2 
Exchange Traded Fund (ETF)32 — 32 
Other— 8 8 
Total assets in fair value hierarchy$309 $1,359 $1,668 
Common collective funds measured at net asset value (c) (d)
626 
Limited partnerships measured at net asset value (c)
11 
Mutual funds measured at net asset value (c)
47 
Investments, at fair value$2,352 
At December 31, 2023Level 1Level 2Total
Cash and cash equivalents (a)
$— $69 $69 
Fixed income securities:
U.S. treasury securities107 — 107 
Government-related securities— 129 129 
Corporate bonds (b)
— 1,164 1,164 
Mortgage-backed and asset-backed securities— 128 128 
Equity securities:
U.S. large capitalization89 — 89 
U.S. small capitalization18 — 18 
Exchange Traded Fund (ETF)27 — 27 
Other— 8 8 
Total assets in fair value hierarchy$241 $1,498 $1,739 
Common collective funds measured at net asset value (c) (d)
676 
Limited partnerships measured at net asset value (c)
10 
Mutual funds measured at net asset value (c)
82 
Investments, at fair value$2,507 
(a)  Assets categorized as Level 2 reflect investments in money market funds. Negative cash at December 31, 2024 includes $60 million of pending trades for investments purchased and sold.
(b)  Securities of diverse sectors and industries, substantially all investment grade.
(c)  In accordance with FASB guidance, investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
(d)  Underlying investments consist mainly of U.S. large capitalization and international equity securities.
Summary of Estimated Future Benefit Payments
Estimated future benefit payments are as follows: 
202520262027202820292030-2034
Pension$318 $317 $309 $309 $298 $1,359 
Postretirement$28 $25 $23 $21 $18 $63 
Retiree Medicare drug subsidy$3 $3 $2 $2 $2 $10 
Summary of Participation in Multiemployer Defined Benefit Pension Plans
The table below presents information concerning our participation in multiemployer defined benefit pension plans.
Employer Identification Number/Pension Plan NumberPension
Protection Act		Company ContributionsExpiration Date of Collective Bargaining Agreement
Zone Status (a)
Pension Plan20242023202420232022
AFTRA Retirement Plan (b)
13-6414972-001GreenGreen$18 $18 $16 6/30/2026
Directors Guild of America - Producer (b)
95-2892780-001GreenGreen17 17 19 6/30/2026
Producer-Writers Guild of America (b)
95-2216351-001GreenGreen24 24 30 5/1/2026
Screen Actors Guild - Producers (b)
95-2110997-001GreenGreen24 27 30 6/30/2026
Motion Picture Industry (b)
95-1810805-001GreenGreen65 48 63 (c)
I.A.T.S.E. Local No. 33 Pension Trust Fund 95-6377503-001GreenGreen1 2 5 12/31/2025
Other Plans16 15 14 
Total contributions$165 $151 $177 
(a) The zone status for each individual plan listed was certified by each plan’s actuary as of the beginning of the plan years for 2024 and 2023. The plan year is the twelve months ending December 31 for each plan listed above except AFTRA Retirement Plan, which has a plan year ending November 30.
(b) The Company was listed in these plan’s most recent Form 5500 as providing more than 5% of total contributions for the plan.
(c) The expiration dates range from July 31, 2024 through March 2, 2025.