20-year history - assets and liabilities

($ billions)

140

$123.0

120

100

80

60

40

20

0

2013

2015

2016

2010

2012

2017

2018

2019

2021

2011

2007

2014

2009

2022

2006

2008

2023

2024

2020

2005

Smoothed assets

Liabilities

Net assets available for benefits

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