Pension and Other Postretirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Retirement Benefits [Abstract] |
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| Reconciliation of the Change in Benefit Obligation and Plan Assets and Funded Status |
The following tables set forth the reconciliation of the beginning and ending balances of the benefit obligation and plan assets, the funded status and the amounts recognized in these financial statements for the defined benefit and other postretirement plans (in millions): | | | | | | | | | | Pension Benefits | | Year Ended December 31, 2018 | | Year Ended December 31, 2017 | Accumulated benefit obligation: | $ | 4,448 |
| | $ | 4,739 |
| | | | | Change in projected benefit obligation: | | | | Projected benefit obligation at beginning of year | $ | 5,852 |
| | $ | 5,253 |
| Service cost | 228 |
| | 195 |
| Interest cost | 217 |
| | 220 |
| Actuarial (gain) loss | (601 | ) | | 525 |
| Gross benefits paid and settlements | (292 | ) | | (366 | ) | Other | (8 | ) | | 25 |
| Projected benefit obligation at end of year | $ | 5,396 |
| | $ | 5,852 |
| | | | | Change in plan assets: | | | | Fair value of plan assets at beginning of year | $ | 3,932 |
| | $ | 3,355 |
| Actual (loss) return on plan assets | (215 | ) | | 510 |
| Employer contributions | 413 |
| | 419 |
| Gross benefits paid and settlements | (292 | ) | | (366 | ) | Other | (11 | ) | | 14 |
| Fair value of plan assets at end of year | $ | 3,827 |
| | $ | 3,932 |
| Funded status—Net amount recognized | $ | (1,569 | ) | | $ | (1,920 | ) |
| | | | | | | | | | Pension Benefits | | December 31, 2018 | | December 31, 2017 | Amounts recognized in the consolidated balance sheets consist of: | | | | Noncurrent asset | $ | 13 |
| | $ | 9 |
| Current liability | (6 | ) | | (8 | ) | Noncurrent liability | (1,576 | ) | | (1,921 | ) | Total liability | $ | (1,569 | ) | | $ | (1,920 | ) | | | | | Amounts recognized in accumulated other comprehensive loss consist of: | | | | Net actuarial loss | $ | (1,382 | ) | | $ | (1,610 | ) | Prior service cost | (5 | ) | | (1 | ) | Total accumulated other comprehensive loss | $ | (1,387 | ) | | $ | (1,611 | ) | | | | | | Other Postretirement Benefits | | Year Ended December 31, 2018 | | Year Ended December 31, 2017 | Change in benefit obligation: | | | | Benefit obligation at beginning of year | $ | 1,710 |
| | $ | 1,687 |
| Service cost | 12 |
| | 13 |
| Interest cost | 61 |
| | 66 |
| Plan participants' contributions | 68 |
| | 68 |
| Benefits paid | (181 | ) | | (178 | ) | Actuarial loss (gain) | (285 | ) | | 40 |
| Other | 6 |
| | 14 |
| Benefit obligation at end of year | $ | 1,391 |
| | $ | 1,710 |
| | | | | Change in plan assets: | | | | Fair value of plan assets at beginning of year | $ | 54 |
| | $ | 55 |
| Actual return on plan assets | 1 |
| | 1 |
| Employer contributions | 111 |
| | 108 |
| Plan participants' contributions | 68 |
| | 68 |
| Benefits paid | (181 | ) | | (178 | ) | Fair value of plan assets at end of year | 53 |
| | 54 |
| Funded status—Net amount recognized | $ | (1,338 | ) | | $ | (1,656 | ) |
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| Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss) |
| | | | | | | | | | Pension Benefits | | December 31, 2018 | | December 31, 2017 | Amounts recognized in the consolidated balance sheets consist of: | | | | Noncurrent asset | $ | 13 |
| | $ | 9 |
| Current liability | (6 | ) | | (8 | ) | Noncurrent liability | (1,576 | ) | | (1,921 | ) | Total liability | $ | (1,569 | ) | | $ | (1,920 | ) | | | | | Amounts recognized in accumulated other comprehensive loss consist of: | | | | Net actuarial loss | $ | (1,382 | ) | | $ | (1,610 | ) | Prior service cost | (5 | ) | | (1 | ) | Total accumulated other comprehensive loss | $ | (1,387 | ) | | $ | (1,611 | ) | | | | | | Other Postretirement Benefits | | Year Ended December 31, 2018 | | Year Ended December 31, 2017 | Change in benefit obligation: | | | | Benefit obligation at beginning of year | $ | 1,710 |
| | $ | 1,687 |
| Service cost | 12 |
| | 13 |
| Interest cost | 61 |
| | 66 |
| Plan participants' contributions | 68 |
| | 68 |
| Benefits paid | (181 | ) | | (178 | ) | Actuarial loss (gain) | (285 | ) | | 40 |
| Other | 6 |
| | 14 |
| Benefit obligation at end of year | $ | 1,391 |
| | $ | 1,710 |
| | | | | Change in plan assets: | | | | Fair value of plan assets at beginning of year | $ | 54 |
| | $ | 55 |
| Actual return on plan assets | 1 |
| | 1 |
| Employer contributions | 111 |
| | 108 |
| Plan participants' contributions | 68 |
| | 68 |
| Benefits paid | (181 | ) | | (178 | ) | Fair value of plan assets at end of year | 53 |
| | 54 |
| Funded status—Net amount recognized | $ | (1,338 | ) | | $ | (1,656 | ) |
| | | | | | | | | | Other Postretirement Benefits | | December 31, 2018 | | December 31, 2017 | Amounts recognized in the consolidated balance sheets consist of: | | | | Current liability | $ | (43 | ) | | $ | (54 | ) | Noncurrent liability | (1,295 | ) | | (1,602 | ) | Total liability | $ | (1,338 | ) | | $ | (1,656 | ) | Amounts recognized in accumulated other comprehensive income consist of: | | | | Net actuarial gain | $ | 554 |
| | $ | 301 |
| Prior service credit | 170 |
| | 208 |
| Total accumulated other comprehensive income | $ | 724 |
| | $ | 509 |
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| Accumulated Benefit Obligation and Projected Benefit Obligation in Excess of Plan Assets |
The following information relates to all pension plans with an accumulated benefit obligation and a projected benefit obligation in excess of plan assets at December 31 (in millions): | | | | | | | | | | 2018 | | 2017 | Projected benefit obligation | $ | 5,196 |
| | $ | 5,637 |
| Accumulated benefit obligation | 4,286 |
| | 4,567 |
| Fair value of plan assets | 3,614 |
| | 3,709 |
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| Components Of Net Periodic Benefit Cost |
Net periodic benefit cost for the years ended December 31 included the following components (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | Pension Benefits | | Other Postretirement Benefits | | Pension Benefits | | Other Postretirement Benefits | | Pension Benefits | | Other Postretirement Benefits | Service cost | $ | 228 |
| | $ | 12 |
| | $ | 195 |
| | $ | 13 |
| | $ | 112 |
| | $ | 19 |
| Interest cost | 217 |
| | 61 |
| | 220 |
| | 66 |
| | 200 |
| | 86 |
| Expected return on plan assets | (292 | ) | | (2 | ) | | (243 | ) | | (2 | ) | | (216 | ) | | (2 | ) | Curtailment gain | — |
| | — |
| | — |
| | — |
| | — |
| | (107 | ) | Amortization of unrecognized actuarial (gain) loss | 130 |
| | (32 | ) | | 128 |
| | (33 | ) | | 76 |
| | (19 | ) | Amortization of prior service credits | — |
| | (37 | ) | | — |
| | (37 | ) | | — |
| | (31 | ) | Other | 1 |
| | — |
| | 5 |
| | — |
| | 5 |
| | — |
| Net periodic benefit cost (credit) | $ | 284 |
| | $ | 2 |
| | $ | 305 |
| | $ | 7 |
| | $ | 177 |
| | $ | (54 | ) |
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| Assumptions Used for Benefit Plans |
The assumptions used for the benefit plans were as follows: | | | | | | | | | | Pension Benefits | Assumptions used to determine benefit obligations | | 2018 | | 2017 | Discount rate | | 4.20 | % | | 3.65 | % | Rate of compensation increase | | 3.89 | % | | 3.89 | % | | | | | | Assumptions used to determine net expense | | | Discount rate | | 3.65 | % | | 4.19 | % | Expected return on plan assets | | 7.31 | % | | 7.02 | % | Rate of compensation increase | | 3.89 | % | | 3.54 | % | | | | Other Postretirement Benefits | Assumptions used to determine benefit obligations | | 2018 | | 2017 | Discount rate | | 4.30 | % | | 3.63 | % | | | | | | Assumptions used to determine net expense | | | | | Discount rate | | 3.63 | % | | 4.07 | % | Expected return on plan assets | | 3.00 | % | | 3.00 | % | Health care cost trend rate assumed for next year | | 6.00 | % | | 6.25 | % | Rate to which the cost trend rate is assumed to decline (ultimate trend rate in 2023) | | 5.00 | % | | 5.00 | % |
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| Allocation of Plan Assets |
United's plan assets are allocated within the following guidelines: | | | | | | | | Percent of Total | | Expected Long-Term Rate of Return | Equity securities | 30-45 | % | | 9.5 | % | Fixed-income securities | 30-40 | | | 5.8 | | Alternatives | 10-25 | | | 7.3 | | Other | 0-10 | | | 7.8 | |
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| Pension and Other Postretirement Plan Assets |
The following tables present information about United's pension and other postretirement plan assets at December 31, (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2018 | | | 2017 | Pension Plan Assets: | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets Measured at NAV(a) | | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets Measured at NAV(a) | Equity securities funds | | $ | 1,394 |
| | $ | 254 |
| | $ | 106 |
| | $ | — |
| | $ | 1,034 |
| | | $ | 1,406 |
| | $ | 269 |
| | $ | 133 |
| | $ | — |
| | $ | 1,004 |
| Fixed-income securities | | 1,431 |
| | — |
| | 605 |
| | 21 |
| | 805 |
| | | 1,470 |
| | — |
| | 834 |
| | 18 |
| | 618 |
| Alternatives | | 596 |
| | — |
| | — |
| | 134 |
| | 462 |
| | | 637 |
| | — |
| | — |
| | 139 |
| | 498 |
| Other investments | | 406 |
| | 224 |
| | 40 |
| | 142 |
| | — |
| | | 419 |
| | 32 |
| | 124 |
| | 172 |
| | 91 |
| Total | | $ | 3,827 |
| | $ | 478 |
| | $ | 751 |
| | $ | 297 |
| | $ | 2,301 |
| | | $ | 3,932 |
| | $ | 301 |
| | $ | 1,091 |
| | $ | 329 |
| | $ | 2,211 |
| Other Postretirement Benefit Plan Assets: | | | | | | | | | | | | | | | | | | | | | | Deposit administration fund | | $ | 53 |
| | $ | — |
| | $ | — |
| | $ | 53 |
| | $ | — |
| | | $ | 54 |
| | $ | — |
| | $ | — |
| | $ | 54 |
| | $ | — |
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(a) In accordance with the relevant accounting standards, certain investments that are measured at fair value using the net asset value ("NAV") per share (or its equivalent) have not been classified in the fair value hierarchy. These investments are commingled funds that invest in fixed-income instruments including bonds, debt securities, and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Redemption periods for these investments range from daily to semiannually. |
| Defined Benefit Plan Assets Measured at Fair Value Using Unobservable Inputs |
The reconciliation of United's defined benefit plan assets measured at fair value using unobservable inputs (Level 3) for the years ended December 31, 2018 and 2017 is as follows (in millions): | | | | | | | | | | 2018 | | 2017 | Balance at beginning of year | $ | 383 |
| | $ | 287 |
| Actual return (loss) on plan assets: | | | | Sold during the year | 10 |
| | 7 |
| Held at year end | (21 | ) | | 16 |
| Purchases, sales, issuances and settlements (net) | (22 | ) | | 73 |
| Balance at end of year | $ | 350 |
| | $ | 383 |
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| Estimated Future Benefit Payments |
The estimated future benefit payments, net of expected participant contributions, in United's pension plans and other postretirement benefit plans as of December 31, 2018 are as follows (in millions): | | | | | | | | | | | | | | Pension | | Other
Postretirement | | Other Postretirement—
subsidy receipts | 2019 | $ | 329 |
| | $ | 100 |
| | $ | 5 |
| 2020 | 327 |
| | 104 |
| | 6 |
| 2021 | 353 |
| | 108 |
| | 6 |
| 2022 | 367 |
| | 111 |
| | 6 |
| 2023 | 379 |
| | 113 |
| | 7 |
| Years 2024 – 2028 | 2,022 |
| | 575 |
| | 38 |
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| Participation in the IAM National Pension Plan |
United's participation in the IAM National Pension Plan ("IAM Plan") for the annual period ended December 31, 2018 is outlined in the table below. There have been no significant changes that affect the comparability of 2018 and 2017 contributions. The risks of participating in these multi-employer plans are different from single-employer plans, as United may be subject to additional risks that others do not meet their obligations, which in certain circumstances could revert to United. The IAM Plan reported $435 million in employers' contributions for the year ended December 31, 2017. For 2017, the Company's contributions to the IAM Plan represented more than 5% of total contributions to the IAM Plan. The 2018 information is not available as Form 5500 is not final for the plan year. | | | Pension Fund | IAM National Pension Fund | EIN/ Pension Plan Number | 51-6031295 - 002 | Pension Protection Act Zone Status (2018 and 2017) | Green Zone. Plans in the green zone are at least 80 percent funded. | FIP/RP Status Pending/Implemented | No | United's Contributions | $52 million, $50 million and $41 million in the years ended December 31, 2018, 2017 and 2016, respectively | Surcharge Imposed | No | Expiration Date of Collective Bargaining Agreement | N/A |
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