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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2015
Retirement Plans [Abstract]  
Projected Benefit Obligations, Fair Values of Plan Assets and Amounts Recognized in the Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

2015

 

2014

 

 

 

 

 

 

Change in projected benefit obligation (PBO)

 

 

 

 

 

PBO at beginning of year

$

2,210 

 

$

1,669 

PBO for plans of the Connecticut operations at contracted discount rate

 

 -

 

 

342 

Actuarial adjustment to PBO for plans of the Connecticut operations

 

 

 

Service cost

 

55 

 

 

42 

Interest cost

 

88 

 

 

80 

Actuarial (gain)/loss

 

(88)

 

 

182 

Benefits paid

 

(128)

 

 

(110)

PBO at end of year

$

2,142 

 

$

2,210 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

$

1,673 

 

$

1,217 

Fair value of plan assets for the Connecticut operations as of acquisition date

 

 

 

342 

Actual return on plan assets

 

(40)

 

 

141 

Employer contributions

 

62 

 

 

83 

Benefits paid

 

(128)

 

 

(110)

Fair value of plan assets at end of year

$

1,572 

 

$

1,673 

 

 

 

 

 

 

Funded status

$

(570)

 

$

(537)

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet

 

 

 

 

 

Pension and other postretirement benefits - current

$

(9)

 

$

(101)

Pension and other postretirement benefits - noncurrent

$

(561)

 

$

(436)

Accumulated other comprehensive loss

$

584 

 

$

532 

 

 

 

 

 

 

 

Net Periodic Benefit Cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

Components of total periodic pension benefit cost

 

 

 

 

 

 

 

 

 

Service cost

 

$

55 

 

$

42 

 

$

48 

Interest cost on projected benefit obligation

 

 

88 

 

 

80 

 

 

76 

Expected return on plan assets

 

 

(129)

 

 

(99)

 

 

(95)

Amortization of unrecognized loss

 

 

29 

 

 

20 

 

 

37 

Net periodic pension benefit cost

 

 

43 

 

 

43 

 

 

66 

Pension settlement costs

 

 

 -

 

 

 -

 

 

44 

Total periodic pension benefit cost

 

$

43 

 

$

43 

 

$

110 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Asset Allocations, By Asset Category

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

 

Asset category:

 

 

 

 

 

 

 

 

Equity securities

 

47 

%

 

45 

%

 

 

Debt securities

 

46 

%

 

47 

%

 

 

Alternative investments

 

%

 

%

 

 

Cash and other

 

%

 

%

 

 

Total

 

100 

%

 

100 

%

 

 

 

 

 

 

 

 

 

 

 

 

Expected Benefit Payments Over The Next Ten Years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Amount

 

 

 

    

 

 

 

 

 

 

2016

 

$

200 

 

 

 

2017

 

 

160 

 

 

 

2018

 

 

158 

 

 

 

2019

 

 

157 

 

 

 

2020

 

 

154 

 

 

 

2021-2025

 

 

754 

 

 

 

Total

 

$

1,583 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

 

Discount rate - used at year end to value obligation

 

4.50 

%

 

4.10 

%

 

4.90 

%

Discount rate - used to compute annual cost

 

4.10 

%

 

4.90 

%

 

4.00 

%

Expected long-term rate of return on plan assets

 

7.75 

%

 

7.75 

%

 

8.00 

%

Rate of increase in compensation levels

 

2.50 

%

 

2.50 

%

 

2.50 

%

 

 

 

 

 

 

 

 

 

 

 

Schedule of Changes in Projected benefit Obligations for OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

2015

 

2014

 

 

 

 

 

 

Change in benefit obligation

 

 

 

 

 

Benefit obligation at beginning of year

$

727 

 

$

385 

Benefit obligation for the Connecticut operations as of acquisition date

 

 

 

211 

Service cost

 

19 

 

 

11 

Interest cost

 

30 

 

 

22 

Plan participants' contributions

 

 

 

Actuarial (gain)/loss

 

(115)

 

 

115 

Benefits paid

 

(25)

 

 

(19)

Plan change

 

(20)

 

 

(3)

Benefit obligation at end of year

$

626 

 

$

727 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

Fair value of plan assets at beginning of year

$

 -

 

$

Plan participants' contributions

 

 

 

Employer contribution

 

20 

 

 

12 

Benefits paid

 

(25)

 

 

(19)

Fair value of plan assets at end of year

$

 -

 

$

 -

 

 

 

 

 

 

Funded status

$

(626)

 

$

(727)

 

 

 

 

 

 

Amounts recognized in the consolidated balance sheet

 

 

 

 

 

Pension and other postretirement benefits - current

$

(24)

 

$

(22)

Pension and other postretirement benefits - noncurrent

$

(602)

 

$

(705)

Accumulated other comprehensive (gain) loss

$

(20)

 

$

119 

 

 

 

 

 

 

 

Schedule of Net Benefit Costs For OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

Components of net periodic postretirement benefit cost

 

 

 

 

 

 

 

 

 

Service cost

 

$

19 

 

$

11 

 

$

13 

Interest cost on projected benefit obligation

 

 

30 

 

 

22 

 

 

17 

Amortization of prior service cost /(credit)

 

 

(5)

 

 

(4)

 

 

(6)

Amortization of unrecognized loss

 

 

 

 

 

 

Net periodic postretirement benefit cost

 

$

52 

 

$

32 

 

$

32 

 

Schedule of Assumptions Used for OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

Discount rate - used at year end to value obligation

 

4.50% - 4.70%

 

4.10% - 4.20%

 

4.90% - 5.20%

Discount rate - used to compute annual cost

 

4.10% - 4.20%

 

4.90% - 5.20%

 

4.00% - 4.20%

 

 

 

 

 

 

 

 

Schedule of Expected Benefit Payments for OPEB Table Text Block

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Gross Benefit

 

Medicare Part D Subsidy

 

Total

    

 

 

 

 

 

 

 

 

 

2016

 

$

25 

 

$

 -

 

$

25 

2017

 

 

29 

 

 

 -

 

 

29 

2018

 

 

33 

 

 

 -

 

 

33 

2019

 

 

35 

 

 

 -

 

 

35 

2020

 

 

38 

 

 

 -

 

 

38 

2021-2025

 

 

211 

 

 

 

 

210 

Total

 

$

371 

 

$

 

$

370 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit Cost Not Yet Recognized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Pension Plan

 

OPEB

 

 

2015

 

2014

 

2015

 

2014

Net actuarial loss

 

$

584 

 

$

532 

 

$

20 

 

$

143 

Prior service cost/(credit)

 

 

 -

 

 

 -

 

 

(40)

 

 

(24)

Total

 

$

584 

 

$

532 

 

$

(20)

 

$

119 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts Recognized as a Componenet of Accumulated Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

($ in millions)

 

Pension Plan

 

OPEB

 

 

2015

 

2014

 

2015

 

2014

Accumulated other comprehensive loss at

 

 

 

 

 

 

 

 

 

 

 

 

beginning of year

 

$

532 

 

$

412 

 

$

119 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain (loss) recognized during year

 

 

(29)

 

 

(20)

 

 

(8)

 

 

(3)

Prior service (cost) credit recognized during year

 

 

 -

 

 

 -

 

 

 

 

Net actuarial loss (gain) occurring during year

 

 

81 

 

 

140 

 

 

(136)

 

 

113 

Net amount recognized in comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

(loss) for the year

 

 

52 

 

 

120 

 

 

(139)

 

 

114 

Accumulated other comprehensive (gain) loss at

 

 

 

 

 

 

 

 

 

 

 

 

end of year

 

$

584 

 

$

532 

 

$

(20)

 

$

119