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Retirement Plans
3 Months Ended
Mar. 31, 2019
Retirement Plans [Abstract]  
Retirement Plans

(16)    Retirement Plans:



The following tables provide the components of total pension and postretirement benefit cost:







 

 

 

 

 

 

 



 

 

 

 

 

 

 



   

Pension Benefits

 



 

For the three months ended

 



 

March 31,

 



 

 

 

 

 

 

 

($ in millions)

 

2019

 

2018

 



 

 

 

 

 

 

 

Components of total pension benefit cost

 

 

 

 

 

 

 

Service cost

 

$

21 

 

$

24 

 

Interest cost on projected benefit obligation

 

 

33 

 

 

30 

 

Expected return on plan assets

 

 

(43)

 

 

(50)

 

Amortization of unrecognized loss

 

 

14 

 

 

 

Net periodic pension benefit cost

 

$

25 

 

$

11 

 



 

 

 

 

 

 

 



 

 

 

 

 

 

 



 

Postretirement Benefits

 



 

For the three months ended

 



 

March 31,

 



 

 

 

 

 

 

 

($ in millions)

 

2019

 

2018

 



 

 

 

 

 

 

 

Components of net periodic postretirement benefit cost

 

 

 

 

 

 

 

Service cost

 

$

 

$

 

Interest cost on projected benefit obligation

 

 

10 

 

 

 

Amortization of prior service cost (credit)

 

 

(1)

 

 

(2)

 

Amortization of unrecognized (gain) loss

 

 

(2)

 

 

 

Net periodic postretirement benefit cost

 

$

12 

 

$

13 

 



 

 

 

 

 

 

 



 

 

 

 

 

 

 







The components of net periodic benefit cost other than the service cost component are included in “Investment and other income” in the consolidated statement of operations.



During the first three months of 2019 and 2018, we capitalized $6 million and $7 million, respectively, of pension and OPEB expense into the cost of our capital expenditures, as the costs relate to our engineering and plant construction activities.



Our Pension Plan assets increased from  $2,348 million at December 31, 2018 to $2,539 million at March 31, 2019, an increase of $191 million, or 8%. This increase was a result of contributions of $33 million and positive investment returns (net of investment management and administrative fees) of $220 million,  partially offset by benefit payments of $62 million.



Required pension plan contributions for the full year 2019 are estimated to be $166 million, of which $33 million was contributed to the Plan during the first three months of 2019.