XML 59 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Defined Benefit Plan [Abstract]  
Schedule of benefit obligations, fair value of plan assets, and funded status Benefit Obligations, Fair Value of Plan Assets and Funded Status
 
Pension Benefits
 
Other Postretirement and Postemployment Benefits
 
December 31,
 
December 31,
(in millions)
2017
2016
 
2017
2016
Benefit obligation at beginning of period
$
20,859

$
20,611

 
$
3,379

$
3,336

Service cost
—

—

 
87

68

Interest cost
853

917

 
138

147

Actuarial loss (gain)
1,068

411

 
183

115

Benefits paid, including lump sums and annuities
(1,075
)
(1,071
)
 
(311
)
(318
)
Participant contributions
—

—

 
28

31

Settlements
(9
)
(9
)
 
—

—

Benefit obligation at end of period(1)
$
21,696

$
20,859

 
$
3,504

$
3,379

 
 
 
 
 
 
Fair value of plan assets at beginning of period
$
10,301

$
9,374

 
$
784

$
884

Actual gain (loss) on plan assets
1,966

687

 
138

51

Employer contributions
3,561

1,320

 
254

154

Participant contributions
—

—

 
28

31

Benefits paid, including lump sums and annuities
(1,075
)
(1,071
)
 
(338
)
(336
)
Settlements
(9
)
(9
)
 
—

—

Fair value of plan assets at end of period
$
14,744

$
10,301


$
866

$
784

 
 
 
 
 
 
Funded status at end of period
$
(6,952
)
$
(10,558
)
 
$
(2,638
)
$
(2,595
)

(1) 
At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above.
Schedule of amounts recognized on balance sheet Balance Sheet Position
 
Pension Benefits
 
Other Postretirement and Postemployment Benefits
 
December 31,
 
December 31,
(in millions)
2017
2016
 
2017
2016
Current liabilities
$
(32
)
$
(30
)
 
$
(121
)
$
(125
)
Noncurrent liabilities
(6,920
)
(10,528
)
 
(2,517
)
(2,470
)
Total liabilities
$
(6,952
)
$
(10,558
)
 
$
(2,638
)
$
(2,595
)
 
 
 
 
 
 
Net actuarial loss
$
(8,495
)
$
(8,515
)
 
$
(651
)
$
(570
)
Prior service credit
—

—

 
56

82

Total accumulated other comprehensive loss, pre-tax
$
(8,495
)
$
(8,515
)
 
$
(595
)
$
(488
)
Schedule of net periodic costs Net Periodic Cost
 
Pension Benefits
 
Other Postretirement and Postemployment Benefits
 
Year Ended December 31,
 
Year Ended December 31,
(in millions)
2017
2016
2015
 
2017
2016
2015
Service cost
$
—

$
—

$
—

 
$
87

$
68

$
62

Interest cost
853

917

884

 
138

147

141

Expected return on plan assets
(1,143
)
(902
)
(879
)
 
(69
)
(74
)
(81
)
Amortization of prior service credit
—

—

—

 
(26
)
(26
)
(26
)
Recognized net actuarial loss
262

233

232

 
32

24

24

Settlements
3

3

3

 
—

—

—

Net periodic cost(1)
$
(25
)
$
251

$
240

 
$
162

$
139

$
120


(1) 
See Note 1 for discussion on ASU No. 2017-07, "Compensation - Retirement Benefits (Topic 715)."

Schedule of assumptions used to determine benefit obligations and net periodic costs We used the following actuarial assumptions to determine our benefit obligations and our net periodic cost for the periods presented:
 
December 31,
Benefit Obligations(1)
2017
2016
Weighted average discount rate
3.69
%
4.20
%
 
Year Ended December 31,
Net Periodic Cost(1)
2017
2016
2015
Weighted average discount rate - pension benefit
4.14
%
4.57
%
4.13
%
Weighted average discount rate - other postretirement benefit
4.19
%
4.53
%
4.13
%
Weighted average discount rate - other postemployment benefit
4.14
%
4.50
%
4.13
%
Weighted average expected long-term rate of return on plan assets
8.96
%
8.94
%
8.94
%
Assumed healthcare cost trend rate(2)
7.00
%
6.50
%
7.00
%
(1) 
Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment liability.
(2) 
Healthcare cost trend rate at December 31, 2017 is assumed to decline gradually to 5.00% by 2026 and remain unchanged thereafter.
Schedule of effect of one-percentage-point change in assumed healthcare cost trend rates A 1% change in the healthcare cost trend rate used in measuring the plan benefit obligation for these plans would have the following effects:
(in millions)
1% Increase
1% (Decrease)
Increase (decrease) in total service and interest cost
$
1

$
(1
)
Increase (decrease) in the accumulated plan benefit obligation
9

(30
)
Schedule of expected benefit payments The following table summarizes the benefit payments that are scheduled to be paid in the years ending December 31:
(in millions)
Pension Benefits
Other Postretirement and Postemployment Benefits
2018
$
1,170

$
284

2019
1,177

291

2020
1,201

296

2021
1,220

297

2022
1,238

296

2023-2027
6,351

1,417
Schedule of benefit plan assets measured at fair value on recurring basis The following table summarizes investments measured at fair value based on NAV per share as a practical expedient:
 
December 31, 2017
 
December 31, 2016
(in millions)
Fair Value
Redemption Frequency
Redemption Notice Period
Unfunded Commitments
 
Fair Value
Redemption Frequency
Redemption Notice Period
Unfunded Commitments
Hedge funds and hedge fund-related strategies
$
4,768

(5)
2-120 Days
$
—

 
$
3,308

(5)
4-120 Days
$
—

Commingled funds, private equity and private equity-related instruments
1,375

(1) (3) (4)
10-30 Days
—

 
1,214

(1) (3) (4)
15-30 Days
525

Fixed income and fixed income-related instruments
311

(2)
3-15 Days
—

 
270

(2)
5 Days
—

Real assets
924

(3) (4)
N/A
94

 
698

(3) (4)
N/A
529

Other
—

(1)
30 Days
—

 
234

(2)
2 Days
—

Total investments measured at NAV
$
7,378



$
94

 
$
5,724



$
1,054

(1) 
Monthly
(2) 
Semi-monthly
(3) 
Semi-annually
(4) 
Annually
(5) 
Various. Includes funds with weekly, monthly, semi-monthly, quarterly and custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment.

The following table shows our benefit plan assets by asset class.
 
December 31, 2017
 
December 31, 2016
 
Valuation Technique
(in millions)
Level 1
Level 2
Total
 
Level 1
Level 2
Total
 
Equities and equity-related instruments
$
2,033

$
13

$
2,046

 
$
2,021

$
14

$
2,035

 
(a)
Delta common stock
801

—

801

 
386

—

386

 
(a)
Cash equivalents
735

697

1,432

 
228

1,240

1,468

 
(a)
Fixed income and fixed income-related instruments
17

3,648

3,665

 
8

1,190

1,198

 
(a)(b)
Benefit plan assets
$
3,586

$
4,358

$
7,944

 
$
2,643

$
2,444

$
5,087

 
 
 
 
 
 
 
 
 
 
 
 
Investments measured at net asset value ("NAV")(1)
 
 
$
7,378

 
 
 
$
5,724

 
 
Total benefit plan assets
 
 
$
15,322

 
 
 
$
10,811

 
 

(1) 
Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.