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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following table sets forth reconciliations of plan assets and the projected benefit obligation, the weighted-average assumptions used to determine year-end benefit obligations, and the amounts recognized in accumulated other comprehensive income (loss) for the Corporation’s defined benefit pension plans and postretirement benefit plan at December 31, 2017 and 2016. The Corporation used a measurement date of December 31, 2017 for these plans.
 
Defined Benefit Pension Plans
 
 
 
 
 
Qualified
 
 
Non-Qualified
 
Postretirement Benefit Plan
(dollar amounts in millions)
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Change in fair value of plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at January 1
$
2,453

 
 
$
2,346

 
 
$
—

 
$
—

 
$
62

 
$
61

Actual return on plan assets
396

 
 
200

 
 
—

 
—

 
2

 
2

Employer contributions
—

 
 
—

 
 
—

 
—

 
1

 
4

Benefits paid
(102
)
 
 
(93
)
 
 
—

 
—

 
(5
)
 
(5
)
Fair value of plan assets at December 31
$
2,747

 
 
$
2,453

 
 
$
—

 
$
—

 
$
60

 
$
62

Change in projected benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation at January 1
$
1,902

 
 
$
1,916

 
 
$
201

 
$
222

 
$
55

 
$
59

Service cost
29

 
 
31

 
 
2

 
3

 
—

 
—

Interest cost
78

 
 
87

 
 
8

 
10

 
2

 
3

Actuarial loss (gain)
154

 
 
161

 
 
12

 
11

 
(1
)
 
(2
)
Benefits paid
(102
)
 
 
(93
)
 
 
(11
)
 
(11
)
 
(5
)
 
(5
)
Plan change
—

 
 
(200
)
 
 
—

 
(34
)
 
—

 
—

Projected benefit obligation at December 31
$
2,061

 
 
$
1,902

 
 
$
212

 
$
201

 
$
51

 
$
55

Accumulated benefit obligation
$
2,052

 
 
$
1,894

 
 
$
209

 
$
198

 
$
51

 
$
55

Funded status at December 31 (a) (b)
$
686

 
 
$
551

 
 
$
(212
)
 
$
(201
)
 
$
9

 
$
7

Weighted-average assumptions used:
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.74
%
 
 
4.23
%
 
 
3.74
%
 
4.23
%
 
3.55
%
 
3.92
%
Rate of compensation increase
3.75

 
 
3.50

 
 
3.75

 
3.50

 
n/a

 
n/a

Healthcare cost trend rate:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost trend rate assumed for next year
n/a

 
 
n/a

 
 
n/a

 
n/a

 
6.50

 
6.50

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
n/a

 
 
n/a

 
 
n/a

 
n/a

 
4.50

 
5.00

Year when rate reaches the ultimate trend rate
n/a

 
 
n/a

 
 
n/a

 
n/a

 
2027

 
2027

Amounts recognized in accumulated other comprehensive income (loss) before income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial loss
$
(548
)
 
 
$
(673
)
 
 
$
(85
)
 
$
(82
)
 
$
(19
)
 
$
(20
)
Prior service credit
159

 
 
178

 
 
42

 
50

 
1

 
1

Balance at December 31
$
(389
)
 
 
$
(495
)
 
 
$
(43
)
 
$
(32
)
 
$
(18
)
 
$
(19
)

(a)
Based on projected benefit obligation for defined benefit pension plans and accumulated benefit obligation for postretirement benefit plan.
(b)
The Corporation recognizes the overfunded and underfunded status of the plans in “accrued income and other assets” and “accrued expenses and other liabilities,” respectively, on the consolidated balance sheets.
n/a - not applicable
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
The following table details the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the year ended December 31, 2017.
 
Defined Benefit Pension Plans
 
 
 
 
(in millions)
Qualified
 
Non-Qualified
 
Postretirement Benefit Plan
 
Total
Actuarial gain (loss) arising during the period
$
82

 
$
(11
)
 
$
1

 
$
72

Amortization of net actuarial loss
43

 
8

 
—

 
51

Amortization of prior service credit
(19
)
 
(8
)
 
—

 
(27
)
Total recognized in other comprehensive income (loss)
$
106

 
$
(11
)
 
$
1

 
$
96
Components of Net Periodic Defined Benefit Cost
Components of net periodic defined benefit cost and postretirement benefit cost, the actual return on plan assets and the weighted-average assumptions used were as follows:
 
Defined Benefit Pension Plans
(dollar amounts in millions)
Qualified
 
Non-Qualified
Years Ended December 31
2017
 
2016
 
2015
 
2017
 
2016
 
2015
Service cost
$
29

 
$
31

 
$
35

 
$
2

 
$
3

 
$
4

Interest cost
78

 
87

 
88

 
8

 
10

 
10

Expected return on plan assets
(159
)
 
(163
)
 
(159
)
 
—

 
—

 
—

Amortization of prior service (credit) cost
(19
)
 
(2
)
 
4

 
(8
)
 
(5
)
 
(4
)
Amortization of net loss
43

 
38

 
59

 
8

 
7

 
10

Net periodic defined benefit (credit) cost
$
(28
)
 
$
(9
)
 
$
27

 
$
10

 
$
15

 
$
20

Actual return on plan assets
$
396

 
$
200

 
$
(73
)
 
n/a

 
n/a

 
n/a

Actual rate of return on plan assets
16.48
%
 
8.66
%
 
(2.95
)%
 
n/a

 
n/a

 
n/a

Weighted-average assumptions used:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.23
%
 
4.53
%
 
4.28
 %
 
4.23
%
 
4.53
%
 
4.28
%
Expected long-term return on plan assets
6.50

 
6.75

 
6.75

 
n/a

 
n/a

 
n/a

Rate of compensation increase
3.50

 
3.75

 
3.75

 
3.50

 
3.75

 
3.75

n/a - not applicable
(dollar amounts in millions)
Postretirement Benefit Plan
Years Ended December 31
2017
 
2016
 
2015
Interest cost
$
2

 
$
3

 
$
3

Expected return on plan assets
(3
)
 
(4
)
 
(4
)
Amortization of prior service cost
—

 
—

 
1

Amortization of net loss
1

 
1

 
1

Net periodic postretirement benefit cost
$
—

 
$
—

 
$
1

Actual return on plan assets
$
2

 
$
2

 
$
—

Actual rate of return on plan assets
3.52
%
 
2.83
%
 
(0.53
)%
Weighted-average assumptions used:
 
 
 
 
 
Discount rate
3.92
%
 
4.53
%
 
3.99
 %
Expected long-term return on plan assets
5.00

 
5.00

 
5.00

Healthcare cost trend rate:
 
 
 
 
 
Cost trend rate assumed
6.50

 
7.00

 
7.00

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.50

 
5.00

 
5.00

Year that the rate reaches the ultimate trend rate
2027

 
2027

 
2026
Balances Remaining in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The estimated portion of balances remaining in accumulated other comprehensive income (loss) that are expected to be recognized as a component of net periodic benefit cost in the year ended December 31, 2018 are as follows:
 
Defined Benefit Pension Plans
 
 
 
 
(in millions)
Qualified
 
Non-Qualified
 
Postretirement
Benefit Plan
 
Total
Net loss
$
51

 
$
8

 
$
1

 
$
60

Prior service credit
(19
)
 
(8
)
 
—

 
(27
)
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
Assumed healthcare cost trend rates have a significant effect on the amounts reported for the postretirement benefit plan. A one-percentage-point change in 2017 assumed healthcare and prescription drug cost trend rates would have the following effects.
 
One-Percentage-Point
(in millions)
Increase
 
Decrease
Effect on postretirement benefit obligation
$
3

 
$
(2
)
Effect on total service and interest cost
—

 
—
Fair Value of Defined Benefit Plan Investments
The fair values of the Corporation’s qualified defined benefit pension plan investments measured at fair value on a recurring basis at December 31, 2017 and 2016, by asset category and level within the fair value hierarchy, are detailed in the table below.
(in millions)
Total
 
Level 1
 
Level 2
 
Level 3
December 31, 2017
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
Mutual funds
$
1

 
$
1

 
$
—

 
$
—

Common stock
961

 
961

 
—

 
—

Fixed income securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agency securities
456

 
451

 
5

 
—

Corporate and municipal bonds and notes
765

 
—

 
765

 
—

Mortgage-backed securities
25

 
—

 
25

 
—

Private placements
80

 
—

 
—

 
80

Total investments in the fair value hierarchy
2,288


$
1,413


$
795


$
80

 
 
 
 
 
 
 
 
Investments measured at net asset value:
 
 
 
 
 
 
 
Collective investment funds
455

 


 


 


Total investments at fair value
$
2,743

 


 


 


December 31, 2016
 
 
 
 
 
 
 
Cash equivalent securities:
 
 
 
 
 
 
 
     Commercial paper
$
2

 
$
—

 
$
2

 
$
—

Common stock
850

 
850

 
—

 
—

Fixed income securities:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agency securities
377

 
366

 
11

 
—

Corporate and municipal bonds and notes
710

 
—

 
710

 
—

Mortgage-backed securities
23

 
—

 
23

 
—

Private placements
71

 
—

 
—

 
71

Total investments in the fair value hierarchy
2,033

 
$
1,216

 
$
746

 
$
71

 
 
 
 
 
 
 
 
Investments measured at net asset value:
 
 
 
 
 
 
 
   Collective investment funds
415

 
 
 
 
 
 
Total investments at fair value
$
2,448

 
 
 
 
 
 
Changes in Level 3 Defined Benefit Plan Investments
The table below provides a summary of changes in the Corporation’s qualified defined benefit pension plan’s Level 3 investments measured at fair value on a recurring basis for the years ended December 31, 2017 and 2016.
 
Balance at
Beginning
of Period
 
 
 
 
 
 
 
 
 
Balance at
End of Period
 
 
Net Gains (Losses)
 
 
 
 
 
(in millions)
 
Realized
 
Unrealized
 
Purchases
 
Sales
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Private placements
$
71

 
$
2

 
$
3

 
$
77

 
$
(73
)
 
$
80

Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Private placements
$
105

 
$
1

 
$
3

 
$
64

 
$
(102
)
 
$
71
Estimated Future Benefit Payments
The Corporation currently expects to make no employer contributions to the qualified and non-qualified defined benefit pension plans and postretirement benefit plan for the year ended December 31, 2018.
 
Estimated Future Benefit Payments
(in millions)
Years Ended December 31
Qualified
Defined Benefit
Pension Plan
 
Non-Qualified
Defined Benefit
Pension Plan
 
Postretirement
Benefit Plan (a)
2018
$
120

 
$
11

 
$
6

2019
123

 
12

 
5

2020
125

 
13

 
5

2021
127

 
13

 
5

2022
130

 
13

 
5

2023 - 2027
665

 
66

 
19

(a)
Estimated benefit payments in the postretirement benefit plan are net of estimated Medicare subsidies.