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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Summary of Changes in Projected Benefit Obligation, Plan Assets, Funded Status, Amounts Recognized in Consolidated Balance Sheet and Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in benefit obligations and plan assets for the years ended December 31, and the funded status and amounts recognized in the Consolidated Balance Sheet at December 31 for the retirement plans:

 

    Pension Plans        Postretirement
Welfare Plan		  
(Dollars in Millions)   2018        2017        2018        2017  
 

Change In Projected Benefit Obligation(a)

                   

Benefit obligation at beginning of measurement period

   $ 5,720        $ 5,073        $ 68        $ 75  

Service cost

     208          187          –          –  

Interest cost

     224          220          2          2  

Participants’ contributions

     –          –          8          8  

Actuarial loss (gain)

     (440 )         430          (7 )         (1 ) 

Lump sum settlements

     (50 )         (45 )         –          –  

Benefit payments

     (155 )         (145 )         (18 )         (18 ) 

Federal subsidy on benefits paid

     –          –          1          2  

Benefit obligation at end of measurement period(b)

   $ 5,507        $ 5,720        $ 54        $ 68  

Change In Fair Value Of Plan Assets(c)

                   

Fair value at beginning of measurement period

   $ 5,482        $ 3,769        $ 87        $ 82  

Actual return on plan assets

     (365 )         665          –          10  

Employer contributions

     24          1,238          5          5  

Participants’ contributions

     –          –          7          8  

Lump sum settlements

     (50 )         (45 )         –          –  

Benefit payments

     (155 )         (145 )         (18 )         (18 ) 

Fair value at end of measurement period

   $ 4,936        $ 5,482        $ 81        $ 87  

Funded (Unfunded) Status

   $ (571 )       $ (238 )       $ 27        $ 19  

Components Of The Consolidated Balance Sheet

                   

Noncurrent benefit asset

   $ –        $ 270        $ 26        $ 19  

Current benefit liability

     (23 )         (23 )         –          –  

Noncurrent benefit liability

     (548 )         (485 )         –          –  

Recognized amount

   $ (571 )       $ (238 )       $ 26        $ 19  

Accumulated Other Comprehensive Income (Loss), Pretax

                   

Net actuarial gain (loss)

   $ (1,981 )       $ (1,822 )       $ 66        $ 68  

Net prior service credit (cost)

     –          –          18          22  

Recognized amount

   $ (1,981 )       $ (1,822 )       $ 84        $ 90  
(a)

The decrease and the increase in the projected benefit obligation for 2018 and 2017, respectively, were primarily due to discount rate changes.
(b)

At December 31, 2018 and 2017, the accumulated benefit obligation for all pension plans was $5.0 billion and $5.2 billion, respectively.
(c)

The decrease and the increase in the fair value of plan assets for 2018 and 2017, respectively, were primarily due to market conditions, as well as higher employer contributions in 2017.
Pension Plans with Benefit Obligations in Excess of Plan Assets

The following table provides information for pension plans with benefit obligations in excess of plan assets at December 31:

 

(Dollars in Millions)      2018        2017  

Pension Plans with Projected Benefit Obligations in Excess of Plan Assets

          

Projected benefit obligation

      $ 5,507        $ 508  

Fair value of plan assets

        4,936          –  

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

          

Accumulated benefit obligation

      $ 467        $ 485  

Fair value of plan assets

        –          –  
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The following table sets forth the components of net periodic benefit cost and other amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31 for the retirement plans:

 

    Pension Plans        Postretirement Welfare Plan  
(Dollars in Millions)   2018        2017        2016        2018        2017        2016  
 

Components Of Net Periodic Benefit Cost

                             

Service cost

   $ 208        $ 187        $ 177        $ –        $ –        $ –  

Interest cost

     224          220          211          2          2          3  

Expected return on plan assets

     (379 )         (284 )         (266 )         (3 )         (3 )         (1 ) 

Prior service cost (credit) and transition obligation (asset) amortization

     –          (2 )         (5 )         (3 )         (3 )         (3 ) 

Actuarial loss (gain) amortization

     146          127          175          (6 )         (5 )         (4 ) 

Net periodic benefit cost

   $ 199        $ 248        $ 292        $ (10 )       $ (9 )       $ (5 ) 

Other Changes In Plan Assets And Benefit Obligations

                             

Recognized In Other Comprehensive Income (Loss)

                             

Net actuarial gain (loss) arising during the year

   $ (305 )       $ (48 )       $ (270 )       $ 3        $ 7        $ 15  

Net actuarial loss (gain) amortized during the year

     146          127          175          (6 )         (5 )         (4 ) 

Net prior service cost (credit) and transition obligation (asset) amortized during the year

     –          (2 )         (5 )         (3 )         (3 )         (3 ) 

Total recognized in other comprehensive income (loss)

   $ (159 )       $ 77        $ (100 )       $ (6 )       $ (1 )       $ 8  

Total recognized in net periodic benefit cost and other comprehensive income (loss)

   $ (358 )       $ (171 )       $ (392 )       $ 4        $ 8        $ 13  
Weighted Average Assumptions to Determine Projected Benefit Obligations

The following table sets forth weighted average assumptions used to determine the projected benefit obligations at December 31:

 

    Pension Plans        Postretirement
Welfare Plan		  
(Dollars in Millions)   2018      2017        2018      2017  

Discount rate(a)

     4.45 %       3.84 %         4.05 %       3.34 % 

Cash balance interest crediting rate

     3.00        3.00          *        *  

Rate of compensation increase(b)

     3.52        3.56          *        *  

Health care cost trend rate(c)

             

Prior to age 65

             6.50 %       6.75 % 

After age 65

                         10.00 %       6.75 % 
(a)

The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified pension plan and postretirement welfare plan of 14.7, 11.5, and 5.9 years, respectively, for 2018, and 15.8, 12.3 and 6.1 years, respectively, for 2017.
(b)

Determined on an active liability-weighted basis.
(c)

The 2018 and 2017 pre-65 and post-65 rates are both assumed to decrease gradually to 5.00 percent by 2025 and remain at this level thereafter.
*

Not applicable
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

The following table sets forth weighted average assumptions used to determine net periodic benefit cost for the years ended December 31:

 

    Pension Plans        Postretirement Welfare Plan  
(Dollars in Millions)   2018      2017      2016        2018      2017      2016  

Discount rate(a)

     3.84 %       4.27 %       4.45 %         3.34 %       3.57 %       3.59 % 

Cash balance interest crediting rate

     3.00        3.00        3.00          *        *        *  

Expected return on plan assets(b)

     7.25        7.25        7.50          3.50        3.50        1.50  

Rate of compensation increase(c)

     3.56        3.58        4.06          *        *        *  

Health care cost trend rate(d)

                   

Prior to age 65

                6.75 %       7.00 %       6.50 % 

After age 65

                                  6.75        7.00        6.50  
(a)

The discount rates were developed using a cash flow matching bond model with a modified duration for the qualified pension plan, non-qualified pension plan and postretirement welfare plan of 15.8, 12.3, and 6.1 years, respectively, for 2018, and 15.5, 12.1 and 6.2 years, respectively, for 2017.
(b)

With the help of an independent pension consultant, the Company considers several sources when developing its expected long-term rates of return on plan assets assumptions, including, but not limited to, past returns and estimates of future returns given the plans’ asset allocation, economic conditions, and peer group LTROR information. The Company determines its expected long-term rates of return reflecting current economic conditions and plan assets.
(c)

Determined on an active liability weighted basis.
(d)

The 2018 and 2017 pre-65 and post-65 rates are both assumed to decrease gradually to 5.00 percent by 2025 and remain at that level thereafter. The 2016 pre-65 and post-65 rates are both assumed to decrease gradually to 5.00 percent by 2019.
*

Not applicable
Summary of Plan Investment Assets Measured at Fair Value

The following table summarizes plan investment assets measured at fair value at December 31:

 

    Qualified Pension Plan      Welfare Plan  
    2018      2017      2018      2017  
(Dollars in Millions)   Level 1      Level 2      Level 3      Total      Level 1     Level 2      Level 3      Total      Level 1      Level 1  

Cash and cash equivalents

   $ 54      $ –      $ –      $ 54      $ 727 (a)     $ –      $ –      $ 727      $ 40      $ 36  

Debt securities

     631        904        –        1,535        517       723        –        1,240        –        –  

Corporate stock

                              

Real estate equity securities(b)

     109        –        –        109        216       –        –        216        –        –  

Mutual funds

                              

Debt securities

     –        295        –        295        –       205        –        205        –        –  

Emerging markets equity securities

     –        113        –        113        –       120        –        120        –        –  

Other

     –        –        3        3        –       –        2        2        –        –  
  $ 794      $ 1,312      $ 3        2,109      $ 1,460     $ 1,048      $ 2        2,510        40        36  

Plan investment assets not classified in fair value hierarchy(c):

                              

Collective investment funds

                              

Domestic equity securities

              1,183                1,327        23        29  

Mid-small cap equity securities(d)

              340                346        –        –  

International equity securities

              643                934        14        22  

Real estate securities

              146                –        –        –  

Hedge funds(e)

              290                200        –        –  

Private equity funds(f)

              225                165        –        –  

Total plan investment assets at fair value

                              $ 4,936                                $ 5,482      $ 77      $ 87  
(a)

Includes an employer contribution made in late 2017 which was invested in various asset classes subsequent to December 31, 2017.
(b)

At December 31, 2018 and 2017, securities included $56 million and $105 million in domestic equities, respectively, and $53 million and $111 million in international equities, respectively.
(c)

These investments are valued based on net asset value per share as a practical expedient; fair values are provided to reconcile to total investment assets of the plans at fair value.
(d)

At December 31, 2018 and 2017, securities included $340 million and $346 million in domestic equities, respectively.
(e)

This category consists of several investment strategies diversified across several hedge fund managers.
(f)

This category consists of several investment strategies diversified across several private equity fund managers.
Summarizes the Changes for Qualified Pension Plan Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The following table summarizes the changes in fair value for qualified pension plan investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31:

 

    2018        2017        2016  
(Dollars in Millions)   Other        Other        Other  

Balance at beginning of period

   $ 2        $ 1        $ 1  

Purchases, sales, and settlements, net

     1          1          –  

Balance at end of period

   $ 3        $ 2        $ 1  
Expected Future Benefit Payments

The following benefit payments are expected to be paid from the retirement plans for the years ended December 31:

 

(Dollars in Millions)   Pension
Plans		        Postretirement
Welfare Plan(a)		        Medicare
Part D
Subsidy
Receipts		  

2019

   $ 216        $ 8        $ 1  

2020

     233          8          1  

2021

     252          7          1  

2022

     268          7          1  

2023

     285          6          1  

2024-2028

     1,692          24          2  
(a)

Net of expected retiree contributions and before Medicare Part D subsidy.