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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
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 Plans
  
(Dollars in Millions)   2022        2021        2022        2021  
         
Change In Projected Benefit Obligation
(a)
                 
 
                      
Benefit obligation at beginning of measurement period
   $ 8,030        $ 7,805        $ 34        $ 38  
Service cost
     280          265          –          –  
Interest cost
     248          219          1          1  
Participants’ contributions
     –          –          3          4  
Plan amendments
     2          –          –          –  
Actuarial (gain) loss
     (2,250 )         (4 )         (6 )         (2 ) 
Lump sum settlements
     (76 )         (71 )         –          –  
Benefit payments
     (195 )         (184 )         (8 )         (7 ) 
Acquisitions
 
(divestitures)
     578          –          27          –  
Benefit obligation at end of measurement period
(b)
   $ 6,617        $ 8,030        $ 51        $ 34  
Change In Fair Value Of Plan Assets
                 
 
                      
Fair value at beginning of measurement period
   $ 8,113        $ 7,498        $ –        $ –  
Actual return on plan assets
     (1,245 )         844          (1 )         –  
Employer contributions
     28          26          5          3  
Participants’ contributions
     –          –          4          4  
Lump sum settlements
     (76 )         (71 )         –          –  
Benefit payments
     (195 )         (184 )         (8 )         (7 ) 
Acquisitions
 
(divestitures)
     750          –          42          –  
Fair value at end of measurement period
   $ 7,375        $ 8,113        $ 42        $ –  
Funded (Unfunded) Status
   $ 758        $ 83        $ (9 )       $ (34 ) 
Components Of The Consolidated Balance Sheet
                 
 
                      
Noncurrent benefit asset
   $ 1,286        $ 776        $ 15        $ –  
Current benefit liability
     (25 )         (26 )         (4 )         (5 ) 
Noncurrent benefit liability
     (503 )         (667 )         (20 )         (29 ) 
Recognized amount
   $ 758        $ 83        $ (9 )       $ (34 ) 
Accumulated Other Comprehensive Income (Loss), Pretax
                 
 
                      
Net actuarial (loss) gain
   $ (1,326 )       $ (1,989 )       $ 57        $ 58  
Net prior service credit (cost)
     12          16          5          8  
Recognized amount
   $ (1,314 )       $ (1,973 )       $ 62        $ 66  
(a)
The decrease in the projected benefit obligation for 2022 was primarily due to a higher discount rate partially offset by the acquired MU
B
benefit obligations, and the increase for 2021 was primarily due to demographic experience partially offset by a higher discount rate.
(b)
At December 31, 2022 and 2021, the accumulated benefit obligation for all pension plans was $5.0 billion and $7.3 billion, respectively.
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:
 
    Pension Plans        Postretirement Welfare Plans  
(Dollars in Millions)   2022        2021        2022        2021  
         
Plans with Projected Benefit Obligations in Excess of Plan Assets
                 
 
                      
Projected benefit obligation
   $ 528        $ 692        $ –        $ –  
Fair value of plan assets
     –          –          –          –  
Plans with Accumulated Benefit Obligations in Excess of Plan Assets
                 
 
                      
Accumulated benefit obligation
   $ 487        $ 631        $ 24        $ 34  
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 Plans  
(Dollars in Millions)   2022        2021        2020        2022        2021        2020  
             
Components Of Net Periodic Benefit Cost
                            
 
                                 
Service cost
   $ 280        $ 265        $ 235        $ –        $ –        $ –  
Interest cost
     248          219          235          1          1          1  
Expected return on plan assets
     (481 )         (450 )         (403 )         –          –          (3 ) 
Prior service cost (credit) amortization
     (2 )         (2 )         –          (3 )         (3 )         (3 ) 
Actuarial loss (gain) amortization
     140          169          134          (7 )         (7 )         (6 ) 
Net periodic benefit cost
   $ 185        $ 201        $ 201        $ (9 )       $ (9 )       $ (11 ) 
Other Changes In Plan Assets And Benefit Obligations
                            
 
                                 
Recognized In Other Comprehensive Income (Loss)
                            
 
                                 
Net actuarial gain (loss) arising during the year
   $ 523        $ 398        $ (420 )       $ 5        $ 2        $ 1  
Net actuarial loss (gain) amortized during the year
     140          169          134          (7 )         (7 )         (6 ) 
Net prior service (cost) credit arising during the year
     (2 )         –          18          –          –          –  
Net prior service cost (credit) amortized during the year
     (2 )         (2 )         –          (3 )         (3 )         (3 ) 
Total recognized in other comprehensive income (loss)
   $ 659        $ 565        $ (268 )       $ (5 )       $ (8 )       $ (8 ) 
Total recognized in net periodic benefit cost and other comprehensive income (loss)
   $ 474        $ 364        $ (469 )       $ 4        $ 1        $ 3  
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 Plans		  
(Dollars in Millions)   2022      2021        2022      2021  
Discount rate
     5.55 %       3.00 %         5.43 %       2.37 % 
Cash balance interest crediting rate
     3.36        3.00          *        *  
Rate of compensation increase
(a)
     4.13        3.56          *        *  
Health care cost trend rate
(b)
                                     
Prior to age 65
                         6.50 %       5.75 % 
After age 65
  
 
 
 
   
 
 
 
        6.50 %       5.75 % 
(a)
Determined on an active liability-weighted basis.    
(b)
The 2022
pre-65
and
post-65
rates are both assumed to decrease gradually to 5.00 percent by 2029 and remain at this level thereafter, and the 2021
pre-65
and
post-65
rates were 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 Plans  
(Dollars in Millions)   2022      2021      2020        2022      2021      2020  
Discount rate
     3.00 %       2.75 %       3.40 %         2.37 %       2.37 %       2.80 % 
Cash balance interest crediting rate
     3.00        3.00        3.00          *        *        *  
Expected return on plan assets
(a)
     6.50        6.50        7.25          6.50        *        3.50  
Rate of compensation increase
(b)
     3.56        3.56        3.56          *        *        *  
Health care cost trend rate
(c)
                                                       
Prior to age 65
                                  5.75 %       5.75 %       6.25 % 
After age 65
  
 
 
 
   
 
 
 
   
 
 
 
        5.75        5.75        6.25  
(a)
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.
(b)
Determined on an active liability weighted basis.
(c)
The 2022, 2021 and 2020
pre-65
and
post-65
rates were both assumed to decrease gradually to 5.00 percent by 2025 and remain at that level thereafter.
*
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 Plans     Postretirement Welfare Plans  
    2022     2021     2022  
(Dollars in Millions)   Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total     Level 1     Level 2     Level 3     Total  
Cash and cash equivalents
   $ 202     $ –     $ –     $ 202     $ 43     $ –     $ –     $ 43     $ 7     $ –     $ –     $ 7  
Debt securities
     961       855       –       1,816       1,022       1,096       –       2,118       5       4       –       9  
Mutual funds
                              
 
                              
 
                                
Debt securities
     –       382       –       382       –       409       –       409       –       2       –       2  
Emerging markets equity securities
     –       156       –       156       –       188       –       188       –       1       –       1  
Other
     –       –       6       6       –       –       4       4       –       –       –       –  
    $ 1,163     $ 1,393     $ 6       2,562     $ 1,065     $ 1,693     $ 4       2,762     $ 12     $ 7     $ –       19  
Plan investment assets not classified in fair value hierarchy
(a)
:
                              
 
                              
 
                                
Collective investment funds
                              
 
                              
 
                                
Domestic equity securities
                             1,494                               1,958                               7  
Mid-small
cap equity securities
(b)
                             313                               433                               2  
International equity securities
                             620                               867                               3  
Domestic real estate securities
                             907                               829                               4  
Hedge funds
(c)
                             451                               450                               2  
Private equity funds
(d)
                             1,028                               814                               5  
Total plan investment assets at fair value
  
 
 
 
  
 
 
 
  
 
 
 
   $ 7,375    
 
 
 
  
 
 
 
  
 
 
 
   $ 8,113    
 
 
 
  
 
 
 
  
 
 
 
   $ 42  
(a)
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.
(b)
At December 31, 2022 and 2021, securities included $315 million and $433 million in domestic equities, respectively.
(c)
This category consists of several investment strategies diversified across several hedge fund managers.
(d)
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 plans investment assets measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31:
 
    2022        2021        2020  
(Dollars in Millions)   Other        Other        Other  
Balance at beginning of period
   $ 4        $ 6        $ 3  
Unrealized gains (losses) relating to assets still held at end of year
     2          (2 )         3  
Purchases, sales, and settlements, net
     –          –          –  
Balance at end of period
   $ 6        $ 4        $ 6  
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 Plans
(a)
  
2023
   $ 337        $ 5  
2024
     332          5  
2025
     387          5  
2026
     394          5  
2027
     409          5  
2028-2032
     2,359          19  
(a)
Net of expected retiree contributions.