Pensions And Other Postretirement Benefits (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Retirement Benefits [Abstract] |
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Pension And Other Postretirement Benefit Obligations And Plan Assets |
Pension and Other Postretirement Benefit Obligations and Plan Assets | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | 2018 | | 2017 | | 2018 | | 2017 | | ($ in millions) | Change in benefit obligations: | | | | | | | | Benefit obligation at beginning of year | $ | 2,541 |
| | $ | 2,420 |
| | $ | 510 |
| | $ | 528 |
| Service cost | 39 |
| | 38 |
| | 7 |
| | 7 |
| Interest cost | 83 |
| | 80 |
| | 15 |
| | 15 |
| Actuarial losses (gains) | (149 | ) | | 143 |
| | (24 | ) | | 6 |
| Benefits paid | (143 | ) | | (140 | ) | | (42 | ) | | (46 | ) | Benefit obligation at end of year | 2,371 |
| | 2,541 |
| | 466 |
| | 510 |
| | | | | | | | | Change in plan assets: | |
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| Fair value of plan assets at beginning of year | 2,373 |
| | 2,073 |
| | 201 |
| | 182 |
| Actual return on plan assets | (143 | ) | | 423 |
| | (19 | ) | | 40 |
| Employer contribution | 18 |
| | 17 |
| | 18 |
| | 25 |
| Benefits paid | (143 | ) | | (140 | ) | | (42 | ) | | (46 | ) | Fair value of plan assets at end of year | 2,105 |
| | 2,373 |
| | 158 |
| | 201 |
| | | | | | | | | Funded status at end of year | $ | (266 | ) | | $ | (168 | ) | | $ | (308 | ) | | $ | (309 | ) | | | | | | | | | Amounts recognized in the Consolidated | |
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| Balance Sheets: | |
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| Noncurrent assets | $ | 30 |
| | $ | 145 |
| | $ | — |
| | $ | — |
| Current liabilities | (18 | ) | | (17 | ) | | — |
| | — |
| Noncurrent liabilities | (278 | ) | | (296 | ) | | (308 | ) | | (309 | ) | | | | | | | | | Net amount recognized | $ | (266 | ) | | $ | (168 | ) | | $ | (308 | ) | | $ | (309 | ) | | | | | | | | | Amounts included in accumulated other comprehensive | |
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| loss (before tax): | |
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| Net loss | $ | 895 |
| | $ | 781 |
| | $ | 21 |
| | $ | 11 |
| Prior service cost (benefit) | 2 |
| | 2 |
| | (259 | ) | | (283 | ) |
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Pension And Other Postretirement Benefit Cost Components |
Pension and Other Postretirement Benefit Cost Components
| | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | ($ in millions) | | | | | | | Pension benefits: | | | | | | Service cost | $ | 39 |
| | $ | 38 |
| | $ | 36 |
| Interest cost | 83 |
| | 80 |
| | 82 |
| Expected return on plan assets | (177 | ) | | (172 | ) | | (173 | ) | Amortization of net losses | 57 |
| | 51 |
| | 51 |
| Amortization of prior service cost | — |
| | 1 |
| | — |
| | | | | | | Net cost (benefit) | $ | 2 |
| | $ | (2 | ) | | $ | (4 | ) | | | | | | | Other postretirement benefits: | |
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| Service cost | $ | 7 |
| | $ | 7 |
| | $ | 7 |
| Interest cost | 15 |
| | 15 |
| | 16 |
| Expected return on plan assets | (15 | ) | | (15 | ) | | (17 | ) | Amortization of prior service benefit | (24 | ) | | (24 | ) | | (24 | ) | | | | | | | Net benefit | $ | (17 | ) | | $ | (17 | ) | | $ | (18 | ) |
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Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Loss |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | | | | | | | | | | 2018 | | Pension Benefits | | Other Postretirement Benefits | | ($ in millions) | | | | | Net loss arising during the year | $ | 171 |
| | $ | 10 |
| Amortization of net losses | (57 | ) | | — |
| Amortization of prior service benefit | — |
| | 24 |
| | | | | Total recognized in other comprehensive income | $ | 114 |
| | $ | 34 |
| Total recognized in net periodic cost | |
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| and other comprehensive income | $ | 116 |
| | $ | 17 |
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Pension And Other Postretirement Benefit Assumptions |
A summary of the major assumptions follows: | | | | | | | | | | | 2018 | | 2017 | | 2016 | Pension funded status: | | | | | | Discount rate | 4.33 | % | | 3.74 | % | | 4.05 | % | Future salary increases | 4.21 | % | | 4.21 | % | | 4.21 | % | Other postretirement benefits funded status: | |
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| | | Discount rate | 4.18 | % | | 3.57 | % | | 3.83 | % | Pension cost: | |
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| | | Discount rate - service cost | 4.01 | % | | 4.31 | % | | 4.64 | % | Discount rate - interest cost | 3.33 | % | | 3.43 | % | | 3.51 | % | Return on assets in plans | 8.25 | % | | 8.25 | % | | 8.25 | % | Future salary increases | 4.21 | % | | 4.21 | % | | 4.50 | % | Other postretirement benefits cost: | |
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| | | Discount rate - service cost | 3.83 | % | | 4.17 | % | | 4.36 | % | Discount rate - interest cost | 3.13 | % | | 3.14 | % | | 3.15 | % | Return on assets in plans | 8.00 | % | | 8.00 | % | | 8.00 | % | Health care trend rate | 6.30 | % | | 6.56 | % | | 6.30 | % |
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Health Care Cost Trend Assumptions |
To illustrate, a one-percentage point change in the assumed health care cost trend would have the following effects: | | | | | | | | | | One-percentage point | | Increase | | Decrease | | ($ in millions) | Increase (decrease) in: | | | | Total service and interest cost components | $ | 1 |
| | $ | (1 | ) | Postretirement benefit obligation | 9 |
| | (8 | ) |
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Pension Plan Weighted-Average Asset Allocations, By Asset Category |
Our pension plans’ weighted average asset allocations, by asset category, were as follows: | | | | | | | | Percentage of plan assets at December 31, | | 2018 | | 2017 | | | | | Domestic equity securities | 49 | % | | 49 | % | International equity securities | 23 | % | | 25 | % | Debt securities | 25 | % | | 24 | % | Cash and cash equivalents | 3 | % | | 2 | % | | | | | Total | 100 | % | | 100 | % |
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Fair Value Of Plan Assets |
The following table sets forth the pension plans’ assets by valuation technique level, within the fair value hierarchy (there were no level 3 valued assets). | | | | | | | | | | | | | | December 31, 2018 | | Level 1 | | Level 2 | | Total | | ($ in millions) | | | | | | | Common stock | $ | 1,106 |
| | $ | — |
| | $ | 1,106 |
| Common collective trusts: | |
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| International equity securities | — |
| | 314 |
| | 314 |
| Debt securities | — |
| | 287 |
| | 287 |
| Fixed income securities: | | | | | | Corporate bonds | — |
| | 83 |
| | 83 |
| Government and agencies securities | — |
| | 89 |
| | 89 |
| Mortgage and other asset-backed securities | — |
| | 62 |
| | 62 |
| Commingled funds | — |
| | 92 |
| | 92 |
| Cash and cash equivalents | 72 |
| | — |
| | 72 |
| | | | | | | Total investments | $ | 1,178 |
| | $ | 927 |
| | $ | 2,105 |
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| | | | | | | | | | | | | | December 31, 2017 | | Level 1 | | Level 2 | | Total | | ($ in millions) | | | | | | | Common stock | $ | 1,154 |
| | $ | — |
| | $ | 1,154 |
| Common collective trusts: | |
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| International equity securities | — |
| | 397 |
| | 397 |
| Debt securities | — |
| | 562 |
| | 562 |
| Fixed income securities: | | | | | | Government and agencies securities | — |
| | 4 |
| | 4 |
| Commingled funds | — |
| | 233 |
| | 233 |
| Cash and cash equivalents | 23 |
| | — |
| | 23 |
| | | | | | | Total investments | $ | 1,177 |
| | $ | 1,196 |
| | $ | 2,373 |
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Estimated Future Benefit Payments |
Benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows: | | | | | | | | | | Pension Benefits | | Other Postretirement Benefits | | ($ in millions) | | | | | 2019 | $ | 142 |
| | $ | 41 |
| 2020 | 143 |
| | 40 |
| 2021 | 144 |
| | 38 |
| 2022 | 145 |
| | 37 |
| 2023 | 146 |
| | 36 |
| Years 2024 – 2028 | 733 |
| | 165 |
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