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Pensions And Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
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:
 

 
 

 
 

 
 

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
 

 
 

 
 

 
 

Balance Sheets:
 

 
 

 
 

 
 

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
 

 
 

 
 

 
 

loss (before tax):
 

 
 

 
 

 
 

Net loss
$
895

 
$
781

 
$
21

 
$
11

Prior service cost (benefit)
2

 
2

 
(259
)
 
(283
)


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:
 

 
 

 
 

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
)
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
 

 
 

and other comprehensive income
$
116

 
$
17

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:
 

 
 

 
 
Discount rate
4.18
%
 
3.57
%
 
3.83
%
Pension cost:
 

 
 

 
 
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:
 

 
 

 
 
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
%


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
)
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
%
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:
 

 
 

 
 

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


 
December 31, 2017
 
Level 1
 
Level 2
 
Total
 
($ in millions)
 
 
 
 
 
 
Common stock
$
1,154

 
$

 
$
1,154

Common collective trusts:
 

 
 

 
 

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

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