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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Components of the plans' funded status reflected in the Consolidated Statements of Financial Position
Change in projected benefit obligation, plan assets and funded status
 
 
As of December 31,
 
 
Pension
benefits
 
Postretirement
benefits
($ in millions)
 
2019
 
2018
 
2019
 
2018
Change in projected benefit obligation
 
 
 
 
 
 
 
 
Benefit obligation, beginning of year
 
$
6,224

 
$
6,815

 
$
375

 
$
386

Service cost
 
117

 
110

 
8

 
7

Interest cost
 
240

 
255

 
14

 
15

Participant contributions
 
—

 
—

 
15

 
13

Actuarial losses (gains)
 
927

 
(255
)
 
19

 
(4
)
Benefits paid
 
(356
)
 
(646
)
 
(39
)
 
(35
)
Translation adjustment and other
 
(13
)
 
(55
)
 
5

 
(7
)
Benefit obligation, end of year
 
$
7,139

 
$
6,224

 
$
397

 
$
375

 
 
 
 
 
 
 
 
 
Change in plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets, beginning of year
 
$
5,299

 
$
6,284

 
 
 
 
Actual return on plan assets
 
1,235

 
(300
)
 
 
 
 
Employer contribution
 
27

 
16

 
 
 
 
Benefits paid
 
(356
)
 
(646
)
 
 
 
 
Translation adjustment and other
 
(13
)
 
(55
)
 
 
 
 
Fair value of plan assets, end of year
 
$
6,192

 
$
5,299

 

 

 
 
 
 
 
 
 
 
 
Funded status (1)
 
$
(947
)
 
$
(925
)
 
$
(397
)
 
$
(375
)
 
 
 
 
 
 
 
 
 
Amounts recognized in AOCI
 
 
 
 
 
 
 
 
Unamortized pension and other postretirement prior service credit
 
$
(142
)
 
$
(198
)
 
$
(13
)
 
$
(16
)

(1) 
The funded status is recorded within other liabilities and accrued expenses on the Consolidated Statements of Financial Position.
Change during the period in items not yet recognized as a component of net periodic cost
The funded status is recorded within other liabilities and accrued expenses on the Consolidated Statements of Financial Position.
Changes in items not yet recognized as a component of net cost for pension and other postretirement plans
($ in millions)
 
Pension benefits
 
Postretirement benefits
Items not yet recognized as a component of net cost – December 31, 2018
 
$
(198
)
 
$
(16
)
Prior service credit amortized to net cost
 
56

 
3

Items not yet recognized as a component of net cost – December 31, 2019
 
$
(142
)
 
$
(13
)
Components of net periodic cost
Components of net cost (benefit) for pension and other postretirement plans
 
 
For the years ended December 31,
 
 
Pension benefits
 
Postretirement benefits
 
Total Pension and Postretirement Benefits
($ in millions)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
 
$
117

 
$
110

 
$
111

 
$
8

 
$
7

 
$
8

 
$
125

 
$
117

 
$
119

Interest cost
 
240

 
255

 
254

 
14

 
15

 
15

 
254

 
270

 
269

Expected return on plan assets
 
(403
)
 
(427
)
 
(419
)
 
—

 
—

 
—

 
(403
)
 
(427
)
 
(419
)
Amortization of prior service credit
 
(56
)
 
(56
)
 
(56
)
 
(3
)
 
(21
)
 
(25
)
 
(59
)
 
(77
)
 
(81
)
Costs and expenses
 
(102
)
 
(118
)
 
(110
)
 
19

 
1

 
(2
)
 
(83
)
 
(117
)
 
(112
)
Remeasurement of projected benefit obligation
 
927

 
(255
)
 
406

 
19

 
(4
)
 
8

 
946

 
(259
)
 
414

Remeasurement of plan assets
 
(832
)
 
727

 
(631
)
 
—

 
—

 
—

 
(832
)
 
727

 
(631
)
Remeasurement gains and losses
 
95

 
472

 
(225
)
 
19

 
(4
)
 
8

 
114

 
468

 
(217
)
Total net (benefit) cost
 
$
(7
)
 
$
354

 
$
(335
)
 
$
38

 
$
(3
)
 
$
6

 
$
31

 
$
351

 
$
(329
)
Weighted average assumptions used to determine for pension plans and postretirement benefits plans the net benefit cost and benefit obligation
Weighted average assumptions used to determine net pension cost and net postretirement benefit cost
 
 
For the years ended December 31,
 
 
Pension benefits
 
Postretirement benefits
($ in millions)
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
 
3.70
%
 
4.06
%
 
3.96
%
 
3.61
%
 
3.95
%
 
3.91
%
Expected long-term rate of return on plan assets
 
7.34

 
7.33

 
7.32

 
n/a

 
n/a

 
n/a


Weighted average assumptions used to determine benefit obligations
 
 
For the years ended December 31,
 
 
Pension benefits
 
Postretirement benefits
 
 
2019
 
2018
 
2019
 
2018
Discount rate
 
3.31
%
 
4.31
%
 
3.27
%
 
4.22
%
Pension plans' weighted average target asset allocation and the actual percentage of plan assets
Weighted average target asset allocation and actual percentage of plan assets by asset category
 
 
As of December 31, 2019
 
 
Target asset allocation (1)
 
Actual percentage of plan assets
Pension plan’s asset category
 
2019
 
2019
 
2018
Equity securities (2)
 
37 - 55%
 
50
%
 
47
%
Fixed income securities
 
37 - 48%
 
38

 
41

Limited partnership interests
 
1 - 15%
 
10

 
9

Short-term investments and other
 
—
 
2

 
3

Total without securities lending (3)
 
 
 
100
%
 
100
%
(1) 
The target asset allocation considers risk-based exposure while the actual percentage of plan assets utilizes a financial reporting view excluding exposure provided through derivatives.
(2) 
The actual percentage of plan assets for equity securities includes 1% of private equity investments in both 2019 and 2018 that are subject to the limited partnership interests target allocation and none and 4% of fixed income mutual funds in 2019 and 2018, respectively, that are subject to the fixed income securities target allocation.
(3) 
Securities lending collateral reinvestment of $258 million and $208 million is excluded from the table above in 2019 and 2018, respectively.
Fair values of pension plan assets
Fair values of pension plan assets as of December 31, 2019
($ in millions)
 
Quoted prices in active markets for identical assets (Level 1)
 
Significant other observable inputs
(Level 2)
 
Significant unobservable inputs
(Level 3)
 
Balance as of December 31, 2019
Equity securities
 
$
216

 
$
45

 
$
—

 
$
261

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. government and agencies
 
237

 
1,096

 
—

 
1,333

Corporate
 
—

 
1,060

 
—

 
1,060

Short-term investments
 
128

 
252

 
—

 
380

Free-standing derivatives:
 
 
 
 
 
 
 
 
Assets
 
—

 
5

 
—

 
5

Liabilities
 
(2
)
 
(17
)
 
—

 
(19
)
Total plan assets at fair value
 
$
579

 
$
2,441

 
$
—

 
3,020

% of total plan assets at fair value
 
19.2
%
 
80.8
%
 
—
%
 
100.0
%
 
 
 
 
 
 
 
 
 
Investments measured using the net asset value practical expedient
 
 
 
 
 
 
 
3,418

Securities lending obligation (1)
 
 
 
 
 
 
 
(272
)
Derivatives counterparty and cash collateral netting
 
 
 
 
 
 
 
9

Other net plan assets (2)
 
 
 
 
 
 
 
17

Total reported plan assets
 
 
 
 
 
 
 
$
6,192

(1) 
The securities lending obligation represents the plan’s obligation to return securities lending collateral received under a securities lending program. The terms of the program allow both the plan and the counterparty the right and ability to redeem/return the securities loaned on short notice. Due to its relatively short-term nature, the outstanding balance of the obligation approximates fair value.
(2) 
Other net plan assets represent cash and cash equivalents, interest and dividends receivable and net receivables related to settlements of investment transactions, such as purchases and sales.
Fair values of pension plan assets as of December 31, 2018
($ in millions)
 
Quoted prices in active markets for identical assets (Level 1)
 
Significant other observable inputs
(Level 2)
 
Significant unobservable inputs
(Level 3)
 
Balance as of December 31, 2018
Equity securities
 
$
51

 
$
265

 
$
—

 
$
316

Fixed income securities:
 
 
 
 
 
 
 
 
U.S. government and agencies
 
172

 
509

 
—

 
681

Corporate
 
—

 
1,479

 
5

 
1,484

Short-term investments
 
122

 
198

 
—

 
320

Free-standing derivatives:
 
 
 
 
 
 
 
 
Assets
 
—

 
19

 
—

 
19

Liabilities
 
—

 
(11
)
 
—

 
(11
)
Total plan assets at fair value
 
$
345

 
$
2,459

 
$
5

 
2,809

% of total plan assets at fair value
 
12.3
%
 
87.5
%
 
0.2
%
 
100.0
%
 
 
 
 
 
 
 
 
 
Investments measured using the net asset value practical expedient
 
 
 
 
 
 
 
2,687

Securities lending obligation
 
 
 
 
 
 
 
(222
)
Derivatives counterparty and cash collateral netting
 
 
 
 
 
 
 
(6
)
Other net plan assets
 
 
 
 
 
 
 
31

Total reported plan assets
 
 
 
 
 
 
 
$
5,299
Rollforward of Level 3 plan assets
Rollforward of Level 3 plan assets during December 31, 2019
 
 
 
 
Actual return on plan assets:
 
 
 
 
 
 
($ in millions)
 
Balance as of December 31, 2018
 
Relating to assets sold during the period
 
Relating to assets still held at the reporting date
 
Purchases, sales and settlements, net
 
Net transfers in and/or (out) of Level 3
 
Balance as of December 31, 2019
Equity securities
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
 
Corporate
 
5

 
—

 
—

 
(5
)
 
—

 
—

Total Level 3 plan assets
 
$
5

 
$
—

 
$
—

 
$
(5
)
 
$
—

 
$
—

Rollforward of Level 3 plan assets during December 31, 2018
 
 
 
 
Actual return on plan assets:
 
 
 
 
 
 
($ in millions)
 
Balance as of December 31, 2017
 
Relating to assets sold during the period
 
Relating to assets still held at the reporting date
 
Purchases, sales and settlements, net
 
Net transfers in and/or (out) of Level 3
 
Balance as of December 31, 2018
Equity securities
 
$
29

 
$
—

 
$
3

 
$
—

 
$
(32
)
 
$
—

Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
 
Corporate
 
10

 
—

 
—

 
(5
)
 
—

 
5

Total Level 3 plan assets
 
$
39

 
$
—

 
$
3

 
$
(5
)
 
$
(32
)
 
$
5

Rollforward of Level 3 plan assets during December 31, 2017
 
 
 
 
Actual return on plan assets:
 
 
 
 
 
 
($ in millions)
 
Balance as of December 31, 2016
 
Relating to assets sold during the period
 
Relating to assets still held at the reporting date
 
Purchases, sales and settlements, net
 
Net transfers in and/or (out) of Level 3
 
Balance as of December 31, 2017
Equity securities
 
$
—

 
$
—

 
$
—

 
$
29

 
$
—

 
$
29

Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
 
Corporate
 
10

 
—

 
—

 
—

 
—

 
10

Total Level 3 plan assets
 
$
10

 
$
—

 
$
—

 
$
29

 
$
—

 
$
39
Estimated future benefit payments expected to be paid
Estimated future benefit payments expected to be paid in the next 10 years
 
 
As of December 31, 2019
($ in millions)
 
Pension benefits
 
Postretirement benefits
2020
 
$
600

 
$
23

2021
 
629

 
24

2022
 
636

 
26

2023
 
634

 
27

2024
 
626

 
27

2025-2029
 
2,401

 
136

Total benefit payments
 
$
5,526

 
$
263
Schedule of ESOP benefit
ESOP benefit
 
 
For the years December 31,
($ in millions)
 
2019
 
2018
 
2017
Interest expense recognized by ESOP
 
$
—

 
$
—

 
$
—

Less: dividends accrued on ESOP shares
 
(1
)
 
(1
)
 
(1
)
Cost of shares allocated
 
3

 
—

 
3

Compensation expense
 
2

 
(1
)
 
2

Reduction of defined contribution due to ESOP
 
43

 
1

 
38

ESOP benefit
 
$
(41
)
 
$
(2
)
 
$
(36
)