v3.20.4
Pension And Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plan [Abstract]  
Schedule of Plan Obligations in Excess of Plan Assets
The following table presents the change in the projected benefit obligation for the years ended December 31:
Pension BenefitsPostretirement Benefits
2020201920202019
Benefit obligation at beginning of year$59,873 $55,439 $16,041 $19,378 
Service cost - benefits earned during the period1,029 1,019 53 71 
Interest cost on projected benefit obligation1,687 1,960 416 675 
Amendments(340)— (2,655)(4,590)
Actuarial (gain) loss5,054 7,734 1,423 2,050 
Special termination benefits— 81 — — 
Benefits paid(5,124)(6,356)(1,370)(1,543)
Curtailment (1)— — — 
Plan transfers(20)(4)20 — 
Benefit obligation at end of year$62,158 $59,873 $13,928 $16,041 

The following table presents the change in the fair value of plan assets for the years ended December 31 and the plans’ funded status at December 31:
Pension BenefitsPostretirement Benefits
2020201920202019
Fair value of plan assets at beginning of year$53,530 $51,681 $4,145 $4,277 
Actual return on plan assets6,199 8,207 302 609 
Benefits paid 1
(5,124)(6,356)(1,029)(941)
Contributions2 2 425 200 
Plan transfers(1)(4)— — 
Fair value of plan assets at end of year54,606 53,530 3,843 4,145 
Unfunded status at end of year 2
$(7,552)$(6,343)$(10,085)$(11,896)
1At our discretion, certain postretirement benefits may be paid from our cash accounts, which does not reduce Voluntary Employee Benefit Association (VEBA) assets. Future benefit payments may be made from VEBA trusts and thus reduce those asset balances.
2Funded status is not indicative of our ability to pay ongoing pension benefits or of our obligation to fund retirement trusts. Required pension funding is determined in accordance with the Employee Retirement Income Security Act of 1974, as amended (ERISA) and applicable regulations.

Amounts recognized on our consolidated balance sheets at December 31 are listed below:
Pension Benefits
Postretirement Benefits
2020201920202019
Current portion of employee benefit obligation 1
$— $— $(1,213)$(1,365)
Employee benefit obligation 2
(7,552)(6,343)(8,872)(10,531)
Net amount recognized$(7,552)$(6,343)$(10,085)$(11,896)
1Included in “Accounts payable and accrued liabilities.”
2Included in “Postemployment benefit obligation,” combined with international pension obligations and other postemployment obligations of $553 and $1,299 at December 31, 2020, respectively.
Schedule Of Defined Benefit Plan And Postretirement Benefits Disclosure
The following table presents the components of net periodic benefit cost (credit):
Pension Benefits 1
Postretirement Benefits
202020192018202020192018
Service cost – benefits earned
during the period		$1,029 $1,019 $1,116 $53 $71 $109 
Interest cost on projected benefit
obligation
1,687 1,960 2,092 416 675 778 
Expected return on assets(3,557)(3,561)(3,190)(178)(227)(304)
Amortization of prior service credit(113)(113)(115)(2,329)(1,820)(1,635)
Actuarial (gain) loss2,404 3,088 (812)1,299 1,670 (2,290)
Net pension and postretirement
cost (credit)		$1,450 $2,393 $(909)$(739)$369 $(3,342)
1Net periodic pension cost (credit) excludes immediate cost recognized due to special events: curtailment gain of ($1) in 2020 and special termination benefits of $81 in 2019.

Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
The following table presents the after-tax changes in benefit obligations recognized in OCI and the after-tax prior service credits that were amortized from OCI into net periodic benefit costs:
Pension BenefitsPostretirement Benefits
202020192018202020192018
Balance at beginning of year$361 $447 $571 $8,171 $6,086 $6,456 
Prior service (cost) credit250 — (37)2,001 3,457 864 
Amortization of prior service credit(86)(86)(87)(1,756)(1,372)(1,234)
Total recognized in other
comprehensive (income) loss
164 (86)(124)245 2,085 (370)
Balance at end of year$525 $361 $447 $8,416 $8,171 $6,086 
Schedule of Assumptions in Determining the Projected Benefit Obligation and Net Pension and Postretirement Benefit Cost
In determining the projected benefit obligation and the net pension and postretirement benefit cost, we used the following significant weighted-average assumptions:
Pension BenefitsPostretirement Benefits
202020192018202020192018
Weighted-average discount rate for
determining benefit obligation at
December 31		2.70 %3.40 %4.50 %2.40 %3.20 %4.40 %
Discount rate in effect for determining
service cost1, 2
3.60 %4.10 %4.20 %3.50 %4.40 %4.30 %
Discount rate in effect for determining interest cost1,2
2.90 %3.50 %3.80 %2.70 %3.70 %3.60 %
Weighted-average interest credit rate for cash balance pension programs3
3.10 %3.30 %3.70 %— %— %— %
Long-term rate of return on plan assets7.00 %7.00 %7.00 %4.75 %5.75 %5.75 %
Composite rate of compensation
increase for determining benefit
obligation
3.00 %3.00 %3.00 %3.00 %3.00 %3.00 %
Composite rate of compensation
increase for determining net cost
(benefit)
3.00 %3.00 %3.00 %3.00 %3.00 %3.00 %
1Weighted-average discount rate for pension benefits in effect from January 1, 2019 through March 31, 2019 was 4.60% for service cost and 4.20% for interest cost, from April 1, 2019 through June 30, 2019 was 4.30% for service cost and 3.70% for interest cost, from July 1, 2019 through September 30, 2019 was 3.90% for service cost and 3.20% for interest cost, and, from October 1, 2019 through December 31, 2019 was 3.50% for service cost and 3.00% for interest cost.
2Weighted-average discount rate for postretirement benefits in effect from January 1, 2019 through October 1, 2019 was 4.70% for service cost and 4.00% for interest cost, and, from October 2, 2019 through December 31, 2019 was 3.40% for service cost and 2.70% for interest cost.
3Weighted-average interest crediting rates for cash balance pension programs relate only to the cash balance portion of total pension benefits. A 0.50% increase in the weighted-average interest crediting rate would increase the pension benefit obligation by $130.
Schedule of Defined Benefit Plan Targeted and Actual Plan Asset Allocations
The plans’ weighted-average asset targets and actual allocations as a percentage of plan assets, including the notional exposure of future contracts by asset categories at December 31 are as follows:
Pension AssetsPostretirement (VEBA) Assets
Target20202019Target20202019
Equity securities:
Domestic16  %-26  %19  %17  %14  %-24  %19  %20  %
International10  %-20  %15 12 9  %-19  %14 12 
Fixed income securities37  %-47  %35 35 40  %-50  %45 52 
Real assets8  %-18  %8 9 — %-6  %1 1 
Private equity5  %-15  %9 8 — %-6  %1 2 
Preferred interest6 %-16  %10 17 — %-— %— — 
Other— %-5  %4 2 15  %-25  %20 13 
Total100  %100  %100  %100  %
Schedule of Fair Value of Pension and Postretirement Assets and Liabilities by Level
The following tables set forth by level, within the fair value hierarchy, the pension and postretirement assets and liabilities at fair value as of December 31, 2020:
Pension Assets and Liabilities at Fair Value as of December 31, 2020
Level 1
Level 2
Level 3
Total
Non-interest bearing cash$173 $— $— $173 
Interest bearing cash7 — — 7 
Foreign currency contracts— 3 — 3 
Equity securities:
Domestic equities9,784 — 11 9,795 
International equities4,821 11 12 4,844 
Preferred interest— — 5,771 5,771 
Fixed income securities:
Corporate bonds and other investments— 11,043 52 11,095 
Government and municipal bonds— 6,039 — 6,039 
Mortgage-backed securities— 442 1 443 
Real estate and real assets— — 2,544 2,544 
Securities lending collateral621 1,435 — 2,056 
Receivable for variation margin23 — — 23 
Assets at fair value15,429 18,973 8,391 42,793 
Investments sold short and other liabilities at fair value(450)(8)(1)(459)
Total plan net assets at fair value$14,979 $18,965 $8,390 $42,334 
Assets held at net asset value practical expedient
Private equity funds5,154 
Real estate funds1,694 
Commingled funds7,706 
Total assets held at net asset value practical expedient14,554 
Other assets (liabilities) 1
(2,282)
Total Plan Net Assets$54,606 
1Other assets (liabilities) include amounts receivable, accounts payable and net adjustment for securities lending payable.
Postretirement Assets and Liabilities at Fair Value as of December 31, 2020
Level 1
Level 2
Level 3
Total
Interest bearing cash$497 $302 $— $799 
Equity securities:
Domestic equities363 — — 363 
International equities282 — — 282 
Fixed income securities:
Corporate bonds and other investments5 307 3 315 
Government and municipal bonds6 132 1 139 
Mortgage-backed securities— 94 — 94 
Securities lending collateral— 28 — 28 
Assets at fair value1,153 863 4 2,020 
Securities lending payable and other liabilities(1)(29)— (30)
Total plan net assets at fair value$1,152 $834 $4 $1,990 
Assets held at net asset value practical expedient
Commingled funds1,843 
Private equity24 
Real estate funds22 
Total assets held at net asset value practical expedient1,889 
Other assets (liabilities)1
(36)
Total Plan Net Assets$3,843 
1Other assets (liabilities) include amounts receivable and accounts payable.
The following tables set forth by level, within the fair value hierarchy, the pension and postretirement assets and liabilities at fair value as of December 31, 2019:
Pension Assets and Liabilities at Fair Value as of December 31, 2019
Level 1
Level 2
Level 3
Total
Non-interest bearing cash$85 $— $— $85 
Interest bearing cash529 — — 529 
Foreign currency contracts— 5 — 5 
Equity securities:
Domestic equities8,068 — 4 8,072 
International equities3,929 11 6 3,946 
Preferred interest— — 8,806 8,806 
Fixed income securities:
Corporate bonds and other investments— 10,469 4 10,473 
Government and municipal bonds49 6,123 — 6,172 
Mortgage-backed securities— 522 2 524 
Real estate and real assets— — 2,817 2,817 
Securities lending collateral103 1,658 — 1,761 
Receivable for variation margin5 — — 5 
Assets at fair value12,768 18,788 11,639 43,195 
Investments sold short and other liabilities at fair value(513)(2)— (515)
Total plan net assets at fair value$12,255 $18,786 $11,639 $42,680 
Assets held at net asset value practical expedient
Private equity funds4,544 
Real estate funds2,062 
Commingled funds5,710 
Total assets held at net asset value practical expedient12,316 
Other assets (liabilities) 1
(1,466)
Total Plan Net Assets$53,530 
1Other assets (liabilities) include amounts receivable, accounts payable and net adjustment for securities lending payable.
Postretirement Assets and Liabilities at Fair Value as of December 31, 2019
Level 1Level 2Level 3
Total
Interest bearing cash
$248 $301 $— $549 
Equity securities:
Domestic equities438 — — 438 
International equities265 — — 265 
Fixed income securities:
Corporate bonds and other investments7 492 31 530 
Government and municipal bonds6 182 1 189 
Mortgage-backed securities— 294 — 294 
Securities lending collateral— 36 — 36 
Assets at fair value964 1,305 32 2,301 
Securities lending payable and other liabilities— (36)— (36)
Total plan net assets at fair value$964 $1,269 $32 $2,265 
Assets held at net asset value practical expedient
Private equity funds66 
Real estate funds27 
Commingled funds1,797 
Total assets held at net asset value practical expedient1,890 
Other assets (liabilities) 1
(10)
Total Plan Net Assets$4,145 
1Other assets (liabilities) include amounts receivable and accounts payable.
Summary of Changes in The Fair Value of the Level 3 Pension and Postretirement Assets
The tables below set forth a summary of changes in the fair value of the Level 3 pension and postretirement assets for the year ended December 31, 2020:
Pension AssetsEquitiesFixed Income FundsReal Estate and Real AssetsTotal
Balance at beginning of year$8,816 $6 $2,817 $11,639 
Realized gains (losses)(150)— 255 105 
Unrealized gains (losses)3 — (178)(175)
Transfers in4 51 36 91 
Transfers out— (3)— (3)
Purchases9,114 1 223 9,338 
Sales(11,994)(2)(609)(12,605)
Balance at end of year$5,793 $53 $2,544 $8,390 
Postretirement AssetsEquitiesFixed Income FundsReal Estate and Real AssetsTotal
Balance at beginning of year$— $32 $— $32 
Transfers in— 3 — 3 
Transfers out— (11)— (11)
Sales— (20)— (20)
Balance at end of year$— $4 $— $4 
The tables below set forth a summary of changes in the fair value of the Level 3 pension and postretirement assets for the year ended December 31, 2019:
Pension AssetsEquitiesFixed Income FundsReal Estate and Real Assets
Total
Balance at beginning of year$8,750 $4 $2,579 $11,333 
Realized gains (losses)— — 64 64 
Unrealized gains (losses)58 — 45 103 
Transfers in8 5 134 147 
Transfers out— (6)— (6)
Purchases— 7 228 235 
Sales— (4)(233)(237)
Balance at end of year$8,816 $6 $2,817 $11,639 
Postretirement AssetsEquitiesFixed Income FundsReal Estate and Real Assets
Total
Balance at beginning of year$1 $12 $— $13 
Transfers in— 28 — 28 
Transfers out— (1)— (1)
Sales(1)(7)— (8)
Balance at end of year$— $32 $— $32 
Estimated Future Benefit Payments The following table provides expected benefit payments under our pension and postretirement plans:
Pension BenefitsPostretirement Benefits
2021$5,391 $1,392 
20224,597 1,231 
20234,428 1,159 
20244,323 879 
20254,234 832 
Years 2026 - 203019,646 3,651