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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Change In Benefit Obligations, Change In Plan Assets, Funded Status, Amounts Recognized on Balance Sheet, and Amounts Recognized In Accumulated Other Comprehensive Income (Pretax)

The following tables summarize benefit costs, as well as the benefit obligations, plan assets, funded status and rate assumptions associated with pension and postretirement health care and life insurance benefit plans.

Obligations and Funded Status

															(dollars in millions)
			Pension												Health Care and Life
At December 31,			2023						2022						2023						2022
Change in Benefit Obligations
Beginning of year			$	15,369					$	20,167					$	11,107					$	14,710
Service cost			208						246						54						94
Interest cost			752						544						545						332
Plan amendments			—						427						(26)						4
Actuarial (gain) loss, net			5						(3,865)						757						(3,297)
Benefits paid			(1,008)						(782)						(982)						(736)
Curtailment and termination benefits			5						2						—						—
Settlements paid			(198)						(1,370)						—						—
End of year			15,133						15,369						11,455						11,107
Change in Plan Assets
Beginning of year			13,739						20,087						450						581
Actual return on plan assets			751						(4,249)						62						(87)
Company contributions			252						53						936						692
Benefits paid			(1,008)						(782)						(982)						(736)
Settlements paid			(198)						(1,370)						—						—
End of year			13,536						13,739						466						450
Funded Status - End of year			$	(1,597)					$	(1,630)					$	(10,989)					$	(10,657)

															(dollars in millions)
			Pension												Health Care and Life
At December 31,			2023						2022						2023						2022
Amounts recognized in the balance sheets
Non-current assets			$	—					$	4					$	—					$	—
Current liabilities			(42)						(48)						(685)						(718)
Non-current liabilities			(1,555)						(1,586)						(10,304)						(9,939)
Total			$	(1,597)					$	(1,630)					$	(10,989)					$	(10,657)
Amounts recognized in Accumulated other comprehensive loss (pre-tax)
Prior service cost (benefit)			$	635					$	747					$	(962)					$	(1,355)
Total			$	635					$	747					$	(962)					$	(1,355)

Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets follows:

			(dollars in millions)
At December 31,			2023						2022
Accumulated benefit obligation			$	15,086					$	15,286
Fair value of plan assets			13,534						13,694

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

Information for pension plans with a projected benefit obligation in excess of plan assets follows:

			(dollars in millions)
At December 31,			2023						2022
Projected benefit obligation			$	15,133					$	15,328
Fair value of plan assets			13,536						13,694

Benefit or (Income) Cost Related to Pension and Postretirement Health Care and Life Insurance

The following table summarizes the components of net periodic benefit cost (income) related to our pension and postretirement health care and life insurance plans:

																											(dollars in millions)
			Pension																		Health Care and Life
Years Ended December 31,			2023						2022						2021						2023						2022						2021
Service cost - Cost of services			$	182					$	216					$	247					$	46					$	79					$	94
Service cost - Selling, general and administrative expense			26						30						35						8						15						18
Service cost			208						246						282						54						94						112
Amortization of prior service cost (credit)			112						82						61						(419)						(530)						(894)
Expected return on plan assets			(1,013)						(1,119)						(1,234)						(31)						(27)						(22)
Interest cost			752						544						394						545						332						289
Remeasurement loss (gain), net			266						1,505						(1,419)						726						(3,182)						(960)
Curtailment and termination benefits			—						2						—						—						—						—
Other components			117						1,014						(2,198)						821						(3,407)						(1,587)
Total			$	325					$	1,260					$	(1,916)					$	875					$	(3,313)					$	(1,475)

Other Pretax Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss

Other pre-tax changes in plan assets and benefit obligations recognized in Other comprehensive (income) loss are as follows:

																					(dollars in millions)
			Pension																		Health Care and Life
At December 31,			2023						2022						2021						2023						2022						2021
Reversal of amortization items
Prior service cost (benefit)			$	(112)					$	(82)					$	(61)					$	419					$	530					$	894
Total recognized in Other comprehensive loss (income) (pre-tax)			$	(112)					$	(82)					$	(61)					$	419					$	530					$	894

Weighted Average Assumptions Used in Determining Benefit Obligations and Net Periodic Cost

The weighted-average assumptions used in determining benefit obligations follow:

			Pension												Health Care and Life
At December 31,			2023						2022						2023						2022
Discount Rate			5.00		%				5.20		%				5.00		%				5.20		%
Rate of compensation increases			3.00		%				3.00		%				N/A						N/A

N/A - not applicable

The weighted-average assumptions used in determining net periodic cost follow:

			Pension																		Health Care and Life
At December 31,			2023						2022						2021						2023						2022						2021
Discount rate in effect for determining service cost			5.30		%				3.80		%				3.20		%				5.30		%				3.20		%				3.00		%
Discount rate in effect for determining interest cost			5.10						3.20						1.90						5.10						2.30						1.80
Expected return on plan assets			7.70						6.70						6.50						7.30						4.90						4.20
Rate of compensation increases			3.00						3.00						3.00						N/A						N/A						N/A

N/A - not applicable

Health Care Cost Trend Rates

The assumed health care cost trend rates are as follows:

			Health Care and Life
At December 31,			2023						2022						2021
Weighted-average healthcare cost trend rate assumed for next year			7.30		%				6.60		%				6.20		%
Rate to which cost trend rate gradually declines			4.50						4.50						4.50
Year the rate reaches the level it is assumed to remain thereafter			2032						2031						2029

Fair Values for Plans by Asset Category

The fair values for the pension plans by asset category at December 31, 2023 are as follows:

			(dollars in millions)
Asset Category			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	1,956					$	1,771					$	185					$	—
Equity securities			69						55						14						—
Fixed income securities
U.S. Treasuries and agencies			1,412						1,274						138						—
Corporate bonds			2,994						204						2,790						—
International bonds			341						3						338						—
Other			768						234						534						—
Real estate			996						—						—						996
Other
Private equity			512						—						—						512
Hedge funds			56						—						30						26
Total investments at fair value			9,104						3,541						4,029						1,534
Investments measured at NAV			4,432
Total			$	13,536					$	3,541					$	4,029					$	1,534

The fair values for the pension plans by asset category at December 31, 2022 are as follows:

			(dollars in millions)
Asset Category			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	817					$	779					$	38					$	—
Equity securities			332						318						14						—
Fixed income securities
U.S. Treasuries and agencies			1,541						1,312						229						—
Corporate bonds			2,413						13						2,400						—
International bonds			528						10						518						—
Other			711						4						707						—
Real estate			1,002						—						—						1,002
Other
Private equity			569						—						—						569
Hedge funds			88						—						36						52
Total investments at fair value			8,001						2,436						3,942						1,623
Investments measured at NAV			5,738
Total			$	13,739					$	2,436					$	3,942					$	1,623

Health Care and Life Plans

The fair values for the other postretirement benefit plans by asset category at December 31, 2023 are as follows:

			(dollars in millions)
Asset Category			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	27					$	—					$	27					$	—
Equity securities			229						229						—						—
Fixed income securities
U.S. Treasuries and agencies			138						118						20						—
Corporate bonds			41						29						12						—
International bonds			12						10						2						—
Other			14						—						14						—
Total investments at fair value			461						386						75						—
Investments measured at NAV			5
Total			$	466					$	386					$	75					$	—

The fair values for the other postretirement benefit plans by asset category at December 31, 2022 are as follows:

			(dollars in millions)
Asset Category			Total						Level 1						Level 2						Level 3
Cash and cash equivalents			$	30					$	1					$	29					$	—
Equity securities			252						252						—						—
Fixed income securities
U.S. Treasuries and agencies			101						82						19						—
Corporate bonds			35						25						10						—
International bonds			12						9						3						—
Other			11						—						11						—
Total investments at fair value			441						369						72						—
Investments measured at NAV			9
Total			$	450					$	369					$	72					$	—

Reconciliation of Beginning and Ending Balance of Plan Assets Measured at Fair Value

The following is a reconciliation of the beginning and ending balance of pension plan assets that are measured at fair value using significant unobservable inputs:

																					(dollars in millions)
																					Real Estate						Private Equity						Hedge Funds						Total
Balance at January 1, 2022																					$	972					$	569					$	110					$	1,651
Actual gain on plan assets																					19						30						19						68
Purchases (sales)																					14						(11)						6						9
Transfers out																					(3)						(19)						(83)						(105)
Balance at December 31, 2022																					1,002						569						52						1,623
Actual gain (loss) on plan assets																					(54)						14						4						(36)
Purchases (sales)																					48						(67)						(1)						(20)
Transfers out																					—						(4)						(29)						(33)
Balance at December 31, 2023																					$	996					$	512					$	26					$	1,534

Expected Benefit Payments to Retirees

The benefit payments to retirees are expected to be paid as follows:

									(dollars in millions)
Year			Pension Benefits						Health Care and Life
2024			$	1,401					$	812
2025			1,681						824
2026			1,639						829
2027			977						836
2028			974						843
2029 to 2033			4,734						4,294

Schedule of Recorded Severance Liability

The following table provides an analysis of our severance liability:

																					(dollars in millions)
Year			Beginning of Year						Charged to Expense						Payments						Other						End of Year
2021			$	602					$	233					$	(258)					$	(29)					$	548
2022			548						319						(214)						—						653
2023			653						531						(617)						—						567

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