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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Plans [Abstract]

Schedule Of Changes In Projected Benefit Obligation And Plan Assets

Changes in our PBO and plan assets were as follows for the years ended December 31:

Funded Status	Pension				OPEB
Millions	2020		2019		2020		2019
Projected Benefit Obligation
Projected benefit obligation at beginning of year	$	4,847	$	4,181	$	205	$	298
Service cost		91		80		1		1
Interest cost		137		160		5		9
Plan amendment		-		-		(2)		(92)
Actuarial (gain)/loss		812		656		-		11
Gross benefits paid		(229)		(230)		(19)		(22)
Projected benefit obligation at end of year	$	5,658	$	4,847	$	190	$	205
Plan Assets
Fair value of plan assets at beginning of year	$	4,528	$	3,887	$	-	$	-
Actual (loss)/return on plan assets		686		841		-		-
Non-qualified plan benefit contributions		31		30		19		22
Gross benefits paid		(229)		(230)		(19)		(22)
Fair value of plan assets at end of year	$	5,016	$	4,528	$	-	$	-
Funded status at end of year	$	(642)	$	(319)	$	(190)	$	(205)

Schedule Of Amounts Recognized In Statement Of Financial Position

Amounts recognized in the statement of financial position as of December 31, 2020 and 2019 consist of:

	Pension				OPEB
Millions	2020		2019		2020		2019
Noncurrent assets	$	8	$	203	$	-	$	-
Current liabilities		(30)		(29)		(18)		(20)
Noncurrent liabilities		(620)		(493)		(172)		(185)
Net amounts recognized at end of year	$	(642)	$	(319)	$	(190)	$	(205)

Schedule Of Pre-Tax Amounts Recognized In Accumulated Other Comprehensive Income/(Loss)

Pre-tax amounts recognized in accumulated other comprehensive income/loss as of December 31, 2020 and 2019 consist of:

	2020						2019
Millions	Pension		OPEB		Total		Pension		OPEB		Total
Prior service cost	$	-	$	84	$	84	$	-	$	95	$	95
Net actuarial loss		(1,805)		(98)		(1,903)		(1,501)		(104)		(1,605)
Total	$	(1,805)	$	(14)	$	(1,819)	$	(1,501)	$	(9)	$	(1,510)

Schedule Of Other Pre-Tax Changes Recognized In Other Comprehensive Income

Pre-tax changes recognized in other comprehensive income/loss during 2020, 2019, and 2018 were as follows:

	Pension						OPEB
Millions	2020		2019		2018		2020		2019		2018
Prior service credit	$	-	$	-	$	-	$	2	$	92	$	-
Net actuarial (loss)/gain		(408)		(88)		(40)		-		(11)		20
Amortization of:
Prior service cost/(credit)		-		-		-		(14)		(7)		1
Actuarial loss		104		67		93		7		7		10
Total	$	(304)	$	(21)	$	53	$	(5)	$	81	$	31

Schedule Of Underfunded Accumulated Benefit Obligation

The following table discloses only the PBO, ABO, and fair value of plan assets for pension plans where the accumulated benefit obligation is in excess of the fair value of the plan assets as of December 31:

Underfunded Accumulated Benefit Obligation
Millions	2020		2019
Projected benefit obligation	$	605	$	522
Accumulated benefit obligation	$	560	$	498
Fair value of plan assets		-		-
Underfunded accumulated benefit obligation	$	(560)	$	(498)

Weighted Average Actuarial Assumptions Used To Determine Benefit Obligations

Assumptions – The weighted-average actuarial assumptions used to determine benefit obligations at December 31:

	Pension		OPEB
Percentages	2020	2019	2020	2019
Discount rate	2.42%	3.26%	2.22%	3.13%
Compensation increase	4.40%	4.10%	N/A	N/A
Health care cost trend rate (employees under 65)	N/A	N/A	5.42%	5.64%
Ultimate health care cost trend rate	N/A	N/A	4.50%	4.50%
Year ultimate trend rate reached	N/A	N/A	2038	2038

Weighted Average Actuarial Assumptions Used To Determine Expense

Assumptions – The weighted-average actuarial assumptions used to determine expense were as follows:

	Pension			OPEB
Percentages	2020	2019	2018	2020	2019	2018
Discount rate for benefit obligations	3.26%	4.23%	3.62%	3.14%	3.79%	3.54%
Discount rate for interest on benefit obligations	2.89%	3.94%	3.27%	2.68%	3.40%	3.14%
Discount rate for service cost	3.42%	4.33%	3.77%	3.21%	3.92%	3.71%
Discount rate for interest on service cost	3.36%	4.30%	3.72%	3.14%	3.85%	3.64%
Expected return on plan assets	7.00%	7.00%	7.00%	N/A	N/A	N/A
Compensation increase	4.10%	4.10%	4.19%	N/A	N/A	N/A
Health care cost trend rate (employees under 65)	N/A	N/A	N/A	5.64%	5.87%	6.09%
Ultimate health care cost trend rate	N/A	N/A	N/A	4.50%	4.50%	4.50%
Year ultimate trend reached	N/A	N/A	N/A	2038	2038	2038

Net Periodic Pension And OPEB Cost/(Benefit)

The components of our net periodic pension and OPEB cost were as follows for the years ended December 31:

	Pension						OPEB
Millions	2020		2019		2018		2020		2019		2018
Net Periodic Benefit Cost:
Service cost	$	91	$	80	$	105	$	1	$	1	$	2
Interest cost		137		160		145		5		9		10
Expected return on plan assets		(282)		(273)		(272)
Amortization of:
Prior service cost/(credit)		-		-		-		(14)		(7)		1
Actuarial loss		104		67		93		7		7		10
Net periodic benefit cost	$	50	$	34	$	71	$	(1)	$	10	$	23

Cash Contributions For Qualified Pension Plan Benefit Payments For Non-Qualified OPEB Plans

The following table details cash contributions, if any, for the qualified pension plans and the benefit payments for the non-qualified (supplemental) pension and OPEB plans:

		Pension
Millions		Qualified		Non-qualified		OPEB
2020		$	-	$	31	$	19
2019			-		30		22

Schedule Of Expected Benefit Payments

The following table details expected benefit payments for the years 2021 through 2030:

Millions	Pension		OPEB
2021	$	228	$	18
2022		226		14
2023		226		14
2024		225		10
2025		226		9
Years 2026 - 2030		1,158		42

Schedule Of Pension Plan Asset Allocation

Our pension plan asset allocation at December 31, 2020 and 2019, and target allocation for 2021, are as follows:

			Percentage of Plan Assets
	Target		December 31,
	Allocation 2021		2020	2019
Equity securities	50% to 60%		63%	63%
Debt securities	40% to 50%		34	31
Real estate	0% to 2%		3	6
Total			100%	100%

Schedule Of Assets Measured At Fair Value On A Recurring Basis

As of December 31, 2020, the pension plan assets measured at fair value on a recurring basis were as follows:

	Quoted Prices			Significant
	in Active			Other			Significant
	Markets for			Observable			Unobservable
	Identical Inputs			Inputs			Inputs
Millions	(Level 1)			(Level 2)			(Level 3)			Total
Plan assets at fair value:
Temporary cash investments	$	9		$	-		$	-		$	9
Registered investment companies [a]		252			-			-			252
Federal government securities		-			150			-			150
Bonds and debentures		-			831			-			831
Corporate stock		2,209			8			-			2,217
Total plan assets at fair value	$	2,470		$	989		$	-		$	3,459
Plan assets at NAV:
Registered investment companies [b]											312
Venture capital and buyout partnerships											585
Real estate funds											161
Collective trust and other funds											498
Total plan assets at NAV										$	1,556
Other assets/(liabilities) [c]											1
Total plan assets										$	5,016

[a]Registered investment companies measured at fair value are stock investments.

[b]Registered investment companies measured at NAV include bond investments.

[c]Other assets include accrued receivables, net payables, and pending broker settlements.

As of December 31, 2019, the pension plan assets measured at fair value on a recurring basis were as follows:

	Quoted Prices			Significant
	in Active			Other			Significant
	Markets for			Observable			Unobservable
	Identical Inputs			Inputs			Inputs
Millions	(Level 1)			(Level 2)			(Level 3)			Total
Plan assets at fair value:
Temporary cash investments	$	6		$	1		$	-		$	7
Registered investment companies [a]		9			-			-			9
Federal government securities		-			202			-			202
Bonds and debentures		-			575			-			575
Corporate stock		1,932			7			-			1,939
Total plan assets at fair value	$	1,947		$	785		$	-		$	2,732
Plan assets at NAV:
Registered investment companies [b]											285
Venture capital and buyout partnerships											531
Real estate funds											261
Collective trust and other funds											707
Total plan assets at NAV										$	1,784
Other assets/(liabilities) [c]											12
Total plan assets										$	4,528

[a]Registered investment companies measured at fair value are stock investments.

[b]Registered investment companies measured at NAV include bond investments.

[c]Other assets include accrued receivables, net payables, and pending broker settlements.

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