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Pension Plans and Other Postretirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
Schedule of changes in benefit obligations | The following tables outline the change in benefit obligations and plan assets over the specified periods:
In millions | 2018 |  | 2017
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 131 |  |  | $ | 844 |
Acquired benefit obligations | 5,685 |  |  | — |
Interest cost | 25 |  |  | 20 |
Actuarial loss (gain) | 41 |  |  | (31 | )
Benefit payments | (41 | ) |  | (35 | )
Settlements | — |  |  | (667 | )
Benefit obligation, end of year | $ | 5,841 |  |  | $ | 131 |
In millions | 2018 |  | 2017
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | $ | — |  |  | $ | 624 |
Fair value of plan assets acquired | 5,709 |  |  | — |
Actual return on plan assets | (17 | ) |  | 32 |
Employer contributions | 12 |  |  | 46 |
Benefit payments | (41 | ) |  | (35 | )
Settlements | — |  |  | (667 | )
Fair value of plan assets, end of year | 5,663 |  |  | — |
Funded status | $ | (178 | ) |  | $ | (131 | )
Schedule of changes in plan assets | The following tables outline the change in benefit obligations and plan assets over the specified periods:
In millions | 2018 |  | 2017
Change in benefit obligation: |  |  |
Benefit obligation, beginning of year | $ | 131 |  |  | $ | 844 |
Acquired benefit obligations | 5,685 |  |  | — |
Interest cost | 25 |  |  | 20 |
Actuarial loss (gain) | 41 |  |  | (31 | )
Benefit payments | (41 | ) |  | (35 | )
Settlements | — |  |  | (667 | )
Benefit obligation, end of year | $ | 5,841 |  |  | $ | 131 |
In millions | 2018 |  | 2017
Change in plan assets: |  |  |
Fair value of plan assets, beginning of year | $ | — |  |  | $ | 624 |
Fair value of plan assets acquired | 5,709 |  |  | — |
Actual return on plan assets | (17 | ) |  | 32 |
Employer contributions | 12 |  |  | 46 |
Benefit payments | (41 | ) |  | (35 | )
Settlements | — |  |  | (667 | )
Fair value of plan assets, end of year | 5,663 |  |  | — |
Funded status | $ | (178 | ) |  | $ | (131 | )
Schedule of assets (liabilities) recognized in Balance Sheet | The assets (liabilities) recognized on the consolidated balance sheets at December 31, 2018 and 2017 for the pension plans consisted of the following:
In millions | 2018 |  | 2017
Accrued benefit assets reflected in other assets | $ | 147 |  |  | $ | — |
Accrued benefit liabilities reflected in accrued expenses | (25 | ) |  | (21 | )
Accrued benefit liabilities reflected in other long-term liabilities | (300 | ) |  | (110 | )
Net liabilities | $ | (178 | ) |  | $ | (131 | )
Schedule of net periodic benefit cost | The components of net periodic benefit cost for the years ended December 31 are shown below:
In millions | 2018 |  | 2017 |  | 2016
Components of net periodic benefit cost: |  |  |  |  |
Interest cost | $ | 25 |  |  | $ | 20 |  |  | $ | 27 |
Expected return on plan assets | (33 | ) |  | (20 | ) |  | (32 | )
Amortization of net actuarial loss | 2 |  |  | 21 |  |  | 32 |
Settlement losses | — |  |  | 187 |  |  | — |
Net periodic benefit cost | $ | (6 | ) |  | $ | 208 |  |  | $ | 27 |
Schedule of changes in fair value of plan assets | ension Plan assets with changes in fair value measured on a recurring basis at December 31, 2018 were as follows:
In millions | Level 1 |  | Level 2 |  | Level 3 |  | Total
Debt securities: |  |  |  |  |  |  |
U.S. government securities | $ | 511 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 549 |
States, municipalities and political subdivisions | — |  |  | 147 |  |  | — |  |  | 147 |
U.S. corporate securities | — |  |  | 1,671 |  |  | 5 |  |  | 1,676 |
Foreign securities | — |  |  | 177 |  |  | — |  |  | 177 |
Residential mortgage-backed securities | — |  |  | 339 |  |  | — |  |  | 339 |
Commercial mortgage-backed securities | — |  |  | 70 |  |  | — |  |  | 70 |
Other asset-backed securities | — |  |  | 162 |  |  | — |  |  | 162 |
Redeemable preferred securities | — |  |  | 6 |  |  | — |  |  | 6 |
Total debt securities | 511 |  |  | 2,610 |  |  | 5 |  |  | 3,126 |
Equity securities: |  |  |  |  |  |  |
U.S. Domestic | 744 |  |  | — |  |  | — |  |  | 744 |
International | 356 |  |  | — |  |  | — |  |  | 356 |
Domestic real estate | 30 |  |  | — |  |  | — |  |  | 30 |
Total equity securities | 1,130 |  |  | — |  |  | — |  |  | 1,130 |
Other investments: |  |  |  |  |  |  |
Real estate | — |  |  | — |  |  | 425 |  |  | 425 |
Common/collective trusts (1) | — |  |  | 253 |  |  | — |  |  | 253 |
Derivatives | — |  |  | 2 |  |  | — |  |  | 2 |
Total other investments | — |  |  | 255 |  |  | 425 |  |  | 680 |
Total pension investments (2) | $ | 1,641 |  |  | $ | 2,865 |  |  | $ | 430 |  |  | $ | 4,936 |
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(1) | The assets in the underlying funds of common/collecti
Schedule of expected future benefits payments | The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the pension plan benefit obligation as of December 31, 2018:
In millions |
2019 | $ | 375 |
2020 | 387 |
2021 | 411 |
2022 | 387 |
2023 | 391 |
2024-2028 | 1,916 |
The Company estimates the following future benefit payments, which are calculated using the same actuarial assumptions used to measure the other postretirement benefit obligation as of December 31, 2018:
In millions |
2019 | $ | 17 |
2020 | 17 |
2021 | 17 |
2022 | 16 |
2023 | 16 |
2024-2028 | 76 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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