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Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefit Obligations and Plan Assets

Pension and Other Postretirement Benefit Obligations and Plan Assets

			Pension Benefits												Other Postretirement Benefits
			2020						2019						2020						2019
			($ in millions)
Change in benefit obligations:
Benefit obligation at beginning of year			$	2,588					$	2,371					$	457					$	466
Service cost			40						35						6						6
Interest cost			74						93						12						17
Actuarial losses			294						235						35						28
Plan amendment			—						—						—						(18)
Benefits paid			(151)						(146)						(39)						(42)
Benefit obligation at end of year			2,845						2,588						471						457
Change in plan assets:
Fair value of plan assets at beginning of year			2,462						2,105						170						158
Actual return on plan assets			345						485						21						34
Employer contribution			19						18						13						20
Benefits paid			(151)						(146)						(39)						(42)
Fair value of plan assets at end of year			2,675						2,462						165						170
Funded status at end of year			$	(170)					$	(126)					$	(306)					$	(287)
Amounts recognized in the Consolidated
Balance Sheets:
Other assets			$	189					$	194					$	—					$	—
Other current liabilities			(19)						(18)						—						—
Other liabilities			(340)						(302)						(306)						(287)
Net amount recognized			$	(170)					$	(126)					$	(306)					$	(287)
Amounts included in accumulated other comprehensive
loss (before tax):
Net loss			$	869					$	781					$	57					$	29
Prior service cost (benefit)			—						1						(228)						(253)

Pension and Other Postretirement Benefit Cost Components

Pension and Other Postretirement Benefit Cost Components

			2020						2019						2018
			($ in millions)
Pension benefits:
Service cost			$	40					$	35					$	39
Interest cost			74						93						83
Expected return on plan assets			(190)						(179)						(177)
Amortization of net losses			51						43						57
Amortization of prior service cost			1						1						—
Net cost (benefit)			$	(24)					$	(7)					$	2
Other postretirement benefits:
Service cost			$	6					$	6					$	7
Interest cost			12						17						15
Expected return on plan assets			(14)						(14)						(15)
Amortization of prior service benefit			(25)						(24)						(24)
Net benefit			$	(21)					$	(15)					$	(17)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

			2020
			Pension Benefits						Other Postretirement  Benefits
			($ in millions)
Net loss arising during the year			$	139					$	28
Amortization of net losses			(51)						—
Amortization of prior service (cost) benefit			(1)						25
Total recognized in other comprehensive income			$	87					$	53
Total recognized in net periodic cost and other comprehensive income			$	63					$	32

Pension and Other Postretirement Benefit Assumptions

A summary of the major assumptions follows: 

			2020						2019						2018
Pension funded status:
Discount rate			2.67		%				3.38		%				4.33		%
Future salary increases			4.21		%				4.21		%				4.21		%
Other postretirement benefits funded status:
Discount rate			2.27		%				3.13		%				4.18		%
Pension cost:
Discount rate - service cost			3.71		%				4.55		%				4.01		%
Discount rate - interest cost			2.92		%				3.99		%				3.33		%
Return on assets in plans			8.25		%				8.25		%				8.25		%
Future salary increases			4.21		%				4.21		%				4.21		%
Other postretirement benefits cost:
Discount rate - service cost			3.41		%				4.39		%				3.83		%
Discount rate - interest cost			2.69		%				3.83		%				3.13		%
Return on assets in plans			8.00		%				8.00		%				8.00		%
Health care trend rate			6.25		%				6.50		%				6.30		%

Health Care Cost Trend Assumptions

To illustrate, a one-percentage point change in the assumed health care cost trend would have the following effects:

			One-percentage Point
			Increase						Decrease
			($ in millions)
Increase (decrease) in:
Total service and interest cost components			$	1					$	(1)
Postretirement benefit obligation			8						(8)

Pension Plan Weighted-Average Asset Allocations, By Asset Category

Our pension plan’s weighted-average asset allocations, by asset category, were as follows:

			Percentage of Plan Assets at December 31,
			2020						2019
Domestic equity securities			52		%				50		%
International equity securities			24		%				24		%
Debt securities			22		%				24		%
Cash and cash equivalents			2		%				2		%
Total			100		%				100		%

Fair Value of Plan Assets

The following table sets forth the pension plan’s assets by valuation technique level, within the fair value hierarchy. There were no level 3 valued assets at December 31, 2020 or 2019.

			December 31, 2020
			Level 1						Level 2						Total
			($ in millions)
Common stock			$	1,483					$	—					$	1,483
Common collective trusts:
International equity securities			—						399						399
Debt securities			—						297						297
Fixed income securities:
Government and agencies securities			—						146						146
Corporate bonds			—						117						117
Mortgage and other asset-backed securities			—						24						24
Commingled funds			—						149						149
Cash and cash equivalents			60						—						60
Total investments			$	1,543					$	1,132					$	2,675

			December 31, 2019
			Level 1						Level 2						Total
			($ in millions)
Common stock			$	1,329					$	—					$	1,329
Common collective trusts:
International equity securities			—						377						377
Debt securities			—						303						303
Fixed income securities:
Government and agencies securities			—						172						172
Corporate bonds			—						84						84
Mortgage and other asset-backed securities			—						26						26
Commingled funds			—						121						121
Cash and cash equivalents			50						—						50
Total investments			$	1,379					$	1,083					$	2,462

Estimated Future Benefit Payments

Benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:

			Pension Benefits						Other Postretirement  Benefits
			($ in millions)
2021			$	147					$	36
2022			146						35
2023			145						33
2024			145						32
2025			144						31
Years 2026 – 2030			719						142

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