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Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

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
			2021						2020						2021						2020
			($ in millions)
Change in benefit obligations:
Benefit obligation at beginning of year			$	2,845					$	2,588					$	471					$	457
Service cost			43						40						6						6
Interest cost			55						74						7						12
Actuarial (gains) losses			(13)						294						(29)						35
Plan amendment			(2)						—						—						—
Benefits paid			(151)						(151)						(38)						(39)
Benefit obligation at end of year			2,777						2,845						417						471
Change in plan assets:
Fair value of plan assets at beginning of year			2,675						2,462						165						170
Actual return on plan assets			317						345						29						21
Employer contributions			20						19						17						13
Benefits paid			(151)						(151)						(38)						(39)
Fair value of plan assets at end of year			2,861						2,675						173						165
Funded status at end of year			$	84					$	(170)					$	(244)					$	(306)
Amounts recognized in the Consolidated Balance Sheets:
Other assets			$	442					$	189					$	—					$	—
Other current liabilities			(20)						(19)						—						—
Other liabilities			(338)						(340)						(244)						(306)
Net amount recognized			$	84					$	(170)					$	(244)					$	(306)
Amounts included in accumulated other comprehensive
loss (before tax):
Net loss			$	666					$	869					$	10					$	57
Prior service benefit			(2)						—						(202)						(228)

Pension and Other Postretirement Benefit Cost Components

Pension and Other Postretirement Benefit Cost Components

			2021						2020						2019
			($ in millions)
Pension benefits:
Service cost			$	43					$	40					$	35
Interest cost			55						74						93
Expected return on plan assets			(193)						(190)						(179)
Amortization of net losses			66						51						43
Amortization of prior service cost			—						1						1
Net benefit			$	(29)					$	(24)					$	(7)
Other postretirement benefits:
Service cost			$	6					$	6					$	6
Interest cost			7						12						17
Expected return on plan assets			(12)						(14)						(14)
Amortization of net losses			1						—						—
Amortization of prior service benefit			(26)						(25)						(24)
Net benefit			$	(24)					$	(21)					$	(15)

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

			2021
			Pension Benefits						Other Postretirement  Benefits
			($ in millions)
Net gains arising during the year			$	(137)					$	(46)
Prior service effect of plan amendment			(2)						—
Amortization of net losses			(66)						(1)
Amortization of prior service benefit			—						26
Total recognized in other comprehensive income			$	(205)					$	(21)
Total recognized in net periodic cost and other comprehensive income			$	(234)					$	(45)

Pension and Other Postretirement Benefit Assumptions

A summary of the major assumptions follows:

			2021						2020						2019
Pension funded status:
Discount rate			2.97		%				2.67		%				3.38		%
Future salary increases			4.44		%				4.21		%				4.21		%
Other postretirement benefits funded status:
Discount rate			2.72		%				2.27		%				3.13		%
Pension cost:
Discount rate - service cost			3.14		%				3.71		%				4.55		%
Discount rate - interest cost			1.95		%				2.92		%				3.99		%
Return on assets in plans			8.00		%				8.25		%				8.25		%
Future salary increases			4.44		%				4.21		%				4.21		%
Other postretirement benefits cost:
Discount rate - service cost			2.71		%				3.41		%				4.39		%
Discount rate - interest cost			1.57		%				2.69		%				3.83		%
Return on assets in plans			7.75		%				8.00		%				8.00		%
Health care trend rate			6.00		%				6.25		%				6.50		%

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			7						(7)

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,
			2021						2020
Domestic equity securities			52		%				52		%
Debt securities			24		%				22		%
International equity securities			23		%				24		%
Cash and cash equivalents			1		%				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, 2021 or 2020.

			December 31, 2021
			Level 1						Level 2						Total
			($ in millions)
Common stock			$	1,383					$	—					$	1,383
Common collective trusts:
International equity securities			—						397						397
Debt securities			—						367						367
Domestic equity securities			—						189						189
Fixed income securities:
Government and agencies securities			—						170						170
Corporate bonds			—						120						120
Mortgage and other asset-backed securities			—						33						33
Commingled funds			—						160						160
Cash and cash equivalents			42						—						42
Total investments			$	1,425					$	1,436					$	2,861

			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

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)
2022			$	148					$	34
2023			148						32
2024			148						31
2025			147						30
2026			147						29
Years 2027 – 2031			738						134

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