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Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
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
| 2022 |  | 2021 |  | 2022 |  | 2021
| ($ in millions)
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 2,777 |  |  | $ | 2,845 |  |  | $ | 417 |  |  | $ | 471 |
Service cost | 40 |  |  | 43 |  |  | 6 |  |  | 6 |
Interest cost | 67 |  |  | 55 |  |  | 9 |  |  | 7 |
Actuarial gains | (677) |  |  | (13) |  |  | (70) |  |  | (29) |
Plan amendments | (4) |  |  | (2) |  |  | — |  |  | — |
Benefits paid | (152) |  |  | (151) |  |  | (36) |  |  | (38) |
Benefit obligation at end of year | 2,051 |  |  | 2,777 |  |  | 326 |  |  | 417 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 2,861 |  |  | 2,675 |  |  | 173 |  |  | 165 |
Actual return on plan assets | (470) |  |  | 317 |  |  | (28) |  |  | 29 |
Employer contributions | 21 |  |  | 20 |  |  | 13 |  |  | 17 |
Benefits paid | (152) |  |  | (151) |  |  | (36) |  |  | (38) |
Fair value of plan assets at end of year | 2,260 |  |  | 2,861 |  |  | 122 |  |  | 173 |
Funded status at end of year | $ | 209 |  |  | $ | 84 |  |  | $ | (204) |  |  | $ | (244) |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |  |  |
Other assets | $ | 484 |  |  | $ | 442 |  |  | $ | — |  |  | $ | — |
Other current liabilities | (20) |  |  | (20) |  |  | — |  |  | — |
Other liabilities | (255) |  |  | (338) |  |  | (204) |  |  | (244) |
Net amount recognized | $ | 209 |  |  | $ | 84 |  |  | $ | (204) |  |  | $ | (244) |
Amounts included in accumulated other comprehensive |  |  |  |  |  |  |
loss (before tax): |  |  |  |  |  |  |
Net (gain) loss | $ | 623 |  |  | $ | 666 |  |  | $ | (19) |  |  | $ | 10 |
Prior service benefit | (6) |  |  | (2) |  |  | (177) |  |  | (202) |
Pension and Other Postretirement Benefit Cost Components | Pension and Other Postretirement Benefit Cost Components
| 2022 |  | 2021 |  | 2020
| ($ in millions)
Pension benefits: |  |  |  |  |
Service cost | $ | 40 |  |  | $ | 43 |  |  | $ | 40 |
Interest cost | 67 |  |  | 55 |  |  | 74 |
Expected return on plan assets | (213) |  |  | (193) |  |  | (190) |
Amortization of net losses | 49 |  |  | 66 |  |  | 51 |
Amortization of prior service cost | — |  |  | — |  |  | 1 |
Net benefit | $ | (57) |  |  | $ | (29) |  |  | $ | (24) |
Other postretirement benefits: |  |  |  |  |
Service cost | $ | 6 |  |  | $ | 6 |  |  | $ | 6 |
Interest cost | 9 |  |  | 7 |  |  | 12 |
Expected return on plan assets | (13) |  |  | (12) |  |  | (14) |
Amortization of net losses | — |  |  | 1 |  |  | — |
Amortization of prior service benefit | (25) |  |  | (26) |  |  | (25) |
Net benefit | $ | (23) |  |  | $ | (24) |  |  | $ | (21) |
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
| 2022
| Pension Benefits |  | Other Postretirement Benefits
| ($ in millions)
Net (gains) losses arising during the year | $ | 6 |  |  | $ | (29) |
Prior service effect of plan amendment | (4) |  |  | — |
Amortization of net losses | (49) |  |  | — |
Amortization of prior service benefit | — |  |  | 25 |
Total recognized in other comprehensive income | $ | (47) |  |  | $ | (4) |
Total recognized in net periodic cost and other comprehensive income | $ | (104) |  |  | $ | (27) |
Pension and Other Postretirement Benefit Assumptions | A summary of the major assumptions follows:
| 2022 |  | 2021 |  | 2020
Pension funded status: |  |  |  |  |
Discount rate | 5.56 | % |  | 2.97 | % |  | 2.67 | %
Future salary increases | 4.44 | % |  | 4.44 | % |  | 4.21 | %
Other postretirement benefits funded status: |  |  |  |  |
Discount rate | 5.45 | % |  | 2.72 | % |  | 2.27 | %
Pension cost: |  |  |  |  |
Discount rate - service cost | 3.25 | % |  | 3.14 | % |  | 3.71 | %
Discount rate - interest cost | 2.45 | % |  | 1.95 | % |  | 2.92 | %
Return on assets in plans | 8.00 | % |  | 8.00 | % |  | 8.25 | %
Future salary increases | 4.44 | % |  | 4.44 | % |  | 4.21 | %
Other postretirement benefits cost: |  |  |  |  |
Discount rate - service cost | 3.01 | % |  | 2.71 | % |  | 3.41 | %
Discount rate - interest cost | 2.13 | % |  | 1.57 | % |  | 2.69 | %
Return on assets in plans | 7.75 | % |  | 7.75 | % |  | 8.00 | %
Health care trend rate | 6.50 | % |  | 6.00 | % |  | 6.25 | %
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 | 6 |  |  | (5) |
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,
| 2022 |  | 2021
Domestic equity securities | 53 | % |  | 52 | %
Debt securities | 26 | % |  | 24 | %
International equity securities | 20 | % |  | 23 | %
Cash and cash equivalents | 1 | % |  | 1 | %
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, 2022 or 2021.
| December 31, 2022
| Level 1 |  | Level 2 |  | Total
| ($ in millions)
Common stock | $ | 1,011 |  |  | $ | — |  |  | $ | 1,011 |
Common collective trusts: |  |  |  |  |
International equity securities | — |  |  | 336 |  |  | 336 |
Debt securities | — |  |  | 291 |  |  | 291 |
Domestic equity securities | — |  |  | 160 |  |  | 160 |
Fixed income securities: |  |  |  |  |
Government and agencies securities | — |  |  | 158 |  |  | 158 |
Corporate bonds | — |  |  | 100 |  |  | 100 |
Mortgage and other asset-backed securities | — |  |  | 28 |  |  | 28 |
Commingled funds | — |  |  | 121 |  |  | 121 |
Cash and cash equivalents | 55 |  |  | — |  |  | 55 |
Total investments | $ | 1,066 |  |  | $ | 1,194 |  |  | $ | 2,260 |
| 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 |
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)
2023 | $ | 148 |  |  | $ | 33 |
2024 | 148 |  |  | 32 |
2025 | 147 |  |  | 31 |
2026 | 147 |  |  | 30 |
2027 | 147 |  |  | 29 |
Years 2028 – 2032 | 736 |  |  | 135 |

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