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Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

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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