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Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
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
| 2023 |  | 2022 |  | 2023 |  | 2022
| ($ in millions)
Change in benefit obligations: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 2,051 |  |  | $ | 2,777 |  |  | $ | 326 |  |  | $ | 417 |
Service cost | 25 |  |  | 40 |  |  | 4 |  |  | 6 |
Interest cost | 108 |  |  | 67 |  |  | 17 |  |  | 9 |
Actuarial losses (gains) | 122 |  |  | (677) |  |  | 1 |  |  | (70) |
Plan amendments | — |  |  | (4) |  |  | (5) |  |  | — |
Benefits paid | (155) |  |  | (152) |  |  | (33) |  |  | (36) |
Benefit obligation at end of year | 2,151 |  |  | 2,051 |  |  | 310 |  |  | 326 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | 2,260 |  |  | 2,861 |  |  | 122 |  |  | 173 |
Actual return on plan assets | 375 |  |  | (470) |  |  | 21 |  |  | (28) |
Employer contributions | 23 |  |  | 21 |  |  | 28 |  |  | 13 |
Benefits paid | (155) |  |  | (152) |  |  | (33) |  |  | (36) |
Fair value of plan assets at end of year | 2,503 |  |  | 2,260 |  |  | 138 |  |  | 122 |
Funded status at end of year | $ | 352 |  |  | $ | 209 |  |  | $ | (172) |  |  | $ | (204) |
Amounts recognized in the Consolidated Balance Sheets: |  |  |  |  |  |  |
Other assets | $ | 652 |  |  | $ | 484 |  |  | $ | — |  |  | $ | — |
Other current liabilities | (21) |  |  | (20) |  |  | — |  |  | — |
Other liabilities | (279) |  |  | (255) |  |  | (172) |  |  | (204) |
Net amount recognized | $ | 352 |  |  | $ | 209 |  |  | $ | (172) |  |  | $ | (204) |
Amounts included in accumulated other comprehensive |  |  |  |  |  |  |
loss (before tax): |  |  |  |  |  |  |
Net (gain) loss | $ | 574 |  |  | $ | 623 |  |  | $ | (28) |  |  | $ | (19) |
Prior service benefit | (5) |  |  | (6) |  |  | (156) |  |  | (177) |
Pension and Other Postretirement Benefit Cost Components | Pension and Other Postretirement Benefit Cost Components
| 2023 |  | 2022 |  | 2021
| ($ in millions)
Pension benefits: |  |  |  |  |
Service cost | $ | 25 |  |  | $ | 40 |  |  | $ | 43 |
Interest cost | 108 |  |  | 67 |  |  | 55 |
Expected return on plan assets | (208) |  |  | (213) |  |  | (193) |
Amortization of net losses | 4 |  |  | 49 |  |  | 66 |
Amortization of prior service benefit | (1) |  |  | — |  |  | — |
Net benefit | $ | (72) |  |  | $ | (57) |  |  | $ | (29) |
Other postretirement benefits: |  |  |  |  |
Service cost | $ | 4 |  |  | $ | 6 |  |  | $ | 6 |
Interest cost | 17 |  |  | 9 |  |  | 7 |
Expected return on plan assets | (11) |  |  | (13) |  |  | (12) |
Amortization of net losses | — |  |  | — |  |  | 1 |
Amortization of prior service benefit | (26) |  |  | (25) |  |  | (26) |
Net benefit | $ | (16) |  |  | $ | (23) |  |  | $ | (24) |
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
| 2023
| Pension Benefits |  | Other Postretirement Benefits
| ($ in millions)
Net gains arising during the year | $ | (45) |  |  | $ | (9) |
Prior service effect of plan amendment | — |  |  | (5) |
Amortization of net losses | (4) |  |  | — |
Amortization of prior service benefit | 1 |  |  | 26 |
Total recognized in other comprehensive income | $ | (48) |  |  | $ | 12 |
Total recognized in net periodic cost and other comprehensive income | $ | (120) |  |  | $ | (4) |
Pension and Other Postretirement Benefit Assumptions | A summary of the major assumptions follows:
| 2023 |  | 2022 |  | 2021
Pension funded status: |  |  |  |  |
Discount rate | 5.23 | % |  | 5.56 | % |  | 2.97 | %
Future salary increases | 4.44 | % |  | 4.44 | % |  | 4.44 | %
Other postretirement benefits funded status: |  |  |  |  |
Discount rate | 5.11 | % |  | 5.45 | % |  | 2.72 | %
Pension cost: |  |  |  |  |
Discount rate - service cost | 5.75 | % |  | 3.25 | % |  | 3.14 | %
Discount rate - interest cost | 5.40 | % |  | 2.45 | % |  | 1.95 | %
Return on assets in plans | 8.00 | % |  | 8.00 | % |  | 8.00 | %
Future salary increases | 4.44 | % |  | 4.44 | % |  | 4.44 | %
Other postretirement benefits cost: |  |  |  |  |
Discount rate - service cost | 5.56 | % |  | 3.01 | % |  | 2.71 | %
Discount rate - interest cost | 5.23 | % |  | 2.13 | % |  | 1.57 | %
Return on assets in plans | 7.75 | % |  | 7.75 | % |  | 7.75 | %
Health care trend rate | 7.00 | % |  | 6.50 | % |  | 6.00 | %
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,
| 2023 |  | 2022
Domestic equity securities | 50 | % |  | 53 | %
Debt securities | 24 | % |  | 26 | %
International equity securities | 24 | % |  | 20 | %
Cash and cash equivalents | 2 | % |  | 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, 2023 or 2022.
| December 31, 2023
| Level 1 |  | Level 2 |  | Total
| ($ in millions)
Common stock | $ | 1,192 |  |  | $ | — |  |  | $ | 1,192 |
Common collective trusts: |  |  |  |  |
International equity securities | — |  |  | 371 |  |  | 371 |
Debt securities | — |  |  | 310 |  |  | 310 |
Domestic equity securities | — |  |  | 166 |  |  | 166 |
Fixed income securities: |  |  |  |  |
Government and agencies securities | — |  |  | 170 |  |  | 170 |
Corporate bonds | — |  |  | 93 |  |  | 93 |
Mortgage and other asset-backed securities | — |  |  | 32 |  |  | 32 |
Commingled funds | — |  |  | 122 |  |  | 122 |
Cash and cash equivalents | 47 |  |  | — |  |  | 47 |
Total investments | $ | 1,239 |  |  | $ | 1,264 |  |  | $ | 2,503 |
| 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 |
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)
2024 | $ | 151 |  |  | $ | 31 |
2025 | 149 |  |  | 30 |
2026 | 148 |  |  | 29 |
2027 | 148 |  |  | 28 |
2028 | 148 |  |  | 27 |
Years 2029 – 2033 | 743 |  |  | 127 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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