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Pensions and Other Postretirement Benefits (Tables)

12 Months Ended

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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