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Benefit Plans | 3 Months Ended
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Mar. 31, 2020
Retirement Benefits [Abstract] |
Benefit Plans |
Note 13 | Benefit Plans
Components of net cost (benefit) for pension and other postretirement plans
|  | Three months ended March 31,
($ in millions) |  | 2020 |  | 2019
Pension benefits |  |  |  |
Service cost |  | $ | 28 |  |  | $ | 28 |
Interest cost |  | 56 |  |  | 65 |
Expected return on plan assets |  | (104 | ) |  | (93 | )
Amortization of prior service credit |  | (14 | ) |  | (14 | )
Costs and expenses |  | (34 | ) |  | (14 | )
Remeasurement of projected benefit obligation |  | (116 | ) |  | 387 |
Remeasurement of plan assets |  | 434 |  |  | (391 | )
Remeasurement (gains) losses |  | 318 |  |  | (4 | )
Pension net cost (benefit) |  | $ | 284 |  |  | $ | (18 | )
Postretirement benefits |  |  |  |
Service cost |  | $ | 1 |  |  | $ | 2 |
Interest cost |  | 3 |  |  | 4 |
Amortization of prior service credit |  | (1 | ) |  | (1 | )
Costs and expenses |  | 3 |  |  | 5 |
Remeasurement of projected benefit obligation |  | — |  |  | 19 |
Remeasurement of plan assets |  | — |  |  | — |
Remeasurement (gains) losses |  | — |  |  | 19 |
Postretirement net cost |  | $ | 3 |  |  | $ | 24 |
Pension and postretirement benefits |  |  |  |
Costs and expenses |  | $ | (31 | ) |  | $ | (9 | )
Remeasurement (gains) losses |  | 318 |  |  | 15 |
Total net cost |  | $ | 287 |  |  | $ | 6 |
D ifferences between expected and actual returns on plan assets and changes in assumptions affect the Company’s pension and other postretirement obligations, plan assets and expenses.
Pension and postretirement benefits remeasurement gains and losses |  |  |  |
|  | Three months ended March 31,
($ in millions) |  | 2020 |  | 2019
Remeasurement of projected benefit obligation (gains) losses - discount rate |  | $ | (36 | ) |  | $ | 265 |
Remeasurement of projected benefit obligation (gains) losses - other assumptions |  | (80 | ) |  | 141 |
Remeasurement of plan assets (gains) losses |  | 434 |  |  | (391 | )
Remeasurement (gains) losses |  | $ | 318 |  |  | $ | 15 |
The losses for the first quarter of 2020 primarily related to unfavorable asset performance compared to the expected return on plan assets, partially offset by changes in actuarial assumptions. The weighted average discount rate used to measure the benefit obligation increased to 3.37% at March 31, 2020 compared to 3.31% at December 31, 2019 resulting in gains for the first quarter in 2020. The gains for the first quarter of 2020 due to changes in actuarial assumptions that affect pension and other postretirement obligations primarily related to a decrease in interest crediting rates used to value liabilities. For the first quarter of 2020, the actual return on plan assets was lower than expected return due to weak equity market performance, partially offset by declines in interest rates which increased the fair value of the fixed income investments.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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