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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Components of the plans' funded status reflected in the Consolidated Statements of Financial Position |
Change in projected benefit obligation, plan assets and funded status
|  | As of December 31,
|  | Pension benefits |  | Postretirement benefits
($ in millions) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in projected benefit obligation |  |  |  |  |  |  |  |
Benefit obligation, beginning of year |  | $ | 7,139 |  |  | $ | 6,224 |  |  | $ | 397 |  |  | $ | 375 |
Service cost |  | 104 |  |  | 117 |  |  | 4 |  |  | 8 |
Interest cost |  | 210 |  |  | 240 |  |  | 11 |  |  | 14 |
Participant contributions |  | — |  |  | — |  |  | 14 |  |  | 15 |
Actuarial losses (gains) |  | 813 |  |  | 927 |  |  | 22 |  |  | 19 |
Benefits paid |  | (522) |  |  | (356) |  |  | (37) |  |  | (39) |
Plan amendments |  | — |  |  | — |  |  | (102) |  |  | — |
Translation adjustment and other |  | (1) |  |  | (13) |  |  | (1) |  |  | 5 |
Curtailment losses (gains) |  | 20 |  |  | — |  |  | 10 |  |  | — |
Benefit obligation, end of year |  | $ | 7,763 |  |  | $ | 7,139 |  |  | $ | 318 |  |  | $ | 397 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets, beginning of year |  | $ | 6,192 |  |  | $ | 5,299 |  |  |  |  |
Actual return on plan assets |  | 1,300 |  |  | 1,235 |  |  |  |  |
Employer contribution |  | 18 |  |  | 27 |  |  |  |  |
Benefits paid |  | (522) |  |  | (356) |  |  |  |  |
Translation adjustment and other |  | (1) |  |  | (13) |  |  |  |  |
Fair value of plan assets, end of year |  | $ | 6,987 |  |  | $ | 6,192 |  |  |  |  |
Funded status (1) |  | $ | (776) |  |  | $ | (947) |  |  | $ | (318) |  |  | $ | (397) |
Amounts recognized in AOCI |  |  |  |  |  |  |  |
Unamortized pension and other postretirement prior service credit |  | $ | (78) |  |  | $ | (142) |  |  | $ | (89) |  |  | $ | (13) |
(1)The funded status is recorded within other liabilities and accrued expenses on the Consolidated Statements of Financial Position.
Change during the period in items not yet recognized as a component of net periodic cost |
Changes in items not yet recognized as a component of net cost for pension and other postretirement plans
($ in millions) |  | Pension benefits |  | Postretirement benefits
Items not yet recognized as a component of net cost – December 31, 2019 |  | $ | (142) |  |  | $ | (13) |
Prior service credit arising during the period |  | — |  |  | (102) |
Prior service credit recognized during the period due to curtailment |  | 10 |  |  | 18 |
Prior service credit amortized to net cost |  | 54 |  |  | 10 |
Translation adjustment and other |  | — |  |  | (2) |
Items not yet recognized as a component of net cost – December 31, 2020 |  | $ | (78) |  |  | $ | (89) |
Components of net periodic cost |
Components of net cost (benefit) for pension and other postretirement plans
|  | For the years ended December 31,
|  | Pension benefits |  | Postretirement benefits |  | Total Pension and Postretirement Benefits
($ in millions) |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost |  | $ | 104 |  |  | $ | 117 |  |  | $ | 110 |  |  | $ | 4 |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | 108 |  |  | $ | 125 |  |  | $ | 117 |
Interest cost |  | 210 |  |  | 240 |  |  | 255 |  |  | 11 |  |  | 14 |  |  | 15 |  |  | 221 |  |  | 254 |  |  | 270 |
Expected return on plan assets |  | (414) |  |  | (403) |  |  | (427) |  |  | — |  |  | — |  |  | — |  |  | (414) |  |  | (403) |  |  | (427) |
Amortization of prior service credit |  | (54) |  |  | (56) |  |  | (56) |  |  | (10) |  |  | (3) |  |  | (21) |  |  | (64) |  |  | (59) |  |  | (77) |
Curtailment losses (gains) |  | 10 |  |  | — |  |  | — |  |  | (8) |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |
Costs and expenses |  | (144) |  |  | (102) |  |  | (118) |  |  | (3) |  |  | 19 |  |  | 1 |  |  | (147) |  |  | (83) |  |  | (117) |
Remeasurement of projected benefit obligation |  | 813 |  |  | 927 |  |  | (255) |  |  | 22 |  |  | 19 |  |  | (4) |  |  | 835 |  |  | 946 |  |  | (259) |
Remeasurement of plan assets |  | (886) |  |  | (832) |  |  | 727 |  |  | — |  |  | — |  |  | — |  |  | (886) |  |  | (832) |  |  | 727 |
Remeasurement (gains) losses |  | (73) |  |  | 95 |  |  | 472 |  |  | 22 |  |  | 19 |  |  | (4) |  |  | (51) |  |  | 114 |  |  | 468 |
Total net (benefit) cost |  | $ | (217) |  |  | $ | (7) |  |  | $ | 354 |  |  | $ | 19 |  |  | $ | 38 |  |  | $ | (3) |  |  | $ | (198) |  |  | $ | 31 |  |  | $ | 351 |
Weighted average assumptions used to determine for pension plans and postretirement benefits plans the net benefit cost and benefit obligation |
Weighted average assumptions used to determine net pension cost and net postretirement benefit cost
|  | For the years ended December 31,
|  | Pension benefits |  | Postretirement benefits
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Discount rate |  | 3.00 | % |  | 3.70 | % |  | 4.06 | % |  | 2.99 | % |  | 3.61 | % |  | 3.95 | %
Expected long-term rate of return on plan assets |  | 7.08 |  |  | 7.34 |  |  | 7.33 |  |  | n/a |  | n/a |  | n/a
Weighted average assumptions used to determine benefit obligations
|  | For the years ended December 31,
|  | Pension benefits |  | Postretirement benefits
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Discount rate |  | 2.51 | % |  | 3.31 | % |  | 2.39 | % |  | 3.27 | %
Pension plans' weighted average target asset allocation and the actual percentage of plan assets |
Weighted average target asset allocation and actual percentage of plan assets by asset category
|  | As of December 31, 2020
|  | Target asset allocation (1) |  | Actual percentage of plan assets
Pension plan’s asset category |  | 2020 |  | 2020 |  | 2019
Equity securities (2) |  | 43 - 62% |  | 50 | % |  | 50 | %
Fixed income securities |  | 33 - 45 |  | 38 |  |  | 38 |
Limited partnership interests |  | — - 15 |  | 10 |  |  | 10 |
Short-term investments and other |  | — |  |  | 2 |  |  | 2 |
Total without securities lending (3) |  |  |  | 100 | % |  | 100 | %
(1)The target asset allocation considers risk-based exposure while the actual percentage of plan assets utilizes a financial reporting view excluding exposure provided through derivatives. (2)The actual percentage of plan assets for equity securities includes zero and 1% of private equity investments in 2020 and 2019, respectively, that are subject to the limited partnership interests target allocation and 1% and zero of fixed income mutual funds in 2020 and 2019, respectively, that are subject to the fixed income securities target allocation. (3)Securities lending collateral reinvestment of $101 million and $258 million is excluded from the table above in 2020 and 2019, respectively.
Fair values of pension plan assets |
Fair values of pension plan assets as of December 31, 2020
($ in millions) |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Balance as of December 31, 2020
Equity securities |  | $ | 227 |  |  | $ | 42 |  |  | $ | — |  |  | $ | 269 |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. government and agencies |  | 32 |  |  | 865 |  |  | — |  |  | 897 |
Corporate |  | — |  |  | 1,709 |  |  | 2 |  |  | 1,711 |
Short-term investments |  | 210 |  |  | 35 |  |  | — |  |  | 245 |
Free-standing derivatives: |  |  |  |  |  |  |  |
Assets |  | — |  |  | 21 |  |  | — |  |  | 21 |
Liabilities |  | (2) |  |  | (21) |  |  | — |  |  | (23) |
Other assets |  | 2 |  |  | — |  |  | — |  |  | 2 |
Total plan assets at fair value |  | $ | 469 |  |  | $ | 2,651 |  |  | $ | 2 |  |  | 3,122 |
% of total plan assets at fair value |  | 15.0 | % |  | 84.9 | % |  | 0.1 | % |  | 100.0 | %
Investments measured using the net asset value practical expedient |  |  |  |  |  |  |  | 3,908 |
Securities lending obligation (1) |  |  |  |  |  |  |  | (101) |
Derivatives counterparty and cash collateral netting |  |  |  |  |  |  |  | (19) |
Other net plan assets (2) |  |  |  |  |  |  |  | 77 |
Total reported plan assets |  |  |  |  |  |  |  | $ | 6,987 |
(1)The securities lending obligation represents the plan’s obligation to return securities lending collateral received under a securities lending program. The terms of the program allow both the plan and the counterparty the right and ability to redeem/return the securities loaned on short notice. Due to its relatively short-term nature, the outstanding balance of the obligation approximates fair value. (2)Other net plan assets represent cash and cash equivalents, interest and dividends receivable and net receivables related to settlements of investment transactions, such as purchases and sales.
Fair values of pension plan assets as of December 31, 2019
($ in millions) |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Balance as of December 31, 2019
Equity securities |  | $ | 216 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 261 |
Fixed income securities: |  |  |  |  |  |  |  |
U.S. government and agencies |  | 237 |  |  | 1,096 |  |  | — |  |  | 1,333 |
Corporate |  | — |  |  | 1,060 |  |  | — |  |  | 1,060 |
Short-term investments |  | 128 |  |  | 252 |  |  | — |  |  | 380 |
Free-standing derivatives: |  |  |  |  |  |  |  |
Assets |  | — |  |  | 5 |  |  | — |  |  | 5 |
Liabilities |  | (2) |  |  | (17) |  |  | — |  |  | (19) |
Total plan assets at fair value |  | $ | 579 |  |  | $ | 2,441 |  |  | $ | — |  |  | 3,020 |
% of total plan assets at fair value |  | 19.2 | % |  | 80.8 | % |  | — | % |  | 100.0 | %
Investments measured using the net asset value practical expedient |  |  |  |  |  |  |  | 3,418 |
Securities lending obligation |  |  |  |  |  |  |  | (272) |
Derivatives counterparty and cash collateral netting |  |  |  |  |  |  |  | 9 |
Other net plan assets |  |  |  |  |  |  |  | 17 |
Total reported plan assets |  |  |  |  |  |  |  | $ | 6,192 |
Rollforward of Level 3 plan assets |
Rollforward of Level 3 plan assets during December 31, 2020
|  |  |  | Actual return on plan assets: |  |  |  |  |  |
($ in millions) |  | Balance as of December 31, 2019 |  | Relating to assets sold during the period |  | Relating to assets still held at the reporting date |  | Purchases, sales and settlements, net |  | Net transfers in (out) of Level 3 |  | Balance as of December 31, 2020
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Total Level 3 plan assets |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Rollforward of Level 3 plan assets during December 31, 2019
|  |  |  | Actual return on plan assets: |  |  |  |  |  |
($ in millions) |  | Balance as of December 31, 2018 |  | Relating to assets sold during the period |  | Relating to assets still held at the reporting date |  | Purchases, sales and settlements, net |  | Net transfers in (out) of Level 3 |  | Balance as of December 31, 2019
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |
Total Level 3 plan assets |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | (5) |  |  | $ | — |  |  | $ | — |
Rollforward of Level 3 plan assets during December 31, 2018
|  |  |  | Actual return on plan assets: |  |  |  |  |  |
($ in millions) |  | Balance as of December 31, 2017 |  | Relating to assets sold during the period |  | Relating to assets still held at the reporting date |  | Purchases, sales and settlements, net |  | Net transfers in (out) of Level 3 |  | Balance as of December 31, 2018
Equity securities |  | $ | 29 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | (32) |  |  | $ | — |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Corporate |  | 10 |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | 5 |
Total Level 3 plan assets |  | $ | 39 |  |  | $ | — |  |  | $ | 3 |  |  | $ | (5) |  |  | $ | (32) |  |  | $ | 5 |
Estimated future benefit payments expected to be paid |
Estimated future benefit payments expected to be paid in the next 10 years
|  | As of December 31, 2020
($ in millions) |  | Pension benefits |  | Postretirement benefits
2021 |  | $ | 710 |  |  | $ | 25 |
2022 |  | 741 |  |  | 27 |
2023 |  | 733 |  |  | 27 |
2024 |  | 726 |  |  | 27 |
2025 |  | 694 |  |  | 26 |
2026-2030 |  | 2,320 |  |  | 98 |
Total benefit payments |  | $ | 5,924 |  |  | $ | 230 |

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- Definition Disclosure of fair value of the defined benefit plan assets by level within the fair value hierarchy in which the fair value measurements fall, segregating the fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3). + References No definition available. + Details
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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 -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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