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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Plans [Abstract]  
Schedule Of Changes In Projected Benefit Obligation And Plan Assets Changes in our PBO and plan assets were as follows for the years ended December 31:

Funded Status

Pension

OPEB

Millions

2019

2018

2019

2018

Projected Benefit Obligation

Projected benefit obligation at beginning of year

$

4,181 

$

4,529 

$

298 

$

330 

Service cost

80 

105 

1 

2 

Interest cost

160 

145 

9 

10 

Plan amendment

-

-

(92)

-

Actuarial (gain)/loss

656 

(371)

11 

(20)

Gross benefits paid

(230)

(227)

(22)

(24)

Projected benefit obligation at end of year

$

4,847 

$

4,181 

$

205 

$

298 

Plan Assets

Fair value of plan assets at beginning of year

$

3,887 

$

4,224 

$

-

$

-

Actual (loss)/return on plan assets

841 

(139)

-

-

Non-qualified plan benefit contributions

30 

29 

22 

24 

Gross benefits paid

(230)

(227)

(22)

(24)

Fair value of plan assets at end of year

$

4,528 

$

3,887 

$

-

$

-

Funded status at end of year

$

(319)

$

(294)

$

(205)

$

(298)

Schedule Of Amounts Recognized In Statement Of Financial Position Amounts recognized in the statement of financial position as of December 31, 2019, and 2018 consist of:

Pension

OPEB

Millions

2019

2018

2019

2018

Noncurrent assets

$

203 

$

172 

$

-

$

-

Current liabilities

(29)

(28)

(20)

(22)

Noncurrent liabilities

(493)

(438)

(185)

(276)

Net amounts recognized at end of year

$

(319)

$

(294)

$

(205)

$

(298)

Schedule Of Pre-Tax Amounts Recognized In Accumulated Other Comprehensive Income/(Loss) Pre-tax amounts recognized in accumulated other comprehensive income/(loss) as of December 31, 2019, and 2018 consist of:

2019

2018

Millions

Pension

OPEB

Total

Pension

OPEB

Total

Prior service cost

$

-

$

95 

$

95 

$

-

$

-

$

-

Net actuarial loss

(1,501)

(104)

(1,605)

(1,480)

(90)

(1,570)

Total

$

(1,501)

$

(9)

$

(1,510)

$

(1,480)

$

(90)

$

(1,570)

Schedule Of Other Pre-Tax Changes Recognized In Other Comprehensive Income Pre-tax changes recognized in other comprehensive income/(loss) during 2019, 2018, and 2017 were as follows:

Pension

OPEB

Millions

2019

2018

2017

2019

2018

2017

Prior service credit

$

-

$

-

$

-

$

92 

$

-

$

-

Net actuarial (loss)/gain

(88)

(40)

67 

(11)

20 

(6)

Amortization of:

Prior service cost/(credit)

-

-

-

(7)

1 

1 

Actuarial loss

67 

93 

81 

7 

10 

9 

Total

$

(21)

$

53 

$

148 

$

81 

$

31 

$

4 

Amounts Included In Accumulated Other Comprehensive Income Expected To Be Amortized Into Net Periodic Cost (Benefit) Amounts included in accumulated other comprehensive income/(loss) expected to be amortized into net periodic cost during 2020:

Millions

Pension

OPEB

Total

Prior service credit

$

-

$

14 

$

14 

Net actuarial loss

(99)

(9)

(108)

Total

$

(99)

$

5 

$

(94)

Schedule Of Underfunded Accumulated Benefit Obligation

The following table discloses only the PBO, ABO and fair value of plan assets for pension plans where the accumulated benefit obligation is in excess of the fair value of the plan assets as of December 31:

Underfunded Accumulated Benefit Obligation

Millions

2019

2018

Projected benefit obligation

$

522 

$

465 

Accumulated benefit obligation

$

498 

$

446 

Fair value of plan assets

-

-

Underfunded accumulated benefit obligation

$

(498)

$

(446)

Weighted Average Actuarial Assumptions Used To Determine Benefit Obligations Assumptions – The weighted-average actuarial assumptions used to determine benefit obligations at December 31:

Pension

OPEB

Percentages

2019

2018

2019

2018

Discount rate

3.26%

4.23%

3.13%

4.17%

Compensation increase

4.10%

4.19%

N/A

N/A

Health care cost trend rate (employees under 65)

N/A

N/A

5.64%

5.87%

Ultimate health care cost trend rate

N/A

N/A

4.50%

4.50%

Year ultimate trend rate reached

N/A

N/A

2038

2038

Weighted Average Actuarial Assumptions Used To Determine Expense Assumptions – The weighted-average actuarial assumptions used to determine expense were as follows:

Pension

OPEB

Percentages

2019

2018

2017

2019

2018

2017

Discount rate for benefit obligations

4.23%

3.62%

4.09%

3.79%

3.54%

3.89%

Discount rate for interest on benefit obligations

3.94%

3.27%

3.47%

3.40%

3.14%

3.25%

Discount rate for service cost

4.33%

3.77%

4.41%

3.92%

3.71%

4.25%

Discount rate for interest on service cost

4.30%

3.72%

4.27%

3.85%

3.64%

4.11%

Expected return on plan assets

7.00%

7.00%

7.00%

N/A

N/A

N/A

Compensation increase

4.10%

4.19%

4.13%

N/A

N/A

N/A

Health care cost trend rate (employees under 65)

N/A

N/A

N/A

5.87%

6.09%

6.31%

Ultimate health care cost trend rate

N/A

N/A

N/A

4.50%

4.50%

4.50%

Year ultimate trend reached

N/A

N/A

N/A

2038

2038

2038

Net Periodic Pension And OPEB Cost/(Benefit) The components of our net periodic pension and OPEB cost were as follows for the years ended December 31:

Pension

OPEB

Millions

2019

2018

2017

2019

2018

2017

Net Periodic Benefit Cost:

Service cost

$

80 

$

105 

$

90 

$

1 

$

2 

$

2 

Interest cost

160 

145 

142 

9 

10 

10 

Expected return on plan assets

(273)

(272)

(267)

-

-

-

Plan curtailment cost

-

-

20 

-

-

-

Special termination cost

-

-

49 

-

-

-

Amortization of:

Prior service cost/(credit)

-

-

-

(7)

1 

1 

Actuarial loss

67 

93 

81 

7 

10 

9 

Net periodic benefit cost

$

34 

$

71 

$

115 

$

10 

$

23 

$

22 

Cash Contributions For Qualified Pension Plan Benefit Payments For Non-Qualified OPEB Plans The following table details cash contributions, if any, for the qualified pension plans and the benefit payments for the non-qualified (supplemental) pension and OPEB plans:

Pension

Millions

Qualified

Non-qualified

OPEB

2019

$

-

$

30 

$

22 

2018

-

29 

24 

Schedule Of Expected Benefit Payments The following table details expected benefit payments for the years 2020 through 2029:

Millions

Pension

OPEB

2020

$

224 

$

20 

2021

221 

19 

2022

220 

15 

2023

219 

15 

2024

220 

10 

Years 2025 - 2029

1,119 

45 

Schedule Of Pension Plan Asset Allocation Our pension plan asset allocation at December 31, 2019, and 2018, and target allocation for 2020, are as follows:

Percentage of Plan Assets

December 31,

Target Allocation 2020

2019

2018

Equity securities

60% to 70%

63%

56%

Debt securities

25% to 35%

31  

36  

Real estate

2% to 8%

6  

6  

Commodities

N/A

-    

2  

Total

100%

100%

Schedule Of Assets Measured At Fair Value On A Recurring Basis


As of December 31, 2019, the pension plan assets measured at fair value on a recurring basis were as follows:

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

Identical Inputs

Inputs

Inputs

Millions

(Level 1)

(Level 2)

(Level 3)

Total

Plan assets at fair value:

Temporary cash investments

$

6 

$

1 

$

-

$

7 

Registered investment companies [a]

9 

-

-

9 

Federal government securities

-

202 

-

202 

Bonds and debentures

-

575 

-

575 

Corporate stock

1,932 

7 

-

1,939 

Total plan assets at fair value

$

1,947 

$

785 

$

-

$

2,732 

Plan assets at NAV:

Registered investment companies [b]

285 

Venture capital and buyout partnerships

531 

Real estate funds

261 

Collective trust and other funds

707 

Total plan assets at NAV

$

1,784 

Other assets/(liabilities) [c]

12 

Total plan assets

$

4,528 

As of December 31, 2018, the pension plan assets measured at fair value on a recurring basis were as follows:

Quoted Prices

Significant

in Active

Other

Significant

Markets for

Observable

Unobservable

Identical Inputs

Inputs

Inputs

Millions

(Level 1)

(Level 2)

(Level 3)

Total

Plan assets at fair value:

Temporary cash investments

$

21 

$

-

$

-

$

21 

Registered investment companies [a]

1 

-

-

1 

Federal government securities

-

191 

-

191 

Bonds and debentures

-

538 

-

538 

Corporate stock

1,355 

12 

-

1,367 

Total plan assets at fair value

$

1,377 

$

741 

$

-

$

2,118 

Plan assets at NAV:

Registered investment companies [b]

378 

Venture capital and buyout partnerships

443 

Real estate funds

222 

Collective trust and other funds

745 

Total plan assets at NAV

$

1,788 

Other assets/(liabilities) [c]

(19)

Total plan assets

$

3,887 

[a]Registered investment companies measured at fair value are stock investments.

[b]Registered investment companies measured at NAV include bond investments.

[c]Other assets include accrued receivables, net payables, and pending broker settlements.