XML 58 R40.htm IDEA: XBRL DOCUMENT v3.20.4
Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Reconciliation Of The Benefit Obligation
The reconciliation of the benefit obligation is as follows:
 Pension BenefitsOther Benefits
 2020201920202019
Benefit obligation at beginning of year$1,880 $1,743 $423 $431 
Service cost— — 1 1 
Interest cost47 62 10 15 
Plan participant contributions— — 18 17 
Actuarial loss (gain)219 200 (15)5 
Settlements(80)(35)— — 
Benefits paid(57)(90)(38)(46)
Benefit obligation at end of year$2,009 $1,880 $399 $423 
Changes In The Fair Value Of Plan Assets
The changes in the fair value of plan assets are as follows:
 Pension BenefitsOther Benefits
 2020201920202019
Fair value of plan assets at beginning of year$2,026 $1,818 $367 $336 
Actual return on plan assets290 329 33 55 
Employer contributions7 4 11 5 
Plan participant contributions— — 18 17 
Settlements(80)(35)— — 
Benefits paid(57)(90)(38)(46)
Fair value of plan assets at end of year$2,186 $2,026 $391 $367 
Net Amount Included In Consolidated Balance Sheets The net amount included in the consolidated balance sheets is as follows:
 Pension BenefitsOther Benefits
 2020201920202019
Noncurrent assets$248 $212 $— $— 
Current liabilities(6)(6)— — 
Noncurrent liabilities(65)(60)(8)(56)
Net amount at December 31$177 $146 $(8)$(56)
Net Amounts Included In Accumulated Other Comprehensive Loss (Income) That Have Not Been Recognized As Components Of Net Periodic Benefit Costs The net amounts included in accumulated other comprehensive income (loss) that have not been recognized as components of net periodic benefit costs are as follows:
 Pension BenefitsOther Benefits
 2020201920202019
Net actuarial loss$749 $734 $3 $25 
Prior service cost (credit)— 1 (12)(19)
Net amount before tax at December 31$749 $735 $(9)$6 
Schedule Of Assumptions Used In Calculating The Benefit Obligations
The weighted-average assumptions used in calculating the benefit obligations for all plans are as follows: 
 Pension BenefitsOther Benefits
 2020201920202019
Discount rate2.24 %3.11 %1.99 %2.93 %
Rate of compensation increase3.00 %3.00 %3.00 %3.00 %
Expected rate of return on plan assets6.72 %7.33 %6.60 %7.00 %
Interest crediting rate3.82 %3.82 %0.87 %1.81 %
Components Of Net Periodic Benefit Cost (Credit)
The components of net periodic benefit credit included in the consolidated statements of income are as follows:
202020192018
Pension Benefits
Service cost$— $— $8 
Interest cost47 62 55 
Expected return on assets(138)(138)(147)
Recognized actuarial loss24 17 22 
Settlement loss29 9 5 
Net periodic benefit credit$(38)$(50)$(57)
Other Benefits
Service cost$1 $1 $1 
Interest cost10 15 15 
Expected return on assets(25)(22)(24)
Recognized actuarial loss— 2 3 
Amortization of prior service credit(7)(12)(12)
Net periodic benefit credit$(21)$(16)$(17)
Weighted-Average Assumptions Used In Calculating The Benefit Obligations For All Plans
The weighted-average assumptions used in calculating the net periodic benefit cost for all plans are as follows:
202020192018
Pension Benefits
Discount rate3.11 %4.15 %3.44 %
Rate of compensation increase3.00 %3.00 %3.00 %
Expected rate of return on plan assets7.33 %7.44 %7.83 %
Interest crediting rate3.82 %3.83 %3.82 %
Other Benefits
Discount rate2.93 %4.04 %3.42 %
Rate of compensation increase3.00 %3.00 %3.00 %
Expected rate of return on plan assets7.00 %7.00 %7.00 %
Interest crediting rate1.81 %3.12 %2.35 %
Fair Values of Pension Benefit Assets and Other Benefit Assets by Asset Category and Level Inputs The fair values of our pension benefit assets and other benefit assets by asset category and level inputs at December 31, 2020, excluding cash, investment income receivable and amounts due to/from brokers, resulting in a net asset of $64, are as follows (see Note 7, “Fair Value,” for additional information regarding the definition of level inputs):
Level ILevel IILevel IIITotal
December 31, 2020
Pension Benefit Assets:
Equity securities:
U.S. securities$710 $— $— $710 
Foreign securities238 — — 238 
Mutual funds42 — — 42 
Fixed maturity securities:
Government securities— 237 — 237 
Corporate securities— 394 — 394 
Asset-backed securities— 137 — 137 
Other types of investments:
Commingled fund— 112 — 112 
Insurance company contracts— — 189 189 
Total pension benefit assets at fair value$990 $880 $189 2,059 
Partnership investments74 
Total pension benefit assets$2,133 
Other Benefit Assets:
Equity securities:
U.S. securities$9 $— $— $9 
Foreign securities3 — — 3 
Mutual funds23 — — 23 
Fixed maturity securities:
Government securities— 2 — 2 
Corporate securities— 4 — 4 
Asset-backed securities— 3 — 3 
Other types of investments:
Commingled fund— 2 — 2 
Life insurance contracts— — 323 323 
Investment in DOL 103-12 trust— 11 — 11 
Total other benefit assets$35 $22 $323 $380 
The fair values of our pension benefit assets and other benefit assets by asset category and level inputs at December 31, 2019, excluding cash, investment income receivable and amounts due to/from brokers, resulting in a net asset of $64, are as follows:
Level ILevel IILevel IIITotal
December 31, 2019
Pension Benefit Assets:
Equity securities:
U.S. securities$626 $— $— $626 
Foreign securities197 — — 197 
Mutual funds38 — — 38 
Fixed maturity securities:
Government securities— 252 — 252 
Corporate securities— 339 — 339 
Asset-backed securities— 163 — 163 
Other types of investments:
Insurance company contracts— — 175 175 
Commingled fund— 136 — 136 
Total pension benefit assets at fair value$861 $890 $175 1,926 
Partnership investments52 
Total pension benefit assets$1,978 
Other Benefit Assets:
Equity securities:
U.S. securities$8 $— $— $8 
Foreign securities2 — — 2 
Mutual funds25 — — 25 
Fixed maturity securities:
Government securities— 2 — 2 
Corporate securities— 4 — 4 
Asset-backed securities— 3 — 3 
Other types of investments:
Life insurance contracts— — 294 294 
Investment in DOL 103-12 trust— 12 — 12 
Commingled fund— 1 — 1 
Total other benefit assets at fair value$35 $22 $294 $351 
Reconciliation Of The Beginning And Ending Balances Of Plan Assets Measured At Fair Value Using Level III Inputs
A reconciliation of the beginning and ending balances of plan assets measured at fair value using Level III inputs for the years ended December 31, 2020, 2019 and 2018 is as follows:
Insurance
Company
Contracts		Life
Insurance
Contracts		Total
Year ended December 31, 2020
Beginning balance at January 1, 2020$175 $294 $469 
Actual return on plan assets relating to assets still held at the reporting date
7 29 36 
Purchases15 — 15 
Sales(8)— (8)
Ending balance at December 31, 2020$189 $323 $512 
Year ended December 31, 2019
Beginning balance at January 1, 2019$166 $249 $415 
Actual return on plan assets relating to assets still held at the reporting date
12 45 57 
Purchases6 — 6 
Sales(9)— (9)
Ending balance at December 31, 2019$175 $294 $469 
Year ended December 31, 2018
Beginning balance at January 1, 2018$173 $269 $442 
Actual return on plan assets relating to assets still held at the reporting date
(7)(15)(22)
Purchases8 — 8 
Sales(8)(5)(13)
Ending balance at December 31, 2018$166 $249 $415 
Estimated Future Payments For Pension Benefits And Postretirement Benefits
Our estimated future payments for pension benefits and postretirement benefits, which reflect expected future service, as appropriate, are as follows:
Pension
Benefits		Other
Benefits
2021$131 $35 
2022128 34 
2023126 32 
2024121 31 
2025119 30 
2026 - 2030552 125