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Defined Benefit Pension and Other Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Summary Of Defined Benefit Plans With Accumulated Benefit Obligations In Excess Of Plan Assets
The following summarizes our defined benefit pension plans that have accumulated benefit obligations in excess of plan assets.
 
December 31,
(In millions)
2018
 
2017
Projected benefit obligations
$
2,779

 
$
2,164

Accumulated benefit obligations
2,632

 
2,008

Fair value of plan assets
2,089

 
1,840
Summary Of Projected Benefit Obligations And Funded Status For Defined Benefit Pension And Other Postretirement Plans
The following summarizes the projected benefit obligations and funded status for our defined benefit pension and other postretirement plans:
 
Pension Benefits
 
Other Benefits
(In millions)
2018
 
2017
 
2018
 
2017
Change in benefit obligations:
 
 
 
 
 
 
 
Benefit obligations at January 1
$
2,164

 
$
2,024

 
$
826

 
$
740

Service cost
159

 
132

 
30

 
25

Interest cost
83

 
75

 
30

 
30

Actuarial (gain) loss
(159
)
 
150

 
(71
)
 
61

Benefits paid
(273
)
 
(217
)
 
(36
)
 
(30
)
Plan amendments
(90
)
 
—

 
34

 
—

Acquisitions
895

 
—

 
71

 
—

Benefit obligations at December 31
2,779

 
2,164

 
884

 
826

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at January 1
1,840

 
1,659

 
—

 
—

Actual return on plan assets
(115
)
 
270

 
—

 
—

Employer contributions
115

 
128

 
36

 
30

Benefits paid from plan assets
(273
)
 
(217
)
 
(36
)
 
(30
)
Acquisitions
522

 
—

 
—

 
—

Fair value of plan assets at December 31
2,089

 
1,840

 
—

 
—

Funded status of plans at December 31
$
(690
)
 
$
(324
)
 
$
(884
)
 
$
(826
)
Amounts recognized in the consolidated balance sheets:
 
 
 
 
 
 
 
Current liabilities
$
(21
)
 
$
(18
)
 
$
(44
)
 
$
(33
)
Noncurrent liabilities
(669
)
 
(306
)
 
(840
)
 
(793
)
Accrued benefit cost
$
(690
)
 
$
(324
)
 
$
(884
)
 
$
(826
)
Pretax amounts recognized in accumulated other comprehensive loss:(a)
 
 
 
 
 
 
 
Net actuarial loss
$
517

 
$
537

 
$
9

 
$
80

Prior service cost (credit)
(295
)
 
(238
)
 
35

 
(3
)

(a) 
Amounts exclude those related to LOOP and Explorer, equity method investees with defined benefit pension and postretirement plans for which net losses of $18 million and less than $1 million were recorded in accumulated other comprehensive loss in 2018, reflecting our ownership share.
Components of Net Periodic Benefit Costs
Components of Net Periodic Benefit Cost and Other Comprehensive Loss
The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive loss for our defined benefit pension and other postretirement plans.
 
Pension Benefits
 
Other Benefits
(In millions)
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
159

 
$
132

 
$
114

 
$
30

 
$
25

 
$
32

Interest cost
83

 
75

 
73

 
30

 
30

 
35

Expected return on plan assets
(109
)
 
(100
)
 
(98
)
 
—

 
—

 
—

Amortization – prior service credit
(33
)
 
(39
)
 
(46
)
 
(3
)
 
(3
)
 
(3
)
 – actuarial (gain) loss
31

 
36

 
38

 
(1
)
 
(2
)
 
2

 – settlement loss
53

 
52

 
7

 
—

 
—

 
—

Net periodic benefit cost(a)
$
184

 
$
156

 
$
88

 
$
56

 
$
50

 
$
66

Other changes in plan assets and benefit obligations recognized in other comprehensive loss (pretax):
 
 
 
 
 
 
 
 
 
 
 
Actuarial (gain) loss
$
64

 
$
(20
)
 
$
(33
)
 
$
(71
)
 
$
61

 
$
(101
)
Prior service cost (credit)
(90
)
 
—

 
—

 
34

 
—

 
—

Amortization of actuarial gain (loss)
(84
)
 
(88
)
 
(45
)
 
1

 
2

 
(2
)
Amortization of prior service credit
33

 
39

 
46

 
3

 
3

 
3

Other
—

 
—

 
—

 
—

 
—

 
—

Total recognized in other comprehensive loss
$
(77
)
 
$
(69
)
 
$
(32
)
 
$
(33
)
 
$
66

 
$
(100
)
Total recognized in net periodic benefit cost and other comprehensive loss
$
107

 
$
87

 
$
56

 
$
23

 
$
116

 
$
(34
)

(a) 
Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Loss (Pretax)
Components of Net Periodic Benefit Cost and Other Comprehensive Loss
The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive loss for our defined benefit pension and other postretirement plans.
 
Pension Benefits
 
Other Benefits
(In millions)
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
159

 
$
132

 
$
114

 
$
30

 
$
25

 
$
32

Interest cost
83

 
75

 
73

 
30

 
30

 
35

Expected return on plan assets
(109
)
 
(100
)
 
(98
)
 
—

 
—

 
—

Amortization – prior service credit
(33
)
 
(39
)
 
(46
)
 
(3
)
 
(3
)
 
(3
)
 – actuarial (gain) loss
31

 
36

 
38

 
(1
)
 
(2
)
 
2

 – settlement loss
53

 
52

 
7

 
—

 
—

 
—

Net periodic benefit cost(a)
$
184

 
$
156

 
$
88

 
$
56

 
$
50

 
$
66

Other changes in plan assets and benefit obligations recognized in other comprehensive loss (pretax):
 
 
 
 
 
 
 
 
 
 
 
Actuarial (gain) loss
$
64

 
$
(20
)
 
$
(33
)
 
$
(71
)
 
$
61

 
$
(101
)
Prior service cost (credit)
(90
)
 
—

 
—

 
34

 
—

 
—

Amortization of actuarial gain (loss)
(84
)
 
(88
)
 
(45
)
 
1

 
2

 
(2
)
Amortization of prior service credit
33

 
39

 
46

 
3

 
3

 
3

Other
—

 
—

 
—

 
—

 
—

 
—

Total recognized in other comprehensive loss
$
(77
)
 
$
(69
)
 
$
(32
)
 
$
(33
)
 
$
66

 
$
(100
)
Total recognized in net periodic benefit cost and other comprehensive loss
$
107

 
$
87

 
$
56

 
$
23

 
$
116

 
$
(34
)

(a) 
Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.
Plan Assumptions
Plan Assumptions
The following summarizes the assumptions used to determine the benefit obligations at December 31, and net periodic benefit cost for the defined benefit pension and other postretirement plans for 2018, 2017 and 2016.
 
Pension Benefits
 
Other Benefits
 
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Weighted-average assumptions used to determine benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.21
%
 
3.55
%
 
3.90
%
 
4.26
%
 
3.70
%
 
4.25
%
Rate of compensation increase
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Weighted-average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.88
%
 
3.85
%
 
3.80
%
 
3.72
%
 
4.25
%
 
4.50
%
Expected long-term return on plan assets
6.15
%
 
6.50
%
 
6.50
%
 
—
%
 
—
%
 
—
%
Rate of compensation increase
4.80
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Assumed Health Care Cost Trend Rates
The following summarizes the assumed health care cost trend rates.
 
December 31,
 
2018
 
2017
 
2016
Health care cost trend rate assumed for the following year:
 
 
 
 
 
Medical: Pre-65
6.80
%
 
6.75
%
 
7.00
%
Prescription drugs
9.50
%
 
8.75
%
 
9.00
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate):
 
 
 
 
 
Medical: Pre-65
4.50
%
 
4.50
%
 
4.50
%
Prescription drugs
4.50
%
 
4.50
%
 
4.50
%
Year that the rate reaches the ultimate trend rate:
 
 
 
 
 
Medical: Pre-65
2027

 
2026

 
2026

Prescription drugs
2027

 
2026

 
2026
Effects Of One Percentage Point Change In Assumed Health Care Cost Trend Rates
A one percentage point change in assumed health care cost trend rates would have the following effects:
 
1-Percentage-
 
1-Percentage-
(In millions)
Point Increase
 
Point Decrease
Effect on total of service and interest cost components
$
5

 
$
(4
)
Effect on other postretirement benefit obligations
34

 
(30
)
Fair Values Of Defined Benefit Pension Plan Assets
The following tables present the fair values of our defined benefit pension plans’ assets, by level within the fair value hierarchy, as of December 31, 2018 and 2017.
 
December 31, 2018
(In millions)
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
$
—

 
$
25

 
$
—

 
$
25

Equity:
 
 
 
 
 
 
 
Common stocks
89

 
86

 
—

 
175

Mutual funds
159

 
—

 
—

 
159

Pooled funds
—

 
297

 
—

 
297

Fixed income:
 
 
 
 
 
 
 
Corporate
176

 
684

 
—

 
860

Government
98

 
141

 
—

 
239

Pooled funds
—

 
201

 
—

 
201

Private equity
—

 
—

 
41

 
41

Real estate
—

 
—

 
29

 
29

Other
45

 
—

 
18

 
63

Total investments, at fair value
$
567

 
$
1,434

 
$
88

 
$
2,089

 
December 31, 2017
(In millions)
Level 1
 
Level 2
 
Level 3
 
Total
Cash and cash equivalents
$
—

 
$
14

 
$
—

 
$
14

Equity:
 
 
 
 
 
 
 
Common stocks
36

 
—

 
—

 
36

Mutual funds
227

 
—

 
—

 
227

Pooled funds
—

 
507

 
—

 
507

Fixed income:
 
 
 
 
 
 
 
Corporate
—

 
673

 
1

 
674

Government
—

 
98

 
—

 
98

Pooled funds
—

 
176

 
—

 
176

Private equity
—

 
—

 
51

 
51

Real estate
—

 
—

 
34

 
34

Other
2

 
2

 
19

 
23

Total investments, at fair value
$
265

 
$
1,470

 
$
105

 
$
1,840
Reconciliation Of Beginning And Ending Balances Of Plan Assets Classified As Level 3
The following is a reconciliation of the beginning and ending balances recorded for plan assets classified as Level 3 in the fair value hierarchy:
 
2018
(In millions)
Private Equity
 
Real Estate
 
Other
 
Total
Beginning balance
$
51

 
$
34

 
$
20

 
$
105

Actual return on plan assets:
 
 
 
 
 
 
 
Realized
9

 
2

 
—

 
11

Unrealized
2

 
(1
)
 
—

 
1

Purchases
1

 
1

 
—

 
2

Sales
(22
)
 
(7
)
 
(2
)
 
(31
)
Ending balance
$
41

 
$
29

 
$
18

 
$
88

 
2017
(In millions)
Private Equity
 
Real Estate
 
Other
 
Total
Beginning balance
$
60

 
$
39

 
$
19

 
$
118

Actual return on plan assets:
 
 
 
 
 
 
 
Realized
11

 
3

 
—

 
14

Unrealized
(1
)
 
—

 
1

 
—

Purchases
2

 
1

 
1

 
4

Sales
(21
)
 
(9
)
 
(1
)
 
(31
)
Ending balance
$
51

 
$
34

 
$
20

 
$
105
Estimated Future Benefit Payment
Estimated future benefit payments – The following gross benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years indicated.
(In millions)
Pension Benefits
 
Other Benefits
2019
$
238

 
$
44

2020
254

 
46

2021
219

 
48

2022
218

 
50

2023
213

 
51

2024 through 2028
1,048

 
271
Multi Employer Pension Plan
Our participation in this plan for 2018, 2017 and 2016 is outlined in the table below. The “EIN” column provides the Employee Identification Number for the plan. The most recent Pension Protection Act zone status available in 2018 and 2017 is for the plan’s year ended December 31, 2017 and December 31, 2016, respectively. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded. The “FIP/RP Status Pending/Implemented” column indicates a financial improvement plan or a rehabilitation plan has been implemented. The last column lists the expiration date of the collective-bargaining agreement to which the plan is subject. There have been no significant changes that affect the comparability of 2018, 2017 and 2016 contributions. Our portion of the contributions does not make up more than five percent of total contributions to the plan.
 
 
 
 
Pension Protection
Act Zone Status
 
FIP/RP Status
Pending/Implemented
 
MPC Contributions 
(In millions)
 
Surcharge
Imposed
 
Expiration Date of
Collective – Bargaining
Agreement
Pension Fund
 
EIN
 
2018
 
2017
 
 
2018
 
2017
 
2016
 
 
Central States, Southeast and Southwest Areas Pension Plan(a)
 
366044243
 
Red
 
Red
 
Implemented
 
$
4

 
$
4

 
$
4

 
No
 
January 31, 2024
(a) 
This agreement has a minimum contribution requirement of $328 per week per employee for 2019. A total of 258 employees participated in the plan as of December 31, 2018.