Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2021		2020
Change in projected benefit obligation
Benefit obligation, beginning of year	$	7,763	$	7,139	$	318	$	397
Service cost	103		104		1		4
Interest cost	191		210		8		11
Participant contributions	—		—		16		14
Remeasurement of projected benefit obligation (gains) losses	(309)		813		(16)		22
Benefits paid	(1,242)		(522)		(43)		(37)
Plan amendments	—		—		—		(102)
Translation adjustment and other	(6)		(1)		—		(1)
Curtailment losses (gains)	—		20		—		10
Benefit obligation, end of year	$	6,500	$	7,763	$	284	$	318
Change in plan assets
Fair value of plan assets, beginning of year	$	6,987	$	6,192
Actual return on plan assets	764		1,300
Employer contribution	22		18
Benefits paid	(1,242)		(522)
Translation adjustment and other	(6)		(1)
Fair value of plan assets, end of year	$	6,525	$	6,987
Funded status (1)	$	25	$	(776)	$	(284)	$	(318)
Amounts recognized in AOCI
Unamortized pension and other postretirement prior service credit	$	(28)	$	(78)	$	(65)	$	(89)

(1)The funded status is recorded within other assets or 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, 2020	$	(78)	$	(89)
Prior service credit amortized to net cost	50		25
Translation adjustment and other	—		(1)
Items not yet recognized as a component of net cost – December 31, 2021	$	(28)	$	(65)

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)	2021		2020		2019		2021		2020		2019		2021		2020		2019
Service cost	$	103	$	104	$	117	$	1	$	4	$	8	$	104	$	108	$	125
Interest cost	191		210		240		8		11		14		199		221		254
Expected return on plan assets	(445)		(414)		(403)		—		—		—		(445)		(414)		(403)
Amortization of prior service credit	(50)		(54)		(56)		(25)		(10)		(3)		(75)		(64)		(59)
Curtailment losses (gains)	—		10		—		—		(8)		—		—		2		—
Costs and expenses	(201)		(144)		(102)		(16)		(3)		19		(217)		(147)		(83)
Remeasurement of projected benefit obligation	(309)		813		927		(16)		22		19		(325)		835		946
Remeasurement of plan assets	(319)		(886)		(832)		—		—		—		(319)		(886)		(832)
Remeasurement (gains) losses	(628)		(73)		95		(16)		22		19		(644)		(51)		114
Total net (benefit) cost	$	(829)	$	(217)	$	(7)	$	(32)	$	19	$	38	$	(861)	$	(198)	$	31

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
	2021		2020		2019		2021		2020		2019
Discount rate	2.84	%	3.00	%	3.70	%	2.75	%	2.99	%	3.61	%
Expected long-term rate of return on plan assets	7.06		7.08		7.34		n/a		n/a		n/a
Cash balance interest credit rate	2.04		1.65		2.59		n/a		n/a		n/a

Weighted average assumptions used to determine benefit obligations
	For the years ended December 31,
	Pension benefits				Postretirement benefits
	2021		2020		2021		2020
Discount rate	2.93	%	2.51	%	2.86	%	2.39	%
Cash balance interest credit rate	1.90		1.65		n/a		n/a

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, 2021
	Target asset allocation (1)	Actual percentage of plan assets
Pension plan’s asset category	2021	2021		2020
Equity securities (2)	42 - 56%	55	%	50	%
Fixed income securities	26 - 45	30		38
Limited partnership interests	1 - 18	14		10
Short-term investments and other	—	1		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 3% and 1% of fixed income mutual funds in 2021 and 2020, respectively, that are subject to the fixed income securities target allocation.

(3)Securities lending collateral reinvestment of $121 million and $101 million is excluded from the table above in 2021 and 2020, respectively.

Fair values of pension plan assets

Fair values of pension plan assets as of December 31, 2021
($ 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, 2021
Equity securities	$	311		$	44		$	2		$	357
Fixed income securities:
Government bonds (1)	58			1,206			—			1,264
Corporate bonds	—			696			—			696
Short-term investments	135			65			—			200
Free-standing derivatives:
Assets	—			4			—			4
Liabilities	—			(3)			—			(3)
Other assets	2			—			—			2
Total plan assets at fair value	$	506		$	2,012		$	2		2,520
% of total plan assets at fair value	20.1		%	79.8		%	0.1		%	100.0		%
Investments measured using the net asset value practical expedient										4,109
Securities lending obligation (2)										(121)
Derivatives counterparty and cash collateral netting										(3)
Other net plan assets (3)										20
Total reported plan assets										$	6,525

(1)Includes U.S. government and agencies and foreign government bonds.

(2)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.

(3)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, 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:
Government bonds	32			865			—			897
Corporate bonds	—			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										(101)
Derivatives counterparty and cash collateral netting										(19)
Other net plan assets										77
Total reported plan assets										$	6,987

Rollforward of Level 3 plan assets

Rollforward of Level 3 plan assets during December 31, 2021
			Actual return on plan assets:
($ in millions)	Balance as of December 31, 2020		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, 2021
Equity securities	$	—	$	—	$	—	$	2	$	—	$	2
Fixed income securities:
Corporate	2		—		—		(2)		—		—
Total Level 3 plan assets	$	2	$	—	$	—	$	—	$	—	$	2

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)	$	—	$	—

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, 2021
($ in millions)	Pension benefits		Postretirement benefits
2022	$	602	$	25
2023	586		25
2024	566		25
2025	533		25
2026	517		24
2027-2031	2,180		85
Total benefit payments	$	4,984	$	209