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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
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)2022202120222021
Change in projected benefit obligation
Benefit obligation, beginning of year$6,500 $7,763 $284 $318 
Service cost101 103 1 1 
Interest cost219 191 10 8 
Participant contributions— — 16 16 
Remeasurement of projected benefit obligation (gains) losses(1,382)(309)(62)(16)
Benefits paid(894)(1,242)(42)(43)
Translation adjustment and other(33)(6)(4)— 
Benefit obligation, end of year$4,511 $6,500 $203 $284 
Change in plan assets
Fair value of plan assets, beginning of year$6,525 $6,987 
Actual return on plan assets(1,189)764 
Employer contribution24 22 
Benefits paid(894)(1,242)
Translation adjustment and other(36)(6)
Fair value of plan assets, end of year$4,430 $6,525 
Funded status (1)
$(81)$25 $(203)$(284)
Amounts recognized in AOCI
Unamortized pension and other postretirement prior service credit$— $(28)$(39)$(65)
(1)The funded status is recorded within other assets or other liabilities and accrued expenses on the Consolidated Statements of Financial Position.
Change during the period in items not yet recognized as a component of net periodic cost
Changes in items not yet recognized as a component of net cost for pension and other postretirement plans
($ in millions)Pension benefitsPostretirement benefits
Items not yet recognized as a component of net cost – December 31, 2021$(28)$(65)
Prior service credit amortized to net cost28 25 
Translation adjustment and other— 1 
Items not yet recognized as a component of net cost – December 31, 2022$— $(39)
Components of net periodic cost
Components of net cost (benefit) for pension and other postretirement plans
For the years ended December 31,
Pension benefitsPostretirement benefitsTotal pension and postretirement benefits
($ in millions)202220212020202220212020202220212020
Service cost$101 $103 $104 $1 $1 $4 $102 $104 $108 
Interest cost219 191 210 10 8 11 229 199 221 
Expected return on plan assets(371)(445)(414)— — — (371)(445)(414)
Amortization of prior service credit(27)(50)(54)(25)(25)(10)(52)(75)(64)
Curtailment losses (gains)— — 10 — — (8)— — 2 
Costs and expenses(78)(201)(144)(14)(16)(3)(92)(217)(147)
Remeasurement of projected benefit obligation(1,382)(309)813 (62)(16)22 (1,444)(325)835 
Remeasurement of plan assets1,560 (319)(886)— — — 1,560 (319)(886)
Remeasurement (gains) losses178 (628)(73)(62)(16)22 116 (644)(51)
Total net (benefit) cost$100 $(829)$(217)$(76)$(32)$19 $24 $(861)$(198)
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 benefitsPostretirement benefits
202220212020202220212020
Discount rate4.27 %2.84 %3.00 %4.24 %2.75 %2.99 %
Expected long-term rate of return on plan assets7.06 7.06 7.08 n/an/an/a
Cash balance interest credit rate2.74 2.04 1.65 n/an/an/a
Weighted average assumptions used to determine benefit obligations
For the years ended December 31,
Pension benefitsPostretirement benefits
2022202120222021
Discount rate5.64 %2.93 %5.58 %2.86 %
Cash balance interest credit rate3.97 1.90 n/an/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, 2022
Target asset allocation (1)
Actual percentage of plan assets
Pension plan’s asset category202220222021
Equity securities (2)
22 - 36%
27 %55 %
Fixed income securities
43 - 54
49 30 
Limited partnership interests
1 - 24
21 14 
Short-term investments and other— 3 1 
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 0% and 3% of fixed income mutual funds in 2022 and 2021, respectively, that are subject to the fixed income securities target allocation.
(3)Securities lending collateral reinvestment of $297 million and $121 million is excluded from the table above in 2022 and 2021, respectively.
Fair values of pension plan assets
Fair values of pension plan assets as of December 31, 2022
($ 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, 2022
Equity securities$120 $25 $— $145 
Fixed income securities:
Government bonds (1)
496 896 — 1,392 
Corporate bonds (2)
— 757 — 757 
Short-term investments163 279 — 442 
Free-standing derivatives:
Assets— 1 — 1 
Liabilities(1)(5)— (6)
Other assets1 — — 1 
Total plan assets at fair value$779 $1,953 $— 2,732 
% of total plan assets at fair value28.5 %71.5 %— %100.0 %
Investments measured using the net asset value practical expedient1,975 
Securities lending obligation (3)
(296)
Derivatives counterparty and cash collateral netting2 
Other net plan assets (4)
17 
Total reported plan assets$4,430 
(1)Includes U.S. government and agencies and foreign government bonds.
(2)Includes ABS securities.
(3)The securities lending obligation represents the plan’s obligation to return securities lending collateral received under a securities lending program. The terms of the program allow both the plan and the counterparty the right and ability to redeem/return the securities loaned on short notice. Due to its relatively short-term nature, the outstanding balance of the obligation approximates fair value.
(4)Other net plan assets represent cash and cash equivalents, interest and dividends receivable and net receivables related to settlements of investment transactions, such as purchases and sales.
Fair values of pension plan assets as of December 31, 2021
($ 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 bonds58 1,206 — 1,264 
Corporate bonds— 696 — 696 
Short-term investments135 65 — 200 
Free-standing derivatives:
Assets— 4 — 4 
Liabilities— (3)— (3)
Other assets2 — — 2 
Total plan assets at fair value$506 $2,012 $2 2,520 
% of total plan assets at fair value20.1 %79.8 %0.1 %100.0 %
Investments measured using the net asset value practical expedient4,109 
Securities lending obligation(121)
Derivatives counterparty and cash collateral netting(3)
Other net plan assets20 
Total reported plan assets$6,525 
Rollforward of Level 3 plan assets
Rollforward of Level 3 plan assets during December 31, 2022
Actual return on plan assets:
($ in millions)Balance as of December 31, 2021Relating to assets sold during the periodRelating to assets still held at the reporting datePurchases, sales and settlements, netNet transfers in (out) of Level 3Balance as of December 31, 2022
Equity securities$2 $— $— $— $(2)$— 
Total Level 3 plan assets$2 $— $— $— $(2)$— 
Rollforward of Level 3 plan assets during December 31, 2021
Actual return on plan assets:
($ in millions)Balance as of December 31, 2020Relating to assets sold during the periodRelating to assets still held at the reporting datePurchases, sales and settlements, netNet transfers in (out) of Level 3Balance 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, 2019Relating to assets sold during the periodRelating to assets still held at the reporting datePurchases, sales and settlements, netNet transfers in (out) of Level 3Balance as of December 31, 2020
Fixed income securities:
Corporate$— $— $— $2 $— $2 
Total Level 3 plan assets$— $— $— $2 $— $2 
Estimated future benefit payments expected to be paid
Estimated future benefit payments expected to be paid in the next 10 years
As of December 31, 2022
($ in millions)Pension benefitsPostretirement benefits
2023$505 $25 
2024485 26 
2025470 25 
2026468 23 
2027463 21 
2028-20321,778 69 
Total benefit payments$4,169 $189