Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| Schedule of Defined Benefit Plans Disclosures |
The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2023 and 2022. The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. The discount rate assumptions are derived from a cash flow matching technique that utilizes rates that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans. The decreases in the weighted-average discount rates in 2023 resulted in an increase to the PBO of $511 million at December 31, 2023. The increases in the weighted-average discount rates in 2022 resulted in a decrease to the PBO of approximately $5.3 billion at December 31, 2022. Significant gains and losses related to changes in the PBO for 2023 and 2022 primarily resulted from changes in the discount rate.
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Pension and Postretirement Plans (1)
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Qualified
Pension Plan |
|
Non-U.S.
Pension Plans |
|
Nonqualified and Other
Pension Plans |
|
Postretirement
Health and Life Plans |
| (Dollars in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Fair value, January 1 |
$ |
17,258
|
|
|
$ |
22,078 |
|
|
$ |
1,728
|
|
|
$ |
3,031 |
|
|
$ |
1,886
|
|
|
$ |
2,585 |
|
|
$ |
107
|
|
|
$ |
117 |
|
| Actual return on plan assets |
1,436
|
|
|
(3,896) |
|
|
17
|
|
|
(898) |
|
|
103
|
|
|
(332) |
|
|
5
|
|
|
2 |
|
| Company contributions (withdrawals) |
—
|
|
|
— |
|
|
28
|
|
|
30 |
|
|
80
|
|
|
(135) |
|
|
43
|
|
|
45 |
|
| Plan participant contributions |
—
|
|
|
— |
|
|
1
|
|
|
1 |
|
|
—
|
|
|
— |
|
|
102
|
|
|
104 |
|
| Settlements and curtailments |
—
|
|
|
— |
|
|
(12) |
|
|
(51) |
|
|
—
|
|
|
(6) |
|
|
—
|
|
|
— |
|
| Benefits paid |
(1,062) |
|
|
(924) |
|
|
(80) |
|
|
(62) |
|
|
(220) |
|
|
(226) |
|
|
(159) |
|
|
(161) |
|
| Federal subsidy on benefits paid |
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
—
|
|
|
— |
|
| Foreign currency exchange rate changes |
n/a |
|
n/a |
|
97
|
|
|
(323) |
|
|
n/a |
|
n/a |
|
n/a |
|
n/a |
| Fair value, December 31 |
$ |
17,632
|
|
|
$ |
17,258 |
|
|
$ |
1,779
|
|
|
$ |
1,728 |
|
|
$ |
1,849
|
|
|
$ |
1,886 |
|
|
$ |
98
|
|
|
$ |
107 |
|
| Change in projected benefit obligation |
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|
|
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|
|
|
|
|
|
|
|
|
|
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| Projected benefit obligation, January 1 |
$ |
11,580
|
|
|
$ |
15,676 |
|
|
$ |
1,752
|
|
|
$ |
3,116 |
|
|
$ |
2,109
|
|
|
$ |
2,753 |
|
|
$ |
700
|
|
|
$ |
928 |
|
| Service cost |
—
|
|
|
— |
|
|
27
|
|
|
29 |
|
|
—
|
|
|
— |
|
|
2
|
|
|
4 |
|
| Interest cost |
616
|
|
|
438 |
|
|
80
|
|
|
53 |
|
|
111
|
|
|
74 |
|
|
36
|
|
|
25 |
|
| Plan participant contributions |
—
|
|
|
— |
|
|
1
|
|
|
1 |
|
|
—
|
|
|
— |
|
|
102
|
|
|
104 |
|
| Plan amendments |
—
|
|
|
— |
|
|
4
|
|
|
3 |
|
|
—
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|
— |
|
|
—
|
|
|
— |
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| Settlements and curtailments |
—
|
|
|
— |
|
|
(12) |
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|
(51) |
|
|
—
|
|
|
(6) |
|
|
—
|
|
|
— |
|
| Actuarial loss (gain) |
635
|
|
|
(3,610) |
|
|
121
|
|
|
(1,054) |
|
|
92
|
|
|
(486) |
|
|
(9) |
|
|
(198) |
|
| Benefits paid |
(1,062) |
|
|
(924) |
|
|
(80) |
|
|
(62) |
|
|
(220) |
|
|
(226) |
|
|
(160) |
|
|
(161) |
|
| Federal subsidy on benefits paid |
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
—
|
|
|
— |
|
| Foreign currency exchange rate changes |
n/a |
|
n/a |
|
81
|
|
|
(283) |
|
|
n/a |
|
n/a |
|
1
|
|
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Projected benefit obligation, December 31 |
$ |
11,769
|
|
|
$ |
11,580 |
|
|
$ |
1,974
|
|
|
$ |
1,752 |
|
|
$ |
2,092
|
|
|
$ |
2,109 |
|
|
$ |
672
|
|
|
$ |
700 |
|
| Amounts recognized on Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Other assets |
$ |
5,863
|
|
|
$ |
5,678 |
|
|
$ |
235
|
|
|
$ |
370 |
|
|
$ |
452
|
|
|
$ |
495 |
|
|
$ |
—
|
|
|
$ |
— |
|
| Accrued expenses and other liabilities |
—
|
|
|
— |
|
|
(430) |
|
|
(394) |
|
|
(695) |
|
|
(718) |
|
|
(574) |
|
|
(593) |
|
| Net amount recognized, December 31 |
$ |
5,863
|
|
|
$ |
5,678 |
|
|
$ |
(195) |
|
|
$ |
(24) |
|
|
$ |
(243) |
|
|
$ |
(223) |
|
|
$ |
(574) |
|
|
$ |
(593) |
|
| Funded status, December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated benefit obligation |
$ |
11,769
|
|
|
$ |
11,580 |
|
|
$ |
1,903
|
|
|
$ |
1,694 |
|
|
$ |
2,091
|
|
|
$ |
2,109 |
|
|
n/a |
|
n/a |
| Overfunded (unfunded) status of ABO |
5,863
|
|
|
5,678 |
|
|
(124) |
|
|
34 |
|
|
(242) |
|
|
(223) |
|
|
n/a |
|
n/a |
| Provision for future salaries |
—
|
|
|
— |
|
|
71
|
|
|
58 |
|
|
1
|
|
|
— |
|
|
n/a |
|
n/a |
| Projected benefit obligation |
11,769
|
|
|
11,580 |
|
|
1,974
|
|
|
1,752 |
|
|
2,092
|
|
|
2,109 |
|
|
$ |
672
|
|
|
$ |
700 |
|
| Weighted-average assumptions, December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
5.13
|
% |
|
5.54 |
% |
|
4.48
|
% |
|
4.59 |
% |
|
5.19
|
% |
|
5.58 |
% |
|
5.17
|
% |
|
5.56 |
% |
| Rate of compensation increase |
n/a |
|
n/a |
|
4.33
|
|
|
4.25 |
|
|
4.00
|
|
|
4.00 |
|
|
n/a |
|
n/a |
| Interest-crediting rate |
5.43
|
% |
|
5.36 |
% |
|
1.98
|
|
|
2.03 |
|
|
4.91
|
|
|
4.69 |
|
|
n/a |
|
n/a |
(1)The measurement date for all of the above plans was December 31 of each year reported.
n/a = not applicable
|
| Schedule of Amounts Recognized in Balance Sheet |
The Pension and Postretirement Plans table summarizes the changes in the fair value of plan assets, changes in the projected benefit obligation (PBO), the funded status of both the accumulated benefit obligation (ABO) and the PBO, and the weighted-average assumptions used to determine benefit obligations for the pension plans and postretirement plans at December 31, 2023 and 2022. The estimate of the Corporation’s PBO associated with these plans considers various actuarial assumptions, including assumptions for mortality rates and discount rates. The discount rate assumptions are derived from a cash flow matching technique that utilizes rates that are based on Aa-rated corporate bonds with cash flows that match estimated benefit payments of each of the plans. The decreases in the weighted-average discount rates in 2023 resulted in an increase to the PBO of $511 million at December 31, 2023. The increases in the weighted-average discount rates in 2022 resulted in a decrease to the PBO of approximately $5.3 billion at December 31, 2022. Significant gains and losses related to changes in the PBO for 2023 and 2022 primarily resulted from changes in the discount rate.
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|
Pension and Postretirement Plans (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified
Pension Plan |
|
Non-U.S.
Pension Plans |
|
Nonqualified and Other
Pension Plans |
|
Postretirement
Health and Life Plans |
| (Dollars in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Fair value, January 1 |
$ |
17,258
|
|
|
$ |
22,078 |
|
|
$ |
1,728
|
|
|
$ |
3,031 |
|
|
$ |
1,886
|
|
|
$ |
2,585 |
|
|
$ |
107
|
|
|
$ |
117 |
|
| Actual return on plan assets |
1,436
|
|
|
(3,896) |
|
|
17
|
|
|
(898) |
|
|
103
|
|
|
(332) |
|
|
5
|
|
|
2 |
|
| Company contributions (withdrawals) |
—
|
|
|
— |
|
|
28
|
|
|
30 |
|
|
80
|
|
|
(135) |
|
|
43
|
|
|
45 |
|
| Plan participant contributions |
—
|
|
|
— |
|
|
1
|
|
|
1 |
|
|
—
|
|
|
— |
|
|
102
|
|
|
104 |
|
| Settlements and curtailments |
—
|
|
|
— |
|
|
(12) |
|
|
(51) |
|
|
—
|
|
|
(6) |
|
|
—
|
|
|
— |
|
| Benefits paid |
(1,062) |
|
|
(924) |
|
|
(80) |
|
|
(62) |
|
|
(220) |
|
|
(226) |
|
|
(159) |
|
|
(161) |
|
| Federal subsidy on benefits paid |
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
—
|
|
|
— |
|
| Foreign currency exchange rate changes |
n/a |
|
n/a |
|
97
|
|
|
(323) |
|
|
n/a |
|
n/a |
|
n/a |
|
n/a |
| Fair value, December 31 |
$ |
17,632
|
|
|
$ |
17,258 |
|
|
$ |
1,779
|
|
|
$ |
1,728 |
|
|
$ |
1,849
|
|
|
$ |
1,886 |
|
|
$ |
98
|
|
|
$ |
107 |
|
| Change in projected benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Projected benefit obligation, January 1 |
$ |
11,580
|
|
|
$ |
15,676 |
|
|
$ |
1,752
|
|
|
$ |
3,116 |
|
|
$ |
2,109
|
|
|
$ |
2,753 |
|
|
$ |
700
|
|
|
$ |
928 |
|
| Service cost |
—
|
|
|
— |
|
|
27
|
|
|
29 |
|
|
—
|
|
|
— |
|
|
2
|
|
|
4 |
|
| Interest cost |
616
|
|
|
438 |
|
|
80
|
|
|
53 |
|
|
111
|
|
|
74 |
|
|
36
|
|
|
25 |
|
| Plan participant contributions |
—
|
|
|
— |
|
|
1
|
|
|
1 |
|
|
—
|
|
|
— |
|
|
102
|
|
|
104 |
|
| Plan amendments |
—
|
|
|
— |
|
|
4
|
|
|
3 |
|
|
—
|
|
|
— |
|
|
—
|
|
|
— |
|
| Settlements and curtailments |
—
|
|
|
— |
|
|
(12) |
|
|
(51) |
|
|
—
|
|
|
(6) |
|
|
—
|
|
|
— |
|
| Actuarial loss (gain) |
635
|
|
|
(3,610) |
|
|
121
|
|
|
(1,054) |
|
|
92
|
|
|
(486) |
|
|
(9) |
|
|
(198) |
|
| Benefits paid |
(1,062) |
|
|
(924) |
|
|
(80) |
|
|
(62) |
|
|
(220) |
|
|
(226) |
|
|
(160) |
|
|
(161) |
|
| Federal subsidy on benefits paid |
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
n/a |
|
—
|
|
|
— |
|
| Foreign currency exchange rate changes |
n/a |
|
n/a |
|
81
|
|
|
(283) |
|
|
n/a |
|
n/a |
|
1
|
|
|
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Projected benefit obligation, December 31 |
$ |
11,769
|
|
|
$ |
11,580 |
|
|
$ |
1,974
|
|
|
$ |
1,752 |
|
|
$ |
2,092
|
|
|
$ |
2,109 |
|
|
$ |
672
|
|
|
$ |
700 |
|
| Amounts recognized on Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other assets |
$ |
5,863
|
|
|
$ |
5,678 |
|
|
$ |
235
|
|
|
$ |
370 |
|
|
$ |
452
|
|
|
$ |
495 |
|
|
$ |
—
|
|
|
$ |
— |
|
| Accrued expenses and other liabilities |
—
|
|
|
— |
|
|
(430) |
|
|
(394) |
|
|
(695) |
|
|
(718) |
|
|
(574) |
|
|
(593) |
|
| Net amount recognized, December 31 |
$ |
5,863
|
|
|
$ |
5,678 |
|
|
$ |
(195) |
|
|
$ |
(24) |
|
|
$ |
(243) |
|
|
$ |
(223) |
|
|
$ |
(574) |
|
|
$ |
(593) |
|
| Funded status, December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated benefit obligation |
$ |
11,769
|
|
|
$ |
11,580 |
|
|
$ |
1,903
|
|
|
$ |
1,694 |
|
|
$ |
2,091
|
|
|
$ |
2,109 |
|
|
n/a |
|
n/a |
| Overfunded (unfunded) status of ABO |
5,863
|
|
|
5,678 |
|
|
(124) |
|
|
34 |
|
|
(242) |
|
|
(223) |
|
|
n/a |
|
n/a |
| Provision for future salaries |
—
|
|
|
— |
|
|
71
|
|
|
58 |
|
|
1
|
|
|
— |
|
|
n/a |
|
n/a |
| Projected benefit obligation |
11,769
|
|
|
11,580 |
|
|
1,974
|
|
|
1,752 |
|
|
2,092
|
|
|
2,109 |
|
|
$ |
672
|
|
|
$ |
700 |
|
| Weighted-average assumptions, December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
5.13
|
% |
|
5.54 |
% |
|
4.48
|
% |
|
4.59 |
% |
|
5.19
|
% |
|
5.58 |
% |
|
5.17
|
% |
|
5.56 |
% |
| Rate of compensation increase |
n/a |
|
n/a |
|
4.33
|
|
|
4.25 |
|
|
4.00
|
|
|
4.00 |
|
|
n/a |
|
n/a |
| Interest-crediting rate |
5.43
|
% |
|
5.36 |
% |
|
1.98
|
|
|
2.03 |
|
|
4.91
|
|
|
4.69 |
|
|
n/a |
|
n/a |
(1)The measurement date for all of the above plans was December 31 of each year reported.
n/a = not applicable
|
| Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2023 and 2022 are presented in the table below. For these plans, funding strategies vary due to legal requirements and local practices.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Plans with ABO and PBO in Excess of Plan Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-U.S.
Pension Plans |
|
Nonqualified
and Other
Pension Plans |
| (Dollars in millions) |
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| PBO |
|
|
|
|
$ |
499
|
|
|
$ |
458 |
|
|
$ |
695
|
|
|
$ |
719 |
|
| ABO |
|
|
|
|
445
|
|
|
416 |
|
|
695
|
|
|
719 |
|
| Fair value of plan assets |
|
|
|
|
75
|
|
|
71 |
|
|
1
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2023 and 2022 are presented in the table below. For these plans, funding strategies vary due to legal requirements and local practices.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Plans with ABO and PBO in Excess of Plan Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-U.S.
Pension Plans |
|
Nonqualified
and Other
Pension Plans |
| (Dollars in millions) |
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
| PBO |
|
|
|
|
$ |
499
|
|
|
$ |
458 |
|
|
$ |
695
|
|
|
$ |
719 |
|
| ABO |
|
|
|
|
445
|
|
|
416 |
|
|
695
|
|
|
719 |
|
| Fair value of plan assets |
|
|
|
|
75
|
|
|
71 |
|
|
1
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Net Benefit Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Components of Net Periodic Benefit Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Qualified Pension Plan |
|
Non-U.S. Pension Plans |
| (Dollars in millions) |
2023 |
|
2022 |
|
2021 |
|
2023 |
|
2022 |
|
2021 |
| Components of net periodic benefit cost (income) |
|
|
|
|
|
|
|
|
|
|
|
| Service cost |
$ |
—
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
27
|
|
|
$ |
29 |
|
|
$ |
28 |
|
| Interest cost |
616
|
|
|
438 |
|
|
414 |
|
|
80
|
|
|
53 |
|
|
45 |
|
| Expected return on plan assets |
(1,191) |
|
|
(1,204) |
|
|
(1,173) |
|
|
(72) |
|
|
(59) |
|
|
(70) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of actuarial loss (gain) and prior service cost |
94
|
|
|
140 |
|
|
193 |
|
|
11
|
|
|
14 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other |
—
|
|
|
— |
|
|
— |
|
|
1
|
|
|
10 |
|
|
5 |
|
| Net periodic benefit cost (income) |
$ |
(481) |
|
|
$ |
(626) |
|
|
$ |
(566) |
|
|
$ |
47
|
|
|
$ |
47 |
|
|
$ |
27 |
|
Weighted-average assumptions used to determine net cost for years ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
5.54
|
% |
|
2.86 |
% |
|
2.57 |
% |
|
4.59
|
% |
|
1.85 |
% |
|
1.35 |
% |
| Expected return on plan assets |
6.50
|
|
|
5.75 |
|
|
5.75 |
|
|
4.17
|
|
|
2.17 |
|
|
2.30 |
|
| Rate of compensation increase |
n/a |
|
n/a |
|
n/a |
|
4.25
|
|
|
4.46 |
|
|
4.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified and
Other Pension Plans |
|
Postretirement Health
and Life Plans |
| (Dollars in millions) |
2023 |
|
2022 |
|
2021 |
|
2023 |
|
2022 |
|
2021 |
| Components of net periodic benefit cost (income) |
|
|
|
|
|
|
|
|
|
|
|
| Service cost |
$ |
—
|
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2
|
|
|
$ |
4 |
|
|
$ |
5 |
|
| Interest cost |
111
|
|
|
74 |
|
|
67 |
|
|
36
|
|
|
25 |
|
|
24 |
|
| Expected return on plan assets |
(97) |
|
|
(59) |
|
|
(49) |
|
|
(2) |
|
|
(2) |
|
|
(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of actuarial loss (gain) and prior service cost |
29
|
|
|
54 |
|
|
63 |
|
|
(78) |
|
|
(9) |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other |
—
|
|
|
1 |
|
|
— |
|
|
—
|
|
|
— |
|
|
— |
|
| Net periodic benefit cost (income) |
$ |
43
|
|
|
$ |
70 |
|
|
$ |
81 |
|
|
$ |
(42) |
|
|
$ |
18 |
|
|
$ |
46 |
|
Weighted-average assumptions used to determine net cost for years ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
5.58
|
% |
|
2.80 |
% |
|
2.33 |
% |
|
5.56
|
% |
|
2.85 |
% |
|
2.48 |
% |
| Expected return on plan assets |
4.98
|
|
|
2.38 |
|
|
1.88 |
|
|
2.00
|
|
|
2.00 |
|
|
2.00 |
|
| Rate of compensation increase |
4.00
|
|
|
4.00 |
|
|
4.00 |
|
|
n/a |
|
n/a |
|
n/a |
n/a = not applicable
|
| Schedule of Pretax Amounts Included in Accumulated OCI |
The Corporation’s net periodic benefit cost (income) recognized for the plans is sensitive to the discount rate and expected return on plan assets. For the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans, a 25 bps decline in discount rates and expected return on assets would not have had a significant impact on the net periodic benefit cost for 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pretax Amounts included in Accumulated OCI and OCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Qualified
Pension Plan |
|
Non-U.S.
Pension Plans |
|
Nonqualified
and Other
Pension Plans |
|
Postretirement
Health and
Life Plans |
|
Total |
| (Dollars in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Net actuarial loss (gain) |
$ |
5,072
|
|
|
$ |
4,775 |
|
|
$ |
478
|
|
|
$ |
312 |
|
|
$ |
852
|
|
|
$ |
796 |
|
|
$ |
(125) |
|
|
$ |
(187) |
|
|
$ |
6,277
|
|
|
$ |
5,696 |
|
| Prior service cost (credits) |
—
|
|
|
— |
|
|
46
|
|
|
43 |
|
|
—
|
|
|
— |
|
|
—
|
|
|
(1) |
|
|
46
|
|
|
42 |
|
| Amounts recognized in accumulated OCI |
$ |
5,072
|
|
|
$ |
4,775 |
|
|
$ |
524
|
|
|
$ |
355 |
|
|
$ |
852
|
|
|
$ |
796 |
|
|
$ |
(125) |
|
|
$ |
(188) |
|
|
$ |
6,323
|
|
|
$ |
5,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current year actuarial loss (gain) |
$ |
391
|
|
|
$ |
1,490 |
|
|
$ |
177
|
|
|
$ |
(107) |
|
|
$ |
85
|
|
|
$ |
(95) |
|
|
$ |
(15) |
|
|
$ |
(198) |
|
|
$ |
638
|
|
|
$ |
1,090 |
|
|
Amortization of actuarial gain (loss) and
prior service cost
|
(94) |
|
|
(140) |
|
|
(12) |
|
|
(14) |
|
|
(29) |
|
|
(54) |
|
|
78
|
|
|
9 |
|
|
(57) |
|
|
(199) |
|
| Current year prior service cost (credit) |
—
|
|
|
— |
|
|
4
|
|
|
3 |
|
|
—
|
|
|
— |
|
|
—
|
|
|
— |
|
|
4
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amounts recognized in OCI |
$ |
297
|
|
|
$ |
1,350 |
|
|
$ |
169
|
|
|
$ |
(118) |
|
|
$ |
56
|
|
|
$ |
(149) |
|
|
$ |
63
|
|
|
$ |
(189) |
|
|
$ |
585
|
|
|
$ |
894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Pretax Amounts Recognized in OCI |
The Corporation’s net periodic benefit cost (income) recognized for the plans is sensitive to the discount rate and expected return on plan assets. For the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans, a 25 bps decline in discount rates and expected return on assets would not have had a significant impact on the net periodic benefit cost for 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pretax Amounts included in Accumulated OCI and OCI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Qualified
Pension Plan |
|
Non-U.S.
Pension Plans |
|
Nonqualified
and Other
Pension Plans |
|
Postretirement
Health and
Life Plans |
|
Total |
| (Dollars in millions) |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Net actuarial loss (gain) |
$ |
5,072
|
|
|
$ |
4,775 |
|
|
$ |
478
|
|
|
$ |
312 |
|
|
$ |
852
|
|
|
$ |
796 |
|
|
$ |
(125) |
|
|
$ |
(187) |
|
|
$ |
6,277
|
|
|
$ |
5,696 |
|
| Prior service cost (credits) |
—
|
|
|
— |
|
|
46
|
|
|
43 |
|
|
—
|
|
|
— |
|
|
—
|
|
|
(1) |
|
|
46
|
|
|
42 |
|
| Amounts recognized in accumulated OCI |
$ |
5,072
|
|
|
$ |
4,775 |
|
|
$ |
524
|
|
|
$ |
355 |
|
|
$ |
852
|
|
|
$ |
796 |
|
|
$ |
(125) |
|
|
$ |
(188) |
|
|
$ |
6,323
|
|
|
$ |
5,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current year actuarial loss (gain) |
$ |
391
|
|
|
$ |
1,490 |
|
|
$ |
177
|
|
|
$ |
(107) |
|
|
$ |
85
|
|
|
$ |
(95) |
|
|
$ |
(15) |
|
|
$ |
(198) |
|
|
$ |
638
|
|
|
$ |
1,090 |
|
|
Amortization of actuarial gain (loss) and
prior service cost
|
(94) |
|
|
(140) |
|
|
(12) |
|
|
(14) |
|
|
(29) |
|
|
(54) |
|
|
78
|
|
|
9 |
|
|
(57) |
|
|
(199) |
|
| Current year prior service cost (credit) |
—
|
|
|
— |
|
|
4
|
|
|
3 |
|
|
—
|
|
|
— |
|
|
—
|
|
|
— |
|
|
4
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amounts recognized in OCI |
$ |
297
|
|
|
$ |
1,350 |
|
|
$ |
169
|
|
|
$ |
(118) |
|
|
$ |
56
|
|
|
$ |
(149) |
|
|
$ |
63
|
|
|
$ |
(189) |
|
|
$ |
585
|
|
|
$ |
894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Allocation of Plan Assets |
The target allocations for 2024 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, and Nonqualified and Other Pension Plans are presented in the table below. Equity securities for the Qualified Pension Plan include common stock of the Corporation in the amounts of $299 million (1.69 percent of total plan assets) and $296 million (1.72 percent of total plan assets) at December 31, 2023 and 2022.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2024 Target Allocation |
|
|
|
|
|
Percentage |
| Asset Category |
Qualified
Pension Plan |
Non-U.S.
Pension Plans |
Nonqualified
and Other
Pension Plans |
| Equity securities |
15 - 45% |
0 - 20% |
0 - 5% |
| Debt securities |
40 - 80% |
40 - 75% |
95 - 100% |
| Real estate |
0 - 10% |
0 - 15% |
0 - 5% |
| Other |
0 - 10% |
10 - 40% |
0 - 5% |
|
| Schedule of Changes in Fair Value of Plan Assets |
Combined plan investment assets measured at fair value by level and in total at December 31, 2023 and 2022 are summarized in the Fair Value Measurements table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fair Value Measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| (Dollars in millions) |
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
| Money market and interest-bearing cash |
$ |
1,013
|
|
|
$ |
—
|
|
|
$ |
—
|
|
|
$ |
1,013
|
|
|
$ |
1,329 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,329 |
|
| U.S. government and government agency obligations |
3,692
|
|
|
729
|
|
|
4
|
|
|
4,425
|
|
|
3,313 |
|
|
704 |
|
|
5 |
|
|
4,022 |
|
| Corporate debt |
—
|
|
|
3,343
|
|
|
—
|
|
|
3,343
|
|
|
— |
|
|
3,587 |
|
|
— |
|
|
3,587 |
|
| Non-U.S. debt securities |
567
|
|
|
987
|
|
|
—
|
|
|
1,554
|
|
|
327 |
|
|
933 |
|
|
— |
|
|
1,260 |
|
| Asset-backed securities |
—
|
|
|
1,464
|
|
|
—
|
|
|
1,464
|
|
|
— |
|
|
1,273 |
|
|
— |
|
|
1,273 |
|
| Mutual and exchange-traded funds |
953
|
|
|
—
|
|
|
—
|
|
|
953
|
|
|
1,247 |
|
|
— |
|
|
— |
|
|
1,247 |
|
| Collective investment funds |
—
|
|
|
2,350
|
|
|
—
|
|
|
2,350
|
|
|
— |
|
|
1,988 |
|
|
— |
|
|
1,988 |
|
| Common and preferred stocks |
4,027
|
|
|
—
|
|
|
—
|
|
|
4,027
|
|
|
3,901 |
|
|
— |
|
|
— |
|
|
3,901 |
|
| Real estate investment trusts |
45
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
76 |
|
|
— |
|
|
— |
|
|
76 |
|
| Participant loans |
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
— |
|
|
— |
|
|
6 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investments (1)
|
1
|
|
|
47
|
|
|
427
|
|
|
475
|
|
|
1 |
|
|
23 |
|
|
410 |
|
|
434 |
|
Total plan investment assets, at fair value (2)
|
$ |
10,298
|
|
|
$ |
8,920
|
|
|
$ |
437
|
|
|
$ |
19,655
|
|
|
$ |
10,194 |
|
|
$ |
8,508 |
|
|
$ |
421 |
|
|
$ |
19,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Other investments includes insurance annuity contracts of $404 million and $390 million and other various investments of $71 million and $44 million at December 31, 2023 and 2022.
(2)At December 31, 2023 and 2022, excludes $1.7 billion and $1.9 billion of certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are not required to be classified in the fair value hierarchy.
The Level 3 Fair Value Measurements table presents a reconciliation of all plan investment assets measured at fair value using significant unobservable inputs (Level 3) during 2023, 2022 and 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Level 3 Fair Value Measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Balance
January 1 |
|
Actual Return on
Plan Assets Still
Held at the
Reporting Date |
|
Purchases, Sales and Settlements |
|
|
|
Balance
December 31 |
| (Dollars in millions) |
2023 |
| U.S. government and government agency obligations |
$ |
5
|
|
|
$ |
—
|
|
|
$ |
(1) |
|
|
|
|
$ |
4
|
|
|
|
|
|
|
|
|
|
|
|
| Participant Loans |
6
|
|
|
—
|
|
|
—
|
|
|
|
|
6
|
|
| Other investments |
410
|
|
|
4
|
|
|
13
|
|
|
|
|
427
|
|
| Total |
$ |
421
|
|
|
$ |
4
|
|
|
$ |
12
|
|
|
|
|
$ |
437
|
|
|
|
|
|
|
|
|
|
|
|
| |
2022 |
| U.S. government and government agency obligations |
$ |
6 |
|
|
$ |
— |
|
|
$ |
(1) |
|
|
|
|
$ |
5 |
|
|
|
|
|
|
|
|
|
|
|
| Participant Loans |
7 |
|
|
— |
|
|
(1) |
|
|
|
|
6 |
|
| Other investments |
630 |
|
|
(8) |
|
|
(212) |
|
|
|
|
410 |
|
| Total |
$ |
643 |
|
|
$ |
(8) |
|
|
$ |
(214) |
|
|
|
|
$ |
421 |
|
|
|
|
|
|
|
|
|
|
|
|
2021 |
| U.S. government and government agency obligations |
$ |
7 |
|
|
$ |
— |
|
|
$ |
(1) |
|
|
|
|
$ |
6 |
|
|
|
|
|
|
|
|
|
|
|
| Participant loans |
7 |
|
|
— |
|
|
— |
|
|
|
|
7 |
|
| Other investments |
684 |
|
|
(5) |
|
|
(49) |
|
|
|
|
630 |
|
| Total |
$ |
698 |
|
|
$ |
(5) |
|
|
$ |
(50) |
|
|
|
|
$ |
643 |
|
|
| Schedule of Expected Benefit Payments |
Benefit payments projected to be made from the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Projected Benefit Payments |
|
|
|
|
|
|
|
|
|
|
| (Dollars in millions) |
Qualified
Pension Plan (1)
|
|
Non-U.S.
Pension Plans (2)
|
|
Nonqualified
and Other
Pension Plans (2)
|
|
Postretirement Health and Life Plans (3)
|
| 2024 |
$ |
877 |
|
|
$ |
113 |
|
|
$ |
227 |
|
|
$ |
66 |
|
| 2025 |
901 |
|
|
121 |
|
|
231 |
|
|
63 |
|
| 2026 |
906 |
|
|
123 |
|
|
218 |
|
|
61 |
|
| 2027 |
894 |
|
|
122 |
|
|
210 |
|
|
59 |
|
| 2028 |
885 |
|
|
125 |
|
|
199 |
|
|
56 |
|
| 2029 - 2033 |
4,194 |
|
|
619 |
|
|
847 |
|
|
248 |
|
(1)Benefit payments expected to be made from the plan’s assets.
(2)Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets.
(3)Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets.
|