Employee Benefits (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Schedule of Significant Unobservable Inputs |
The following tables provide a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) for 2018 and 2017, respectively: | | | | | | Level 3 | Balance as of January 1, 2018 | $ | 278 |
| Actual return on assets | (23 | ) | Purchases, issuances and settlements, net | (25 | ) | Balance as of December 31, 2018 | $ | 230 |
|
| | | | | | Level 3 | Balance as of January 1, 2017 | $ | 140 |
| Actual return on assets | 2 |
| Purchases, issuances and settlements, net | 136 |
| Balance as of December 31, 2017 | $ | 278 |
|
|
| Schedule of Rollforward Changes in Benefit Obligation and Plan Assets |
The following table provides a rollforward of the changes in the benefit obligation and plan assets for the two most recent years, for all plans combined: | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2018 | | 2017 | | 2018 | | 2017 | Change in benefit obligation: | | | | | | | | Benefit obligation as of January 1, | $ | 2,034 |
| | $ | 1,864 |
| | $ | 614 |
| | $ | 610 |
| Service cost | 34 |
| | 33 |
| | 8 |
| | 10 |
| Interest cost | 76 |
| | 80 |
| | 20 |
| | 26 |
| Plan participants' contributions | — |
| | — |
| | 2 |
| | 2 |
| Plan amendments | (23 | ) | | — |
| | (174 | ) | | — |
| Actuarial (gain) loss | (153 | ) | | 118 |
| | (89 | ) | | (9 | ) | Acquisitions | — |
| | 9 |
| | — |
| | — |
| Gross benefits paid | (76 | ) | | (70 | ) | | (29 | ) | | (26 | ) | Federal subsidy | — |
| | — |
| | 1 |
| | 1 |
| Benefit obligation as of December 31, | $ | 1,892 |
| | $ | 2,034 |
| | $ | 353 |
| | $ | 614 |
| Change in plan assets: | | | | | | | | Fair value of plan assets as of January 1, | $ | 1,649 |
| | $ | 1,443 |
| | $ | 576 |
| | $ | 525 |
| Actual return on plan assets | (97 | ) | | 227 |
| | (40 | ) | | 69 |
| Employer contributions | 24 |
| | 42 |
| | (2 | ) | | 6 |
| Plan participants' contributions | — |
| | — |
| | 2 |
| | 2 |
| Acquisitions | — |
| | 7 |
| | — |
| | — |
| Benefits paid | (77 | ) | | (70 | ) | | (29 | ) | | (26 | ) | Fair value of plan assets as of December 31, | $ | 1,499 |
| | $ | 1,649 |
| | $ | 507 |
| | $ | 576 |
| Funded value as of December 31, | $ | (393 | ) | | $ | (385 | ) | | $ | 154 |
| | $ | (38 | ) | Amounts recognized on the balance sheet: | | | | | | | | Noncurrent asset | $ | — |
| | $ | — |
| | $ | 155 |
| | $ | 2 |
| Current liability | (3 | ) | | (1 | ) | | — |
| | — |
| Noncurrent liability | (390 | ) | | (384 | ) | | (1 | ) | | (40 | ) | Net amount recognized | $ | (393 | ) | | $ | (385 | ) | | $ | 154 |
| | $ | (38 | ) |
|
| Summary of Accumulated Other Comprehensive Income and Regulatory Assets |
The following table provides the components of accumulated other comprehensive income and regulatory assets that have not been recognized as components of periodic benefit costs as of December 31: | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2018 | | 2017 | | 2018 | | 2017 | Net actuarial loss | $ | 431 |
| | $ | 416 |
| | $ | 83 |
| | $ | 108 |
| Prior service cost (credit) | (22 | ) | | 2 |
| | (291 | ) | | (140 | ) | Net amount recognized | $ | 409 |
| | $ | 418 |
| | $ | (208 | ) | | $ | (32 | ) | | | | | | | | | Regulatory assets (liabilities) | $ | 352 |
| | $ | 270 |
| | $ | (208 | ) | | $ | (32 | ) | Accumulated other comprehensive income | 57 |
| | 148 |
| | — |
| | — |
| Total | $ | 409 |
| | $ | 418 |
| | $ | (208 | ) | | $ | (32 | ) |
|
| Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets |
The following table provides the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected obligation in excess of plan assets as of December 31, 2018 and 2017: | | | | | | | | | | Projected Benefit Obligation Exceeds the Fair Value of Plans' Assets | | 2018 | | 2017 | Projected benefit obligation | $ | 1,892 |
| | $ | 2,034 |
| Fair value of plan assets | 1,499 |
| | 1,649 |
| | | | | | Accumulated Benefit Obligation Exceeds the Fair Value of Plans' Assets | | 2018 | | 2017 | Accumulated benefit obligation | $ | 1,768 |
| | $ | 1,888 |
| Fair value of plan assets | 1,499 |
| | 1,649 |
|
|
| Schedule of Expected Cash Flows for Pension and Postretirement Benefit Plans |
The following table provides information about the expected cash flows for the pension and postretirement benefit plans: | | | | | | | | | | Pension Benefits | | Other Benefits | 2019 expected employer contributions: | | | | To plan trusts | $ | 31 |
| | $ | — |
| To plan participants | 2 |
| | — |
|
|
| Schedule of Expected Benefit Payments |
The following table provides the net benefits expected to be paid from the plan assets or the Company’s assets: | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | Expected Benefit Payments | | Expected Benefit Payments | | Expected Federal Subsidy Payments | 2019 | $ | 102 |
| | $ | 27 |
| | $ | 1 |
| 2020 | 107 |
| | 27 |
| | 1 |
| 2021 | 111 |
| | 28 |
| | 1 |
| 2022 | 115 |
| | 28 |
| | 1 |
| 2023 | 120 |
| | 28 |
| | 1 |
| 2024-2028 | 634 |
| | 136 |
| | 6 |
|
|
| Schedule of Significant Assumptions of Pension and Other Postretirement Benefit Plans |
The following table provides the significant assumptions related to the pension and other postretirement benefit plans: | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Weighted average assumptions used to determine December 31 benefit obligations: | | | | | | | | | | | | Discount rate | 4.38% | | 3.75% | | 4.28% | | 4.32% | | 3.73% | | 4.26% | Rate of compensation increase | 3.00% | | 3.02% | | 3.07% | | N/A | | N/A | | N/A | Medical trend | N/A | | N/A | | N/A | | graded from | | graded from | | graded from | | | | | | | | 6.75% in 2019 | | 7.00% in 2018 | | 7.00% in 2017 | | | | | | | | to 5.00% in 2026+ | | to 4.50% in 2026+ | | to 5.00% in 2021+ | Weighted average assumptions used to determine net periodic cost: | | | | | | | | | | | | Discount rate | 3.75% | | 4.28% | | 4.66% | | 4.23% | | 4.26% | | 3.66% | Expected return on plan assets | 5.95% | | 6.49% | | 7.02% | | 4.77% | | 5.09% | | 5.37% | Rate of compensation increase | 3.02% | | 3.07% | | 3.10% | | N/A | | N/A | | N/A | Medical trend | N/A | | N/A | | N/A | | graded from | | graded from | | graded from | | | | | | | | 7.00% in 2018 | | 7.00% in 2017 | | 6.50% in 2016 | | | | | | | | to 4.50% in 2026+ | | to 5.00% in 2021+ | | to 5.00% in 2021+ |
| | NOTE | “N/A” in the table above means assumption is not applicable. |
|
| Components of Net Periodic Benefit Costs |
The following table provides the components of net periodic benefit costs for the years ended December 31: | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | Components of net periodic pension benefit cost: | | | | | | Service cost | $ | 34 |
| | $ | 33 |
| | $ | 32 |
| Interest cost | 76 |
| | 80 |
| | 80 |
| Expected return on plan assets | (97 | ) | | (93 | ) | | (95 | ) | Amortization of: | | | | | | Prior service cost (credit) | 1 |
| | 1 |
| | 1 |
| Actuarial (gain) loss | 27 |
| | 34 |
| | 27 |
| Net periodic pension benefit cost | $ | 41 |
| | $ | 55 |
| | $ | 45 |
| Other changes in plan assets and benefit obligations recognized in other comprehensive income: | | | | | | Current year actuarial (gain) loss | (60 | ) | | (7 | ) | | 21 |
| Amortization of actuarial gain (loss) | (7 | ) | | (7 | ) | | (6 | ) | Total recognized in other comprehensive income | $ | (67 | ) | | $ | (14 | ) | | $ | 15 |
| Total recognized in net periodic benefit cost and other comprehensive income | $ | (26 | ) | | $ | 41 |
| | $ | 60 |
| Components of net periodic other postretirement benefit cost: | | | | | | Service cost | $ | 8 |
| | $ | 10 |
| | $ | 12 |
| Interest cost | 20 |
| | 26 |
| | 28 |
| Expected return on plan assets | (26 | ) | | (26 | ) | | (27 | ) | Amortization of: | | | | | | Prior service cost (credit) | (23 | ) | | (18 | ) | | (9 | ) | Actuarial (gain) loss | 3 |
| | 10 |
| | 5 |
| Net periodic other postretirement benefit cost | $ | (18 | ) | | $ | 2 |
| | $ | 9 |
|
|
| Pension Plan Asset |
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| Defined Benefit Plan Disclosure [Line Items] |
|
| Schedule of Changes in Fair Value of Plan Assets |
The following tables provide the fair values and asset allocations of the pension plan assets as of December 31, 2018 and 2017, respectively, by asset category: | | | | | | | | | | | | | | | | | | | | | | | | Asset Category | | 2019 Target Allocation | | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Percentage of Plan Assets as of December 31, 2018 | Cash | | | | $ | 24 |
| | $ | 24 |
| | $ | — |
| | $ | — |
| | 2 | % | Equity securities: | | 50 | % | | | | | | | | | | | U.S. large cap | | | | 297 |
| | 297 |
| | — |
| | — |
| | 20 | % | U.S. small cap | | | | 76 |
| | 70 |
| | 6 |
| | — |
| | 5 | % | International | | | | 256 |
| | 2 |
| | 132 |
| | 122 |
| | 17 | % | Real estate fund | | | | 65 |
| | — |
| | — |
| | 65 |
| | 4 | % | REITs | | | | 20 |
| | — |
| | 20 |
| | — |
| | 1 | % | Fixed income securities: | | 50 | % | | | | | | | | | | | U.S. Treasury securities and government bonds | | | | 181 |
| | 167 |
| | 14 |
| | — |
| | 12 | % | Corporate bonds | | | | 491 |
| | — |
| | 491 |
| | — |
| | 33 | % | Mortgage-backed securities | | | | 11 |
| | — |
| | 11 |
| | — |
| | 1 | % | Municipal bonds | | | | 28 |
| | — |
| | 28 |
| | — |
| | 2 | % | Long duration bond fund | | | | 7 |
| | 7 |
| | — |
| | — |
| | — |
| Guarantee annuity contracts | | | | 43 |
| | — |
| | — |
| | 43 |
| | 3 | % | Total | | 100 | % | | $ | 1,499 |
| | $ | 567 |
| | $ | 702 |
| | $ | 230 |
| | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | | | Asset Category | | 2018 Target Allocation | | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Percentage of Plan Assets as of December 31, 2017 | Cash | | | | $ | 7 |
| | $ | 7 |
| | $ | — |
| | $ | — |
| | — |
| Equity Securities: | | 50 | % | | | | | | | | | | | U.S. large cap | | | | 344 |
| | 344 |
| | — |
| | — |
| | 21 | % | U.S. small cap | | | | 84 |
| | 79 |
| | 5 |
| | — |
| | 5 | % | International | | | | 295 |
| | 2 |
| | 149 |
| | 144 |
| | 18 | % | Real estate fund | | | | 86 |
| | — |
| | — |
| | 86 |
| | 5 | % | REITs | | | | 26 |
| | — |
| | 26 |
| | — |
| | 2 | % | Fixed income securities: | | 50 | % | | | | | | | | | | | U.S. Treasury securities and government bonds | | | | 200 |
| | 180 |
| | 20 |
| | — |
| | 12 | % | Corporate bonds | | | | 519 |
| | — |
| | 519 |
| | — |
| | 31 | % | Mortgage-backed securities | | | | 1 |
| | — |
| | 1 |
| | — |
| | — |
| Municipal bonds | | | | 31 |
| | — |
| | 31 |
| | — |
| | 2 | % | Long duration bond fund | | | | 8 |
| | 8 |
| | — |
| | — |
| | 1 | % | Guarantee annuity contracts | | | | 48 |
| | — |
| | — |
| | 48 |
| | 3 | % | Total | | 100 | % | | $ | 1,649 |
| | $ | 620 |
| | $ | 751 |
| | $ | 278 |
| | 100 | % |
|
| Postretirement Benefit Plan Assets |
|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Schedule of Changes in Fair Value of Plan Assets |
The following tables provide the fair values and asset allocations of the postretirement benefit plan assets as of December 31, 2018 and 2017, respectively, by asset category: | | | | | | | | | | | | | | | | | | | | | | | | Asset Category | | 2019 Target Allocation | | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Percentage of Plan Assets as of December 31, 2018 | Bargain VEBA: | | | | | | | | | | | | | Cash | | | | $ | 31 |
| | $ | 31 |
| | $ | — |
| | $ | — |
| | — |
| Equity securities: | | 2 | % | | | | | | | | | | | U.S. large cap | | | | 1 |
| | 1 |
| | — |
| | — |
| | — |
| International | | | | 17 |
| | — |
| | — |
| | 17 |
| | 4 | % | Fixed income securities: | | 98 | % | | | | | | | | | | | U.S. Treasury securities and government bonds | | | | 179 |
| | 178 |
| | 1 |
| | — |
| | 47 | % | Corporate bonds | | | | 141 |
| | — |
| | 141 |
| | — |
| | 37 | % | Municipal bonds | | | | 9 |
| | — |
| | 9 |
| | — |
| | 3 | % | Long duration bond fund | | | | 4 |
| | 4 |
| | — |
| | — |
| | 1 | % | Future and option contracts (a) | | | | — |
| | — |
| | — |
| | — |
| | 8 | % | Total bargain VEBA | | 100 | % | | $ | 382 |
| | $ | 214 |
| | $ | 151 |
| | $ | 17 |
| | 100 | % | Non-bargain VEBA: | | | | | | | | | | | | | Cash | | | | $ | 3 |
| | $ | 3 |
| | $ | — |
| | $ | — |
| | — |
| Equity securities: | | 60 | % | | | | | | | | | | | U.S. large cap | | | | 43 |
| | 43 |
| | — |
| | — |
| | 35 | % | International | | | | 24 |
| | 24 |
| | — |
| | — |
| | 20 | % | Fixed income securities: | | 40 | % | | | | | | | | | | | Core fixed income bond fund (a) | | | | 52 |
| | — |
| | 52 |
| | — |
| | 45 | % | Total non-bargain VEBA | | 100 | % | | $ | 122 |
| | $ | 70 |
| | $ | 52 |
| | $ | — |
| | 100 | % | Life VEBA: | | | | | | | | | | | | | Equity securities: | | 70 | % | | | | | | | | | | | U.S. large cap | | | | 2 |
| | 2 |
| | — |
| | — |
| | 67 | % | Fixed income securities: | | 30 | % | | | | | | | | | | | Core fixed income bond fund (a) | | | | 1 |
| | 1 |
| | — |
| | — |
| | 33 | % | Total life VEBA | | 100 | % | | $ | 3 |
| | $ | 3 |
| | $ | — |
| | $ | — |
| | 100 | % | Total | | 100 | % | | $ | 507 |
| | $ | 287 |
| | $ | 203 |
| | $ | 17 |
| | 100 | % |
| | (a) | Includes cash for margin requirements. |
| | | | | | | | | | | | | | | | | | | | | | | | Asset Category | | 2018 Target Allocation | | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Percentage of Plan Assets as of 12/31/2017 | Bargain VEBA: | | | | | | | | | | | | | Cash | | | | $ | 18 |
| | $ | 18 |
| | $ | — |
| | $ | — |
| | — |
| Equity securities: | | 30 | % | | | | | | | | | | | U.S. large cap | | | | 44 |
| | 44 |
| | — |
| | — |
| | 10 | % | International | | | | 51 |
| | 51 |
| | — |
| | — |
| | 12 | % | Fixed income securities: | | 70 | % | | | | | | | | | | | U.S. Treasury securities and government bonds | | | | 48 |
| | 21 |
| | 27 |
| | — |
| | 11 | % | Corporate bonds | | | | 233 |
| | — |
| | 233 |
| | — |
| | 55 | % | Municipal bonds | | | | 26 |
| | — |
| | 26 |
| | — |
| | 6 | % | Long duration bond fund | | | | 4 |
| | 4 |
| | — |
| | — |
| | 1 | % | Future and option contracts (a) | | | | 2 |
| | 2 |
| | — |
| | — |
| | 5 | % | Total bargain VEBA | | 100 | % | | $ | 426 |
| | $ | 140 |
| | $ | 286 |
| | $ | — |
| | 100 | % | Non-bargain VEBA: | | | | | | | | | | | | | Cash | | | | $ | 1 |
| | $ | 1 |
| | $ | — |
| | $ | — |
| | — |
| Equity securities: | | 60 | % | | | | | | | | | | | U.S. large cap | | | | 53 |
| | 53 |
| | — |
| | — |
| | 37 | % | U.S. small cap | | | | 5 |
| | 5 |
| | — |
| | — |
| | 4 | % | International | | | | 47 |
| | 47 |
| | — |
| | — |
| | 33 | % | Fixed income securities: | | 40 | % | | | | | | | | | | | Core fixed income bond fund (a) | | | | 36 |
| | 36 |
| | — |
| | — |
| | 26 | % | Total non-bargain VEBA | | 100 | % | | $ | 142 |
| | $ | 142 |
| | $ | — |
| | $ | — |
| | 100 | % | Life VEBA: | | | | | | | | | | | | | Cash | | | | $ | 3 |
| | $ | 3 |
| | $ | — |
| | $ | — |
| | — |
| Equity securities: | | 70 | % | | | | | | | | | | | U.S. large cap | | | | 3 |
| | 3 |
| | — |
| | — |
| | 38 | % | Fixed income securities: | | 30 | % | | | | | | | | | | | Core fixed income bond fund (a) | | | | 2 |
| | 2 |
| | — |
| | — |
| | 62 | % | Total life VEBA | | 100 | % | | $ | 8 |
| | $ | 8 |
| | $ | — |
| | $ | — |
| | 100 | % | Total | | 100 | % | | $ | 576 |
| | $ | 290 |
| | $ | 286 |
| | $ | — |
| | 100 | % |
| | (a) | Includes cash for margin requirements. |
|