Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Defined Benefit Plan [Abstract] |
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| Schedule of benefit obligations, fair value of plan assets, and funded status |
Benefit Obligations, Fair Value of Plan Assets and Funded Status | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement and Postemployment Benefits | | December 31, | | December 31, | | (in millions) | 2019 | 2018 | | 2019 | 2018 | | Benefit obligation at beginning of period | $ | 19,809 | | $ | 21,696 | | | $ | 3,225 | | $ | 3,504 | | | Service cost | — | | — | | | 83 | | 85 | | | Interest cost | 833 | | 781 | | | 137 | | 126 | | | Actuarial loss (gain) | 1,678 | | (1,560) | | | 226 | | (142) | | | Benefits paid, including lump sums and annuities | (1,107) | | (1,093) | | | (315) | | (306) | | | Participant contributions | — | | — | | | 23 | | 26 | | | Curtailment | — | | — | | | — | | (68) | | | Settlements | (14) | | (15) | | | — | | — | | Benefit obligation at end of period(1) | $ | 21,199 | | $ | 19,809 | | | $ | 3,379 | | $ | 3,225 | | | | | | | | | Fair value of plan assets at beginning of period | $ | 13,459 | | $ | 14,744 | | | $ | 637 | | $ | 866 | | | Actual gain (loss) on plan assets | 2,485 | | (700) | | | 134 | | (72) | | | Employer contributions | 1,022 | | 523 | | | 159 | | 152 | | | Participant contributions | — | | — | | | 23 | | 26 | | | Benefits paid, including lump sums and annuities | (1,107) | | (1,093) | | | (346) | | (335) | | | Settlements | (14) | | (15) | | | — | | — | | | Fair value of plan assets at end of period | $ | 15,845 | | $ | 13,459 | | | $ | 607 | | $ | 637 | | | | | | | | | Funded status at end of period | $ | (5,354) | | $ | (6,350) | | | $ | (2,772) | | $ | (2,588) | |
(1)At the end of each year presented, our accumulated benefit obligations for our pension plans are equal to the benefit obligations shown above.
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| Schedule of amounts recognized on balance sheet |
Balance Sheet Position | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement and Postemployment Benefits | | December 31, | | December 31, | | (in millions) | 2019 | 2018 | | 2019 | 2018 | | Current liabilities | $ | (19) | | $ | (27) | | | $ | (125) | | $ | (123) | | | Noncurrent liabilities | (5,335) | | (6,323) | | | (2,647) | | (2,465) | | | Total liabilities | $ | (5,354) | | $ | (6,350) | | | $ | (2,772) | | $ | (2,588) | | | | | | | | | Net actuarial loss | $ | (8,765) | | $ | (8,682) | | | $ | (715) | | $ | (613) | | | Prior service credit | — | | — | | | 38 | | 47 | | | Total accumulated other comprehensive loss, pre-tax | $ | (8,765) | | $ | (8,682) | | | $ | (677) | | $ | (566) | |
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| Schedule of net periodic (benefit) costs |
Net Periodic (Benefit) Cost | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Postretirement and Postemployment Benefits | | Year Ended December 31, | | Year Ended December 31, | | (in millions) | 2019 | 2018 | 2017 | | 2019 | 2018 | 2017 | | Service cost | $ | — | | $ | — | | $ | — | | | $ | 83 | | $ | 85 | | $ | 87 | | | Interest cost | 833 | | 781 | | 853 | | | 137 | | 126 | | 138 | | | Expected return on plan assets | (1,186) | | (1,318) | | (1,143) | | | (47) | | (67) | | (69) | | | Amortization of prior service credit | — | | — | | — | | | (9) | | (24) | | (26) | | | Recognized net actuarial loss | 291 | | 267 | | 262 | | | 37 | | 36 | | 32 | | | Settlements | 5 | | 4 | | 3 | | | — | | — | | — | | | Curtailment | — | | — | | — | | | — | | (53) | | — | | Net periodic (benefit) cost | $ | (57) | | $ | (266) | | $ | (25) | | | $ | 201 | | $ | 103 | | $ | 162 | |
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| Schedule of assumptions used to determine benefit obligations and net periodic costs |
We used the following actuarial assumptions to determine our benefit obligations and our net periodic benefit cost for the periods presented: | | | | | | | | | | December 31, | Benefit Obligations(1) | 2019 | 2018 | | Weighted average discount rate | 3.40 | % | 4.33 | % |
| | | | | | | | | | | | | Year Ended December 31, | Net Periodic Benefit Cost(1) | 2019 | 2018 | 2017 | | Weighted average discount rate - pension benefit | 4.33 | % | 3.69 | % | 4.14 | % | | Weighted average discount rate - other postretirement benefit | 4.32 | % | 3.69 | % | 4.19 | % | | Weighted average discount rate - other postemployment benefit | 4.32 | % | 3.65 | % | 4.14 | % | | Weighted average expected long-term rate of return on plan assets | 8.97 | % | 8.97 | % | 8.96 | % | Assumed healthcare cost trend rate for the next year(2) | 6.50 | % | 6.75 | % | 7.00 | % |
(1)Future employee compensation levels do not impact our frozen defined benefit pension plans or other postretirement plans and impact only a small portion of our other postemployment obligation. (2)Healthcare cost trend rate is assumed to decline gradually to 5.00% by 2026 and remain unchanged thereafter.
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| Schedule of effect of one-percentage-point change in assumed healthcare cost trend rates |
A 1% change in the healthcare cost trend rate used in measuring the plan benefit obligation for these plans would have the following effects: | | | | | | | | | | (in millions) | 1% Increase | 1% (Decrease) | | Increase (decrease) in total service and interest cost | $ | 1 | | $ | (2) | | | Increase (decrease) in the accumulated plan benefit obligation | 4 | | (14) | |
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| Schedule of expected benefit payments |
The following table summarizes the benefit payments that are scheduled to be paid in the years ending December 31: | | | | | | | | | | (in millions) | Pension Benefits | Other Postretirement and Postemployment Benefits | | 2020 | $ | 1,170 | | $ | 324 | | | 2021 | 1,188 | | 327 | | | 2022 | 1,211 | | 324 | | | 2023 | 1,226 | | 321 | | | 2024 | 1,239 | | 317 | | | 2025-2029 | 6,248 | | 1,520 | |
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| Schedule of benefit plan assets measured at fair value on recurring basis |
The following table shows our benefit plan assets by asset class. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | | Valuation Technique | | (in millions) | Level 1 | Level 2 | Total | | Level 1 | Level 2 | Total | | | Equities and equity-related instruments | $ | 840 | | $ | 49 | | $ | 889 | | | $ | 400 | | $ | 100 | | $ | 500 | | | (a) | | Delta common stock | 737 | | — | | 737 | | | 675 | | — | | 675 | | | (a) | | Cash equivalents | 327 | | 952 | | 1,279 | | | 312 | | 708 | | 1,020 | | | (a) | | Fixed income and fixed income-related instruments | 97 | | 3,472 | | 3,569 | | | 233 | | 2,157 | | 2,390 | | | (a)(b) | | Benefit plan assets | $ | 2,001 | | $ | 4,473 | | $ | 6,474 | | | $ | 1,620 | | $ | 2,965 | | $ | 4,585 | | | | | | | | | | | | | | Investments measured at net asset value ("NAV")(1) | | | 9,854 | | | | | 9,136 | | | | | Total benefit plan assets | | | $ | 16,328 | | | | | $ | 13,721 | | | |
(1) Investments that were measured at NAV per share (or its equivalent) as a practical expedient have not been classified in the fair value hierarchy.
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| Schedule of investments measured at fair value based on NAV per share as a practical expedient |
The following table summarizes investments measured at fair value based on NAV per share as a practical expedient: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2019 | | December 31, 2018 | | (in millions) | Fair Value | Redemption Frequency | Redemption Notice Period | | Fair Value | Redemption Frequency | Redemption Notice Period | Hedge funds and hedge fund-related strategies(5) | $ | 5,588 | | (4) | 2-180 Days | | $ | 5,264 | | (4) | 2-180 Days | Commingled funds, private equity and private equity-related instruments(5) | 1,834 | | (4) | 2-30 Days | | 1,591 | | (4) | 2-30 Days | Fixed income and fixed income-related instruments(5) | 958 | | (4) | 15-90 Days | | 769 | | (2) | 15-90 Days | Real assets(5) | 758 | | (3) | N/A | | | 807 | | (3) | N/A | | | Other | 716 | | (1) (2) | 2-90 Days | | 705 | | (1) (2) | 2-90 Days | | Total investments measured at NAV | $ | 9,854 | | | | | $ | 9,136 | | | |
(1)Monthly (2)Semi-monthly (3)Semi-annually and annually (4)Various. Includes funds with weekly, monthly, semi-monthly, quarterly and custom redemption frequencies as well as funds with a redemption window following the anniversary of the initial investment. (5)Unfunded commitments were $393 million for commingled funds, private equity and private equity-related instruments, $254 million for fixed income and fixed income-related instruments, $203 million for real assets and $76 million for hedge funds and hedge fund-related strategies at December 31, 2019.
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