|
Employee Benefit Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Compensation and Retirement Disclosure [Abstract] |
|
| Schedule of Defined Benefit Plans Disclosures |
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Pension and Postretirement Plans |
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Qualified
Pension Plan (1)
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|
Non-U.S.
Pension Plans (1)
|
|
Nonqualified
and Other
Pension Plans (1)
|
|
Postretirement
Health and Life
Plans (1)
|
(Dollars in millions) |
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Change in fair value of plan assets |
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Fair value, January 1 |
$ |
16,274 |
|
|
$ |
15,070 |
|
|
$ |
2,306 |
|
|
$ |
2,022 |
|
|
$ |
3,063 |
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|
$ |
3,061 |
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|
$ |
86 |
|
|
$ |
91 |
|
Actual return on plan assets |
2,873 |
|
|
2,020 |
|
|
146 |
|
|
115 |
|
|
(217 |
) |
|
126 |
|
|
9 |
|
|
10 |
|
Company contributions |
— |
|
|
— |
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|
131 |
|
|
152 |
|
|
98 |
|
|
112 |
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|
61 |
|
|
117 |
|
Plan participant contributions |
— |
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|
— |
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|
1 |
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|
3 |
|
|
— |
|
|
— |
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|
138 |
|
|
139 |
|
Settlements and curtailments |
— |
|
|
— |
|
|
(80 |
) |
|
— |
|
|
(7 |
) |
|
— |
|
|
— |
|
|
— |
|
Benefits paid |
(871 |
) |
|
(816 |
) |
|
(80 |
) |
|
(77 |
) |
|
(217 |
) |
|
(236 |
) |
|
(237 |
) |
|
(290 |
) |
Federal subsidy on benefits paid |
n/a |
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|
n/a |
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|
n/a |
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|
n/a |
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|
n/a |
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|
n/a |
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|
15 |
|
|
19 |
|
Foreign currency exchange rate changes |
n/a |
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|
n/a |
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|
33 |
|
|
91 |
|
|
n/a |
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|
n/a |
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|
n/a |
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|
n/a |
|
Fair value, December 31 |
$ |
18,276 |
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|
$ |
16,274 |
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|
$ |
2,457 |
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|
$ |
2,306 |
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$ |
2,720 |
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$ |
3,063 |
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$ |
72 |
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$ |
86 |
|
Change in projected benefit obligation |
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Projected benefit obligation, January 1 |
$ |
15,655 |
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$ |
14,891 |
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$ |
2,460 |
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$ |
1,984 |
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$ |
3,334 |
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$ |
3,137 |
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$ |
1,574 |
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$ |
1,619 |
|
Service cost |
— |
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|
236 |
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|
32 |
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|
40 |
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|
1 |
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|
1 |
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|
9 |
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|
13 |
|
Interest cost |
623 |
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|
681 |
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|
98 |
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|
97 |
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|
120 |
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|
138 |
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|
54 |
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|
71 |
|
Plan participant contributions |
— |
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— |
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1 |
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3 |
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— |
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— |
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|
138 |
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|
139 |
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Plan amendments |
— |
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— |
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2 |
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2 |
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— |
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— |
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— |
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— |
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Settlements and curtailments |
17 |
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|
(889 |
) |
|
(116 |
) |
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— |
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|
(7 |
) |
|
— |
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— |
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|
— |
|
Actuarial loss (gain) |
(1,279 |
) |
|
1,552 |
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|
156 |
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|
328 |
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|
(161 |
) |
|
294 |
|
|
(197 |
) |
|
(4 |
) |
Benefits paid |
(871 |
) |
|
(816 |
) |
|
(80 |
) |
|
(77 |
) |
|
(217 |
) |
|
(236 |
) |
|
(237 |
) |
|
(290 |
) |
Federal subsidy on benefits paid |
n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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15 |
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19 |
|
Foreign currency exchange rate changes |
n/a |
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n/a |
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|
27 |
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|
83 |
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n/a |
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n/a |
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— |
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|
7 |
|
Projected benefit obligation, December 31 |
$ |
14,145 |
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|
$ |
15,655 |
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$ |
2,580 |
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$ |
2,460 |
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$ |
3,070 |
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$ |
3,334 |
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$ |
1,356 |
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$ |
1,574 |
|
Amount recognized, December 31 |
$ |
4,131 |
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|
$ |
619 |
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$ |
(123 |
) |
|
$ |
(154 |
) |
|
$ |
(350 |
) |
|
$ |
(271 |
) |
|
$ |
(1,284 |
) |
|
$ |
(1,488 |
) |
Funded status, December 31 |
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Accumulated benefit obligation |
$ |
14,145 |
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$ |
15,655 |
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$ |
2,463 |
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$ |
2,345 |
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$ |
3,067 |
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$ |
3,334 |
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|
n/a |
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|
n/a |
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Overfunded (unfunded) status of ABO |
4,131 |
|
|
619 |
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|
(6 |
) |
|
(39 |
) |
|
(347 |
) |
|
(271 |
) |
|
n/a |
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|
n/a |
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Provision for future salaries |
— |
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|
— |
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|
117 |
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|
115 |
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|
3 |
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— |
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|
n/a |
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|
n/a |
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Projected benefit obligation |
14,145 |
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|
15,655 |
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|
2,580 |
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|
2,460 |
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|
3,070 |
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|
3,334 |
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$ |
1,356 |
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$ |
1,574 |
|
Weighted-average assumptions, December 31 |
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Discount rate |
4.85 |
% |
|
4.00 |
% |
|
4.30 |
% |
|
4.23 |
% |
|
4.55 |
% |
|
3.65 |
% |
|
4.50 |
% |
|
3.65 |
% |
Rate of compensation increase |
n/a |
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|
n/a |
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|
3.40 |
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|
4.37 |
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|
4.00 |
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|
4.00 |
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|
n/a |
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|
n/a |
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(1) |
The measurement date for the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans was December 31 of each year reported.
|
n/a = not applicable
|
| Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized on the Consolidated Balance Sheet at December 31, 2013 and 2012 are presented in the table below.
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Amounts Recognized on Consolidated Balance Sheet |
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Qualified
Pension Plan
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|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
|
Postretirement
Health and Life
Plans
|
(Dollars in millions) |
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Other assets |
$ |
4,131 |
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|
$ |
676 |
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|
$ |
205 |
|
|
$ |
220 |
|
|
$ |
777 |
|
|
$ |
908 |
|
|
$ |
— |
|
|
$ |
— |
|
Accrued expenses and other liabilities |
— |
|
|
(57 |
) |
|
(328 |
) |
|
(374 |
) |
|
(1,127 |
) |
|
(1,179 |
) |
|
(1,284 |
) |
|
(1,488 |
) |
Net amount recognized at December 31 |
$ |
4,131 |
|
|
$ |
619 |
|
|
$ |
(123 |
) |
|
$ |
(154 |
) |
|
$ |
(350 |
) |
|
$ |
(271 |
) |
|
$ |
(1,284 |
) |
|
$ |
(1,488 |
) |
|
| 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, 2013 and 2012 are presented in the table below. For the non-qualified plans not subject to ERISA or non-U.S. pension plans, funding strategies vary due to legal requirements and local practices.
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Plans with ABO and PBO in Excess of Plan Assets |
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Qualified
Pension Plan
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
(Dollars in millions) |
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Plans with ABO in excess of plan assets |
|
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PBO |
n/a |
|
$ |
7,171 |
|
|
$ |
617 |
|
|
$ |
883 |
|
|
$ |
1,129 |
|
|
$ |
1,182 |
|
ABO |
n/a |
|
7,171 |
|
|
606 |
|
|
843 |
|
|
1,126 |
|
|
1,181 |
|
Fair value of plan assets |
n/a |
|
7,114 |
|
|
290 |
|
|
510 |
|
|
2 |
|
|
2 |
|
Plans with PBO in excess of plan assets |
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PBO |
n/a |
|
$ |
7,171 |
|
|
$ |
720 |
|
|
$ |
896 |
|
|
$ |
1,129 |
|
|
$ |
1,182 |
|
Fair value of plan assets |
n/a |
|
7,114 |
|
|
392 |
|
|
522 |
|
|
2 |
|
|
2 |
|
n/a = not applicable
|
| Schedule of Net Benefit Costs |
Net periodic benefit cost of the Corporation’s plans for 2013, 2012 and 2011 included the following components.
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Components of Net Periodic Benefit Cost |
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|
Qualified Pension Plan |
|
Non-U.S. Pension Plans |
(Dollars in millions) |
2013 |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
|
2011 |
Components of net periodic benefit cost |
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|
Service cost |
$ |
— |
|
|
$ |
236 |
|
|
$ |
423 |
|
|
$ |
32 |
|
|
$ |
40 |
|
|
$ |
43 |
|
Interest cost |
623 |
|
|
681 |
|
|
746 |
|
|
98 |
|
|
97 |
|
|
99 |
|
Expected return on plan assets |
(1,024 |
) |
|
(1,246 |
) |
|
(1,296 |
) |
|
(121 |
) |
|
(137 |
) |
|
(115 |
) |
Amortization of prior service cost |
— |
|
|
9 |
|
|
20 |
|
|
— |
|
|
— |
|
|
— |
|
Amortization of net actuarial loss (gain) |
242 |
|
|
469 |
|
|
387 |
|
|
2 |
|
|
(9 |
) |
|
— |
|
Recognized loss (gain) due to settlements and curtailments |
17 |
|
|
58 |
|
|
— |
|
|
(7 |
) |
|
— |
|
|
— |
|
Net periodic benefit cost (income) |
$ |
(142 |
) |
|
$ |
207 |
|
|
$ |
280 |
|
|
$ |
4 |
|
|
$ |
(9 |
) |
|
$ |
27 |
|
Weighted-average assumptions used to determine net cost for years ended December 31 |
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Discount rate |
4.00 |
% |
|
4.95 |
% |
|
5.45 |
% |
|
4.23 |
% |
|
4.87 |
% |
|
5.32 |
% |
Expected return on plan assets |
6.50 |
|
|
8.00 |
|
|
8.00 |
|
|
5.50 |
|
|
6.65 |
|
|
6.58 |
|
Rate of compensation increase |
n/a |
|
|
4.00 |
|
|
4.00 |
|
|
4.37 |
|
|
4.42 |
|
|
4.85 |
|
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|
|
|
|
|
|
|
|
|
Nonqualified and
Other Pension Plans |
|
Postretirement Health
and Life Plans |
(Dollars in millions) |
2013 |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
|
2011 |
Components of net periodic benefit cost |
|
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|
|
|
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|
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|
Service cost |
$ |
1 |
|
|
$ |
1 |
|
|
$ |
3 |
|
|
$ |
9 |
|
|
$ |
13 |
|
|
$ |
15 |
|
Interest cost |
120 |
|
|
138 |
|
|
152 |
|
|
54 |
|
|
71 |
|
|
80 |
|
Expected return on plan assets |
(109 |
) |
|
(152 |
) |
|
(141 |
) |
|
(5 |
) |
|
(8 |
) |
|
(9 |
) |
Amortization of transition obligation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
32 |
|
|
31 |
|
Amortization of prior service cost (credits) |
— |
|
|
(3 |
) |
|
(8 |
) |
|
4 |
|
|
4 |
|
|
4 |
|
Amortization of net actuarial loss (gain) |
25 |
|
|
8 |
|
|
16 |
|
|
(42 |
) |
|
(38 |
) |
|
(17 |
) |
Recognized loss due to settlements and curtailments |
2 |
|
|
— |
|
|
3 |
|
|
6 |
|
|
— |
|
|
— |
|
Net periodic benefit cost (income) |
$ |
39 |
|
|
$ |
(8 |
) |
|
$ |
25 |
|
|
$ |
26 |
|
|
$ |
74 |
|
|
$ |
104 |
|
Weighted-average assumptions used to determine net cost for years ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
3.65 |
% |
|
4.65 |
% |
|
5.20 |
% |
|
3.65 |
% |
|
4.65 |
% |
|
5.10 |
% |
Expected return on plan assets |
3.75 |
|
|
5.25 |
|
|
5.25 |
|
|
6.50 |
|
|
8.00 |
|
|
8.00 |
|
Rate of compensation increase |
4.00 |
|
|
4.00 |
|
|
4.00 |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
n/a = not applicable
|
| Schedule Of Defined Benefit Plan Pre-Tax Amounts Included in Accumulated Other Comprehensive Income [Table Text Block] |
Pre-tax amounts included in accumulated OCI for employee benefit plans at December 31, 2013 and 2012 are presented in the table below.
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|
Pre-tax Amounts included in Accumulated OCI |
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|
Qualified
Pension Plan
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
|
Postretirement
Health and
Life Plans
|
|
Total |
(Dollars in millions) |
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Net actuarial loss (gain) |
$ |
2,794 |
|
|
$ |
6,164 |
|
|
$ |
271 |
|
|
$ |
144 |
|
|
$ |
855 |
|
|
$ |
718 |
|
|
$ |
(171 |
) |
|
$ |
(28 |
) |
|
$ |
3,749 |
|
|
$ |
6,998 |
|
Prior service cost (credits) |
— |
|
|
— |
|
|
(9 |
) |
|
5 |
|
|
— |
|
|
— |
|
|
24 |
|
|
29 |
|
|
15 |
|
|
34 |
|
Amounts recognized in accumulated OCI |
$ |
2,794 |
|
|
$ |
6,164 |
|
|
$ |
262 |
|
|
$ |
149 |
|
|
$ |
855 |
|
|
$ |
718 |
|
|
$ |
(147 |
) |
|
$ |
1 |
|
|
$ |
3,764 |
|
|
$ |
7,032 |
|
|
| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Pre-tax amounts recognized in OCI for employee benefit plans in 2013 included the following components.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax Amounts Recognized in OCI in 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
Qualified
Pension Plan
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
|
Postretirement
Health and
Life Plans
|
|
Total |
Current year actuarial loss (gain) |
$ |
(3,128 |
) |
|
$ |
113 |
|
|
$ |
164 |
|
|
$ |
(180 |
) |
|
$ |
(3,031 |
) |
Amortization of actuarial gain (loss) |
(242 |
) |
|
(2 |
) |
|
(27 |
) |
|
36 |
|
|
(235 |
) |
Current year prior service cost |
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
2 |
|
Amortization of prior service cost |
— |
|
|
— |
|
|
— |
|
|
(4 |
) |
|
(4 |
) |
Amounts recognized in OCI |
$ |
(3,370 |
) |
|
$ |
113 |
|
|
$ |
137 |
|
|
$ |
(148 |
) |
|
$ |
(3,268 |
) |
|
| Pre Tax Amount Amortized From Accumulated Other Comprehensive Income |
The estimated pre-tax amounts that will be amortized from accumulated OCI into expense in 2014 are presented in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Pre-tax Amounts Amortized from Accumulated OCI into Period Cost in 2014 |
|
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
Qualified
Pension Plan
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
|
Postretirement
Health and
Life Plans
|
|
Total |
Net actuarial loss (gain) |
$ |
108 |
|
|
$ |
3 |
|
|
$ |
25 |
|
|
$ |
(85 |
) |
|
$ |
51 |
|
Prior service cost |
— |
|
|
1 |
|
|
— |
|
|
4 |
|
|
5 |
|
Total amounts amortized from accumulated OCI |
$ |
108 |
|
|
$ |
4 |
|
|
$ |
25 |
|
|
$ |
(81 |
) |
|
$ |
56 |
|
|
| Schedule of Allocation of Plan Assets |
The target allocations for 2014 by asset category for 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.
|
|
|
|
|
|
|
|
|
|
|
2014 Target Allocation |
|
|
|
|
|
|
Percentage |
Asset Category |
Qualified
Pension Plan
|
Non-U.S.
Pension Plans
|
Nonqualified
and Other
Pension Plans
|
Postretirement
Health and Life
Plans
|
Equity securities |
30 - 60 |
10 - 35 |
0 - 5 |
20 - 50 |
Debt securities |
40 - 70 |
40 - 80 |
95 - 100 |
50 - 80 |
Real estate |
0 - 10 |
0 - 15 |
0 - 5 |
0 - 5 |
Other |
0 - 5 |
0 - 15 |
0 - 5 |
0 - 5 |
|
| Plan Investment Assets Measured At Fair Value By Level |
Combined plan investment assets measured at fair value by level and in total at December 31, 2013 and 2012 are summarized in the Fair Value Measurements table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
(Dollars in millions) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Cash and short-term investments |
|
|
|
|
|
|
|
|
|
|
|
Money market and interest-bearing cash |
$ |
2,586 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,586 |
|
Cash and cash equivalent commingled/mutual funds |
— |
|
|
223 |
|
|
— |
|
|
223 |
|
Fixed income |
|
|
|
|
|
|
|
|
|
|
|
U.S. government and government agency securities |
1,590 |
|
|
2,245 |
|
|
12 |
|
|
3,847 |
|
Corporate debt securities |
— |
|
|
1,233 |
|
|
— |
|
|
1,233 |
|
Asset-backed securities |
— |
|
|
1,455 |
|
|
— |
|
|
1,455 |
|
Non-U.S. debt securities |
547 |
|
|
502 |
|
|
6 |
|
|
1,055 |
|
Fixed income commingled/mutual funds |
89 |
|
|
1,279 |
|
|
— |
|
|
1,368 |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common and preferred equity securities |
7,463 |
|
|
— |
|
|
— |
|
|
7,463 |
|
Equity commingled/mutual funds |
213 |
|
|
2,308 |
|
|
— |
|
|
2,521 |
|
Public real estate investment trusts |
127 |
|
|
— |
|
|
— |
|
|
127 |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
Private real estate |
— |
|
|
— |
|
|
119 |
|
|
119 |
|
Real estate commingled/mutual funds |
— |
|
|
7 |
|
|
462 |
|
|
469 |
|
Limited partnerships |
— |
|
|
117 |
|
|
145 |
|
|
262 |
|
Other investments (1)
|
— |
|
|
662 |
|
|
135 |
|
|
797 |
|
Total plan investment assets, at fair value |
$ |
12,615 |
|
|
$ |
10,031 |
|
|
$ |
879 |
|
|
$ |
23,525 |
|
|
|
|
|
|
|
|
|
|
December 31, 2012 |
Cash and short-term investments |
|
|
|
|
|
|
|
|
|
|
|
Money market and interest-bearing cash |
$ |
1,404 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,404 |
|
Cash and cash equivalent commingled/mutual funds |
— |
|
|
96 |
|
|
— |
|
|
96 |
|
Fixed income |
|
|
|
|
|
|
|
|
|
|
|
U.S. government and government agency securities |
1,317 |
|
|
2,829 |
|
|
13 |
|
|
4,159 |
|
Corporate debt securities |
— |
|
|
1,062 |
|
|
— |
|
|
1,062 |
|
Asset-backed securities |
— |
|
|
1,109 |
|
|
— |
|
|
1,109 |
|
Non-U.S. debt securities |
70 |
|
|
535 |
|
|
10 |
|
|
615 |
|
Fixed income commingled/mutual funds |
99 |
|
|
1,432 |
|
|
— |
|
|
1,531 |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common and preferred equity securities |
7,432 |
|
|
— |
|
|
— |
|
|
7,432 |
|
Equity commingled/mutual funds |
290 |
|
|
2,316 |
|
|
— |
|
|
2,606 |
|
Public real estate investment trusts |
236 |
|
|
— |
|
|
— |
|
|
236 |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
Private real estate |
— |
|
|
— |
|
|
110 |
|
|
110 |
|
Real estate commingled/mutual funds |
— |
|
|
10 |
|
|
324 |
|
|
334 |
|
Limited partnerships |
— |
|
|
110 |
|
|
231 |
|
|
341 |
|
Other investments (1)
|
22 |
|
|
543 |
|
|
129 |
|
|
694 |
|
Total plan investment assets, at fair value |
$ |
10,870 |
|
|
$ |
10,042 |
|
|
$ |
817 |
|
|
$ |
21,729 |
|
|
|
(1) |
Other investments include interest rate swaps of $435 million and $311 million, participant loans of $87 million and $76 million, commodity and balanced funds of $229 million and $239 million and other various investments of $46 million and $68 million at December 31, 2013 and 2012.
|
|
| Schedule of Changes in Fair Value of Plan Assets [Table Text Block] |
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 2013, 2012 and 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Fair Value Measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
(Dollars in millions) |
Balance
January 1
|
|
Actual Return on
Plan Assets Still
Held at the
Reporting Date
|
|
Purchases |
|
Sales and Settlements |
|
Transfers into/
(out of) Level 3
|
|
Balance
December 31
|
Fixed income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and government agency securities |
$ |
13 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
12 |
|
Non-U.S. debt securities |
10 |
|
|
(2 |
) |
|
— |
|
|
(2 |
) |
|
— |
|
|
6 |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private real estate |
110 |
|
|
4 |
|
|
7 |
|
|
(2 |
) |
|
— |
|
|
119 |
|
Real estate commingled/mutual funds |
324 |
|
|
15 |
|
|
123 |
|
|
— |
|
|
— |
|
|
462 |
|
Limited partnerships |
231 |
|
|
8 |
|
|
23 |
|
|
(89 |
) |
|
(28 |
) |
|
145 |
|
Other investments |
129 |
|
|
(6 |
) |
|
13 |
|
|
(1 |
) |
|
— |
|
|
135 |
|
Total |
$ |
817 |
|
|
$ |
19 |
|
|
$ |
166 |
|
|
$ |
(95 |
) |
|
$ |
(28 |
) |
|
$ |
879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
Fixed income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government and government agency securities |
$ |
13 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13 |
|
Non-U.S. debt securities |
10 |
|
|
(1 |
) |
|
1 |
|
|
(1 |
) |
|
1 |
|
|
10 |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private real estate |
113 |
|
|
(2 |
) |
|
2 |
|
|
(3 |
) |
|
— |
|
|
110 |
|
Real estate commingled/mutual funds |
249 |
|
|
13 |
|
|
62 |
|
|
— |
|
|
— |
|
|
324 |
|
Limited partnerships |
232 |
|
|
8 |
|
|
11 |
|
|
(20 |
) |
|
— |
|
|
231 |
|
Other investments |
122 |
|
|
7 |
|
|
4 |
|
|
(4 |
) |
|
— |
|
|
129 |
|
Total |
$ |
739 |
|
|
$ |
25 |
|
|
$ |
80 |
|
|
$ |
(28 |
) |
|
$ |
1 |
|
|
$ |
817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
Fixed income |
|
|
|
|
|
|
|
|
|
|
|
U.S. government and government agency securities |
$ |
14 |
|
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
13 |
|
Non-U.S. debt securities |
9 |
|
|
— |
|
|
3 |
|
|
(2 |
) |
|
— |
|
|
10 |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
Private real estate |
110 |
|
|
— |
|
|
3 |
|
|
— |
|
|
— |
|
|
113 |
|
Real estate commingled/mutual funds |
215 |
|
|
26 |
|
|
9 |
|
|
(1 |
) |
|
— |
|
|
249 |
|
Limited partnerships |
230 |
|
|
(6 |
) |
|
13 |
|
|
(5 |
) |
|
— |
|
|
232 |
|
Other investments |
94 |
|
|
1 |
|
|
26 |
|
|
— |
|
|
1 |
|
|
122 |
|
Total |
$ |
672 |
|
|
$ |
20 |
|
|
$ |
54 |
|
|
$ |
(8 |
) |
|
$ |
1 |
|
|
$ |
739 |
|
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Postretirement Health and Life Plans |
(Dollars in millions) |
Qualified
Pension Plan (1)
|
|
Non-U.S.
Pension Plans (2)
|
|
Nonqualified
and Other
Pension Plans (2)
|
|
Net Payments (3)
|
|
Medicare
Subsidy
|
2014 |
$ |
927 |
|
|
$ |
60 |
|
|
$ |
243 |
|
|
$ |
142 |
|
|
$ |
17 |
|
2015 |
920 |
|
|
61 |
|
|
245 |
|
|
140 |
|
|
17 |
|
2016 |
910 |
|
|
64 |
|
|
242 |
|
|
137 |
|
|
17 |
|
2017 |
903 |
|
|
69 |
|
|
239 |
|
|
132 |
|
|
17 |
|
2018 |
894 |
|
|
71 |
|
|
235 |
|
|
127 |
|
|
17 |
|
2019 – 2023 |
4,399 |
|
|
428 |
|
|
1,132 |
|
|
558 |
|
|
76 |
|
|
|
(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. |
|