|
Employee Benefit Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| 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) |
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Change in fair value of plan assets |
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|
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Fair value, January 1 |
$ |
18,276 |
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|
$ |
16,274 |
|
|
$ |
2,457 |
|
|
$ |
2,306 |
|
|
$ |
2,720 |
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|
$ |
3,063 |
|
|
$ |
72 |
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|
$ |
86 |
|
Actual return on plan assets |
1,261 |
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|
2,873 |
|
|
256 |
|
|
146 |
|
|
336 |
|
|
(217 |
) |
|
6 |
|
|
9 |
|
Company contributions |
— |
|
|
— |
|
|
84 |
|
|
131 |
|
|
97 |
|
|
98 |
|
|
53 |
|
|
61 |
|
Plan participant contributions |
— |
|
|
— |
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|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
129 |
|
|
138 |
|
Settlements and curtailments |
— |
|
|
— |
|
|
(5 |
) |
|
(80 |
) |
|
— |
|
|
(7 |
) |
|
— |
|
|
— |
|
Benefits paid |
(923 |
) |
|
(871 |
) |
|
(68 |
) |
|
(80 |
) |
|
(226 |
) |
|
(217 |
) |
|
(248 |
) |
|
(237 |
) |
Federal subsidy on benefits paid |
n/a |
|
|
n/a |
|
|
n/a |
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|
n/a |
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|
n/a |
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|
n/a |
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|
16 |
|
|
15 |
|
Foreign currency exchange rate changes |
n/a |
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|
n/a |
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|
(161 |
) |
|
33 |
|
|
n/a |
|
|
n/a |
|
|
n/a |
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|
n/a |
|
Fair value, December 31 |
$ |
18,614 |
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|
$ |
18,276 |
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|
$ |
2,564 |
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|
$ |
2,457 |
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|
$ |
2,927 |
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$ |
2,720 |
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$ |
28 |
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$ |
72 |
|
Change in projected benefit obligation |
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Projected benefit obligation, January 1 |
$ |
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 |
|
Service cost |
— |
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|
— |
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|
29 |
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|
32 |
|
|
1 |
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|
1 |
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|
8 |
|
|
9 |
|
Interest cost |
665 |
|
|
623 |
|
|
109 |
|
|
98 |
|
|
133 |
|
|
120 |
|
|
58 |
|
|
54 |
|
Plan participant contributions |
— |
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|
— |
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|
1 |
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|
1 |
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|
— |
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|
— |
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|
129 |
|
|
138 |
|
Plan amendments |
— |
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— |
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1 |
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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 |
— |
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|
17 |
|
|
(6 |
) |
|
(116 |
) |
|
— |
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(7 |
) |
|
— |
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|
— |
|
Actuarial loss (gain) |
1,621 |
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|
(1,279 |
) |
|
208 |
|
|
156 |
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|
351 |
|
|
(161 |
) |
|
29 |
|
|
(197 |
) |
Benefits paid |
(923 |
) |
|
(871 |
) |
|
(68 |
) |
|
(80 |
) |
|
(226 |
) |
|
(217 |
) |
|
(248 |
) |
|
(237 |
) |
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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16 |
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|
15 |
|
Foreign currency exchange rate changes |
n/a |
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|
n/a |
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|
(166 |
) |
|
27 |
|
|
n/a |
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|
n/a |
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|
(2 |
) |
|
— |
|
Projected benefit obligation, December 31 |
$ |
15,508 |
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|
$ |
14,145 |
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|
$ |
2,688 |
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|
$ |
2,580 |
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$ |
3,329 |
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$ |
3,070 |
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$ |
1,346 |
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$ |
1,356 |
|
Amount recognized, December 31 |
$ |
3,106 |
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|
$ |
4,131 |
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|
$ |
(124 |
) |
|
$ |
(123 |
) |
|
$ |
(402 |
) |
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$ |
(350 |
) |
|
$ |
(1,318 |
) |
|
$ |
(1,284 |
) |
Funded status, December 31 |
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Accumulated benefit obligation |
$ |
15,508 |
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|
$ |
14,145 |
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|
$ |
2,582 |
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|
$ |
2,463 |
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|
$ |
3,329 |
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|
$ |
3,067 |
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|
n/a |
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|
n/a |
|
Overfunded (unfunded) status of ABO |
3,106 |
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|
4,131 |
|
|
(18 |
) |
|
(6 |
) |
|
(402 |
) |
|
(347 |
) |
|
n/a |
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|
n/a |
|
Provision for future salaries |
— |
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|
— |
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|
106 |
|
|
117 |
|
|
— |
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|
3 |
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|
n/a |
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|
n/a |
|
Projected benefit obligation |
15,508 |
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|
14,145 |
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|
2,688 |
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|
2,580 |
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|
3,329 |
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|
3,070 |
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$ |
1,346 |
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|
$ |
1,356 |
|
Weighted-average assumptions, December 31 |
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Discount rate |
4.12 |
% |
|
4.85 |
% |
|
3.56 |
% |
|
4.30 |
% |
|
3.80 |
% |
|
4.55 |
% |
|
3.75 |
% |
|
4.50 |
% |
Rate of compensation increase |
n/a |
|
|
n/a |
|
|
4.70 |
|
|
4.91 |
|
|
4.00 |
|
|
4.00 |
|
|
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, 2014 and 2013 are presented in the table below.
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Amounts Recognized on Consolidated Balance Sheet |
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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) |
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Other assets |
$ |
3,106 |
|
|
$ |
4,131 |
|
|
$ |
252 |
|
|
$ |
205 |
|
|
$ |
786 |
|
|
$ |
777 |
|
|
$ |
— |
|
|
$ |
— |
|
Accrued expenses and other liabilities |
— |
|
|
— |
|
|
(376 |
) |
|
(328 |
) |
|
(1,188 |
) |
|
(1,127 |
) |
|
(1,318 |
) |
|
(1,284 |
) |
Net amount recognized at December 31 |
$ |
3,106 |
|
|
$ |
4,131 |
|
|
$ |
(124 |
) |
|
$ |
(123 |
) |
|
$ |
(402 |
) |
|
$ |
(350 |
) |
|
$ |
(1,318 |
) |
|
$ |
(1,284 |
) |
|
| 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, 2014 and 2013 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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|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
(Dollars in millions) |
2014 |
|
2013 |
|
2014 |
|
2013 |
Plans with ABO in excess of plan assets |
|
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|
|
|
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PBO |
$ |
583 |
|
|
$ |
617 |
|
|
$ |
1,190 |
|
|
$ |
1,129 |
|
ABO |
563 |
|
|
606 |
|
|
1,190 |
|
|
1,126 |
|
Fair value of plan assets |
206 |
|
|
290 |
|
|
2 |
|
|
2 |
|
Plans with PBO in excess of plan assets |
|
|
|
|
|
|
|
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|
PBO |
$ |
583 |
|
|
$ |
720 |
|
|
$ |
1,190 |
|
|
$ |
1,129 |
|
Fair value of plan assets |
206 |
|
|
392 |
|
|
2 |
|
|
2 |
|
|
| 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, 2014 and 2013 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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|
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|
Plans with ABO and PBO in Excess of Plan Assets |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Non-U.S.
Pension Plans
|
|
Nonqualified
and Other
Pension Plans
|
(Dollars in millions) |
2014 |
|
2013 |
|
2014 |
|
2013 |
Plans with ABO in excess of plan assets |
|
|
|
|
|
|
|
|
|
|
PBO |
$ |
583 |
|
|
$ |
617 |
|
|
$ |
1,190 |
|
|
$ |
1,129 |
|
ABO |
563 |
|
|
606 |
|
|
1,190 |
|
|
1,126 |
|
Fair value of plan assets |
206 |
|
|
290 |
|
|
2 |
|
|
2 |
|
Plans with PBO in excess of plan assets |
|
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|
|
|
|
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|
PBO |
$ |
583 |
|
|
$ |
720 |
|
|
$ |
1,190 |
|
|
$ |
1,129 |
|
Fair value of plan assets |
206 |
|
|
392 |
|
|
2 |
|
|
2 |
|
|
| Schedule of Net Benefit Costs |
Net periodic benefit cost of the Corporation’s plans for 2014, 2013 and 2012 included the following components.
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Components of Net Periodic Benefit Cost |
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|
|
|
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|
Qualified Pension Plan |
|
Non-U.S. Pension Plans |
(Dollars in millions) |
2014 |
|
2013 |
|
2012 |
|
2014 |
|
2013 |
|
2012 |
Components of net periodic benefit cost |
|
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|
|
|
|
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|
Service cost |
$ |
— |
|
|
$ |
— |
|
|
$ |
236 |
|
|
$ |
29 |
|
|
$ |
32 |
|
|
$ |
40 |
|
Interest cost |
665 |
|
|
623 |
|
|
681 |
|
|
109 |
|
|
98 |
|
|
97 |
|
Expected return on plan assets |
(1,018 |
) |
|
(1,024 |
) |
|
(1,246 |
) |
|
(137 |
) |
|
(121 |
) |
|
(137 |
) |
Amortization of prior service cost |
— |
|
|
— |
|
|
9 |
|
|
1 |
|
|
— |
|
|
— |
|
Amortization of net actuarial loss (gain) |
111 |
|
|
242 |
|
|
469 |
|
|
3 |
|
|
2 |
|
|
(9 |
) |
Recognized loss (gain) due to settlements and curtailments |
— |
|
|
17 |
|
|
58 |
|
|
2 |
|
|
(7 |
) |
|
— |
|
Net periodic benefit cost (income) |
$ |
(242 |
) |
|
$ |
(142 |
) |
|
$ |
207 |
|
|
$ |
7 |
|
|
$ |
4 |
|
|
$ |
(9 |
) |
Weighted-average assumptions used to determine net cost for years ended December 31 |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
4.85 |
% |
|
4.00 |
% |
|
4.95 |
% |
|
4.30 |
% |
|
4.23 |
% |
|
4.87 |
% |
Expected return on plan assets |
6.00 |
|
|
6.50 |
|
|
8.00 |
|
|
5.52 |
|
|
5.50 |
|
|
6.65 |
|
Rate of compensation increase |
n/a |
|
|
n/a |
|
|
4.00 |
|
|
4.91 |
|
|
4.37 |
|
|
4.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonqualified and
Other Pension Plans |
|
Postretirement Health
and Life Plans |
(Dollars in millions) |
2014 |
|
2013 |
|
2012 |
|
2014 |
|
2013 |
|
2012 |
Components of net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
$ |
1 |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
8 |
|
|
$ |
9 |
|
|
$ |
13 |
|
Interest cost |
133 |
|
|
120 |
|
|
138 |
|
|
58 |
|
|
54 |
|
|
71 |
|
Expected return on plan assets |
(124 |
) |
|
(109 |
) |
|
(152 |
) |
|
(4 |
) |
|
(5 |
) |
|
(8 |
) |
Amortization of transition obligation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
32 |
|
Amortization of prior service cost (credits) |
— |
|
|
— |
|
|
(3 |
) |
|
4 |
|
|
4 |
|
|
4 |
|
Amortization of net actuarial loss (gain) |
25 |
|
|
25 |
|
|
8 |
|
|
(89 |
) |
|
(42 |
) |
|
(38 |
) |
Recognized loss due to settlements and curtailments |
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
6 |
|
|
— |
|
Net periodic benefit cost (income) |
$ |
35 |
|
|
$ |
39 |
|
|
$ |
(8 |
) |
|
$ |
(23 |
) |
|
$ |
26 |
|
|
$ |
74 |
|
Weighted-average assumptions used to determine net cost for years ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
4.55 |
% |
|
3.65 |
% |
|
4.65 |
% |
|
4.50 |
% |
|
3.65 |
% |
|
4.65 |
% |
Expected return on plan assets |
4.60 |
|
|
3.75 |
|
|
5.25 |
|
|
6.00 |
|
|
6.50 |
|
|
8.00 |
|
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 |
Pretax amounts included in accumulated OCI for employee benefit plans at December 31, 2014 and 2013 are presented in the table below.
|
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|
|
|
Pretax 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) |
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
Net actuarial loss (gain) |
$ |
4,061 |
|
|
$ |
2,794 |
|
|
$ |
355 |
|
|
$ |
271 |
|
|
$ |
968 |
|
|
$ |
855 |
|
|
$ |
(56 |
) |
|
$ |
(171 |
) |
|
$ |
5,328 |
|
|
$ |
3,749 |
|
Prior service cost (credits) |
— |
|
|
— |
|
|
(9 |
) |
|
(9 |
) |
|
— |
|
|
— |
|
|
20 |
|
|
24 |
|
|
11 |
|
|
15 |
|
Amounts recognized in accumulated OCI |
$ |
4,061 |
|
|
$ |
2,794 |
|
|
$ |
346 |
|
|
$ |
262 |
|
|
$ |
968 |
|
|
$ |
855 |
|
|
$ |
(36 |
) |
|
$ |
(147 |
) |
|
$ |
5,339 |
|
|
$ |
3,764 |
|
|
| Schedule of Pretax Amounts Recognized in OCI |
Pretax amounts recognized in OCI for employee benefit plans in 2014 included the following components.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pretax Amounts Recognized in OCI in 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
$ |
1,378 |
|
|
$ |
87 |
|
|
$ |
138 |
|
|
$ |
26 |
|
|
$ |
1,629 |
|
Amortization of actuarial gain (loss) |
(111 |
) |
|
(3 |
) |
|
(25 |
) |
|
89 |
|
|
(50 |
) |
Current year prior service cost |
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
1 |
|
Amortization of prior service cost |
— |
|
|
(1 |
) |
|
— |
|
|
(4 |
) |
|
(5 |
) |
Amounts recognized in OCI |
$ |
1,267 |
|
|
$ |
84 |
|
|
$ |
113 |
|
|
$ |
111 |
|
|
$ |
1,575 |
|
|
| Schedule of Estimated Pretax Amounts Amortized from Accumulated OCI into Period Cost |
The estimated pretax amounts that will be amortized from accumulated OCI into expense in 2015 are presented in the table below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Pretax Amounts Amortized from Accumulated OCI into Period Cost in 2015 |
|
|
|
|
|
|
|
|
|
|
(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) |
$ |
166 |
|
|
$ |
6 |
|
|
$ |
34 |
|
|
$ |
(34 |
) |
|
$ |
172 |
|
Prior service cost |
— |
|
|
1 |
|
|
— |
|
|
4 |
|
|
5 |
|
Total amounts amortized from accumulated OCI |
$ |
166 |
|
|
$ |
7 |
|
|
$ |
34 |
|
|
$ |
(30 |
) |
|
$ |
177 |
|
|
| Schedule of Allocation of Plan Assets |
Combined plan investment assets measured at fair value by level and in total at December 31, 2014 and 2013 are summarized in the Fair Value Measurements table.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2014 |
(Dollars in millions) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Cash and short-term investments |
|
|
|
|
|
|
|
|
|
|
|
Money market and interest-bearing cash |
$ |
3,814 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,814 |
|
Cash and cash equivalent commingled/mutual funds |
— |
|
|
4 |
|
|
— |
|
|
4 |
|
Fixed income |
|
|
|
|
|
|
|
|
|
|
|
U.S. government and government agency securities |
2,004 |
|
|
2,151 |
|
|
11 |
|
|
4,166 |
|
Corporate debt securities |
— |
|
|
1,454 |
|
|
— |
|
|
1,454 |
|
Asset-backed securities |
— |
|
|
1,930 |
|
|
— |
|
|
1,930 |
|
Non-U.S. debt securities |
627 |
|
|
487 |
|
|
— |
|
|
1,114 |
|
Fixed income commingled/mutual funds |
101 |
|
|
1,397 |
|
|
— |
|
|
1,498 |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
Common and preferred equity securities |
6,628 |
|
|
— |
|
|
— |
|
|
6,628 |
|
Equity commingled/mutual funds |
16 |
|
|
1,817 |
|
|
— |
|
|
1,833 |
|
Public real estate investment trusts |
124 |
|
|
— |
|
|
— |
|
|
124 |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
Private real estate |
— |
|
|
— |
|
|
127 |
|
|
127 |
|
Real estate commingled/mutual funds |
— |
|
|
4 |
|
|
632 |
|
|
636 |
|
Limited partnerships |
— |
|
|
122 |
|
|
65 |
|
|
187 |
|
Other investments (1)
|
1 |
|
|
490 |
|
|
127 |
|
|
618 |
|
Total plan investment assets, at fair value |
$ |
13,315 |
|
|
$ |
9,856 |
|
|
$ |
962 |
|
|
$ |
24,133 |
|
|
|
|
|
|
|
|
|
|
December 31, 2013 |
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 |
|
|
|
(1) |
Other investments include interest rate swaps of $297 million and $435 million, participant loans of $78 million and $87 million, commodity and balanced funds of $178 million and $229 million and other various investments of $65 million and $46 million at December 31, 2014 and 2013.
|
The target allocations for 2015 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.
|
|
|
|
|
|
|
|
|
|
|
2015 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 |
0 - 20 |
Debt securities |
40 - 70 |
40 - 80 |
95 - 100 |
70 - 100 |
Real estate |
0 - 10 |
0 - 15 |
0 - 5 |
0 - 5 |
Other |
0 - 5 |
0 - 15 |
0 - 5 |
0 - 5 |
|
| Schedule of Changes in Fair Value of Plan Assets |
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 2014, 2013 and 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Fair Value Measurements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
(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 |
$ |
12 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
11 |
|
Non-U.S. debt securities |
6 |
|
|
— |
|
|
— |
|
|
(2 |
) |
|
(4 |
) |
|
— |
|
Real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private real estate |
119 |
|
|
5 |
|
|
5 |
|
|
(2 |
) |
|
— |
|
|
127 |
|
Real estate commingled/mutual funds |
462 |
|
|
20 |
|
|
150 |
|
|
— |
|
|
— |
|
|
632 |
|
Limited partnerships |
145 |
|
|
5 |
|
|
3 |
|
|
(88 |
) |
|
— |
|
|
65 |
|
Other investments |
135 |
|
|
1 |
|
|
1 |
|
|
(10 |
) |
|
— |
|
|
127 |
|
Total |
$ |
879 |
|
|
$ |
31 |
|
|
$ |
159 |
|
|
$ |
(103 |
) |
|
$ |
(4 |
) |
|
$ |
962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
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 |
|
|
| 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
|
2015 |
$ |
921 |
|
|
$ |
55 |
|
|
$ |
244 |
|
|
$ |
130 |
|
|
$ |
14 |
|
2016 |
908 |
|
|
58 |
|
|
241 |
|
|
126 |
|
|
14 |
|
2017 |
900 |
|
|
62 |
|
|
242 |
|
|
122 |
|
|
14 |
|
2018 |
899 |
|
|
65 |
|
|
239 |
|
|
117 |
|
|
13 |
|
2019 |
895 |
|
|
72 |
|
|
236 |
|
|
111 |
|
|
13 |
|
2020 – 2024 |
4,407 |
|
|
449 |
|
|
1,136 |
|
|
495 |
|
|
58 |
|
|
|
(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. |
|