Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.10.0.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
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, 2018 and 2017. 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 increases in the weighted-average discount rates in 2018 resulted in decreases to the PBO of approximately $1.3 billion at December 31, 2018. The decreases in the weighted-average discount rates in 2017 resulted in increases to the PBO of approximately $1.1 billion at December 31, 2017. Significant gains and losses related to changes in the PBO for 2018 and 2017 primarily resulted from changes in the discount rate.
 
 
 
 
 
 
 
 
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)
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Fair value, January 1
$
19,708

 
$
18,239

 
$
2,943

 
$
2,789

 
$
2,724

 
$
2,744

 
$
300

 
$
—

Actual return on plan assets
(550
)
 
2,285

 
(181
)
 
118

 
8

 
128

 
5

 
—

Company contributions
—

 
—

 
22

 
23

 
91

 
98

 
43

 
393

Plan participant contributions
—

 
—

 
1

 
1

 
—

 
—

 
115

 
125

Settlements and curtailments
—

 
—

 
(107
)
 
(190
)
 
—

 
—

 
—

 
—

Benefits paid
(980
)
 
(816
)
 
(52
)
 
(54
)
 
(239
)
 
(246
)
 
(214
)
 
(230
)
Federal subsidy on benefits paid
n/a

 
 n/a

 
n/a

 
 n/a

 
n/a

 
 n/a

 
3

 
12

Foreign currency exchange rate changes
n/a

 
 n/a

 
(165
)
 
256

 
n/a

 
 n/a

 
n/a

 
 n/a

Fair value, December 31
$
18,178

 
$
19,708

 
$
2,461

 
$
2,943

 
$
2,584

 
$
2,724

 
$
252

 
$
300

Change in projected benefit obligation
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation, January 1
$
15,706

 
$
14,982

 
$
2,814

 
$
2,763

 
$
3,047

 
$
3,047

 
$
1,056

 
$
1,125

Service cost
—

 
—

 
19

 
24

 
1

 
1

 
6

 
6

Interest cost
563

 
606

 
65

 
72

 
105

 
117

 
36

 
43

Plan participant contributions
—

 
—

 
1

 
1

 
—

 
—

 
115

 
125

Plan amendments
—

 
—

 
13

 
—

 
—

 
—

 
—

 
(19
)
Settlements and curtailments
—

 
—

 
(107
)
 
(200
)
 
—

 
—

 
—

 
—

Actuarial loss (gain)
(1,145
)
 
934

 
(29
)
 
(26
)
 
(135
)
 
128

 
(73
)
 
(7
)
Benefits paid
(980
)
 
(816
)
 
(52
)
 
(54
)
 
(239
)
 
(246
)
 
(214
)
 
(230
)
Federal subsidy on benefits paid
n/a

 
 n/a

 
n/a

 
 n/a

 
n/a

 
 n/a

 
3

 
12

Foreign currency exchange rate changes
n/a

 
 n/a

 
(135
)
 
234

 
n/a

 
 n/a

 
(1
)
 
1

Projected benefit obligation, December 31
$
14,144

 
$
15,706

 
$
2,589

 
$
2,814

 
$
2,779

 
$
3,047

 
$
928

 
$
1,056

Amounts recognized on Consolidated Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other assets
$
4,034

 
$
4,002

 
$
316

 
$
610

 
$
754

 
$
730

 
$
—

 
$
—

Accrued expenses and other liabilities
—

 
—

 
(444
)
 
(481
)
 
(949
)
 
(1,053
)
 
(676
)
 
(756
)
Net amount recognized, December 31
$
4,034

 
$
4,002

 
$
(128
)
 
$
129

 
$
(195
)
 
$
(323
)
 
$
(676
)
 
$
(756
)
Funded status, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accumulated benefit obligation
$
14,144

 
$
15,706

 
$
2,542

 
$
2,731

 
$
2,778

 
$
3,046

 
n/a

 
n/a

Overfunded (unfunded) status of ABO
4,034

 
4,002

 
(81
)
 
212

 
(194
)
 
(322
)
 
n/a

 
n/a

Provision for future salaries
—

 
—

 
47

 
83

 
1

 
1

 
n/a

 
n/a

Projected benefit obligation
14,144

 
15,706

 
2,589

 
2,814

 
2,779

 
3,047

 
$
928

 
$
1,056

Weighted-average assumptions, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
4.32
%
 
3.68
%
 
2.60
%
 
2.39
%
 
4.26
%
 
3.58
%
 
4.25
%
 
3.58
%
Rate of compensation increase
n/a

 
 n/a

 
4.49

 
4.31

 
4.00

 
4.00

 
n/a

 
n/a

Interest-crediting rate
5.18

 
5.08

 
1.47

 
1.49

 
4.50

 
4.53

 
n/a

 
n/a

(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 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, 2018 and 2017. 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 increases in the weighted-average discount rates in 2018 resulted in decreases to the PBO of approximately $1.3 billion at December 31, 2018. The decreases in the weighted-average discount rates in 2017 resulted in increases to the PBO of approximately $1.1 billion at December 31, 2017. Significant gains and losses related to changes in the PBO for 2018 and 2017 primarily resulted from changes in the discount rate.
 
 
 
 
 
 
 
 
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)
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Fair value, January 1
$
19,708

 
$
18,239

 
$
2,943

 
$
2,789

 
$
2,724

 
$
2,744

 
$
300

 
$
—

Actual return on plan assets
(550
)
 
2,285

 
(181
)
 
118

 
8

 
128

 
5

 
—

Company contributions
—

 
—

 
22

 
23

 
91

 
98

 
43

 
393

Plan participant contributions
—

 
—

 
1

 
1

 
—

 
—

 
115

 
125

Settlements and curtailments
—

 
—

 
(107
)
 
(190
)
 
—

 
—

 
—

 
—

Benefits paid
(980
)
 
(816
)
 
(52
)
 
(54
)
 
(239
)
 
(246
)
 
(214
)
 
(230
)
Federal subsidy on benefits paid
n/a

 
 n/a

 
n/a

 
 n/a

 
n/a

 
 n/a

 
3

 
12

Foreign currency exchange rate changes
n/a

 
 n/a

 
(165
)
 
256

 
n/a

 
 n/a

 
n/a

 
 n/a

Fair value, December 31
$
18,178

 
$
19,708

 
$
2,461

 
$
2,943

 
$
2,584

 
$
2,724

 
$
252

 
$
300

Change in projected benefit obligation
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation, January 1
$
15,706

 
$
14,982

 
$
2,814

 
$
2,763

 
$
3,047

 
$
3,047

 
$
1,056

 
$
1,125

Service cost
—

 
—

 
19

 
24

 
1

 
1

 
6

 
6

Interest cost
563

 
606

 
65

 
72

 
105

 
117

 
36

 
43

Plan participant contributions
—

 
—

 
1

 
1

 
—

 
—

 
115

 
125

Plan amendments
—

 
—

 
13

 
—

 
—

 
—

 
—

 
(19
)
Settlements and curtailments
—

 
—

 
(107
)
 
(200
)
 
—

 
—

 
—

 
—

Actuarial loss (gain)
(1,145
)
 
934

 
(29
)
 
(26
)
 
(135
)
 
128

 
(73
)
 
(7
)
Benefits paid
(980
)
 
(816
)
 
(52
)
 
(54
)
 
(239
)
 
(246
)
 
(214
)
 
(230
)
Federal subsidy on benefits paid
n/a

 
 n/a

 
n/a

 
 n/a

 
n/a

 
 n/a

 
3

 
12

Foreign currency exchange rate changes
n/a

 
 n/a

 
(135
)
 
234

 
n/a

 
 n/a

 
(1
)
 
1

Projected benefit obligation, December 31
$
14,144

 
$
15,706

 
$
2,589

 
$
2,814

 
$
2,779

 
$
3,047

 
$
928

 
$
1,056

Amounts recognized on Consolidated Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other assets
$
4,034

 
$
4,002

 
$
316

 
$
610

 
$
754

 
$
730

 
$
—

 
$
—

Accrued expenses and other liabilities
—

 
—

 
(444
)
 
(481
)
 
(949
)
 
(1,053
)
 
(676
)
 
(756
)
Net amount recognized, December 31
$
4,034

 
$
4,002

 
$
(128
)
 
$
129

 
$
(195
)
 
$
(323
)
 
$
(676
)
 
$
(756
)
Funded status, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accumulated benefit obligation
$
14,144

 
$
15,706

 
$
2,542

 
$
2,731

 
$
2,778

 
$
3,046

 
n/a

 
n/a

Overfunded (unfunded) status of ABO
4,034

 
4,002

 
(81
)
 
212

 
(194
)
 
(322
)
 
n/a

 
n/a

Provision for future salaries
—

 
—

 
47

 
83

 
1

 
1

 
n/a

 
n/a

Projected benefit obligation
14,144

 
15,706

 
2,589

 
2,814

 
2,779

 
3,047

 
$
928

 
$
1,056

Weighted-average assumptions, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
4.32
%
 
3.68
%
 
2.60
%
 
2.39
%
 
4.26
%
 
3.58
%
 
4.25
%
 
3.58
%
Rate of compensation increase
n/a

 
 n/a

 
4.49

 
4.31

 
4.00

 
4.00

 
n/a

 
n/a

Interest-crediting rate
5.18

 
5.08

 
1.47

 
1.49

 
4.50

 
4.53

 
n/a

 
n/a

(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 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, 2018 and 2017 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)
2018
 
2017
 
2018
 
2017
PBO
$
615

 
$
671

 
$
950

 
$
1,054

ABO
605

 
644

 
949

 
1,053

Fair value of plan assets
173

 
191

 
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, 2018 and 2017 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)
2018
 
2017
 
2018
 
2017
PBO
$
615

 
$
671

 
$
950

 
$
1,054

ABO
605

 
644

 
949

 
1,053

Fair value of plan assets
173

 
191

 
1

 
1

Schedule of Net Benefit Costs
 
 
 
 
 
 
 
 
 
 
 
 
Components of Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified Pension Plan
 
Non-U.S. Pension Plans
(Dollars in millions)
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Components of net periodic benefit cost (income)
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
—

 
$
—

 
$
—

 
$
19

 
$
24

 
$
25

Interest cost
563

 
606

 
634

 
65

 
72

 
86

Expected return on plan assets
(1,136
)
 
(1,068
)
 
(1,038
)
 
(126
)
 
(136
)
 
(123
)
Amortization of net actuarial loss
147

 
154

 
139

 
10

 
8

 
6

Other
—

 
—

 
—

 
12

 
(7
)
 
2

Net periodic benefit cost (income)
$
(426
)
 
$
(308
)
 
$
(265
)
 
$
(20
)
 
$
(39
)
 
$
(4
)
Weighted-average assumptions used to determine net cost for years ended December 31
 

 
 

 
 

 
 

 
 

 
 

Discount rate
3.68
%
 
4.16
%
 
4.51
%
 
2.39
%
 
2.56
%
 
3.59
%
Expected return on plan assets
6.00

 
6.00

 
6.00

 
4.37

 
4.73

 
4.84

Rate of compensation increase
n/a

 
n/a

 
n/a

 
4.31

 
4.51

 
4.67

 
 
 
 
 
 
 
 
 
 
 
 
 
Nonqualified and
Other Pension Plans
 
Postretirement Health
and Life Plans
(Dollars in millions)
2018
 
2017
 
2016
 
2018
 
2017
 
2016
Components of net periodic benefit cost (income)
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
1

 
$
1

 
$
—

 
$
6

 
$
6

 
$
7

Interest cost
105

 
117

 
127

 
36

 
43

 
47

Expected return on plan assets
(84
)
 
(95
)
 
(101
)
 
(6
)
 
—

 
—

Amortization of net actuarial loss (gain)
43

 
34

 
25

 
(27
)
 
(21
)
 
(81
)
Other
—

 
—

 
3

 
(3
)
 
4


4

Net periodic benefit cost (income)
$
65

 
$
57

 
$
54

 
$
6

 
$
32

 
$
(23
)
Weighted-average assumptions used to determine net cost for years ended December 31
 

 
 

 
 

 
 

 
 

 
 

Discount rate
3.58
%
 
4.01
%
 
4.34
%
 
3.58
%
 
3.99
%
 
4.32
%
Expected return on plan assets
3.19

 
3.50

 
3.66

 
2.00

 
 n/a

 
 n/a

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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
(Dollars in millions)
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Net actuarial loss (gain)
$
4,386

 
$
3,992

 
$
454

 
$
196

 
$
912

 
$
1,014

 
$
(75
)
 
$
(30
)
 
$
5,677

 
$
5,172

Prior service cost (credits)
—

 
—

 
18

 
4

 
—

 
—

 
(9
)
 
(11
)
 
9

 
(7
)
Amounts recognized in accumulated OCI
$
4,386

 
$
3,992

 
$
472

 
$
200

 
$
912

 
$
1,014

 
$
(84
)
 
$
(41
)
 
$
5,686

 
$
5,165

Schedule of Pretax Amounts Recognized in OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax Amounts Recognized in OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
(Dollars in millions)
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Current year actuarial loss (gain)
$
541

 
$
(283
)
 
$
270

 
$
(12
)
 
$
(59
)
 
$
95

 
$
(73
)
 
$
(7
)
 
$
679

 
$
(207
)
Amortization of actuarial gain (loss) and
prior service cost
(147
)
 
(154
)
 
(11
)
 
(8
)
 
(43
)
 
(34
)
 
30

 
21

 
(171
)
 
(175
)
Current year prior service cost (credit)
—

 
—

 
13

 
—

 
—

 
—

 
—

 
(23
)
 
13

 
(23
)
Amounts recognized in OCI
$
394

 
$
(437
)
 
$
272

 
$
(20
)
 
$
(102
)
 
$
61

 
$
(43
)
 
$
(9
)
 
$
521

 
$
(405
)
Schedule of Allocation of Plan Assets The target allocations for 2019 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, and Nonqualified and Other Pension Plans are presented in the following table. Equity securities for the Qualified Pension Plan include common stock of the Corporation in the amounts of $221 million (1.22 percent of total plan assets) and $261 million (1.33 percent of total plan assets) at December 31, 2018 and 2017.
 
 
 
 
2019 Target Allocation
 
 
 
 
 
Percentage
Asset Category
Qualified
Pension Plan
Non-U.S.
Pension Plans
Nonqualified
and Other
Pension Plans
Equity securities
20-50
5-35
0-5
Debt securities
45-75
40-80
95-100
Real estate
0-10
0-15
0-5
Other
0-5
5-30
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, 2018 and 2017 are summarized in the Fair Value Measurements table.
 
 
 
 
 
 
 
 
Fair Value Measurements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
(Dollars in millions)
December 31, 2018
Cash and short-term investments
 

 
 

 
 

 
 

Money market and interest-bearing cash
$
1,530

 
$
—

 
$
—

 
$
1,530

Cash and cash equivalent commingled/mutual funds
—

 
644

 
—

 
644

Fixed income
 

 
 

 
 

 
 

U.S. government and agency securities
3,637

 
805

 
9

 
4,451

Corporate debt securities
—

 
2,852

 
—

 
2,852

Asset-backed securities
—

 
2,119

 
—

 
2,119

Non-U.S. debt securities
539

 
961

 
—

 
1,500

Fixed income commingled/mutual funds
933

 
1,177

 
—

 
2,110

Equity
 

 
 

 
 

 
 

Common and preferred equity securities
4,414

 
—

 
—

 
4,414

Equity commingled/mutual funds
288

 
1,275

 
—

 
1,563

Public real estate investment trusts
104

 
—

 
—

 
104

Real estate
 

 
 

 
 

 
 

Private real estate
—

 
—

 
5

 
5

Real estate commingled/mutual funds
—

 
13

 
885

 
898

Limited partnerships
—

 
158

 
82

 
240

Other investments (1)
93

 
364

 
588

 
1,045

Total plan investment assets, at fair value
$
11,538

 
$
10,368

 
$
1,569

 
$
23,475

 
 
 
 
 
 
 
 
 
December 31, 2017
Cash and short-term investments
 

 
 

 
 

 
 

Money market and interest-bearing cash
$
2,190

 
$
—

 
$
—

 
$
2,190

Cash and cash equivalent commingled/mutual funds
—

 
1,004

 
—

 
1,004

Fixed income
 

 
 

 
 

 
 

U.S. government and agency securities
3,331

 
854

 
9

 
4,194

Corporate debt securities
—

 
2,417

 
—

 
2,417

Asset-backed securities
—

 
1,832

 
—

 
1,832

Non-U.S. debt securities
693

 
898

 
—

 
1,591

Fixed income commingled/mutual funds
775

 
1,676

 
—

 
2,451

Equity
 

 
 

 
 

 
 

Common and preferred equity securities
5,833

 
—

 
—

 
5,833

Equity commingled/mutual funds
271

 
1,753

 
—

 
2,024

Public real estate investment trusts
138

 
—

 
—

 
138

Real estate
 

 
 

 
 

 
 

Private real estate
—

 
—

 
93

 
93

Real estate commingled/mutual funds
—

 
13

 
831

 
844

Limited partnerships
—

 
155

 
85

 
240

Other investments (1)
101

 
649

 
74

 
824

Total plan investment assets, at fair value
$
13,332

 
$
11,251

 
$
1,092

 
$
25,675

(1) 
Other investments include commodity and balanced funds of $305 million and $451 million, insurance annuity contracts of $562 million and $50 million and other various investments of $178 million and $323 million at December 31, 2018 and 2017.
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 2018, 2017 and 2016.
 
 
 
 
 
 
 
 
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)
2018
Fixed income
 

 
 

 
 

 
 

U.S. government and agency securities
$
9

 
$
—

 
$
—

 
$
9

Real estate
 
 
 

 
 
 
 
Private real estate
93

 
(7
)
 
(81
)
 
5

Real estate commingled/mutual funds
831

 
52

 
2

 
885

Limited partnerships
85

 
(12
)
 
9

 
82

Other investments
74

 
—

 
514

 
588

Total
$
1,092

 
$
33

 
$
444

 
$
1,569

 
 
 
 
 
 
 
 
 
2017
Fixed income
 

 
 

 
 

 
 

U.S. government and agency securities
$
10

 
$
—

 
$
(1
)
 
$
9

Real estate
 

 
 

 
 
 
 
Private real estate
150

 
8

 
(65
)
 
93

Real estate commingled/mutual funds
748

 
63

 
20

 
831

Limited partnerships
38

 
14

 
33

 
85

Other investments
83

 
5

 
(14
)
 
74

Total
$
1,029

 
$
90

 
$
(27
)
 
$
1,092

 
 
 
 
 
 
 
 
 
2016
Fixed income
 
 
 
 
 
 
 
U.S. government and agency securities
$
11

 
$
—

 
$
(1
)
 
$
10

Real estate
 

 
 

 
 
 
 
Private real estate
144

 
1

 
5

 
150

Real estate commingled/mutual funds
731

 
21

 
(4
)
 
748

Limited partnerships
49

 
(2
)
 
(9
)
 
38

Other investments
102

 
4

 
(23
)
 
83

Total
$
1,037

 
$
24

 
$
(32
)
 
$
1,029

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)
2019
$
905

 
$
98

 
$
241

 
$
85

2020
932

 
103

 
244

 
82

2021
920

 
110

 
239

 
79

2022
925

 
119

 
234

 
77

2023
915

 
125

 
228

 
74

2024 - 2028
4,451

 
671

 
1,046

 
323

(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.