Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.19.3.a.u2
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
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, 2019 and 2018. 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 decreases in the weighted-average discount rates in 2019 resulted in increases to the PBO of approximately $2.2 billion at December 31, 2019. 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. Significant gains and losses related to changes in the PBO for 2019 and 2018 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)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Fair value, January 1
$
18,178

 
$
19,708

 
$
2,461

 
$
2,943

 
$
2,584

 
$
2,724

 
$
252

 
$
300

Actual return on plan assets
3,187

 
(550
)
 
273

 
(181
)
 
228

 
8

 
5

 
5

Company contributions

 

 
20

 
22

 
91

 
91

 
24

 
43

Plan participant contributions

 

 
1

 
1

 

 

 
103

 
115

Settlements and curtailments

 

 
(42
)
 
(107
)
 

 

 

 

Benefits paid
(1,090
)
 
(980
)
 
(108
)
 
(52
)
 
(237
)
 
(239
)
 
(185
)
 
(214
)
Federal subsidy on benefits paid
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 

 
3

Foreign currency exchange rate changes
 n/a

 
 n/a

 
91

 
(165
)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

Fair value, December 31
$
20,275

 
$
18,178

 
$
2,696

 
$
2,461

 
$
2,666

 
$
2,584

 
$
199

 
$
252

Change in projected benefit obligation
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation, January 1
$
14,144

 
$
15,706

 
$
2,589

 
$
2,814

 
$
2,779

 
$
3,047

 
$
928

 
$
1,056

Service cost

 

 
17

 
19

 
1

 
1

 
5

 
6

Interest cost
593

 
563

 
65

 
65

 
113

 
105

 
38

 
36

Plan participant contributions

 

 
1

 
1

 

 

 
103

 
115

Plan amendments

 

 
2

 
13

 

 

 

 

Settlements and curtailments

 

 
(42
)
 
(107
)
 

 

 

 

Actuarial loss (gain)
1,714

 
(1,145
)
 
288

 
(29
)
 
263

 
(135
)
 
99

 
(73
)
Benefits paid
(1,090
)
 
(980
)
 
(108
)
 
(52
)
 
(237
)
 
(239
)
 
(185
)
 
(214
)
Federal subsidy on benefits paid
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 

 
3

Foreign currency exchange rate changes
 n/a

 
 n/a

 
75

 
(135
)
 
 n/a

 
 n/a

 
1

 
(1
)
Projected benefit obligation, December 31
$
15,361

 
$
14,144

 
$
2,887

 
$
2,589

 
$
2,919

 
$
2,779

 
$
989

 
$
928

Amounts recognized on Consolidated Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other assets
$
4,914

 
$
4,034

 
$
364

 
$
316

 
$
733

 
$
754

 
$

 
$

Accrued expenses and other liabilities

 

 
(555
)
 
(444
)
 
(986
)
 
(949
)
 
(790
)
 
(676
)
Net amount recognized, December 31
$
4,914

 
$
4,034

 
$
(191
)
 
$
(128
)
 
$
(253
)
 
$
(195
)
 
$
(790
)
 
$
(676
)
Funded status, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accumulated benefit obligation
$
15,361

 
$
14,144

 
$
2,841

 
$
2,542

 
$
2,919

 
$
2,778

 
 n/a

 
n/a

Overfunded (unfunded) status of ABO
4,914

 
4,034

 
(145
)
 
(81
)
 
(253
)
 
(194
)
 
 n/a

 
n/a

Provision for future salaries

 

 
46

 
47

 

 
1

 
 n/a

 
n/a

Projected benefit obligation
15,361

 
14,144

 
2,887

 
2,589

 
2,919

 
2,779

 
$
989

 
$
928

Weighted-average assumptions, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
3.32
%
 
4.32
%
 
1.81
%
 
2.60
%
 
3.20
%
 
4.26
%
 
3.27
%
 
4.25
%
Rate of compensation increase
 n/a

 
 n/a

 
4.10

 
4.49

 
4.00

 
4.00

 
 n/a

 
n/a

Interest-crediting rate
5.06

 
5.18

 
1.53

 
1.47

 
4.52

 
4.50

 
n/a

 
n/a

(1) 
The measurement date for all of the above 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, 2019 and 2018. 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 decreases in the weighted-average discount rates in 2019 resulted in increases to the PBO of approximately $2.2 billion at December 31, 2019. 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. Significant gains and losses related to changes in the PBO for 2019 and 2018 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)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Fair value, January 1
$
18,178

 
$
19,708

 
$
2,461

 
$
2,943

 
$
2,584

 
$
2,724

 
$
252

 
$
300

Actual return on plan assets
3,187

 
(550
)
 
273

 
(181
)
 
228

 
8

 
5

 
5

Company contributions

 

 
20

 
22

 
91

 
91

 
24

 
43

Plan participant contributions

 

 
1

 
1

 

 

 
103

 
115

Settlements and curtailments

 

 
(42
)
 
(107
)
 

 

 

 

Benefits paid
(1,090
)
 
(980
)
 
(108
)
 
(52
)
 
(237
)
 
(239
)
 
(185
)
 
(214
)
Federal subsidy on benefits paid
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 

 
3

Foreign currency exchange rate changes
 n/a

 
 n/a

 
91

 
(165
)
 
 n/a

 
 n/a

 
 n/a

 
 n/a

Fair value, December 31
$
20,275

 
$
18,178

 
$
2,696

 
$
2,461

 
$
2,666

 
$
2,584

 
$
199

 
$
252

Change in projected benefit obligation
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation, January 1
$
14,144

 
$
15,706

 
$
2,589

 
$
2,814

 
$
2,779

 
$
3,047

 
$
928

 
$
1,056

Service cost

 

 
17

 
19

 
1

 
1

 
5

 
6

Interest cost
593

 
563

 
65

 
65

 
113

 
105

 
38

 
36

Plan participant contributions

 

 
1

 
1

 

 

 
103

 
115

Plan amendments

 

 
2

 
13

 

 

 

 

Settlements and curtailments

 

 
(42
)
 
(107
)
 

 

 

 

Actuarial loss (gain)
1,714

 
(1,145
)
 
288

 
(29
)
 
263

 
(135
)
 
99

 
(73
)
Benefits paid
(1,090
)
 
(980
)
 
(108
)
 
(52
)
 
(237
)
 
(239
)
 
(185
)
 
(214
)
Federal subsidy on benefits paid
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 
 n/a

 

 
3

Foreign currency exchange rate changes
 n/a

 
 n/a

 
75

 
(135
)
 
 n/a

 
 n/a

 
1

 
(1
)
Projected benefit obligation, December 31
$
15,361

 
$
14,144

 
$
2,887

 
$
2,589

 
$
2,919

 
$
2,779

 
$
989

 
$
928

Amounts recognized on Consolidated Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other assets
$
4,914

 
$
4,034

 
$
364

 
$
316

 
$
733

 
$
754

 
$

 
$

Accrued expenses and other liabilities

 

 
(555
)
 
(444
)
 
(986
)
 
(949
)
 
(790
)
 
(676
)
Net amount recognized, December 31
$
4,914

 
$
4,034

 
$
(191
)
 
$
(128
)
 
$
(253
)
 
$
(195
)
 
$
(790
)
 
$
(676
)
Funded status, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accumulated benefit obligation
$
15,361

 
$
14,144

 
$
2,841

 
$
2,542

 
$
2,919

 
$
2,778

 
 n/a

 
n/a

Overfunded (unfunded) status of ABO
4,914

 
4,034

 
(145
)
 
(81
)
 
(253
)
 
(194
)
 
 n/a

 
n/a

Provision for future salaries

 

 
46

 
47

 

 
1

 
 n/a

 
n/a

Projected benefit obligation
15,361

 
14,144

 
2,887

 
2,589

 
2,919

 
2,779

 
$
989

 
$
928

Weighted-average assumptions, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
3.32
%
 
4.32
%
 
1.81
%
 
2.60
%
 
3.20
%
 
4.26
%
 
3.27
%
 
4.25
%
Rate of compensation increase
 n/a

 
 n/a

 
4.10

 
4.49

 
4.00

 
4.00

 
 n/a

 
n/a

Interest-crediting rate
5.06

 
5.18

 
1.53

 
1.47

 
4.52

 
4.50

 
n/a

 
n/a

(1) 
The measurement date for all of the above 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, 2019 and 2018 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)
2019
 
2018
 
2019
 
2018
PBO
$
744

 
$
615

 
$
988

 
$
950

ABO
720

 
605

 
988

 
949

Fair value of plan assets
191

 
173

 
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, 2019 and 2018 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)
2019
 
2018
 
2019
 
2018
PBO
$
744

 
$
615

 
$
988

 
$
950

ABO
720

 
605

 
988

 
949

Fair value of plan assets
191

 
173

 
1

 
1


Schedule of Net Benefit Costs
 
 
 
 
 
 
 
 
 
 
 
 
Components of Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified Pension Plan
 
Non-U.S. Pension Plans
(Dollars in millions)
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Components of net periodic benefit cost (income)
 
 
 
 
 
 
 
 
 
 
 
Service cost
$

 
$

 
$

 
$
17

 
$
19

 
$
24

Interest cost
593

 
563

 
606

 
65

 
65

 
72

Expected return on plan assets
(1,088
)
 
(1,136
)
 
(1,068
)
 
(99
)
 
(126
)
 
(136
)
Amortization of net actuarial loss
135

 
147

 
154

 
6

 
10

 
8

Other

 

 

 
4

 
12

 
(7
)
Net periodic benefit cost (income)
$
(360
)
 
$
(426
)
 
$
(308
)
 
$
(7
)
 
$
(20
)
 
$
(39
)
Weighted-average assumptions used to determine net cost for years ended December 31
 

 
 

 
 

 
 

 
 

 
 

Discount rate
4.32
%
 
3.68
%
 
4.16
%
 
2.60
%
 
2.39
%
 
2.56
%
Expected return on plan assets
6.00

 
6.00

 
6.00

 
4.13

 
4.37

 
4.73

Rate of compensation increase
 n/a

 
n/a

 
n/a

 
4.49

 
4.31

 
4.51

 
 
 
 
 
 
 
 
 
 
 
 
 
Nonqualified and
Other Pension Plans
 
Postretirement Health
and Life Plans
(Dollars in millions)
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Components of net periodic benefit cost (income)
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
1

 
$
1

 
$
1

 
$
5

 
$
6

 
$
6

Interest cost
113

 
105

 
117

 
38

 
36

 
43

Expected return on plan assets
(95
)
 
(84
)
 
(95
)
 
(5
)
 
(6
)
 

Amortization of net actuarial loss (gain)
34

 
43

 
34

 
(24
)
 
(27
)
 
(21
)
Other

 

 

 
(2
)
 
(3
)
 
4

Net periodic benefit cost (income)
$
53

 
$
65

 
$
57

 
$
12

 
$
6

 
$
32

Weighted-average assumptions used to determine net cost for years ended December 31
 

 
 

 
 

 
 

 
 

 
 

Discount rate
4.26
%
 
3.58
%
 
4.01
%
 
4.25
%
 
3.58
%
 
3.99
%
Expected return on plan assets
3.73

 
3.19

 
3.50

 
2.00

 
2.00

 
 n/a

Rate of compensation increase
4.00

 
4.00

 
4.00

 
 n/a

 
 n/a

 
 n/a


Schedule of Pretax Amounts Included in Accumulated OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax Amounts included in Accumulated OCI and OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
(Dollars in millions)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net actuarial loss (gain)
$
3,865

 
$
4,386

 
$
559

 
$
454

 
$
1,008

 
$
912

 
$
48

 
$
(75
)
 
$
5,480

 
$
5,677

Prior service cost (credits)

 

 
18

 
18

 

 

 
(6
)
 
(9
)
 
12

 
9

Amounts recognized in accumulated OCI
$
3,865


$
4,386


$
577


$
472


$
1,008


$
912


$
42


$
(84
)

$
5,492


$
5,686

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current year actuarial loss (gain)
$
(385
)
 
$
541

 
$
110

 
$
270

 
$
130

 
$
(59
)
 
$
99

 
$
(73
)
 
$
(46
)
 
$
679

Amortization of actuarial gain (loss) and
prior service cost
(135
)
 
(147
)
 
(7
)
 
(11
)
 
(34
)
 
(43
)
 
26

 
30

 
(150
)
 
(171
)
Current year prior service cost (credit)

 

 
2

 
13

 

 

 

 

 
2

 
13

Amounts recognized in OCI
$
(520
)

$
394


$
105


$
272


$
96


$
(102
)

$
125


$
(43
)

$
(194
)

$
521


Schedule of Pretax Amounts Recognized in OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax Amounts included in Accumulated OCI and OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
(Dollars in millions)
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Net actuarial loss (gain)
$
3,865

 
$
4,386

 
$
559

 
$
454

 
$
1,008

 
$
912

 
$
48

 
$
(75
)
 
$
5,480

 
$
5,677

Prior service cost (credits)

 

 
18

 
18

 

 

 
(6
)
 
(9
)
 
12

 
9

Amounts recognized in accumulated OCI
$
3,865


$
4,386


$
577


$
472


$
1,008


$
912


$
42


$
(84
)

$
5,492


$
5,686

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current year actuarial loss (gain)
$
(385
)
 
$
541

 
$
110

 
$
270

 
$
130

 
$
(59
)
 
$
99

 
$
(73
)
 
$
(46
)
 
$
679

Amortization of actuarial gain (loss) and
prior service cost
(135
)
 
(147
)
 
(7
)
 
(11
)
 
(34
)
 
(43
)
 
26

 
30

 
(150
)
 
(171
)
Current year prior service cost (credit)

 

 
2

 
13

 

 

 

 

 
2

 
13

Amounts recognized in OCI
$
(520
)

$
394


$
105


$
272


$
96


$
(102
)

$
125


$
(43
)

$
(194
)

$
521


Schedule of Allocation of Plan Assets
The target allocations for 2020 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 $315 million (1.55 percent of total plan assets) and $221 million (1.22 percent of total plan assets) at December 31, 2019 and 2018.
 
 
 
 
2020 Target Allocation
 
 
 
 
 
Percentage
Asset Category
Qualified
Pension Plan
Non-U.S.
Pension Plans
Nonqualified
and Other
Pension Plans
Equity securities
15 - 50%
5 - 30%
0 - 5%
Debt securities
45 - 80%
40 - 70%
95 - 100%
Real estate
0 - 10%
0 - 15%
0 - 5%
Other
0 - 5%
10 - 40%
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, 2019 and 2018 are summarized in the Fair Value Measurements table.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Total
(Dollars in millions)
December 31, 2019
 
December 31, 2018
Cash and short-term investments
 

 
 

 
 

 
 

 
 
 
 
 
 
 
 
Money market and interest-bearing cash
$
1,426

 
$

 
$

 
$
1,426

 
$
1,530

 
$

 
$

 
$
1,530

Cash and cash equivalent commingled/mutual funds

 
250

 

 
250

 

 
644

 

 
644

Fixed income
 

 
 

 
 

 


 
 

 
 

 
 

 
 

U.S. government and agency securities
4,403

 
890

 
8

 
5,301

 
3,637

 
805

 
9

 
4,451

Corporate debt securities

 
3,676

 

 
3,676

 

 
2,852

 

 
2,852

Asset-backed securities

 
2,684

 

 
2,684

 

 
2,119

 

 
2,119

Non-U.S. debt securities
748

 
1,015

 

 
1,763

 
539

 
961

 

 
1,500

Fixed income commingled/mutual funds
804

 
1,439

 

 
2,243

 
933

 
1,177

 

 
2,110

Equity
 

 
 

 
 

 


 
 

 
 

 
 

 
 

Common and preferred equity securities
4,655

 

 

 
4,655

 
4,414

 

 

 
4,414

Equity commingled/mutual funds
147

 
1,355

 

 
1,502

 
288

 
1,275

 

 
1,563

Public real estate investment trusts
91

 

 

 
91

 
104

 

 

 
104

Real estate
 

 
 

 
 

 


 
 

 
 

 
 

 
 

Private real estate

 

 

 

 

 

 
5

 
5

Real estate commingled/mutual funds

 
18

 
927

 
945

 

 
13

 
885

 
898

Limited partnerships

 
173

 
90

 
263

 

 
158

 
82

 
240

Other investments (1)
11

 
390

 
636

 
1,037

 
93

 
364

 
588

 
1,045

Total plan investment assets, at fair value
$
12,285


$
11,890


$
1,661


$
25,836

 
$
11,538

 
$
10,368

 
$
1,569

 
$
23,475

(1) 
Other investments include commodity and balanced funds of $233 million and $305 million, insurance annuity contracts of $614 million and $562 million and other various investments of $190 million and $178 million at December 31, 2019 and 2018.
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 2019, 2018 and 2017.
 
 
 
 
 
 
 
 
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)
2019
Fixed income
 

 
 

 
 

 
 

U.S. government and agency securities
$
9

 
$

 
$
(1
)
 
$
8

Real estate
 
 
 

 
 
 


Private real estate
5

 

 
(5
)
 

Real estate commingled/mutual funds
885

 
33

 
9

 
927

Limited partnerships
82

 

 
8

 
90

Other investments
588

 
6

 
42

 
636

Total
$
1,569


$
39


$
53


$
1,661

 
 
 
 
 
 
 
 
 
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


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)
2020
$
917

 
$
108

 
$
242

 
$
83

2021
926

 
107

 
245

 
80

2022
927

 
110

 
232

 
77

2023
917

 
116

 
230

 
74

2024
924

 
126

 
223

 
72

2025 - 2029
4,409

 
594

 
1,011

 
313

(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.