Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v2.4.0.6
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2012
Employee Benefit Plans [Abstract]  
Schedule of Defined Benefit Plans Disclosures
 
 
 
 
 
 
 
 
Pension and Postretirement Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plans (1)
 
Non-U.S.
Pension Plans (1)
 
Nonqualified
and Other
Pension Plans (1)
 
Postretirement
Health and Life
Plans (1)
(Dollars in millions)
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
Change in fair value of plan assets
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Fair value, January 1
$
15,070

 
$
15,648

 
$
2,022

 
$
1,691

 
$
3,061

 
$
2,689

 
$
91

 
$
108

Actual return on plan assets
2,020

 
182

 
115

 
295

 
126

 
493

 
10

 
2

Company contributions
—

 
—

 
152

 
104

 
112

 
99

 
117

 
84

Plan participant contributions
—

 
—

 
3

 
3

 
—

 
—

 
139

 
133

Benefits paid
(816
)
 
(760
)
 
(77
)
 
(63
)
 
(236
)
 
(220
)
 
(290
)
 
(255
)
Plan transfer
—

 
—

 
—

 
10

 
—

 
—

 
—

 
—

Federal subsidy on benefits paid
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
19

 
19

Foreign currency exchange rate changes
n/a

 
n/a

 
91

 
(18
)
 
n/a

 
n/a

 
—

 
—

Fair value, December 31
$
16,274

 
$
15,070

 
$
2,306

 
$
2,022

 
$
3,063

 
$
3,061

 
$
86

 
$
91

Change in projected benefit obligation
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation, January 1
$
14,891

 
$
13,938

 
$
1,984

 
$
1,916

 
$
3,137

 
$
3,078

 
$
1,619

 
$
1,704

Service cost
236

 
423

 
40

 
43

 
1

 
3

 
13

 
15

Interest cost
681

 
746

 
97

 
99

 
138

 
152

 
71

 
80

Plan participant contributions
—

 
—

 
3

 
3

 
—

 
—

 
139

 
133

Plan amendments
—

 
(11
)
 
2

 
2

 
—

 
—

 
—

 
(21
)
Curtailment
(889
)
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Actuarial loss (gain)
1,552

 
555

 
328

 
(19
)
 
294

 
124

 
(4
)
 
(56
)
Benefits paid
(816
)
 
(760
)
 
(77
)
 
(63
)
 
(236
)
 
(220
)
 
(290
)
 
(255
)
Plan transfer
—

 
—

 
—

 
15

 
—

 
—

 
—

 
—

Federal subsidy on benefits paid
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
19

 
19

Foreign currency exchange rate changes
n/a

 
n/a

 
83

 
(12
)
 
—

 
—

 
7

 
—

Projected benefit obligation, December 31
$
15,655

 
$
14,891

 
$
2,460

 
$
1,984

 
$
3,334

 
$
3,137

 
$
1,574

 
$
1,619

Amount recognized, December 31
$
619

 
$
179

 
$
(154
)
 
$
38

 
$
(271
)
 
$
(76
)
 
$
(1,488
)
 
$
(1,528
)
Funded status, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accumulated benefit obligation
$
15,655

 
$
13,968

 
$
2,345

 
$
1,883

 
$
3,334

 
$
3,135

 
n/a

 
n/a

Overfunded (unfunded) status of ABO
619

 
1,102

 
(39
)
 
139

 
(271
)
 
(74
)
 
n/a

 
n/a

Provision for future salaries
—

 
923

 
115

 
101

 
—

 
2

 
n/a

 
n/a

Projected benefit obligation
15,655

 
14,891

 
2,460

 
1,984

 
3,334

 
3,137

 
$
1,574

 
$
1,619

Weighted-average assumptions, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
4.00
%
 
4.95
%
 
4.23
%
 
4.87
%
 
3.65
%
 
4.65
%
 
3.65
%
 
4.65
%
Rate of compensation increase
n/a

 
4.00

 
4.37

 
4.42

 
4.00

 
4.00

 
n/a

 
n/a

(1) 
The measurement date for the Qualified Pension Plans, 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 in the Corporation’s Consolidated Balance Sheet at December 31, 2012 and 2011 are presented in the table below.
 
 
 
 
 
 
 
 
Amounts Recognized on Consolidated Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plans
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and Life
Plans
(Dollars in millions)
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
Other assets
$
676

 
$
246

 
$
220

 
$
342

 
$
908

 
$
1,096

 
$
—

 
$
—

Accrued expenses and other liabilities
(57
)
 
(67
)
 
(374
)
 
(304
)
 
(1,179
)
 
(1,172
)
 
(1,488
)
 
(1,528
)
Net amount recognized at December 31
$
619

 
$
179

 
$
(154
)
 
$
38

 
$
(271
)
 
$
(76
)
 
$
(1,488
)
 
$
(1,528
)
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, 2012 and 2011 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.
 
 
 
 
 
 
 
 
 
 
 
 
Plans with ABO and PBO in Excess of Plan Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
 Pension Plans
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
(Dollars in millions)
2012
 
2011
 
2012
 
2011
 
2012
 
2011
Plans with ABO in excess of plan assets
 
 
 
 
 

 
 

 
 
 
 

PBO
$
7,171

 
$
—

 
$
883

 
$
732

 
$
1,182

 
$
1,174

ABO
7,171

 
—

 
843

 
698

 
1,181

 
1,173

Fair value of plan assets
7,114

 
—

 
510

 
428

 
2

 
2

Plans with PBO in excess of plan assets
 
 
 
 
 
 
 

 
 
 
 

PBO
$
7,171

 
$
6,624

 
$
896

 
$
732

 
$
1,182

 
$
1,174

Fair value of plan assets
7,114

 
6,557

 
522

 
428

 
2

 
2

Schedule of Net Benefit Costs
Net periodic benefit cost of the Corporation’s plans for 2012, 2011 and 2010 included the following components.
 
 
 
 
 
 
 
 
 
 
 
 
Components of Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified Pension Plans
 
Non-U.S. Pension Plans
(Dollars in millions)
2012
 
2011
 
2010
 
2012
 
2011
 
2010
Components of net periodic benefit cost
 

 
 

 
 

 
 

 
 

 
 

Service cost
$
236

 
$
423

 
$
397

 
$
40

 
$
43

 
$
32

Interest cost
681

 
746

 
748

 
97

 
99

 
95

Expected return on plan assets
(1,246
)
 
(1,296
)
 
(1,263
)
 
(137
)
 
(115
)
 
(97
)
Amortization of prior service cost
9

 
20

 
28

 
—

 
—

 
—

Amortization of net actuarial loss (gain)
469

 
387

 
362

 
(9
)
 
—

 
(1
)
Recognized loss due to settlements and curtailments
58

 
—

 
—

 
—

 
—

 
—

Net periodic benefit cost (income)
$
207

 
$
280

 
$
272

 
$
(9
)
 
$
27

 
$
29

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

 
 

 
 

 
 

 
 

 
 

Discount rate
4.95
%
 
5.45
%
 
5.75
%
 
4.87
%
 
5.32
%
 
5.41
%
Expected return on plan assets
8.00

 
8.00

 
8.00

 
6.65

 
6.58

 
6.60

Rate of compensation increase
4.00

 
4.00

 
4.00

 
4.42

 
4.85

 
4.67

 
 
 
 
 
 
 
 
 
 
 
 
 
Nonqualified and
Other Pension Plans (1)
 
Postretirement Health
and Life Plans
(Dollars in millions)
2012
 
2011
 
2010
 
2012
 
2011
 
2010
Components of net periodic benefit cost
 

 
 

 
 

 
 

 
 

 
 

Service cost
$
1

 
$
3

 
$
3

 
$
13

 
$
15

 
$
14

Interest cost
138

 
152

 
163

 
71

 
80

 
92

Expected return on plan assets
(152
)
 
(141
)
 
(138
)
 
(8
)
 
(9
)
 
(9
)
Amortization of transition obligation
—

 
—

 
—

 
32

 
31

 
31

Amortization of prior service cost (credits)
(3
)
 
(8
)
 
(8
)
 
4

 
4

 
6

Amortization of net actuarial loss (gain)
8

 
16

 
10

 
(38
)
 
(17
)
 
(49
)
Recognized loss due to settlements and curtailments
—

 
3

 
17

 
—

 
—

 
—

Net periodic benefit cost (income)
$
(8
)
 
$
25

 
$
47

 
$
74

 
$
104

 
$
85

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

 
 

 
 

 
 

 
 

 
 

Discount rate
4.65
%
 
5.20
%
 
5.75
%
 
4.65
%
 
5.10
%
 
5.75
%
Expected return on plan assets
5.25

 
5.25

 
5.25

 
8.00

 
8.00

 
8.00

Rate of compensation increase
4.00

 
4.00

 
4.00

 
n/a

 
n/a

 
n/a

(1) 
Includes nonqualified pension plans and the terminated Merrill Lynch U.S. pension plan.
n/a = not applicable
Schedule of Accumulated Other Comprehensive Income (Loss)
The table below presents the changes in accumulated OCI after-tax for 2010, 2011 and 2012.
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
Available-for-
Sale Debt
Securities
 
Available-for-
Sale Marketable
Equity Securities
 
Derivatives
 
Employee
Benefit Plans (1)
 
Foreign
Currency (2)
 
Total
Balance, December 31, 2009
$
(628
)
 
$
2,129

 
$
(2,535
)
 
$
(4,092
)
 
$
(493
)
 
$
(5,619
)
Net change
1,342

 
4,530

 
(701
)
 
145

 
237

 
5,553

Balance, December 31, 2010
$
714

 
$
6,659

 
$
(3,236
)
 
$
(3,947
)
 
$
(256
)
 
$
(66
)
Net change
2,386

 
(6,656
)
 
(549
)
 
(444
)
 
(108
)
 
(5,371
)
Balance, December 31, 2011
$
3,100

 
$
3

 
$
(3,785
)
 
$
(4,391
)
 
$
(364
)
 
$
(5,437
)
Net change
1,343

 
459

 
916

 
(65
)
 
(13
)
 
2,640

Balance, December 31, 2012
$
4,443

 
$
462

 
$
(2,869
)
 
$
(4,456
)
 
$
(377
)
 
$
(2,797
)
(1) 
Net change in fair value represents after-tax adjustments based on the final year-end actuarial valuations. For more information on employee benefit plans, see Note 18 – Employee Benefit Plans.
(2) 
Net change in fair value represents the impact of changes in spot foreign exchange rates on the Corporation’s net investment in non-U.S. operations, and related hedges.
The table below presents the before- and after-tax changes in accumulated OCI for 2012, 2011 and 2010.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
 
2011
 
2010
(Dollars in millions)
Before-tax
 
Tax effect
 
After-tax
 
Before-tax
 
Tax effect
 
After-tax
 
Before-tax
 
Tax effect
 
After-tax
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative adjustments for accounting changes:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidation of certain variable interest entities
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(184
)
 
$
68

 
$
(116
)
Credit-related notes
—

 
—

 
—

 
—

 
—

 
—

 
364

 
(135
)
 
229

Net change in fair value recorded in accumulated OCI
3,676

 
(1,319
)
 
2,357

 
6,925

 
(2,594
)
 
4,331

 
3,541

 
(1,331
)
 
2,210

Net realized (gains) losses reclassified into earnings
(1,609
)
 
595

 
(1,014
)
 
(3,087
)
 
1,142

 
(1,945
)
 
(1,557
)
 
576

 
(981
)
Net change
2,067

 
(724
)
 
1,343

 
3,838

 
(1,452
)
 
2,386

 
2,164

 
(822
)
 
1,342

Available-for-sale marketable equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
748

 
(277
)
 
471

 
(4,114
)
 
1,575

 
(2,539
)
 
9,029

 
(3,372
)
 
5,657

Net realized (gains) losses reclassified into earnings
(19
)
 
7

 
(12
)
 
(6,501
)
 
2,384

 
(4,117
)
 
(1,789
)
 
662

 
(1,127
)
Net change
729

 
(270
)
 
459

 
(10,615
)
 
3,959

 
(6,656
)
 
7,240

 
(2,710
)
 
4,530

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
430

 
(166
)
 
264

 
(2,490
)
 
923

 
(1,567
)
 
(1,755
)
 
647

 
(1,108
)
Net realized (gains) losses reclassified into earnings
1,035

 
(383
)
 
652

 
1,617

 
(599
)
 
1,018

 
644

 
(237
)
 
407

Net change
1,465

 
(549
)
 
916

 
(873
)
 
324

 
(549
)
 
(1,111
)
 
410

 
(701
)
Employee benefit plans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
(1,891
)
 
660

 
(1,231
)
 
(1,171
)
 
457

 
(714
)
 
(162
)
 
58

 
(104
)
Net realized (gains) losses reclassified into earnings
490

 
(192
)
 
298

 
437

 
(167
)
 
270

 
396

 
(147
)
 
249

Settlements and curtailments
1,378

 
(510
)
 
868

 
—

 
—

 
—

 
—

 
—

 
—

Net change
(23
)
 
(42
)
 
(65
)
 
(734
)
 
290

 
(444
)
 
234

 
(89
)
 
145

Foreign currency:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value recorded in accumulated OCI
(226
)
 
233

 
7

 
145

 
(179
)
 
(34
)
 
(204
)
 
160

 
(44
)
Net realized (gains) losses reclassified into earnings
(30
)
 
10

 
(20
)
 
(65
)
 
(9
)
 
(74
)
 
446

 
(165
)
 
281

Net change
(256
)
 
243

 
(13
)
 
80

 
(188
)
 
(108
)
 
242

 
(5
)
 
237

Total other comprehensive income (loss)
$
3,982

 
$
(1,342
)
 
$
2,640

 
$
(8,304
)
 
$
2,933

 
$
(5,371
)
 
$
8,769

 
$
(3,216
)
 
$
5,553



Pre-tax amounts included in accumulated OCI for employee benefit plans at December 31, 2012 and 2011 are presented in the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Amounts included in Accumulated OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plans
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
(Dollars in millions)
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
 
2012
 
2011
Net actuarial loss (gain)
$
6,164

 
$
6,743

 
$
144

 
$
(212
)
 
$
718

 
$
409

 
$
(28
)
 
$
(59
)
 
$
6,998

 
$
6,881

Transition obligation
—

 
—

 
—

 
—

 
—

 
—

 
—

 
32

 
—

 
32

Prior service cost (credits)
—

 
67

 
5

 
3

 
—

 
(7
)
 
29

 
33

 
34

 
96

Amounts recognized in accumulated OCI
$
6,164

 
$
6,810

 
$
149

 
$
(209
)
 
$
718

 
$
402

 
$
1

 
$
6

 
$
7,032

 
$
7,009

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Pre-tax amounts recognized in OCI for employee benefit plans in 2012 included the following components.
 
 
 
 
 
 
 
 
 
 
Pre-tax Amounts Recognized in OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
Qualified
Pension Plans
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
Other changes in plan assets and benefit obligations recognized in OCI
 

 
 

 
 

 
 

 
 

Current year actuarial loss (gain)
$
(110
)
 
$
347

 
$
321

 
$
(7
)
 
$
551

Amortization of actuarial gain (loss)
(469
)
 
9

 
(12
)
 
38

 
(434
)
Current year prior service cost
—

 
2

 
—

 
—

 
2

Amortization of prior service credits (cost)
(67
)
 
—

 
7

 
(4
)
 
(64
)
Amortization of transition obligation
—

 
—

 
—

 
(32
)
 
(32
)
Amounts recognized in OCI
$
(646
)
 
$
358

 
$
316

 
$
(5
)
 
$
23

Pre Tax Amount Amortized From Accumulated Other Comprehensive Income
The estimated pre-tax amounts that will be amortized from accumulated OCI into expense in 2013 are presented in the table below.
 
 
 
 
 
 
 
 
 
 
Estimated Pre-tax Amounts from Accumulated OCI into Period Cost
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
Qualified
Pension Plans
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
Net actuarial loss (gain)
$
284

 
$
4

 
$
26

 
$
(20
)
 
$
294

Prior service cost
—

 
1

 
—

 
4

 
5

Total amortized from accumulated OCI
$
284

 
$
5

 
$
26

 
$
(16
)
 
$
299


Schedule of Allocation of Plan Assets
 
 
 
 
 
2013 Target Allocation Percentage
 
 
 
 
 
Asset Category
Qualified
Pension Plans
Non-U.S.
Pension Plans
Nonqualified
and Other
Pension Plans
Postretirement
Health and Life
Plans
Equity securities
50 – 80
10 – 60
0 – 5
50 – 75
Debt securities
25 – 50
20 – 65
95 – 100
25 – 45
Real estate
0 – 5
0 – 15
0 – 5
0 – 5
Other
0 – 10
5 – 40
0 – 5
0 – 5
Plan Investment Assets Measured At Fair Value By Level
Plan investment assets measured at fair value by level and in total at December 31, 2012 and 2011 are summarized in the Fair Value Measurements table.
 
 
 
 
 
 
 
 
Fair Value Measurements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Total
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

 
 
 
 
 
 
 
 
 
December 31, 2011
Cash and short-term investments
 

 
 

 
 

 
 

Money market and interest-bearing cash
$
1,065

 
$
—

 
$
—

 
$
1,065

Cash and cash equivalent commingled/mutual funds
—

 
30

 
—

 
30

Fixed income
 

 
 

 
 

 
 

U.S. government and government agency securities
1,197

 
2,899

 
13

 
4,109

Corporate debt securities
—

 
1,058

 
—

 
1,058

Asset-backed securities
—

 
907

 
—

 
907

Non-U.S. debt securities
53

 
479

 
10

 
542

Fixed income commingled/mutual funds
82

 
1,487

 
—

 
1,569

Equity
 

 
 

 
 

 
 

Common and preferred equity securities
6,862

 
—

 
—

 
6,862

Equity commingled/mutual funds
390

 
2,094

 
—

 
2,484

Public real estate investment trusts
200

 
—

 
—

 
200

Real estate
 

 
 

 
 

 
 

Private real estate
—

 
—

 
113

 
113

Real estate commingled/mutual funds
—

 
11

 
249

 
260

Limited partnerships
—

 
105

 
232

 
337

Other investments (1)
14

 
572

 
122

 
708

Total plan investment assets, at fair value
$
9,863

 
$
9,642

 
$
739

 
$
20,244

(1) 
Other investments include interest rate swaps of $311 million and $467 million, participant loans of $76 million and $75 million, commodity and balanced funds of $239 million and $116 million and other various investments of $68 million and $50 million at December 31, 2012 and 2011.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
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 2012, 2011 and 2010.
 
 
 
 
 
 
 
 
 
 
 
 
Level 3 Fair Value Measurements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2012
(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

 
$
—

 
$
—

 
$
—

 
$
—

 
$
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

 
 
 
 
 
 
 
 
 
 
 
 
 
2010
Fixed income
 
 
 
 
 
 
 
 
 
 
 
U.S. government and government agency securities
$
—

 
$
—

 
$
—

 
$
—

 
$
14

 
$
14

Non-U.S. debt securities
6

 
1

 
—

 
—

 
2

 
9

Real estate
 
 
 
 
 
 
 
 
 
 
 

Private real estate
119

 
(9
)
 
1

 
(1
)
 
—

 
110

Real estate commingled/mutual funds
195

 
(4
)
 
24

 
—

 
—

 
215

Limited partnerships
162

 
13

 
7

 
(5
)
 
53

 
230

Other investments
188

 
—

 
18

 
(1
)
 
(111
)
 
94

Total
$
670

 
$
1

 
$
50

 
$
(7
)
 
$
(42
)
 
$
672

Schedule of Expected Benefit Payments
Benefit payments projected to be made from the Qualified Pension Plans, 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 Plans (1)
 
Non-U.S.
Pension Plans (2)
 
Nonqualified
and Other
Pension Plans (2)
 
Net Payments (3)
 
Medicare
Subsidy
2013
$
887

 
$
63

 
$
234

 
$
147

 
$
18

2014
931

 
67

 
238

 
147

 
18

2015
913

 
68

 
239

 
145

 
18

2016
900

 
73

 
240

 
141

 
18

2017
888

 
76

 
237

 
136

 
17

2018 – 2022
4,329

 
455

 
1,133

 
595

 
80

(1) 
Benefit payments expected to be made from the plans’ 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.