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Defined Benefit Postretirement Plans and Defined Contribution Plan (Tables)
 12 Months Ended
Dec. 31, 2014
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]  
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Summary information for these defined benefit pension plans follows.
 
December 31,
(In millions)
2014
 
2013
Projected benefit obligation
$
(894
)
 
 
$
(933
)
Accumulated benefit obligation
(793
)
 
 
(791
)
Fair value of plan assets
574

 
 
625
Summary Of Defined Benefit Pension Plans With Accumulated Benefit Obligations
The following summarizes the obligations and funded status for our defined benefit pension and other postretirement plans.
 
Pension Benefits
 
 
 
2014
 
2013
 
Other Benefits
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
2014
 
2013
Change in benefit obligations:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
933

 
$
649

 
$
1,146

 
$
565

 
$
279

 
$
311

Service cost
31

 
16

 
33

 
22

 
3

 
4

Interest cost
35

 
27

 
40

 
24

 
13

 
12

Plan amendment(a)

—

 
—

 
—

 
—

 
(42
)
 
—

Actuarial loss (gain)(b)
174

 
46

 
(140
)
 
40

 
42

 
(31
)
Foreign currency exchange rate changes
—

 
(39
)
 
—

 
11

 
—

 
—

Divestiture(c)
—

 
(29
)
 
—

 
—

 
—

 
—

Benefits paid
(279
)
 
(19
)
 
(146
)
 
(13
)
 
(16
)
 
(17
)
Ending balance
$
894

 
$
651

 
$
933

 
$
649

 
$
279

 
$
279

Change in fair value of plan assets:
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
625

 
$
597

 
$
630

 
$
500

 
$
—

 
$
—

Actual return on plan assets
59

 
59

 
65

 
74

 
—

 
—

Employer contributions
169

 
37

 
76

 
23

 
—

 
—

Foreign currency exchange rate changes
—

 
(39
)
 
—

 
13

 
—

 
—

Divestiture(c)
—

 
(13
)
 
—

 
—

 
—

 
—

Benefits paid
(279
)
 
(19
)
 
(146
)
 
(13
)
 
—

 
—

Ending balance
$
574

 
$
622

 
$
625

 
$
597

 
$
—

 
$
—

Funded status of plans at December 31
$
(320
)
 
$
(29
)
 
$
(308
)
 
$
(52
)
 
$
(279
)
 
$
(279
)
Amounts recognized in the consolidated balance sheets:
Current liabilities
(11
)
 
—

 
(16
)
 
—

 
(19
)
 
(19
)
Noncurrent liabilities
(309
)
 
(29
)
 
(292
)
 
(52
)
 
(260
)
 
(260
)
Accrued benefit cost
$
(320
)
 
$
(29
)
 
$
(308
)
 
$
(52
)
 
$
(279
)
 
$
(279
)
Pretax amounts in accumulated other comprehensive loss:
Net loss (gain)
$
283

 
$
91

 
$
262

 
$
59

 
$
34

 
$
(8
)
Prior service cost (credit)
10

 
8

 
15

 
9

 
(41
)
 
(5
)

(a) 
Represents a change in plan design related to the health care benefits provided under the postretirement plan.
(b)
Includes the increase in the U.S. pension and postretirement benefit obligations of $13 million and $15 million respectively, due to the adoption of the 2014 mortality table.
(c) 
Related to the sale of our Norway business in the fourth quarter of 2014.
Schedule Of Net Periodic Benefit Cost And Other Comprehensive Income
Components of net periodic benefit cost from continuing operations and other comprehensive (income) loss – The following summarizes the net periodic benefit costs and the amounts recognized as other comprehensive (income) loss for our defined benefit pension and other postretirement plans.
 
Pension Benefits
 
 
 
 
 
 
 
Year Ended December 31,
 
Other Benefits
 
2014
 
2013
 
2012
 
Year Ended December 31,
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
2014
 
2013
 
2012
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
31

 
$
16

 
$
33

 
$
17

 
$
31

 
$
15

 
$
3

 
$
4

 
$
4

Interest cost
35

 
27

 
40

 
23

 
42

 
22

 
13

 
12

 
14

Expected return on plan assets
(34
)
 
(32
)
 
(43
)
 
(24
)
 
(43
)
 
(23
)
 
—

 
—

 
—

Amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
- prior service cost (credit)
5

 
1

 
6

 
1

 
7

 
1

 
(6
)
 
(6
)
 
(7
)
- actuarial loss
29

 
1

 
43

 
4

 
48

 
4

 
—

 
—

 
—

Net settlement loss(a)
99

 
—

 
45

 
—

 
45

 
—

 
—

 
—

 
—

Net periodic benefit cost(b)
$
165

 
$
13

 
$
124

 
$
21

 
$
130

 
$
19

 
$
10

 
$
10

 
$
11

Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss (pretax):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial loss (gain)(c)
$
149

 
$
33

 
$
(161
)
 
$
(15
)
 
$
172

 
$
14

 
$
42

 
$
(31
)
 
$
7

Amortization of actuarial (loss) gain
(128
)
 
(1
)
 
(88
)
 
(4
)
 
(93
)
 
(4
)
 
—

 
—

 
—

Prior service cost (credit)
—

 
—

 
—

 
—

 
—

 
1

 
(42
)
 
—

 
—

Amortization of prior service credit (cost)
(5
)
 
(1
)
 
(6
)
 
(1
)
 
(7
)
 
(1
)
 
6

 
6

 
7

Total recognized in other comprehensive (income) loss
$
16

 
$
31

 
$
(255
)
 
$
(20
)
 
$
72

 
$
10

 
$
6

 
$
(25
)
 
$
14

Total recognized in net periodic benefit cost and other comprehensive (income) loss
$
181

 
$
44

 
$
(131
)
 
$
1

 
$
202

 
$
29

 
$
16

 
$
(15
)
 
$
25

(a) 
Settlement losses are recorded when lump sum payments from a plan in a period exceed the plan’s total service and interest costs for the period. Such settlements occurred in one or more of our U.S. pension plans in all periods presented.
(b) 
Net periodic benefit cost reflects a calculated market-related value of plan assets which recognizes changes in fair value over three years.
(c) 
Includes the impact of the sale of our Norway business in the fourth quarter of 2014.
Schedule of Assumptions Used
Plan assumptions – The following summarizes the assumptions used to determine the benefit obligations at December 31, and net periodic benefit cost for the defined benefit pension and other postretirement plans for 2014, 2013 and 2012.
 
Pension Benefits
 
 
 
 
 
 
 
2014
 
2013
 
2012
 
Other Benefits
(In millions)
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
2014
 
2013
 
2012
Weighted average assumptions used to determine benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.71
%
 
3.70
%
 
4.28
%
 
4.60
%
 
3.44
%
 
4.40
%
 
4.01
%
 
4.85
%
 
4.06
%
Rate of compensation increase
4.00
%
 
3.60
%
 
5.00
%
 
4.90
%
 
5.00
%
 
4.50
%
 
4.00
%
 
5.00
%
 
5.00
%
Weighted average assumptions used to determine net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
3.98
%
 
4.60
%
 
3.79
%
 
4.40
%
 
4.21
%
 
4.70
%
 
4.69
%
 
4.06
%
 
4.90
%
Expected long-term return on plan assets
6.75
%
 
5.70
%
 
7.25
%
 
4.90
%
 
7.75
%
 
5.20
%
 
—

 
—

 
—

Rate of compensation increase
5.00
%
 
4.90
%
 
5.00
%
 
4.50
%
 
5.00
%
 
4.30
%
 
5.00
%
 
5.00
%
 
5.00
%
Schedule of Health Care Cost Trend Rates
Assumed weighted average health care cost trend rates
 
2014
 
2013
 
2012
Initial health care trend rate

6.88
%
 
6.89
%
 
7.24
%
Ultimate trend rate

5.00
%
 
5.00
%
 
5.00
%
Year ultimate trend rate is reached
2024

 
2020

 
2019
Fair Value of Defined Benefit Pension Plans Assets
The following tables present the fair values of our defined benefit pension plan's assets, by level within the fair value hierarchy, as of December 31, 2014 and 2013.
  
December 31, 2014
(In millions)
Level 1
 
Level 2
 
Level 3
 
Total
  
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
Cash and cash equivalents
$
26

 
$
1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
26

 
$
1

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common and preferred stock(a)
230

 
—

 
—

 
—

 
—

 
—

 
230

 
—

Private equity

—

 
—

 
—

 
—

 
25

 
—

 
25

 
—

Mutual and pooled funds(b)
—

 
221

 
—

 
164

 
—

 
—

 
—

 
385

Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury notes and ETFs
33

 
—

 
—

 
—

 
—

 
—

 
33

 
—

Corporate and other bonds(c)
—

 
—

 
190

 
—

 
—

 
—

 
190

 
—

Commingled and pooled funds(d)
—

 
—

 
40

 
236

 
—

 
—

 
40

 
236

Other
—

 
—

 
—

 
—

 
30

 
—

 
30

 
—

Total investments, at fair value
$
289

 
$
222

 
$
230

 
$
400

 
$
55

 
$
—

 
$
574

 
$
622

  
December 31, 2013
(In millions)
Level 1
 
Level 2
 
Level 3
 
Total
  
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
 
U.S.
 
Int’l
Cash and cash equivalents
$
19

 
$
1

 
$
1

 
$
—

 
$
—

 
$
—

 
$
20

 
$
1

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Common and preferred stock(a)
292

 
—

 
—

 
—

 
—

 
—

 
292

 
—

  REIT and private equity
2

 
—

 
—

 
—

 
23

 
—

 
25

 
—

Mutual and pooled funds(b)
—

 
219

 
—

 
186

 
—

 
—

 
—

 
405

Fixed income securities:
 
 
 
 
 
 
 
 
 
 
 
 
—

 
—

U.S. treasury notes and ETFs
65

 
—

 
—

 
—

 
—

 
—

 
65

 
—

Corporate and other bonds(c)
—

 
—

 
172

 
—

 
—

 
—

 
172

 
—

Commingled and pooled funds(d)
—

 
—

 
17

 
178

 
—

 
—

 
17

 
178

Other
—

 
—

 
—

 
13

 
34

 
—

 
34

 
13

Total investments, at fair value
$
378

 
$
220

 
$
190

 
$
377

 
$
57

 
$
—

 
$
625

 
$
597

(a) 
Primarily investments held in U.S. and non-U.S. common stocks in diverse industries.
(b) 
Mutual funds - Primarily investments held in U.S. and non-U.S. common stocks in diverse industries.
Pooled funds - Primarily investments held in non-U.S. publicly traded common stocks in diverse industries.
(c) 
Corporate bonds - Primarily investments held in U.S. and non-U.S. corporate bonds in diverse industries.
Other bonds - Primarily consist of securities issued by governmental agencies and municipalities.
(d) 
Pooled funds - Primarily investments held in U.S. and non-U.S. publicly traded investment grade government and corporate bonds.

Schedule of Expected Benefit Payments
Estimated future benefit payments – The following gross benefit payments, which were estimated based on actuarial assumptions applied at December 31, 2014 and reflect expected future services, as appropriate, are to be paid in the years indicated.
 
Pension Benefits
 
Other
(In millions)
U.S.
 
Int’l
 
Benefits
2015
$
80

 
$
15

 
$
19

2016
78

 
17

 
19

2017
83

 
19

 
19

2018
79

 
22

 
19

2019
74

 
23

 
19

2020 through 2024
299

 
128

 
93