Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2012
|
Compensation and Retirement Disclosure [Abstract] |
|
Net Benefit Costs [Table Text Block] |
Net periodic benefit cost for the UK Plan included the following components for the years ended December 31 (in millions): | | | | | | | | | | | | | | 2012 | | 2011 | | 2010 | | | | | | | Service cost | $ | 19 |
| | $ | 19 |
| | $ | 15 |
| Interest cost | 85 |
| | 92 |
| | 89 |
| Expected return on plan assets | (104 | ) | | (115 | ) | | (102 | ) | Net amortization | 43 |
| | 37 |
| | 30 |
| Net periodic benefit cost | $ | 43 |
| | $ | 33 |
| | $ | 32 |
|
Net periodic benefit cost for the plans included the following components for the years ended December 31 (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement | | 2012 | | 2011 | | 2010 | | 2012 | | 2011 | | 2010 | | | | | | | | | | | | | Service cost | $ | 25 |
| | $ | 28 |
| | $ | 29 |
| | $ | 11 |
| | $ | 11 |
| | $ | 10 |
| Interest cost | 98 |
| | 102 |
| | 105 |
| | 36 |
| | 41 |
| | 42 |
| Expected return on plan assets | (119 | ) | | (118 | ) | | (114 | ) | | (43 | ) | | (43 | ) | | (43 | ) | Net amortization | 37 |
| | 20 |
| | 12 |
| | 1 |
| | 16 |
| | 13 |
| Net periodic benefit cost | $ | 41 |
| | $ | 32 |
| | $ | 32 |
| | $ | 5 |
| | $ | 25 |
| | $ | 22 |
|
|
Changes in Fair Value of Plan Assets [Table Text Block] |
The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions): | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement | | 2012 | | 2011 | | 2012 | | 2011 | | | | | | | | | Plan assets at fair value, beginning of year | $ | 1,486 |
| | $ | 1,506 |
| | $ | 597 |
| | $ | 605 |
| Employer contributions | 114 |
| | 126 |
| | 10 |
| | 30 |
| Participant contributions | — |
| | — |
| | 9 |
| | 16 |
| Actual return on plan assets | 194 |
| | (13 | ) | | 78 |
| | — |
| Benefits paid | (139 | ) | | (133 | ) | | (44 | ) | | (54 | ) | Plan assets at fair value, end of year | $ | 1,655 |
| | $ | 1,486 |
| | $ | 650 |
| | $ | 597 |
|
The following table is a reconciliation of the fair value of plan assets for the years ended December 31 (in millions): | | | | | | | | | | 2012 | | 2011 | | | | | Plan assets at fair value, beginning of year | $ | 1,759 |
| | $ | 1,633 |
| Employer contributions | 79 |
| | 79 |
| Participant contributions | 3 |
| | 4 |
| Actual return on plan assets | 147 |
| | 141 |
| Benefits paid | (80 | ) | | (85 | ) | Foreign currency exchange rate changes | 88 |
| | (13 | ) | Plan assets at fair value, end of year | $ | 1,996 |
| | $ | 1,759 |
|
|
Changes in Projected Benefit Obligations [Table Text Block] |
The following table is a reconciliation of the benefit obligation for the years ended December 31 (in millions): | | | | | | | | | | 2012 | | 2011 | | | | | Benefit obligation, beginning of year | $ | 1,773 |
| | $ | 1,655 |
| Service cost | 19 |
| | 19 |
| Interest cost | 85 |
| | 92 |
| Participant contributions | 3 |
| | 4 |
| Actuarial loss | 157 |
| | 101 |
| Benefits paid | (80 | ) | | (85 | ) | Foreign currency exchange rate changes | 90 |
| | (13 | ) | Benefit obligation, end of year | $ | 2,047 |
| | $ | 1,773 |
| Accumulated benefit obligation, end of year | $ | 1,826 |
| | $ | 1,587 |
|
The following table is a reconciliation of the benefit obligations for the years ended December 31 (in millions): | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement | | 2012 | | 2011 | | 2012 | | 2011 | | | | | | | | | Benefit obligation, beginning of year | $ | 2,090 |
| | $ | 1,974 |
| | $ | 773 |
| | $ | 770 |
| Service cost | 25 |
| | 28 |
| | 11 |
| | 11 |
| Interest cost | 98 |
| | 102 |
| | 36 |
| | 41 |
| Participant contributions | — |
| | — |
| | 9 |
| | 16 |
| Plan amendments | — |
| | (4 | ) | | — |
| | (72 | ) | Actuarial loss | 163 |
| | 123 |
| | 60 |
| | 58 |
| Benefits paid, net of Medicare subsidy | (139 | ) | | (133 | ) | | (44 | ) | | (51 | ) | Benefit obligation, end of year | $ | 2,237 |
| | $ | 2,090 |
| | $ | 845 |
| | $ | 773 |
| Accumulated benefit obligation, end of year | $ | 2,211 |
| | $ | 2,060 |
| | | | |
|
Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] |
The funded status of the plans and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions): | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement | | 2012 | | 2011 | | 2012 | | 2011 | | | | | | | | | Plan assets at fair value, end of year | $ | 1,655 |
| | $ | 1,486 |
| | $ | 650 |
| | $ | 597 |
| Less - Benefit obligation, end of year | 2,237 |
| | 2,090 |
| | 845 |
| | 773 |
| Funded status | $ | (582 | ) | | $ | (604 | ) | | $ | (195 | ) | | $ | (176 | ) | | | | | | | | | Amounts recognized on the Consolidated Balance Sheets: | | | | | | | | Other assets | $ | — |
| | $ | — |
| | $ | 13 |
| | $ | 15 |
| Other current liabilities | (12 | ) | | (12 | ) | | — |
| | — |
| Other long-term liabilities | (570 | ) | | (592 | ) | | (208 | ) | | (191 | ) | Amounts recognized | $ | (582 | ) | | $ | (604 | ) | | $ | (195 | ) | | $ | (176 | ) |
The funded status of the UK Plan and the amounts recognized on the Consolidated Balance Sheets as of December 31 are as follows (in millions): | | | | | | | | | | 2012 | | 2011 | | | | | Plan assets at fair value, end of year | $ | 1,996 |
| | $ | 1,759 |
| Less - Benefit obligation, end of year | 2,047 |
| | 1,773 |
| Funded status | $ | (51 | ) | | $ | (14 | ) | | | | | Amounts recognized on the Consolidated Balance Sheets-Other long-term liabilities | $ | (51 | ) | | $ | (14 | ) |
|
Net Periodic Benefit Costs Not Yet Recognized [Table Text Block] |
A reconciliation of the amounts not yet recognized as components of net periodic benefit cost for the years ended December 31, 2012 and 2011 is as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | Other | | | | Regulatory | | Regulatory | | Comprehensive | | | | Asset | | Liability | | Loss | | Total | Pension | | | | | | | | Balance, December 31, 2010 | $ | 447 |
| | $ | (1 | ) | | $ | 9 |
| | $ | 455 |
| Net loss arising during the year | 246 |
| | 1 |
| | 8 |
| | 255 |
| Prior service credit arising during the year | (4 | ) | | — |
| | — |
| | (4 | ) | Net amortization | (20 | ) | | — |
| | — |
| | (20 | ) | Total | 222 |
| | 1 |
| | 8 |
| | 231 |
| Balance, December 31, 2011 | 669 |
| | — |
| | 17 |
| | 686 |
| Net loss arising during the year | 79 |
| | — |
| | 9 |
| | 88 |
| Net amortization | (36 | ) | | — |
| | (1 | ) | | (37 | ) | Total | 43 |
| | — |
| | 8 |
| | 51 |
| Balance, December 31, 2012 | $ | 712 |
| | $ | — |
| | $ | 25 |
| | $ | 737 |
|
| | | | | | | | | | | | | | | | | | | | | | Accumulated | | | | | | | | Other | | | | Regulatory | | Regulatory | | Comprehensive | | | | Asset | | Liability | | Loss | | Total | Other Postretirement | | | | | | | | Balance, December 31, 2010 | $ | 165 |
| | $ | (22 | ) | | $ | — |
| | $ | 143 |
| Net loss arising during the year | 86 |
| | 12 |
| | 1 |
| | 99 |
| Prior service credit arising during the year | (61 | ) | | (3 | ) | | (1 | ) | | (65 | ) | Reduction in net transition obligation | (8 | ) | | — |
| | — |
| | (8 | ) | Net amortization | (17 | ) | | 1 |
| | — |
| | (16 | ) | Total | — |
| | 10 |
| | — |
| | 10 |
| Balance, December 31, 2011 | 165 |
| | (12 | ) | | — |
| | 153 |
| Net loss (gain) arising during the year | 24 |
| | (2 | ) | | — |
| | 22 |
| Net amortization | (1 | ) | | 1 |
| | — |
| | — |
| Total | 23 |
| | (1 | ) | | — |
| | 22 |
| Balance, December 31, 2012 | $ | 188 |
| | $ | (13 | ) | | $ | — |
| | $ | 175 |
|
The portion of the funded status of the UK Plan not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions): | | | | | | | | | | 2012 | | 2011 | | | | | Net loss | $ | 757 |
| | $ | 653 |
| Prior service cost | 2 |
| | 3 |
| Total | $ | 759 |
| | $ | 656 |
|
The portion of the funded status of the plans not yet recognized in net periodic benefit cost as of December 31 is as follows (in millions): | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement | | 2012 | | 2011 | | 2012 | | 2011 | | | | | | | | | Net loss | $ | 775 |
| | $ | 734 |
| | $ | 265 |
| | $ | 254 |
| Prior service credit | (33 | ) | | (41 | ) | | (93 | ) | | (104 | ) | Regulatory deferrals | (5 | ) | | (7 | ) | | 3 |
| | 3 |
| Total | $ | 737 |
| | $ | 686 |
| | $ | 175 |
| | $ | 153 |
|
A reconciliation of the amounts not yet recognized as components of net periodic benefit cost, which are included in accumulated other comprehensive loss on the Consolidated Balance Sheets, for the years ended December 31 is as follows (in millions): | | | | | | | | | | 2012 | | 2011 | | | | | Balance, beginning of year | $ | 656 |
| | $ | 624 |
| Net loss arising during the year | 113 |
| | 74 |
| Net amortization | (43 | ) | | (37 | ) | Foreign currency exchange rate changes | 33 |
| | (5 | ) | Total | 103 |
| | 32 |
| Balance, end of year | $ | 759 |
| | $ | 656 |
|
|
Defined Benefit Plans, Amounts To Be Recognized In Following Year [Table Text Block] |
The net loss, prior service credit and regulatory deferrals that will be amortized in 2013 into net periodic benefit cost are estimated to be as follows (in millions): | | | | | | | | | | | | | | | | | | Net | | Prior Service | | Regulatory | | | | Loss | | Credit | | Deferrals | | Total | | | | | | | | | Pension | $ | 67 |
| | $ | (7 | ) | | $ | (1 | ) | | $ | 59 |
| Other postretirement | 18 |
| | (13 | ) | | 1 |
| | 6 |
| Total | $ | 85 |
| | $ | (20 | ) | | $ | — |
| | $ | 65 |
|
|
Plan Assumptions [Table Text Block] |
Assumptions used to determine benefit obligations and net periodic benefit cost were as follows: | | | | | | | | | | | | | | | | | | | | Pension | | Other Postretirement | | 2012 | | 2011 | | 2010 | | 2012 | | 2011 | | 2010 | | | | | | | | | | | | | Benefit obligations as of December 31: | | | | | | | | | | | | PacifiCorp-sponsored plans | | | | | | | | | | | | Discount rate | 4.05 | % | | 4.90 | % | | 5.35 | % | | 4.10 | % | | 4.95 | % | | 5.45 | % | Rate of compensation increase | 3.00 | % | | 3.50 | % | | 3.50 | % | | N/A |
| | N/A |
| | N/A |
| MidAmerican Energy-sponsored plans | | | | | | | | | | | | Discount rate | 4.00 | % | | 4.75 | % | | 5.50 | % | | 3.75 | % | | 4.75 | % | | 5.50 | % | Rate of compensation increase | 3.00 | % | | 3.50 | % | | 3.50 | % | | N/A |
| | N/A |
| | N/A |
| | | | | | | | | | | | | Net periodic benefit cost for the years ended December 31: | | | | | | | | | | | | PacifiCorp-sponsored plans | | | | | | | | | | | | Discount rate | 4.90 | % | | 5.35 | % | | 5.80 | % | | 4.95 | % | | 5.45 | % | | 5.85 | % | Expected return on plan assets | 7.50 | % | | 7.50 | % | | 7.75 | % | | 7.50 | % | | 7.50 | % | | 7.75 | % | Rate of compensation increase | 3.50 | % | | 3.50 | % | | 3.00 | % | | N/A |
| | N/A |
| | N/A |
| MidAmerican Energy-sponsored plans | | | | | | | | | | | | Discount rate | 4.75 | % | | 5.50 | % | | 6.00 | % | | 4.75 | % | | 5.50 | % | | 6.00 | % | Expected return on plan assets | 7.50 | % | | 7.50 | % | | 7.50 | % | | 7.50 | % | | 7.50 | % | | 7.50 | % | Rate of compensation increase | 3.50 | % | | 3.50 | % | | 3.00 | % | | N/A |
| | N/A |
| | N/A |
|
| | | | | | | | 2012 | | 2011 | Assumed healthcare cost trend rates as of December 31: | | | | PacifiCorp-sponsored plans | | | | Healthcare cost trend rate assumed for next year | 8.00 | % | | 8.50 | % | Rate that the cost trend rate gradually declines to | 5.00 | % | | 5.00 | % | Year that the rate reaches the rate it is assumed to remain at | 2018 | | 2016 | MidAmerican Energy-sponsored plans | | | | Healthcare cost trend rate assumed for next year | 8.00 | % | | 7.40 | % | Rate that the cost trend rate gradually declines to | 5.00 | % | | 5.00 | % | Year that the rate reaches the rate it is assumed to remain at | 2018 | | 2016 |
Assumptions used to determine benefit obligations and net periodic benefit cost were as follows: | | | | | | | | | | | 2012 | | 2011 | | 2010 | | | | | | | Benefit obligations as of December 31: | | | | | | Discount rate | 4.40 | % | | 4.80 | % | | 5.50 | % | Rate of compensation increase | 2.80 | % | | 2.80 | % | | 3.20 | % | Rate of future price inflation | 2.80 | % | | 2.80 | % | | 3.20 | % | | | | | | | Net periodic benefit cost for the years ended December 31: | | | | | | Discount rate | 4.80 | % | | 5.50 | % | | 5.70 | % | Expected return on plan assets | 6.10 | % | | 6.80 | % | | 6.60 | % | Rate of compensation increase | 2.80 | % | | 3.20 | % | | 2.75 | % | Rate of future price inflation | 2.80 | % | | 3.20 | % | | 3.20 | % |
Plan Assumptions Assumptions used to determine benefit obligations and net periodic benefit cost were as follows: | | | | | | | | | | | 2012 | | 2011 | | 2010 | | | | | | | Benefit obligations as of December 31: | | | | | | Discount rate | 4.40 | % | | 4.80 | % | | 5.50 | % | Rate of compensation increase | 2.80 | % | | 2.80 | % | | 3.20 | % | Rate of future price inflation | 2.80 | % | | 2.80 | % | | 3.20 | % | | | | | | | Net periodic benefit cost for the years ended December 31: | | | | | | Discount rate | 4.80 | % | | 5.50 | % | | 5.70 | % | Expected return on plan assets | 6.10 | % | | 6.80 | % | | 6.60 | % | Rate of compensation increase | 2.80 | % | | 3.20 | % | | 2.75 | % | Rate of future price inflation | 2.80 | % | | 3.20 | % | | 3.20 | % |
|
Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] |
A one percentage-point change in assumed healthcare cost trend rates would have the following effects (in millions): | | | | | | | | | | One Percentage-Point | | Increase | | Decrease | Increase (decrease) in: | | | | Total service and interest cost | $ | 3 |
| | $ | (2 | ) | Other postretirement benefit obligation | 49 |
| | (39 | ) |
|
Expected Benefit Payments [Table Text Block] |
The expected benefit payments to participants in the Company's pension and other postretirement benefit plans for 2013 through 2017 and for the five years thereafter are summarized below (in millions): | | | | | | | | | | Projected Benefit | | Payments | | | | Other | | Pension | | Postretirement | | | | | 2013 | $ | 153 |
| | $ | 51 |
| 2014 | 158 |
| | 52 |
| 2015 | 160 |
| | 53 |
| 2016 | 164 |
| | 56 |
| 2017 | 164 |
| | 59 |
| 2018-22 | 792 |
| | 299 |
|
Employer contributions to the UK Plan are expected to be £51 million during 2013. The expected benefit payments to participants in the UK Plan for 2013 through 2017 and for the five years thereafter, using the foreign currency exchange rate as of December 31, 2012, are summarized below (in millions): | | | | | 2013 | $ | 84 |
| 2014 | 86 |
| 2015 | 88 |
| 2016 | 90 |
| 2017 | 93 |
| 2018-2022 | 498 |
|
|
Allocation of Plan Assets [Table Text Block] |
The target allocations (percentage of plan assets) for the UK Plan assets are as follows as of December 31, 2012: | | | | % | Debt securities(1) | 50-55 | Equity securities(1) | 35-40 | Real estate funds | 5-15 |
| | (1) | For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds have been allocated based on the underlying investments in debt and equity securities. |
The target allocations (percentage of plan assets) for the Company's pension and other postretirement benefit plan assets are as follows as of December 31, 2012: | | | | | | | | Other | | Pension(1) | | Postretirement(1) | | % | | % | PacifiCorp: | | | | Debt securities(2) | 33-37 | | 33-37 | Equity securities(2) | 53-57 | | 61-65 | Limited partnership interests | 8-12 | | 1-3 | Other | 0-1 | | 0-1 | | | | | MidAmerican Energy: | | | | Debt securities(2) | 20-30 | | 25-35 | Equity securities(2) | 65-75 | | 60-80 | Real estate funds | 2-8 | | 0 | Other | 0-5 | | 0-5 |
| | (1) | PacifiCorp's retirement plan trust includes a separate account that is used to fund benefits for the other postretirement plan. In addition to this separate account, the assets for the other postretirement benefit plans are held in Voluntary Employees' Beneficiary Association ("VEBA") Trusts, each of which has its own investment allocation strategies. Target allocations for the other postretirement benefit plan include the separate account of the retirement plan trust and the VEBA trusts. |
| | (2) | For purposes of target allocation percentages and consistent with the plans' investment policy, investment funds have been allocated based on the underlying investments in debt and equity securities. |
|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table presents the fair value of plan assets, by major category, for the Company's defined benefit pension plans (in millions): | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements(1) | | | | Level 1 | | Level 2 | | Level 3 | | Total | As of December 31, 2012 | | | | | | | | Cash equivalents | $ | 1 |
| | $ | 19 |
| | $ | — |
| | $ | 20 |
| Debt securities: | | | | | | | | United States government obligations | 67 |
| | — |
| | — |
| | 67 |
| International government obligations | — |
| | 67 |
| | — |
| | 67 |
| Corporate obligations | — |
| | 95 |
| | — |
| | 95 |
| Municipal obligations | — |
| | 12 |
| | — |
| | 12 |
| Agency, asset and mortgage-backed obligations | — |
| | 63 |
| | — |
| | 63 |
| Equity securities: | | | | | | | | United States companies | 520 |
| | — |
| | — |
| | 520 |
| International companies | 7 |
| | — |
| | — |
| | 7 |
| Investment funds(2) | 213 |
| | 469 |
| | — |
| | 682 |
| Limited partnership interests(3) | — |
| | — |
| | 96 |
| | 96 |
| Real estate funds | — |
| | — |
| | 26 |
| | 26 |
| Total | $ | 808 |
| | $ | 725 |
| | $ | 122 |
| | $ | 1,655 |
| | | | | | | | | As of December 31, 2011 | | | | | | | | Cash equivalents | $ | — |
| | $ | 18 |
| | $ | — |
| | $ | 18 |
| Debt securities: | | | | | | | | United States government obligations | 27 |
| | — |
| | — |
| | 27 |
| International government obligations | — |
| | 73 |
| | — |
| | 73 |
| Corporate obligations | — |
| | 92 |
| | — |
| | 92 |
| Municipal obligations | — |
| | 12 |
| | — |
| | 12 |
| Agency, asset and mortgage-backed obligations | — |
| | 80 |
| | — |
| | 80 |
| Equity securities: | | | | | | | | United States companies | 481 |
| | — |
| | — |
| | 481 |
| International companies | 7 |
| | — |
| | — |
| | 7 |
| Investment funds(2) | 180 |
| | 421 |
| | — |
| | 601 |
| Limited partnership interests(3) | — |
| | — |
| | 71 |
| | 71 |
| Real estate funds | — |
| | — |
| | 24 |
| | 24 |
| Total | $ | 695 |
| | $ | 696 |
| | $ | 95 |
| | $ | 1,486 |
|
| | (1) | Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 68% and 32%, respectively, for 2012 and 69% and 31%, respectively, for 2011. Additionally, these funds are invested in United States and international securities of approximately 62% and 38%, respectively, for 2012 and 66% and 34%, respectively, for 2011. |
| | (3) | Limited partnership interests include several funds that invest primarily in buyout, growth equity and venture capital. |
The following table presents the fair value of plan assets, by major category, for the Company's defined benefit other postretirement plans (in millions): | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements(1) | | | | Level 1 | | Level 2 | | Level 3 | | Total | As of December 31, 2012 | | | | | | | | Cash equivalents | $ | 6 |
| | $ | — |
| | $ | — |
| | $ | 6 |
| Debt securities: | | | | | | | | United States government obligations | 8 |
| | — |
| | — |
| | 8 |
| International government obligations | — |
| | 5 |
| | — |
| | 5 |
| Corporate obligations | — |
| | 14 |
| | — |
| | 14 |
| Municipal obligations | — |
| | 33 |
| | — |
| | 33 |
| Agency, asset and mortgage-backed obligations | — |
| | 17 |
| | — |
| | 17 |
| Equity securities: | | | | | | | | United States companies | 239 |
| | — |
| | — |
| | 239 |
| International companies | 3 |
| | — |
| | — |
| | 3 |
| Investment funds(2) | 215 |
| | 103 |
| | — |
| | 318 |
| Limited partnership interests(3) | — |
| | — |
| | 7 |
| | 7 |
| Total | $ | 471 |
| | $ | 172 |
| | $ | 7 |
| | $ | 650 |
| | | | | | | | | As of December 31, 2011 | | | | | | | | Cash equivalents | $ | 9 |
| | $ | — |
| | $ | — |
| | $ | 9 |
| Debt securities: | | | | | | | | United States government obligations | 8 |
| | — |
| | — |
| | 8 |
| International government obligations | — |
| | 5 |
| | — |
| | 5 |
| Corporate obligations | — |
| | 12 |
| | — |
| | 12 |
| Municipal obligations | — |
| | 31 |
| | — |
| | 31 |
| Agency, asset and mortgage-backed obligations | — |
| | 15 |
| | — |
| | 15 |
| Equity securities: | | | | | | | | United States companies | 219 |
| | — |
| | — |
| | 219 |
| International companies | 2 |
| | — |
| | — |
| | 2 |
| Investment funds(2) | 196 |
| | 94 |
| | — |
| | 290 |
| Limited partnership interests(3) | — |
| | — |
| | 6 |
| | 6 |
| Total | $ | 434 |
| | $ | 157 |
| | $ | 6 |
| | $ | 597 |
|
| | (1) | Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 56% and 44%, respectively, for 2012 and 56% and 44%, respectively, for 2011. Additionally, these funds are invested in United States and international securities of approximately 63% and 37%, respectively, for 2012 and 67% and 33%, respectively, for 2011. |
| | (3) | Limited partnership interests include several funds that invest primarily in buyout, growth equity and venture capital. |
The following table presents the fair value of the UK Plan assets, by major category, (in millions): | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements(1) | | | | Level 1 | | Level 2 | | Level 3 | | Total | As of December 31, 2012 | | | | | | | | Cash equivalents | $ | 18 |
| | $ | — |
| | $ | — |
| | $ | 18 |
| Debt securities: | | | | | | | | United Kingdom government obligations | 377 |
| | — |
| | — |
| | 377 |
| Other international government obligations | — |
| | 24 |
| | — |
| | 24 |
| Corporate obligations | — |
| | 169 |
| | — |
| | 169 |
| Investment funds(2) | 115 |
| | 1,130 |
| | — |
| | 1,245 |
| Real estate funds | — |
| | — |
| | 163 |
| | 163 |
| Total | $ | 510 |
| | $ | 1,323 |
| | $ | 163 |
| | $ | 1,996 |
| | | | | | | | | As of December 31, 2011 | | | | | | | | Cash equivalents | $ | 9 |
| | $ | — |
| | $ | — |
| | $ | 9 |
| Debt securities: | | | | | | | | United Kingdom government obligations | 360 |
| | — |
| | — |
| | 360 |
| Other international government obligations | — |
| | 26 |
| | — |
| | 26 |
| Corporate obligations | — |
| | 139 |
| | — |
| | 139 |
| Investment funds(2) | 93 |
| | 974 |
| | — |
| | 1,067 |
| Real estate funds | — |
| | — |
| | 158 |
| | 158 |
| Total | $ | 462 |
| | $ | 1,139 |
| | $ | 158 |
| | $ | 1,759 |
|
| | (1) | Refer to Note 15 for additional discussion regarding the three levels of the fair value hierarchy. |
| | (2) | Investment funds are comprised of mutual funds and collective trust funds. These funds consist of equity and debt securities of approximately 40% and 60%, respectively, for 2012 and 45% and 55%, respectively, for 2011. |
The following table presents the Company's assets and liabilities recognized on the Consolidated Balance Sheets and measured at fair value on a recurring basis (in millions): | | | | | | | | | | | | | | | | | | | | | | Input Levels for Fair Value Measurements | | | | | | Level 1 | | Level 2 | | Level 3 | | Other(1) | | Total | As of December 31, 2012 | | | | | | | | | | Assets: | | | | | | | | | | Commodity derivatives | $ | 1 |
| | $ | 55 |
| | $ | 39 |
| | $ | (47 | ) | | $ | 48 |
| Money market mutual funds(2) | 589 |
| | — |
| | — |
| | — |
| | 589 |
| Debt securities: | | | | | | | | | | United States government obligations | 104 |
| | — |
| | — |
| | — |
| | 104 |
| International government obligations | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Corporate obligations | — |
| | 32 |
| | — |
| | — |
| | 32 |
| Municipal obligations | — |
| | 4 |
| | — |
| | — |
| | 4 |
| Agency, asset and mortgage-backed obligations | — |
| | 6 |
| | — |
| | — |
| | 6 |
| Auction rate securities | — |
| | — |
| | 41 |
| | — |
| | 41 |
| Equity securities: | | | | | | | | | | United States companies | 187 |
| | — |
| | — |
| | — |
| | 187 |
| International companies | 677 |
| | — |
| | — |
| | — |
| | 677 |
| Investment funds | 71 |
| | — |
| | — |
| | — |
| | 71 |
| | $ | 1,629 |
| | $ | 98 |
| | $ | 80 |
| | $ | (47 | ) | | $ | 1,760 |
| Liabilities: | | | | | | | | | | Commodity derivatives | $ | (10 | ) | | $ | (313 | ) | | $ | (7 | ) | | $ | 109 |
| | $ | (221 | ) | Interest rate derivatives | — |
| | (13 | ) | | — |
| | — |
| | (13 | ) | | $ | (10 | ) | | $ | (326 | ) | | $ | (7 | ) | | $ | 109 |
| | $ | (234 | ) |
| | | | | | | | | | | | | | | | | | | | | As of December 31, 2011 | | | | | | | | | | Assets: | | | | | | | | | | Commodity derivatives | $ | 1 |
| | $ | 166 |
| | $ | 27 |
| | $ | (147 | ) | | $ | 47 |
| Money market mutual funds(2) | 164 |
| | — |
| | — |
| | — |
| | 164 |
| Debt securities: | | | | | | | | | | United States government obligations | 89 |
| | — |
| | — |
| | — |
| | 89 |
| International government obligations | — |
| | 1 |
| | — |
| | — |
| | 1 |
| Corporate obligations | — |
| | 30 |
| | — |
| | — |
| | 30 |
| Municipal obligations | — |
| | 12 |
| | — |
| | — |
| | 12 |
| Agency, asset and mortgage-backed obligations | — |
| | 7 |
| | — |
| | — |
| | 7 |
| Auction rate securities | — |
| | — |
| | 35 |
| | — |
| | 35 |
| Equity securities: | | | | | | | | | | United States companies | 166 |
| | — |
| | — |
| | — |
| | 166 |
| International companies | 489 |
| | — |
| | — |
| | — |
| | 489 |
| Investment funds | 64 |
| | — |
| | — |
| | — |
| | 64 |
| | $ | 973 |
| | $ | 216 |
| | $ | 62 |
| | $ | (147 | ) | | $ | 1,104 |
| | | | | | | | | | | Liabilities - commodity derivatives | $ | (37 | ) | | $ | (598 | ) | | $ | (4 | ) | | $ | 303 |
| | $ | (336 | ) |
| | (1) | Represents netting under master netting arrangements and a net cash collateral receivable of $62 million and $156 million as of December 31, 2012 and 2011, respectively. |
| | (2) | Amounts are included in cash and cash equivalents; current investments and restricted cash and investments; and noncurrent investments and restricted cash and investments on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost. |
|
Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] |
The following table reconciles the beginning and ending balances of the Company's plan assets measured at fair value using significant Level 3 inputs for the years ended December 31 (in millions): | | | | | | | | | | | | | | | | Other | | Pension | | Postretirement- | | Limited | | Real | | Limited | | Partnership | | Estate | | Partnership | | Interests | | Funds | | Interests | | | | | | | Balance, December 31, 2009 | $ | 80 |
| | $ | 15 |
| | $ | 8 |
| Actual return on plan assets still held at December 31, 2010 | 10 |
| | 2 |
| | — |
| Purchases, sales, distributions and settlements | (6 | ) | | — |
| | (1 | ) | Balance, December 31, 2010 | 84 |
| | 17 |
| | 7 |
| Actual return on plan assets still held at December 31, 2011 | 7 |
| | 4 |
| | 1 |
| Purchases, sales, distributions and settlements | (20 | ) | | 3 |
| | (2 | ) | Balance, December 31, 2011 | 71 |
| | 24 |
| | 6 |
| Actual return on plan assets still held at December 31, 2012 | 7 |
| | 2 |
| | 1 |
| Purchases, sales, distributions and settlements | 18 |
| | — |
| | — |
| Balance, December 31, 2012 | $ | 96 |
| | $ | 26 |
| | $ | 7 |
|
The following table reconciles the beginning and ending balances of the UK Plan assets measured at fair value using significant Level 3 inputs for the years ended December 31 (in millions): | | | | | | | | | | | | | | Real Estate Funds | | 2012 | | 2011 | | 2010 | | | | | |
| Beginning balance | $ | 158 |
| | $ | 148 |
| | $ | 133 |
| Actual return on plan assets still held at period end | (3 | ) | | 11 |
| | 19 |
| Foreign currency exchange rate changes | 8 |
| | (1 | ) | | (4 | ) | Ending balance | $ | 163 |
| | $ | 158 |
| | $ | 148 |
|
|