Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

We sponsor numerous defined benefit and defined contribution pension and other post-retirement benefit plans, primarily retiree health care, in our domestic and international operations. December 31 is the measurement date for all of our post-retirement benefit plans.



	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Retiree Health
	2015			2014			2015			2014			2015			2014
Change in Benefit Obligation:
Benefit obligation, January 1	$	4,716		$	3,893		$	7,139		$	6,664		$	937		$	856
Service cost	4			9			32			34			7			9
Interest cost	83			281			212			272			34			36
Plan participants' contributions	—			—			4			5			14			16
Actuarial (gain) loss	(225		)	813			(107		)	1,069			(4		)	119
Currency exchange rate changes	—			—			(538		)	(594		)	(25		)	(13		)
Plan Amendments/Curtailments	—			(7		)	(17		)	—			(31		)	—
Divestitures⁽²⁾	—			—			—			(27		)	—			—
Benefits paid/settlements	(378		)	(273		)	(260		)	(279		)	(77		)	(86		)
Other	—			—			—			(5		)	—			—
Benefit Obligation, December 31	$	4,200		$	4,716		$	6,465		$	7,139		$	855		$	937

Change in Plan Assets:
Fair value of plan assets, January 1	$	3,126		$	2,876		$	6,088		$	5,789		$	—		$	—
Actual return on plan assets	(72		)	398			(17		)	899			—			—
Employer contribution	177			124			132			160			63			70
Plan participants' contributions	—			—			4			5			14			16
Currency exchange rate changes	—			—			(440		)	(484		)	—			—
Benefits paid/settlements	(378		)	(273		)	(260		)	(279		)	(77		)	(86		)
Other	—			1			(4		)	(2		)	—			—
Fair Value of Plan Assets, December 31	$	2,853		$	3,126		$	5,503		$	6,088		$	—		$	—

Net Funded Status at December 31⁽¹⁾	$	(1,347	)	$	(1,590	)	$	(962	)	$	(1,051	)	$	(855	)	$	(937	)

Amounts Recognized in the Consolidated Balance Sheets:
Other long-term assets	$	—		$	—		$	31		$	17		$	—		$	—
Accrued compensation and benefit costs	(23		)	(24		)	(27		)	(28		)	(68		)	(72		)
Pension and other benefit liabilities	(1,324		)	(1,566		)	(966		)	(1,040		)	—			—
Post-retirement medical benefits	—			—			—			—			(787		)	(865		)
Net Amounts Recognized	$	(1,347	)	$	(1,590	)	$	(962	)	$	(1,051	)	$	(855	)	$	(937	)

_______________


(1)	Includes under-funded and un-funded plans.


(2)	Represents the net un-funded pension obligations related to our ITO business, which was reported as a discontinued operation through its date of sale on June 30, 2015. These obligations were assumed by the purchaser of the ITO business. The net pension cost associated with these plans is immaterial. Refer to Note 4 - Divestitures for additional information regarding this sale.

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

Benefit plans pre-tax amounts recognized in AOCL at December 31:



	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Retiree Health
	2015			2014			2015			2014			2015			2014
Net actuarial loss	$	1,119		$	1,301		$	1,995		$	2,036		$	112		$	122
Prior service credit	(11		)	(13		)	(33		)	(20		)	(34		)	(42		)
Total Pre-tax Loss	$	1,108		$	1,288		$	1,962		$	2,016		$	78		$	80

Accumulated Benefit Obligation	$	4,200		$	4,716		$	6,222		$	6,883

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Aggregate information for pension plans with an Accumulated benefit obligation in excess of plan assets is presented below:



	December 31, 2015						December 31, 2014
	Projected benefit obligation		Accumulated benefit obligation		Fair value of plan assets		Projected benefit obligation		Accumulated benefit obligation		Fair value of plan assets
Underfunded Plans:
U.S.	$	3,855	$	3,855	$	2,853	$	4,351	$	4,351	$	3,126
Non U.S.	4,853		4,692		4,336		6,376		6,125		5,848

Unfunded Plans:
U.S.	$	345	$	345	$	—	$	365	$	365	$	—
Non U.S.	423		414		—		567		551		—

Total Underfunded and Unfunded Plans:
U.S.	$	4,200	$	4,200	$	2,853	$	4,716	$	4,716	$	3,126
Non U.S.	5,276		5,106		4,336		6,943		6,676		5,848
Total	$	9,476	$	9,306	$	7,189	$	11,659	$	11,392	$	8,974

Schedule of Defined Benefit Pension Assets and Obligations by Geography

Our pension plan assets and benefit obligations at December 31, 2015 were as follows:



(in billions)	Fair Value of Pension Plan Assets		Pension Benefit Obligations		Net Funded Status
U.S. funded	$	2.9	$	3.9	$	(1.0	)
U.S. unfunded	—		0.3		(0.3		)
Total U.S.	$	2.9	$	4.2	$	(1.3	)
U.K.	3.6		4.0		(0.4		)
Canada	0.7		0.7		—
Other unfunded	1.2		1.8		(0.6		)
Total	$	8.4	$	10.7	$	(2.3	)

Schedule of Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations

The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:



	Year Ended December 31,
	Pension Benefits
	U.S. Plans									Non-U.S. Plans									Retiree Health
	2015			2014			2013			2015			2014			2013			2015			2014			2013
Components of Net Periodic Benefit Costs:
Service cost	$	4		$	9		$	10		$	32		$	34		$	91		$	7		$	9		$	9
Interest cost⁽¹⁾	83			281			154			212			272			260			34			36			33
Expected return on plan assets⁽²⁾	(83		)	(290		)	(179		)	(293		)	(342		)	(317		)	—			—			—
Recognized net actuarial loss	24			17			19			72			54			77			1			1			2
Amortization of prior service credit	(2		)	(2		)	(2		)	4			(1		)	—			(18		)	(43		)	(43		)
Recognized settlement loss	88			51			162			1			—			—			—			—			—
Recognized curtailment gain	—			—			—			—			(1		)	(8		)	(22		)	—			—
Defined Benefit Plans	114			66			164			28			16			103			2			3			1
Defined contribution plans	61			58			64			39			44			25			n/a			n/a			n/a
Net Periodic Benefit Cost	175			124			228			67			60			128			2			3			1

Other changes in plan assets and benefit obligations recognized in Other Comprehensive Income:
Net actuarial (gain) loss	(70		)	697			(403		)	195			481			(224		)	(4		)	119			(88		)
Prior service credit	—			—			—			(16		)	(6		)	(14		)	(32		)	—			—
Amortization of net actuarial loss	(112		)	(68		)	(181		)	(73		)	(54		)	(77		)	(1		)	(1		)	(2		)
Amortization of net prior service credit	2			2			2			(4		)	1			—			18			43			43
Curtailment gain	—			—			—			—			2			—			22			n/a			n/a
Total Recognized in Other Comprehensive Income	(180		)	631			(582		)	102			424			(315		)	3			161			(47		)
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive Income	$	(5	)	$	755		$	(354	)	$	169		$	484		$	(187	)	$	5		$	164		$	(46	)

_______________


(1)	Interest cost includes interest expense on non-TRA obligations of $320, $371 and $349 and interest expense directly allocated to TRA participant accounts of $(25), $182 and $65 for the years ended December 31, 2015, 2014 and 2013, respectively.


(2)	Expected return on plan assets includes expected investment income on non-TRA assets of $401, $450 and $431 and actual investment income on TRA assets of $(25), $182 and $65 for the years ended December 31, 2015, 2014 and 2013, respectively.

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables presents the defined benefit plans assets measured at fair value and the basis for that measurement:



	December 31, 2015
	U.S. Plans													Non-U.S. Plans
Asset Class	Level 1			Level 2			Level 3		Total			%		Level 1		Level 2			Level 3		Total			%
Cash and cash equivalents	$	174		$	—		$	—	$	174		6	%	$	578	$	—		$	—	$	578		10	%
Equity Securities:
U.S. large cap	289			—			—		289			10	%	170		44			—		214			4	%
U.S. mid cap	61			—			—		61			2	%	5		—			—		5			—	%
U.S. small cap	45			20			—		65			2	%	25		—			—		25			—	%
International developed	170			75			—		245			9	%	800		139			—		939			17	%
Emerging markets	119			91			—		210			7	%	217		58			—		275			5	%
Global Equity	—			—			—		—			—	%	4		—			—		4			—	%
Total Equity Securities	684			186			—		870			30	%	1,221		241			—		1,462			26	%
Fixed Income Securities:
U.S. treasury securities	—			222			—		222			8	%	—		48			—		48			1	%
Debt security issued by government agency	—			156			—		156			5	%	3		1,623			—		1,626			30	%
Corporate bonds	—			926			—		926			32	%	3		741			—		744			14	%
Asset backed securities	—			2			—		2			—	%	—		1			—		1			—	%
Total Fixed Income Securities	—			1,306			—		1,306			45	%	6		2,413			—		2,419			45	%
Derivatives:
Interest rate contracts	—			(8		)	—		(8		)	—	%	—		90			—		90			2	%
Foreign exchange contracts	—			—			—		—			—	%	—		(34		)	—		(34		)	(1	)%
Equity contracts	—			—			—		—			—	%	—		(51		)	—		(51		)	(1	)%
Other contracts	—			—			—		—			—	%	—		4			—		4			—	%
Total Derivatives	—			(8		)	—		(8		)	—	%	—		9			—		9			—	%
Real estate	42			37			19		98			3	%	—		26			280		306			6	%
Private equity/venture capital	—			—			499		499			18	%	—		—			550		550			10	%
Guaranteed insurance contracts	—			—			—		—			—	%	—		—			124		124			2	%
Other⁽¹⁾	(103		)	17			—		(86		)	(2	)%	5		50			—		55			1	%
Total Fair Value of Plan Assets	$	797		$	1,538		$	518	$	2,853		100	%	$	1,810	$	2,739		$	954	$	5,503		100	%

_____________________________


(1)	Other Level 1 assets include net non-financial assets of $(103) U.S. and $5 Non-U.S., such as due to/from broker, interest receivables and accrued expenses. In 2015, the US Plans' Other included plan liabilities of $116 related to unsettled transactions such as purchases or sales of US Treasury securities with settlement dates beyond fiscal year-end.



	December 31, 2014
	U.S. Plans													Non-U.S. Plans
Asset Class	Level 1			Level 2			Level 3		Total			%		Level 1		Level 2			Level 3		Total			%
Cash and cash equivalents	$	52		$	—		$	—	$	52		2	%	$	608	$	—		$	—	$	608		10	%
Equity Securities:
U.S. large cap	332			15			—		347			11	%	253		52			—		305			5	%
U.S. mid cap	73			—			—		73			2	%	10		—			—		10			—	%
U.S. small cap	52			39			—		91			3	%	28		—			—		28			—	%
International developed	195			92			—		287			9	%	1,065		162			—		1,227			20	%
Emerging markets	140			113			—		253			8	%	276		69			—		345			6	%
Global Equity	2			7			—		9			—	%	4		6			—		10			—	%
Total Equity Securities	794			266			—		1,060			33	%	1,636		289			—		1,925			31	%
Fixed Income Securities:
U.S. treasury securities	—			145			—		145			5	%	7		26			—		33			1	%
Debt security issued by government agency	—			225			—		225			7	%	25		1,536			—		1,561			26	%
Corporate bonds	—			988			—		988			32	%	23		850			—		873			15	%
Asset backed securities	—			10			—		10			—	%	—		1			—		1			—	%
Total Fixed Income Securities	—			1,368			—		1,368			44	%	55		2,413			—		2,468			42	%
Derivatives:
Interest rate contracts	—			(1		)	—		(1		)	—	%	—		128			—		128			2	%
Foreign exchange contracts	—			1			—		1			—	%	—		(5		)	—		(5		)	—	%
Equity contracts	—			—			—		—			—	%	—		—			—		—			—	%
Other contracts	—			—			—		—			—	%	—		14			—		14			—	%
Total Derivatives	—			—			—		—			—	%	—		137			—		137			2	%
Real estate	46			39			25		110			4	%	—		29			279		308			5	%
Private equity/venture capital	—			—			497		497			16	%	—		—			499		499			8	%
Guaranteed insurance contracts	—			—			—		—			—	%	—		—			129		129			2	%
Other⁽¹⁾	(1		)	40			—		39			1	%	6		8			—		14			—	%
Total Fair Value of Plan Assets	$	891		$	1,713		$	522	$	3,126		100	%	$	2,305	$	2,876		$	907	$	6,088		100	%

_____________________________


(1)	Other Level 1 assets include net non-financial liabilities of $(1) U.S. and $6 Non-U.S., such as due to/from broker, interest receivables and accrued expenses.

The following tables represents a roll-forward of the defined benefit plans assets measured using significant unobservable inputs (Level 3 assets):



	Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
	U.S. Defined Benefit Plans Assets									Non-U.S. Defined Benefit Plans Assets
	Real Estate			Private Equity/Venture Capital			Total			Real Estate			Private Equity/Venture Capital			Guaranteed Insurance Contracts			Total
Balance at December 31, 2013	$	29		$	451		$	480		$	269		$	212		$	135		$	616
Purchases	1			44			45			74			279			22			375
Sales	(6		)	(59		)	(65		)	(64		)	—			(25		)	(89		)
Realized (losses) gains	(7		)	41			34			20			—			15			35
Unrealized gains (losses)	8			20			28			(1		)	38			—			37
Currency translation	—			—			—			(19		)	(30		)	(18		)	(67		)
Balance at December 31, 2014	25			497			522			279			499			129			907
Purchases	—			48			48			10			56			22			88
Sales	(16		)	(67		)	(83		)	(7		)	—			(21		)	(28		)
Realized gains (losses)	1			52			53			(1		)	—			6			5
Unrealized gains (losses)	9			(31		)	(22		)	14			21			1			36
Currency translation	—			—			—			(15		)	(26		)	(13		)	(54		)
Balance at December 31, 2015	$	19		$	499		$	518		$	280		$	550		$	124		$	954

Schedule of Allocation of Plan Assets

The target asset allocations for our worldwide defined benefit pension plans were:



	2015		2014
	U.S.	Non-U.S.	U.S.	Non-U.S.
Equity investments	34%	29%	33%	34%
Fixed income investments	43%	47%	43%	47%
Real estate	6%	6%	8%	9%
Private equity	9%	10%	9%	6%
Other	8%	8%	7%	4%
Total Investment Strategy	100%	100%	100%	100%

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years:



	Pension Benefits
	U.S.		Non-U.S.		Total		Retiree Health
2016	$	436	$	230	$	666	$	70
2017	392		239		631		68
2018	340		247		587		67
2019	319		254		573		66
2020	311		270		581		64
Years 2021-2024	1,469		1,411		2,880		296

Schedule of Assumptions Used

Weighted-average assumptions used to determine benefit obligations at the plan measurement dates:



	Pension Benefits
	2015				2014				2013
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	4.3	%	3.3	%	3.9	%	3.1	%	4.8	%	4.2	%
Rate of compensation increase	0.2	%	2.6	%	0.2	%	2.6	%	0.2	%	2.7	%



	Retiree Health
	2015		2014		2013
Discount rate	4.09	%	3.8	%	4.5	%

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



	Pension Benefits
	2016				2015				2014				2013
	U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.		U.S.		Non-U.S.
Discount rate	4.3	%	3.3	%	3.9	%	3.1	%	4.8	%	4.2	%	3.7	%	4.0	%
Expected return on plan assets	7.5	%	4.9	%	7.5	%	5.2	%	7.8	%	6.1	%	7.8	%	6.1	%
Rate of compensation increase	0.2	%	2.6	%	0.2	%	2.6	%	0.2	%	2.7	%	0.2	%	2.6	%



	Retiree Health
	2016		2015		2014		2013
Discount rate	4.09	%	3.8	%	4.5	%	3.6	%

_____________________________

Note: Expected return on plan assets is not applicable to retiree health benefits as these plans are not funded. Rate of compensation increase is not applicable to retiree health benefits as compensation levels do not impact earned benefits.

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates were as follows:



	December 31,
	2015		2014
Health care cost trend rate assumed for next year	7.5	%	7.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.9	%	4.9	%
Year that the rate reaches the ultimate trend rate	2026		2023

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects:



	1% increase		1% decrease
Effect on total service and interest cost components	$	4	$	(4	)
Effect on post-retirement benefit obligation	62		(54		)