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Employee Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2012
Benefit Obligation Activity Using An Actuarial Measurement Date For Qualified Plan And SERP

 

 

 

 

 

 

 

 

 

 

(In millions)

 

At December 31,

 

 

2012

 

2011

Change in projected benefit obligation:

 

 

 

 

  Benefit obligation at January 1

$

281 

$

245 

  Service cost

 

12 

 

11 

  Interest cost

 

14 

 

14 

  Actuarial loss

 

28 

 

30 

  Benefits paid

 

(15)

 

(19)

     Projected benefit obligation at December 31

$

320 

$

281 

 

 

 

 

 

Accumulated benefit obligation

$

282 

$

236 

 

 

 

 

 

Change in plan assets:

 

 

 

 

  Fair value of plan assets at January 1

$

216 

$

183 

  Actual return on plan assets

 

23 

 

17 

  Employer contributions

 

14 

 

35 

  Benefits paid

 

(15)

 

(19)

     Fair value of plan assets at December 31

$

238 

$

216 

 

 

 

 

 

Unfunded status:

 

 

 

 

  Unfunded status at December 31

$

(82)

$

(65)

 

Reconciliation Of The Funded Status For Qualified Plan And SERP

 

 

 

 

 

 

 

 

 

 

(In millions)

 

At December 31,

 

 

2012

 

2011

 

 

 

 

 

Pension amounts recognized as other liabilities in the consolidated balance sheets:

$

(82)

$

(65)

 

 

 

 

 

Amounts recognized in accumulated other comprehensive income not yet recognized:

 

 

 

 

  Net actuarial loss

$

100 

$

86 

  Prior service cost

 

 

     Total

$

101 

$

88 

 

Components Of Net Periodic Benefit Cost As Well As Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income For Qualified Plan And SERP

(In millions)

 

Years ended December 31,

 

 

2012

 

2011

 

2010

Service cost

$

12 

$

11 

$

10 

Interest cost

 

14 

 

14 

 

14 

Expected return on plan assets

 

(16)

 

(16)

 

(14)

Amortization of actuarial loss and prior service cost

 

 

 

  Net periodic benefit cost

$

18 

$

13 

$

12 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Years ended December 31,

 

 

2012

 

2011

 

2010

Current year actuarial loss

$

20 

$

30 

$

Recognition of actuarial loss

 

(6)

 

(4)

 

(2)

Recognition of prior service cost

 

(1)

 

(1)

 

(1)

     Total loss (gain) recognized in other comprehensive income

$

13 

$

25 

$

(3)

 

Fair Value Hierarchy Of Assets Measured At Fair Value On A Recurring Basis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Asset fair value measurements at December 31, 2012 using:

 

 

 

 

At December 31, 2012

 

Quoted prices in active markets for identical assets
(Level 1)

 

Significant other observable inputs
(Level 2)

 

Significant unobservable inputs
(Level 3)

 

Total

Fixed maturities, available for sale:

 

 

 

 

 

 

 

 

  States, municipalities and political subdivisions

$

-

$

36 

$

-

$

36 

  Corporate securities

 

-

 

24 

 

-

 

24 

       Total fixed maturities, available for sale

 

-

 

60 

 

-

 

60 

Common equities, available for sale

 

175 

 

-

 

-

 

175 

 

 

 

 

 

 

 

 

 

       Total

$

175 

$

60 

$

-

$

235 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Asset fair value measurements at December 31, 2011 using:

 

 

 

 

At December 31, 2011

 

Quoted prices in active markets for identical assets
(Level 1)

 

Significant other observable inputs
(Level 2)

 

Significant unobservable inputs
(Level 3)

 

Total

Fixed maturities, available for sale:

 

 

 

 

 

 

 

 

  States, municipalities and political subdivisions

$

-

$

34 

$

-

$

34 

  Corporate securities

 

-

 

25 

 

-

 

25 

       Total fixed maturities, available for sale

 

-

 

59 

 

-

 

59 

Common equities, available for sale

 

149 

 

-

 

-

 

149 

Preferred equities, available for sale

 

 

-

 

-

 

       Total

$

153 

$

59 

$

-

$

212 

 

Expected Future Benefit Payments For Qualified Plan And SERP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

Years ended December 31,

 

2013

2014

2015

2016

2017

2018 - 2022

Expected future benefit payments

$

30 

$

25 

$

27 

$

26 

$

26 

$

134 

 

Benefit Obligations [Member]
 
Weighted-Average Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Qualified Pension Plan

 

SERP

 

2012

 

2011

 

2012

 

2011

 

Discount rate

4.20 

%

5.10 

%

3.95 

%

4.75 

%

Rate of compensation increase

2.75-3.25

 

3.50-5.50

 

2.75-3.25

 

3.50-5.50

 

 

Net Periodic Benefit Cost [Member]
 
Weighted-Average Assumptions Used

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Qualified Pension Plan

 

SERP

 

 

2012

 

2011

 

2010

 

2012

 

2011

 

2010

 

Discount rate

5.10 

%

5.85 

%

6.10 

%

4.75 

%

5.55 

%

6.10 

%

Expected return on plan assets

7.50 

 

7.50 

 

8.00 

 

n/a

 

n/a

 

n/a

 

Rate of compensation increase

3.50-5.50

 

         3.50-5.50

 

         4.00-6.00

 

3.50-5.50

 

 3.50-5.50

 

         4.00-6.00