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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]  
Expense recognized for defined contribution savings plans, included in compensation and benefits and discontinued operations in the consolidated statements of income
The expense recognized for these plans is included in Compensation and benefits in the Consolidated Statements of Income, as follows (in millions):
Years ended December 31
2014
 
2013
 
2012
U.S.
$
123

 
$
123

 
$
115

U.K.
42

 
45

 
41

Other (1)
30

 
18

 
13

 
$
195

 
$
186

 
$
169

(1) Other includes the Netherlands and Canada
Pension Plans, Defined Benefit  
Defined Benefit Plan Disclosure [Line Items]  
Amounts recognized in the Consolidated Statements of Financial Position
Amounts recognized in the Consolidated Statements of Financial Position consist of (in millions):
 
U.K.
 
U.S.
 
Other
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Prepaid benefit cost (1)
$
918

 
$
549

 
$
—

 
$
—

 
$
—

 
$
1

Accrued benefit liability (2)
(223
)
 
(257
)
 
(1,314
)
 
(889
)
 
(238
)
 
(192
)
Accumulated other comprehensive loss
1,709

 
2,036

 
1,748

 
1,231

 
459

 
405

Net amount recognized
$
2,404

 
$
2,328

 
$
434

 
$
342

 
$
221

 
$
214


(1)
Included in Other non-current assets
(2)
Included in Pension, other post retirement, and post employment liabilities

Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost
Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2014 and 2013 consist of (in millions):
 
U.K.
 
U.S.
 
Other
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Net loss
$
1,687

 
$
2,012

 
$
1,737

 
$
1,219

 
$
456

 
$
402

Prior service cost
22

 
24

 
11

 
12

 
3

 
3

 
$
1,709

 
$
2,036

 
$
1,748

 
$
1,231

 
$
459

 
$
405
Components of net periodic benefit cost for the pension plans
The following table provides the components of net periodic benefit cost for the plans (in millions):
 
U.K.
 
U.S.
 
Other
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
$
1

 
$
1

 
$
1

 
$
2

 
$
7

 
$
—

 
$
—

 
$
18

 
$
14

Interest cost
230

 
210

 
217

 
129

 
114

 
119

 
47

 
45

 
48

Expected return on plan assets
(326
)
 
(302
)
 
(274
)
 
(157
)
 
(139
)
 
(127
)
 
(59
)
 
(59
)
 
(49
)
Amortization of prior-service cost
1

 
1

 
1

 
2

 
—

 
—

 
—

 
—

 
—

Amortization of net actuarial loss
52

 
49

 
43

 
42

 
52

 
43

 
10

 
23

 
17

Curtailment loss (gain) and other
—

 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

 
—

Net periodic benefit cost
$
(42
)
 
$
(41
)
 
$
(12
)
 
$
18

 
$
34

 
$
35

 
$
(4
)
 
$
27

 
$
30
Weighted-average assumptions used to determine future benefit obligations and net periodic benefit cost
The weighted-average assumptions used to determine future benefit obligations are as follows:
 
U.K.
 
U.S.
 
Other
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Discount rate
3.70%
 
4.55%
 
3.37-4.08%
 
3.97-4.87%
 
2.03-3.91%
 
3.60 - 4.71%
Rate of compensation increase
3.35-4.05%
 
3.70 - 4.40%
 
N/A
 
N/A
 
2.25-3.50%
 
2.25 - 3.50%
Underlying price inflation
1.95%
 
2.4%
 
N/A
 
N/A
 
2.00-2.50%
 
1.50 - 2.50%
The weighted-average assumptions used to determine the net periodic benefit cost are as follows:
 
U.K.
 
U.S.
 
Other
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
4.55%
 
4.45%
 
4.80%
 
3.97- 4.87%
 
3.73 - 4.05%
 
4.33 – 4.60%
 
3.60- 4.71%
 
3.25 - 3.89%
 
4.40 - 4.94%
Expected return on plan assets
6.00%
 
6.30%
 
6.30%
 
8.80%
 
8.80%
 
8.80%
 
4.70 - 6.50%
 
4.60 - 6.50%
 
4.90 - 6.75%
Rate of compensation increase
3.70- 4.40%
 
3.25 - 3.85%
 
3.55%
 
NA
 
N/A
 
N/A
 
2.25- 3.50%
 
2.25 - 3.50%
 
2.25 - 3.50%
Estimated Future Benefit Payments
Estimated future benefit payments for plans are as follows at December 31, 2014 (in millions):
 
 
U.K.
 
U.S.
 
Other
2015
 
$
136

 
$
155

 
$
44

2016
 
145

 
163

 
46

2017
 
153

 
171

 
47

2018
 
161

 
182

 
48

2019
 
174

 
180

 
49

2020 – 2024
 
1,043

 
932

 
263
Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status
 
U.K.
 
U.S.
 
Other
(millions)
2014

2013
 
2014
 
2013
 
2014
 
2013
Change in projected benefit obligation
 
 
 
 
 
 
 
 
 
 
 
At January 1
$
5,106

 
$
4,944

 
$
2,744

 
$
2,884

 
$
1,252

 
$
1,323

Service cost
1

 
1

 
2

 
7

 
—

 
18

Interest cost
230

 
210

 
129

 
114

 
47

 
45

Participant contributions
—

 
—

 
—

 
—

 
—

 
1

Plan amendment
—

 
—

 
—

 
12

 
—

 
—

Curtailments
—

 
—

 
—

 
—

 
(16
)
 
(1
)
Plan transfer and acquisitions
—

 
—

 
13

 
115

 
—

 
—

Actuarial loss (gain)
(211
)
 
145

 
265

 
17

 
(5
)
 
1

Benefit payments
(192
)
 
(186
)
 
(130
)
 
(128
)
 
(51
)
 
(44
)
Actual expenses
—

 
—

 
—

 
—

 
(2
)
 
(1
)
Change in discount rate
902

 
(95
)
 
327

 
(277
)
 
324

 
(85
)
Foreign currency impact
(307
)
 
87

 
—

 
—

 
(150
)
 
(5
)
At December 31
$
5,529

 
$
5,106

 
$
3,350

 
$
2,744

 
$
1,399

 
$
1,252

Accumulated benefit obligation at end of year
$
5,529

 
$
5,106

 
$
3,350

 
$
2,744

 
$
1,316

 
$
1,177

Change in fair value of plan assets
 
 
 
 
 
 
 
 
 
 
 
At January 1
$
5,398

 
$
4,860

 
$
1,855

 
$
1,631

 
$
1,061

 
$
1,009

Actual return on plan assets
1,199

 
304

 
190

 
199

 
253

 
34

Participant contributions
—

 
—

 
—

 
—

 
—

 
1

Employer contributions
166

 
316

 
121

 
153

 
28

 
55

Plan transfer and acquisitions
—

 
—

 
—

 
—

 
—

 
—

Benefit payments
(192
)
 
(186
)
 
(130
)
 
(128
)
 
(51
)
 
(44
)
Actual Expenses
—

 
—

 
—

 
—

 
(2
)
 
(1
)
Foreign currency impact
(347
)
 
104

 
—

 
—

 
(128
)
 
7

At December 31
$
6,224

 
$
5,398

 
$
2,036

 
$
1,855

 
$
1,161

 
$
1,061

Market related value at end of year
$
6,224

 
$
5,398

 
$
1,950

 
$
1,765

 
$
1,161

 
$
1,061

Amount recognized in Statement of Financial Position at December 31
 
 
 
 
 
 
 
 
 
 
 
Funded status
$
695

 
$
292

 
$
(1,314
)
 
$
(889
)
 
$
(238
)
 
$
(191
)
Unrecognized prior-service cost
22

 
24

 
11

 
12

 
3

 
3

Unrecognized loss
1,687

 
2,012

 
1,737

 
1,219

 
456

 
402

Net amount recognized
$
2,404

 
$
2,328

 
$
434

 
$
342

 
$
221

 
$
214
U.S. [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Fair values of pension plan assets
The fair values of the Company's U.S. pension plan assets at December 31, 2014 and December 31, 2013, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
Asset Category
Balance at December 31, 2014
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$
68

 
$
68

 


 
$
—

Equity investments: (2)
 
 
 
 
 
 
 
Large cap domestic
329

 
329

 
—

 
—

Small cap domestic
85

 
22

 
63

 
—

Large cap international
258

 
114

 
144

 
—

Equity derivatives
285

 
209

 
76

 
—

Fixed income investments: (3)
 
 
 
 
 
 
 
Corporate bonds
503

 
—

 
151

 
352

Government and agency bonds
109

 
29

 
80

 
—

Asset-backed securities
20

 
—

 
20

 
—

Fixed income derivatives
49

 


 
49

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments (4)
272

 
—

 
—

 
272

Commodity derivatives (5)
(8
)
 
—

 
(8
)
 
—

Real estate and REITS (6)
66

 
66

 
—

 
—

Total
$
2,036

 
$
837

 
$
575

 
$
624

(1)
Consists of cash and institutional short-term investment funds.

(2)
Consists of equity securities, equity derivatives, and pooled equity funds.

(3)
Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)
Consists of limited partnerships, private equity and hedge funds.

(5)
Consists of long-dated options on a commodity index.

(6)
Consists of exchange traded REITS.
 
 
 
Fair Value Measurements Using
Asset Category
Balance at December 31, 2013
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents (1)
$
53

 
$
53

 
$
—

 
$
—

Equity investments: (2)
 
 
 
 
 
 
 
Large cap domestic
303

 
303

 
—

 
—

Small cap domestic
66

 
5

 
61

 
—

Large cap international
212

 
66

 
146

 
—

Equity derivatives
361

 
146

 
215

 
—

Fixed income investments: (3)
 
 
 
 
 
 
 
Corporate bonds
395

 
—

 
395

 
—

Government and agency bonds
96

 
—

 
96

 
—

Asset-backed securities
25

 
—

 
25

 
—

Fixed income derivatives
13

 
—

 
13

 
—

Other investments:
 
 
 
 
 
 
 
Alternative investments (4)
266

 
—

 
—

 
266

Commodity derivatives (5)
14

 
—

 
14

 
—

Real estate and REITS (6)
51

 
51

 
—

 
—

Total
$
1,855

 
$
624

 
$
965

 
$
266


(1)
Consists of cash and institutional short-term investment funds.

(2)
Consists of equity securities, equity derivatives, and pooled equity funds.

(3)
Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)
Consists of limited partnerships, private equity and hedge funds.

(5)
Consists of long-dated options on a commodity index.

(6)
Consists of exchange traded REITS.
Changes in the Level 3 fair-value category
The following table presents the changes in the Level 3 fair-value category in the Company's U.S. pension plans for the years ended December 31, 2014 and December 31, 2013 (in millions):
 
Fair Value Measurement
Using Level 3 Inputs
Balance at January 1, 2013
$
262

Actual return on plan assets:
 
Relating to assets still held at December 31, 2013
26

Relating to assets sold during 2013
4

Purchases, sales and settlements—net
(26
)
Transfer in/(out) of Level 3
—

Balance at December 31, 2013
266

Actual return on plan assets:
 
Relating to assets still held at December 31, 2014
32

Relating to assets sold during 2014
5

Purchases, sales and settlements—net
321

Transfer in/(out) of Level 3
—

Balance at December 31, 2014
$
624
U.K. [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Fair values of pension plan assets
The fair values of the Company's major U.K. pension plan assets at December 31, 2014 and December 31, 2013, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2014
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents
$
224

 
$
224

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
203

 


 
203

 
—

Europe
16

 
—

 
16

 
—

Equity securities — global (2)
127

 
127

 
—

 
—

Derivatives (2)
—

 
—

 
—

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
279

 


 
279

 
—

Fixed income securities (3)
3,292

 
3,292

 


 
—

Annuities
836

 
—

 
—

 
836

Derivatives (3)
233

 
—

 
233

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Real estate (4)
39

 
—

 
—

 
39

Alternative investments (5)
968

 
—

 
—

 
968

Real estate
7

 
 
 
 
 
7

Total
$
6,224

 
$
3,643

 
$
731

 
$
1,850

(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds and fixed income derivatives.

(4)
Consists of property funds and trusts holding direct real estate investments.

(5)
Consists of limited partnerships, private equity and hedge funds.
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2013
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents
$
555

 
$
555

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
668

 
—

 
668

 
—

Europe
155

 
—

 
155

 
—

Equity securities — global (2)
171

 
171

 
—

 
—

Derivatives (2)
31

 
—

 
31

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
500

 
—

 
500

 
—

Fixed income securities (3)
2,043

 
2,043

 
—

 
—

Annuities
564

 
—

 
—

 
564

Derivatives (3)
142

 
—

 
142

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Real estate (4)
23

 
—

 
—

 
23

Alternative investments (5)
546

 
—

 
—

 
546

Total
$
5,398

 
$
2,769

 
$
1,496

 
$
1,133


(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds and fixed income derivatives.

(4)
Consists of property funds and trusts holding direct real estate investments.

(5)
Consists of limited partnerships, private equity and hedge funds.
Changes in the Level 3 fair-value category
The following table presents the changes in the Level 3 fair-value category in the Company's U.K. pension plans for the years ended December 31, 2014 and December 31, 2013 (in millions):
 
Fair Value Measurements Using Level 3 Inputs
 
Annuities
 
Real
Estate
 
Alternative
Investments
 
Total
Balance at January 1, 2013
$
568

 
$
70

 
$
446

 
$
1,084

Actual return on plan assets:
 
 
 
 
 
 
 
Relating to assets still held at December 31, 2013
(13
)
 
1

 
32

 
20

Relating to assets sold during 2013
—

 
3

 
5

 
8

Purchases, sales and settlements—net
—

 
(50
)
 
51

 
1

Transfers in/(out) of Level 3
—

 
—

 
—

 
—

Foreign exchange
9

 
(1
)
 
12

 
20

Balance at December 31, 2013
564

 
23

 
546

 
1,133

Actual return on plan assets:
 
 
 
 
 
 
 
Relating to assets still held at December 31, 2014
(13
)
 
3

 
319

 
309

Relating to assets sold during 2014
—

 
1

 
5

 
6

Purchases, sales and settlements—net
333

 
21

 
359

 
713

Transfers in/(out) of Level 3
—

 
—

 
(206
)
 
(206
)
Foreign exchange
(48
)
 
(2
)
 
(55
)
 
(105
)
Balance at December 31, 2014
$
836

 
$
46

 
$
968

 
$
1,850
U.S. and Canadian Other Post-Retirement Benefits [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Fair values of pension plan assets
The fair values of the Company's major other pension plan assets at December 31, 2014 and December 31, 2013, by asset category, are as follows (in millions):
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2014
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents
$
12

 
$
12

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
295

 
—

 
295

 
—

North America
42

 
—

 
42

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
629

 
—

 
629

 
—

Derivatives
18

 
—

 
18

 
—

Fixed income securities (2)
35

 
—

 
35

 
—

Derivatives (2)
74

 
—

 
74

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Commodities
21

 
—

 
21

 
—

REITS
3

 
—

 
3

 
—

Alternative investments (4)
8

 
—

 
—

 
8

Derivatives
24

 
—

 
24

 
—

Total
$
1,161

 
$
12

 
$
1,141

 
$
8

(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of corporate and government bonds and fixed income derivatives.

(3)
Consists of property funds and trusts holding direct real estate investments.

(4)
Consists of limited partnerships, private equity and hedge funds.
 
 
 
Fair Value Measurements Using
 
Balance at December 31, 2013
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Cash and cash equivalents
$
11

 
$
11

 
$
—

 
$
—

Equity investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Global
318

 
—

 
318

 
—

North America
52

 
—

 
52

 
—

Fixed income investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Fixed income securities
509

 
—

 
509

 
—

Derivatives
20

 
—

 
20

 
—

Fixed income securities (2)
61

 
—

 
61

 
—

Derivatives (2)
14

 
—

 
14

 
—

Other investments:
 
 
 
 
 
 
 
Pooled funds: (1)
 
 
 
 
 
 
 
Commodities
32

 
—

 
32

 
—

REITS
5

 
—

 
5

 
—

Real estate (3)
17

 
—

 
—

 
17

Alternative investments (4)
8

 
—

 
—

 
8

Derivatives
14

 
—

 
14

 
—

Total
$
1,061

 
$
11

 
$
1,025

 
$
25


(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of corporate and government bonds and fixed income derivatives.

(3)
Consists of property funds and trusts holding direct real estate investments.

(4)
Consists of limited partnerships, private equity and hedge funds.
Changes in the Level 3 fair-value category
The following table presents the changes in the Level 3 fair-value category in the Company's other pension plans for the years ended December 31, 2014 and December 31, 2013 (in millions):
 
Fair Value Measurements Using Level 3 Inputs
 
Real
Estate
 
Alternative
Investments
 
Total
Balance at January 1, 2013
$
17

 
$
11

 
$
28

Actual return on plan assets:
 
 
 
 
 
Relating to assets still held at December 31, 2013
(1
)
 
1

 
—

Relating to assets sold during 2013
—

 
1

 
1

Purchases, sales and settlements—net
—

 
(4
)
 
(4
)
Transfers in/(out) of Level 3
—

 
—

 
—

Foreign exchange
1

 
(1
)
 
—

Balance at December 31, 2013
17

 
8

 
25

Actual return on plan assets:
 
 
 
 
 
Relating to assets still held at December 31, 2014
—

 
1

 
1

Relating to assets sold during 2014
—

 
—

 
—

Purchases, sales and settlements—net
(17
)
 
—

 
(17
)
Transfers in/(out) of Level 3
—

 
—

 
—

Foreign exchange
—

 
(1
)
 
(1
)
Balance at December 31, 2014
$
—

 
$
8

 
$
8
Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status
The following table provides an overview of the accumulated projected benefit obligation, fair value of plan assets, funded status and net amount recognized as of December 31, 2014 and 2013 for the Company's other significant post-retirement benefit plans located in the U.S. and Canada (in millions):
 
2014
 
2013
Accumulated projected benefit obligation
$
116

 
$
118

Fair value of plan assets
19

 
20

Funded status
(97
)
 
(98
)
Unrecognized prior-service credit
(4
)
 
(9
)
Unrecognized loss
15

 
18

Net amount recognized
$
(86
)
 
$
(89
)
Other information related to the Company's other post-retirement benefit plans
Other information related to the Company's other post-retirement benefit plans are as follows:
 
2014
 
2013
 
2012
Net periodic benefit cost recognized (millions)
$3
 
$4
 
$1
Weighted-average discount rate used to determine future benefit obligations
3.83 - 4.08
 
4.44 - 4.95
 
3.67 - 4.00
Weighted-average discount rate used to determine net periodic benefit costs
4.44 - 4.95
 
3.67 - 4.00
 
4.33 - 5.00