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Retirement Benefits (Notes)
 6 Months Ended
Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]  
RETIREMENT BENEFITS
RETIREMENT BENEFITS

In the first quarter of 2015, we recorded a $782 million adjustment to correct for an understatement in the year-end 2014 valuation of our U.S. pension benefit obligation. The adjustment reduced Other assets by $301 million and increased Other liabilities and deferred revenue by $481 million. The resulting after-tax adjustment to Other comprehensive income was a loss of $508 million. The adjustments were not material to current or prior period financial statements.
Defined Benefit Plans - Expense

The pre-tax expense for our defined benefit pension and OPEB plans for the periods ended June 30 was as follows (in millions):
 
Second Quarter
 
Pension Benefits
 
 
 
 
 
U.S. Plans
 
Non-U.S. Plans
 
Worldwide OPEB
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Service cost
$
146

 
$
126

 
$
133

 
$
120

 
$
15

 
$
14

Interest cost
455

 
498

 
232

 
302

 
59

 
67

Expected return on assets
(688
)
 
(678
)
 
(343
)
 
(383
)
 
—

 
—

Amortization of:
 

 
 

 
 

 
 

 
 

 
 

Prior service costs/(credits)
39

 
39

 
11

 
13

 
(52
)
 
(57
)
(Gains)/Losses
116

 
52

 
199

 
148

 
35

 
25

Separation programs/other
(1
)
 
1

 
12

 
23

 
3

 
(1
)
Recognition of (gains)/losses due to:
 
 
 
 
 
 
 
 
 
 
 
Curtailments
—

 
—

 
—

 
—

 
—

 
—

Settlements
—

 
—

 
—

 
—

 
—

 
—

  Total expense/(income)
$
67

 
$
38

 
$
244

 
$
223

 
$
60

 
$
48


 
First Half
 
Pension Benefits
 
 
 
 
 
U.S. Plans
 
Non-U.S. Plans
 
Worldwide OPEB
 
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Service cost
$
293

 
$
253

 
$
268

 
$
238

 
$
30

 
$
27

Interest cost
909

 
996

 
471

 
602

 
119

 
134

Expected return on assets
(1,377
)
 
(1,356
)
 
(692
)
 
(762
)
 
—

 
—

Amortization of:
 
 
 

 
 
 
 
 
 
 


Prior service costs/(credits)
78

 
78

 
23

 
27

 
(103
)
 
(114
)
(Gains)/Losses
232

 
103

 
404

 
296

 
71

 
49

Separation programs/other
1

 
1

 
19

 
39

 
2

 
—

Recognition of (gains)/losses due to:
 
 
 
 
 
 
 
 
 
 
 
Curtailments
—

 
—

 
—

 
—

 
—

 
—

Settlements
—

 
—

 
—

 
14

 
—

 
—

  Total expense/(income)
$
136

 
$
75

 
$
493

 
$
454

 
$
119

 
$
96



Pension Plan Contributions

In 2015, we expect to contribute $1.1 billion from Automotive cash and cash equivalents to our worldwide funded pension plans (most of which are mandatory contributions), and to make about $400 million of benefit payments to participants in unfunded plans, for a total of $1.5 billion. In the first half of 2015, we contributed about $900 million to our worldwide funded pension plans and made about $200 million of benefit payments to participants in unfunded plans.