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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]  
Schedule Of Benefits To Be Paid From Retirement Plans Over The Next Ten Years
We expect the following benefits to be paid from our retirement plans over the next 10 years:
 
Pension
Benefits
 
Other Post-retirement
Benefits
2015
$
538

 
$
70

2016
563

 
69

2017
589

 
69

2018
616

 
68

2019
644

 
68

2020-2024
3,680

 
337
Schedule of Annual Pension and Other Post-retirement Benefit Costs
Our annual pension and other post-retirement benefit costs consisted of the following:
 
Pension Benefits
Year Ended December 31
2014
 
2013
 
2012
Service cost
$
186

 
$
298

 
$
266

Interest cost
532

 
492

 
523

Expected return on plan assets
(655
)
 
(590
)
 
(588
)
Recognized net actuarial loss
320

 
409

 
287

Amortization of prior service credit
(67
)
 
(67
)
 
(42
)
Annual benefit cost
$
316

 
$
542

 
$
446

 
Other Post-retirement Benefits
Year Ended December 31
2014
 
2013
 
2012
Service cost
$
12

 
$
15

 
$
12

Interest cost
52

 
53

 
59

Expected return on plan assets
(31
)
 
(29
)
 
(30
)
Recognized net actuarial loss
9

 
26

 
10

Amortization of prior service (credit) cost
(2
)
 
7

 
7

Annual benefit cost
$
40

 
$
72

 
$
58
Reconciliation Of Benefit Obligations And Plan or Trust Assets And Resulting Funded Status Of Defined Benefit Retirement Plans
The following is a reconciliation of the benefit obligations and plan/trust assets, and the resulting funded status, of our defined-benefit retirement plans:
 
Pension Benefits
 
Other Post-retirement Benefits
Year Ended December 31
2014
 
2013
 
2014
 
2013
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
(11,013
)
 
$
(12,114
)
 
$
(1,183
)
 
$
(1,384
)
Service cost
(186
)
 
(298
)
 
(12
)
 
(15
)
Interest cost
(532
)
 
(492
)
 
(52
)
 
(53
)
Amendments
(1
)
 
234

 
55

 
—

Actuarial gain (loss)
(2,083
)
 
1,094

 
(30
)
 
177

Settlement/curtailment/other
64

 
2

 
15

 
11

Benefits paid
515

 
561

 
77

 
81

Benefit obligation at end of year
$
(13,236
)
 
$
(11,013
)
 
$
(1,130
)
 
$
(1,183
)
Change in Plan/Trust Assets
 
 
 
 
 
 
 
Fair value of assets at beginning of year
$
8,476

 
$
7,227

 
$
519

 
$
426

Actual return on plan assets
664

 
1,200

 
68

 
116

Employer contributions
513

 
601

 
6

 
25

Settlement/curtailment/other
(65
)
 
(3
)
 
(1
)
 
—

Benefits paid
(504
)
 
(549
)
 
(39
)
 
(48
)
Fair value of assets at end of year
$
9,084

 
$
8,476

 
$
553

 
$
519

Funded status at end of year
$
(4,152
)
 
$
(2,537
)
 
$
(577
)
 
$
(664
)
Amounts Recognized On Consolidated Balance Sheet
Amounts recognized on our Consolidated Balance Sheets consisted of the following:
 
Pension Benefits
 
Other Post-retirement Benefits
December 31
2014
 
2013
 
2014
 
2013
Noncurrent assets
$
176

 
$
178

 
$
—

 
$
—

Current liabilities
(128
)
 
(104
)
 
(181
)
 
(199
)
Noncurrent liabilities
(4,200
)
 
(2,611
)
 
(396
)
 
(465
)
Net liability recognized
$
(4,152
)
 
$
(2,537
)
 
$
(577
)
 
$
(664
)
Amounts Deferred In AOCI
Amounts deferred in AOCL consisted of the following:
 
Pension Benefits
 
Other Post-retirement Benefits
December 31
2014
 
2013
 
2014
 
2013
Net actuarial loss
$
5,364

 
$
3,618

 
$
89

 
$
109

Prior service (credit) cost
(320
)
 
(387
)
 
(38
)
 
10

Total amount recognized in AOCL, pretax
$
5,044

 
$
3,231

 
$
51

 
$
119
Reconciliation Of The Change In AOCI For Defined-Benefit Retirement Plans
The following is a reconciliation of the change in AOCL for our defined-benefit retirement plans:
 
Pension Benefits
 
Other Post-retirement Benefits
Year Ended December 31
2014
 
2013
 
2014
 
2013
Net actuarial loss (gain)
$
2,074

 
$
(1,704
)
 
$
(7
)
 
$
(264
)
Prior service cost (credit)
1

 
(234
)
 
(55
)
 
—

Amortization of:
 
 
 
 
 
 
 
Net actuarial loss from prior years
(320
)
 
(409
)
 
(9
)
 
(26
)
Prior service credit (cost)
67

 
67

 
2

 
(7
)
Other*
(9
)
 
(12
)
 
1

 
(6
)
Change in AOCL, pretax
$
1,813

 
$
(2,292
)
 
$
(68
)
 
$
(303
)
Amounts Deferred In AOCI On The Consolidated Balance Sheet
The following table represents amounts deferred in AOCL on the Consolidated Balance Sheets on December 31, 2014, that we expect to recognize in our retirement benefit cost in 2015:
 
Pension Benefits
 
Other Post-retirement
Benefits
 
Prior service credit
$
(67
)
 
$
(5
)
 
Net actuarial loss
438

 
6

 
Schedule Of ABO That Exceeded The Plans' Assets
Summary information for those plans follows:
December 31
2014
 
2013
PBO
$
(12,797
)
 
$
(10,627
)
ABO
(12,363
)
 
(10,275
)
Fair value of plan assets
8,578

 
7,988
Assumptions Used To Determine Our Benefit Obligations And Net Periodic Benefit Costs
The following table summarizes the weighted average assumptions used to determine our benefit obligations:
Assumptions on December 31
2014
 
2013
Pension Benefits
 
 
 
Discount rate
4.10
%
 
4.95
%
Rate of increase in compensation levels
3.43
%
 
3.70
%
Other Post-retirement Benefits
 
 
 
Discount rate
4.03
%
 
4.74
%
Healthcare cost trend rate:
 
 
 
Trend rate for next year
7.00
%
 
8.00
%
Ultimate trend rate
5.00
%
 
5.00
%
Year rate reaches ultimate trend rate
2024

 
2019
Weighted Average Assumptions To Determine Net Periodic Benefit Costs
The following table summarizes the weighted average assumptions used to determine our net periodic benefit costs:
Assumptions for Year Ended December 31
2014
 
2013
 
2012
Pension Benefits
 
 
 
 
 
Discount rate
4.95
%
 
4.22
%
 
5.22
%
Expected long-term rate of return on assets
8.16
%
 
8.14
%
 
8.24
%
Rate of increase in compensation levels
3.78
%
 
3.79
%
 
3.77
%
Other Post-retirement Benefits
 
 
 
 
 
Discount rate
4.74
%
 
3.97
%
 
5.13
%
Expected long-term rate of return on assets
8.03
%
 
8.03
%
 
8.03
%
Defined Bemefit Plan, Effect of Point Twenty Five Percentage Point Change on Net Cost
For our domestic pension plans that represent the majority of our total obligation, the following hypothetical changes in the discount rate and expected long-term rate of return on plan assets would have had the following impact in 2014:
 
Increase
25 basis points
 
Decrease
25 basis points
Increase (decrease) to net pension cost from:
 
 
 
Change in discount rate
$
(29
)
 
$
30

Change in long-term rate of return on plan assets
(18
)
 
18
Asset Allocation Policy Ranges
At the end of 2014, our asset allocation policy ranges were:
Equities
48 - 68%  
Fixed income
20 - 48%  
Cash
0 - 5%  
Other asset classes
0 - 16%  
Fair Value Of Pension Plan Assets By Investment Category And The Corresponding Level Within The Fair Value Hierarchy
The fair value of our pension plan assets by investment category and the corresponding level within the fair value hierarchy were as follows:
 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 

Significant
Unobservable
Inputs
(Level 3)
 
Asset Category
December 31, 2014
 
Cash
$
32

 
$
32

 
$
—

 
$
—

 
Equity securities
 
 
 
 
 
 
 
 
U.S. companies (a)
775

 
775

 
—

 
—

 
Non-U.S. companies
90

 
90

 
—

 
—

 
Private equity investments
9

 
—

 
—

 
9

 
Fixed-income securities
 
 
 
 
 
 
 
 
Treasury securities
449

 
—

 
449

 
—

 
Corporate bonds (b)
2,354

 
—

 
2,354

 
—

 
Commingled funds
 
 
 
 
 
 
 
 
Equity funds
4,272

 
—

 
4,272

 
—

 
Money market funds
49

 
—

 
49

 
—

 
Fixed-income funds
296

 
—

 
296

 
—

 
Real estate funds
139

 
—

 
—

 
139

 
Commodity funds
6

 
—

 
6

 
—

 
Hedge funds
510

 
—

 
316

 
194

 
Other investments
 
 
 
 
 
 
 
 
Insurance deposit agreements
103

 
—

 
—

 
103

 
Total pension plan assets
$
9,084

 
$
897

 
$
7,742

 
$
445

 
 
(a)
No single equity holding amounted to more than 1 percent of the total fair value.
(b)
Our corporate bond investments had an average rating of A-.
 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 

Significant
Unobservable
Inputs
(Level 3)
 
Asset Category
December 31, 2013
 
Cash
$
35

 
$
35

 
$
—

 
$
—

 
Equity securities
 
 
 
 
 
 
 
 
U.S. companies (a)
685

 
685

 
—

 
—

 
Non-U.S. companies
128

 
128

 
—

 
—

 
Private equity investments
10

 
—

 
—

 
10

 
Fixed-income securities
 
 
 
 
 
 
 
 
Treasury securities
428

 
—

 
428

 
—

 
Corporate bonds (b)
2,227

 
—

 
2,227

 
—

 
Commingled funds
 
 
 
 
 
 
 
 
Equity funds
3,935

 
—

 
3,935

 
—

 
Money market funds
97

 
—

 
97

 
—

 
Fixed-income funds
303

 
—

 
303

 
—

 
Real estate funds
34

 
—

 
—

 
34

 
Commodity funds
8

 
—

 
8

 
—

 
Hedge funds
471

 
—

 
288

 
183

 
Other investments
 
 
 
 
 
 
 
 
Insurance deposit agreements
115

 
—

 
—

 
115

 
Total pension plan assets
$
8,476

 
$
848

 
$
7,286

 
$
342

 
(a)
No single equity holding amounted to more than 1 percent of the total fair value.
(b)
Our corporate bond investments had an average rating of A-.
Fair Value Of Other Post-Retirement Plan Assets By Category And The Corresponding Level Within the Fair Value Hierarchy
The fair value of our other post-retirement plan assets by category and the corresponding level within the fair value hierarchy were as follows:
 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 

Significant
Unobservable
Inputs
(Level 3)
 
Asset Category
December 31, 2014
 
Cash
$
3

 
$
3

 
$
—

 
$
—

 
Equity securities
167

 
167

 
—

 
—

 
Fixed-income securities
11

 
—

 
11

 
—

 
Commingled funds
 
 
 
 
 
 
 
 
Equity funds
314

 
5

 
309

 
—

 
Fixed-income funds
56

 
6

 
50

 
—

 
Hedge funds
2

 
—

 
1

 
1

 
Total other post-retirement plan assets
$
553

 
$
181

 
$
371

 
$
1

 

 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 

Significant
Unobservable
Inputs
(Level 3)
 
Asset Category
December 31, 2013
 
Cash
$
6

 
$
6

 
$
—

 
$
—

 
Equity securities
154

 
154

 
—

 
—

 
Fixed-income securities
55

 
—

 
55

 
—

 
Commingled funds
 
 
 
 
 
 
 
 
Equity funds
296

 
—

 
296

 
—

 
Fixed-income funds
6

 
6

 
—

 
—

 
Hedge funds
2

 
—

 
1

 
1

 
Total other post-retirement plan assets
$
519

 
$
166

 
$
352

 
$
1

 
Schedule Of Changes In Level 3 Retirement Plan Assets
Changes in our Level 3 retirement plan assets during 2013 and 2014 were as follows:
 
Private Equity Investments
 
Real Estate Funds
 
Hedge Funds
 
Insurance Deposits Agreements
 
Total Level 3 Assets
December 31, 2012
$
8

 
$
32

 
$
101

 
$
108

 
$
249

Unrealized gains on plan assets, net
—

 
—

 
8

 
9

 
17

Purchases, sales, and settlements, net
2

 
2

 
75

 
(2
)
 
77

December 31, 2013
10

 
34

 
184

 
115

 
343

Unrealized gains on plan assets, net
(2
)
 
9

 
11

 
(12
)
 
6

Purchases, sales, and settlements, net
1

 
96

 
—

 
—

 
97

December 31, 2014
$
9

 
$
139

 
$
195

 
$
103

 
$
446