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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2016
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
2017
$
594

 
$
65

2018
619

 
65

2019
644

 
65

2020
674

 
64

2021
704

 
64

2022-2026
3,905

 
306

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
2016
 
2015
 
2014
Service cost
$
173

 
$
210

 
$
186

Interest cost
456

 
529

 
532

Expected return on plan assets
(713
)
 
(693
)
 
(655
)
Recognized net actuarial loss
343

 
417

 
320

Amortization of prior service credit
(68
)
 
(67
)
 
(67
)
Net annual benefit cost
$
191

 
$
396

 
$
316

 
Other Post-retirement Benefits
Year Ended December 31
2016
 
2015
 
2014
Service cost
$
10

 
$
11

 
$
12

Interest cost
34

 
44

 
52

Expected return on plan assets
(33
)
 
(32
)
 
(31
)
Recognized net actuarial (gain) loss
(3
)
 
6

 
9

Amortization of prior service credit
(6
)
 
(5
)
 
(2
)
Net annual benefit cost
$
2

 
$
24

 
$
40

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
2016
 
2015
 
2016
 
2015
Change in Benefit Obligation
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
(12,554
)
 
$
(13,236
)
 
$
(991
)
 
$
(1,130
)
Service cost
(173
)
 
(210
)
 
(10
)
 
(11
)
Interest cost
(456
)
 
(529
)
 
(34
)
 
(44
)
Amendments

 
6

 
(13
)
 
(10
)
Actuarial (loss) gain
(383
)
 
685

 
(18
)
 
104

Settlement/curtailment/other
(4
)
 
195

 
(3
)
 
35

Benefits paid
548

 
535

 
64

 
65

Benefit obligation at end of year
$
(13,022
)
 
$
(12,554
)
 
$
(1,005
)
 
$
(991
)
Change in Plan/Trust Assets
 
 
 
 
 
 
 
Fair value of assets at beginning of year
$
8,608

 
$
9,084

 
$
527

 
$
553

Actual return on plan assets
694

 
(85
)
 
9

 
13

Employer contributions
208

 
187

 
5

 

Settlement/curtailment/other
5

 
(54
)
 

 

Benefits paid
(535
)
 
(524
)
 
(42
)
 
(39
)
Fair value of assets at end of year
$
8,980

 
$
8,608

 
$
499

 
$
527

Funded status at end of year
$
(4,042
)
 
$
(3,946
)
 
$
(506
)
 
$
(464
)
Amounts Recognized On Consolidated Balance Sheet
Amounts recognized on our Consolidated Balance Sheet consisted of the following:
 
Pension Benefits
 
Other Post-retirement Benefits
December 31
2016
 
2015
 
2016
 
2015
Noncurrent assets
$
138

 
$
145

 
$
10

 
$

Current liabilities
(132
)
 
(125
)
 
(171
)
 
(179
)
Noncurrent liabilities
(4,048
)
 
(3,966
)
 
(345
)
 
(285
)
Net liability recognized
$
(4,042
)
 
$
(3,946
)
 
$
(506
)
 
$
(464
)
Amounts Deferred In AOCI
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
2016
 
2015
 
2016
 
2015
Net actuarial loss (gain)
$
402

 
$
93

 
$
42

 
$
(85
)
Prior service (credit) cost

 
(6
)
 
13

 
10

Amortization of:
 
 
 
 
 
 
 
Net actuarial loss from prior years
(343
)
 
(417
)
 
3

 
(6
)
Prior service credit
68

 
67

 
6

 
5

Other*
1

 
(152
)
 

 
(9
)
Change in AOCL, pretax
$
128

 
$
(415
)
 
$
64

 
$
(85
)

* Includes foreign exchange translation and curtailment adjustments.
Amounts deferred in AOCL consisted of the following:
 
Pension Benefits
 
Other Post-retirement Benefits
December 31
2016
 
2015
 
2016
 
2015
Net actuarial loss (gain)
$
4,947

 
$
4,887

 
$
36

 
$
(9
)
Prior service credit
(190
)
 
(258
)
 
(6
)
 
(25
)
Total amount recognized in AOCL, pretax
$
4,757

 
$
4,629

 
$
30

 
$
(34
)
Amounts Deferred In AOCI On The Consolidated Balance Sheet
The following table represents amounts deferred in AOCL on the Consolidated Balance Sheet on December 31, 2016, that we expect to recognize in our retirement benefit cost in 2017:
 
Pension Benefits
 
Other Post-retirement
Benefits
Net actuarial loss (gain)
$
344

 
$
(3
)
Prior service credit
(66
)
 
(5
)
Schedule Of ABO That Exceeded The Plans' Assets
On December 31, 2016 and 2015, some of our pension plans had an ABO that exceeded the plans’ assets. Summary information for those plans follows:
December 31
2016
 
2015
PBO
$
(12,817
)
 
$
(12,368
)
ABO
(12,557
)
 
(12,082
)
Fair value of plan assets
8,722

 
8,360

Assumptions Used To Determine Benefit Obligations And Benefit Costs
The following table summarizes the weighted average assumptions used to determine our benefit obligations:
Assumptions on December 31
2016
 
2015
Pension Benefits
 
 
 
Benefit obligation discount rate
4.19
%
 
4.46
%
Rate of increase in compensation levels
2.92
%
 
3.40
%
Other Post-retirement Benefits
 
 
 
Benefit obligation discount rate
4.11
%
 
4.35
%
Healthcare cost trend rate:
 
 
 
Trend rate for next year
6.50
%
 
7.00
%
Ultimate trend rate
5.00
%
 
5.00
%
Year rate reaches ultimate trend rate
2024

 
2024

The following table summarizes the weighted average assumptions used to determine our net periodic benefit costs:
Assumptions for Year Ended December 31
2016
 
2015
 
2014
Pension Benefits
 
 
 
 
 
Discount rates:
 
 
 
 
 
Benefit obligation
4.46
%
 
4.10
%
 
4.95
%
Service cost
4.42
%
 
*

 
*

Interest cost
3.71
%
 
*

 
*

Expected long-term rate of return on assets
8.14
%
 
8.15
%
 
8.16
%
Rate of increase in compensation levels
3.39
%
 
3.43
%
 
3.78
%
Other Post-retirement Benefits
 
 
 
 
 
Discount rates:
 
 
 
 
 
Benefit obligation
4.35
%
 
4.03
%
 
4.74
%
Service cost
4.52
%
 
*

 
*

Interest cost
3.53
%
 
*

 
*

Expected long-term rate of return on assets
7.81
%
 
8.03
%
 
8.03
%

* Not applicable as we changed to the spot rate approach beginning in 2016 further described below.
Defined Benefit Plan, Effect of Point Twenty Five Percentage Point Change on Net Cost
For our U.S. pension plans that represent the majority of our total obligation, the following hypothetical changes in the discount rates and expected long-term rate of return on plan assets would have had the following impact in 2016:
 
Increase
25 Basis Points
 
Decrease
25 Basis Points
Increase (decrease) to net pension cost from:
 
 
 
Change in discount rates
$
(28
)
 
$
29

Change in long-term rate of return on plan assets
(20
)
 
20

Schedule Of Asset Allocation Policy Ranges
At the end of 2016, our asset allocation policy ranges were:
Equities
48-68%
Fixed income
20-48%
Cash
0-5%
Other asset classes
0-16%
Fair Value Of Plan Assets By Investment 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)
Asset Category
December 31, 2016
Cash equivalents
$
10

 
$

 
$
10

Equity securities
69

 
69

 

Fixed-income securities
88

 

 
88

Commingled funds:
 
 
 
 
 
Equity funds
236

 

 
236

Fixed-income funds
92

 

 
92

Real estate funds
2

 
2

 

Total plan assets in fair value hierarchy
$
497

 
$
71

 
$
426

Plan assets measured using NAV as a practical expedient*:
 
 
 
 
 
Hedge funds
1

 
 
 
 
Real estate funds
1

 
 
 
 
Total other post-retirement plan assets
$
499

 

 

* Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
 



Fair
Value
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
Asset Category
December 31, 2015
Cash equivalents
$
79

 
$

 
$
79

Equity securities
77

 
77

 

Fixed-income securities
21

 

 
21

Commingled funds:
 
 
 
 
 
Equity funds
246

 

 
246

Fixed-income funds
99

 

 
99

Real estate funds
2

 
2

 

Total plan assets in fair value hierarchy
$
524

 
$
79

 
$
445

Plan assets measured using NAV as a practical expedient*:
 
 
 
 
 
Hedge funds
2

 
 
 
 
Real estate funds
1

 
 
 
 
Total other post-retirement plan assets
$
527

 


 


* Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
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, 2016
Cash and equivalents
$
71

 
$
10

 
$
61

 
$

Equity securities (a):
 
 
 
 
 
 
 
U.S. companies
786

 
786

 

 

Non-U.S. companies
74

 
74

 

 

Private equity investments
13

 

 

 
13

Fixed-income securities:
 
 
 
 
 
 
 
Treasury securities
239

 

 
239

 

Corporate bonds (b)
2,115

 

 
2,115

 

Commingled funds:
 
 
 
 
 
 
 
Equity funds
4,285

 

 
4,285

 

Fixed-income funds
567

 

 
567

 

Real estate funds
42

 

 

 
42

Other investments:
 
 
 
 
 
 
 
Insurance deposit contracts
109

 

 

 
109

Total plan assets in fair value hierarchy
$
8,301

 
$
870

 
$
7,267

 
$
164

Plan assets measured using NAV as a practical expedient (c):
 
 
 
 
 
 
 
Hedge funds
314

 
 
 
 
 
 
Real estate funds
365

 
 
 
 
 
 
Total pension plan assets
$
8,980

 

 

 

 
(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 BBB+.
(c)Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
 



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, 2015
Cash and equivalents
$
116

 
$
12

 
$
104

 
$

Equity securities (a):
 
 
 
 
 
 
 
U.S. companies
675

 
675

 

 

Non-U.S. companies
64

 
64

 

 

Private equity investments
12

 

 

 
12

Fixed-income securities:
 
 
 
 
 
 
 
Treasury securities
261

 

 
261

 

Corporate bonds (b)
1,986

 

 
1,986

 

Commingled funds:
 
 
 
 
 
 
 
Equity funds
4,006

 

 
4,006

 

Fixed-income funds
560

 

 
560

 

Real estate funds
42

 

 

 
42

Other investments:
 
 
 
 
 
 
 
Insurance deposit contracts
103

 

 

 
103

Total plan assets in fair value hierarchy
$
7,825

 
$
751

 
$
6,917

 
$
157

Plan assets measured using NAV as a practical expedient (c):
 
 
 
 
 
 
 
Hedge funds
445

 
 
 
 
 
 
Real estate funds
338

 
 
 
 
 
 
Total pension plan assets
$
8,608

 


 


 


(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 BBB+.
(c)Investments measured at fair value using NAV as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are included to permit reconciliation of the fair value hierarchy to the total plan assets.
Schedule Of Changes In Level 3 Retirement Plan Assets
Changes in our Level 3 retirement plan assets during 2016 and 2015 were as follows:
 
Private Equity Investments
 
Real Estate Funds
 
Insurance Deposits Agreements
 
Total Level 3 Assets
December 31, 2014
$
9

 
$
42

 
$
103

 
$
154

Actual return on plan assets:
 
 
 
 
 
 

Unrealized gains, net
1

 
2

 
2

 
5

Purchases, sales and settlements, net
2

 
(2
)
 
(2
)
 
(2
)
December 31, 2015
12

 
42

 
103

 
157

Actual return on plan assets:

 

 

 

Unrealized losses, net
1

 

 
(2
)
 
(1
)
Realized gains, net

 

 
3

 
3

Purchases, sales and settlements, net

 

 
5

 
5

December 31, 2016
$
13

 
$
42

 
$
109

 
$
164