Retirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2016 |
Compensation and Retirement Disclosure [Abstract] |
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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 |
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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 |
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| | | | | | | | | | | | | | 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 |
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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 | ) |
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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 | ) |
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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 | ) |
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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 | ) |
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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 |
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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 |
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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.
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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 |
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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% |
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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 |
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* 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 |
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* 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 |
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(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 |
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(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.
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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: |
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| 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 |
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