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Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2012
Schedule of Changes in Projected Benefit Obligations [Table Text Block]
 
 
Pension Benefits
 
Retiree  Medical and Other
Benefits
 
 
2012
 
2011
 
2012
 
2011
Reconciliation of benefit obligation
 
 
 
 
 
 
 
 
Obligation at January 1
 
$
14,568

 
$
12,968

 
$
3,122

 
$
3,097

Service cost
 
341

 
386

 
46

 
61

Interest cost
 
729

 
757

 
128

 
174

Actuarial (gain) loss
 
2,345

 
1,237

 
104

 
(63
)
Plan amendments
 
301

 

 
(1,904
)
 
(3
)
Curtailments
 
(1,841
)
 

 
33

 

Benefit payments
 
(548
)
 
(780
)
 
(117
)
 
(144
)
Obligation at December 31
 
$
15,895

 
$
14,568

 
$
1,412


$
3,122

Schedule of Changes in Fair Value of Plan Assets
Reconciliation of fair value of plan assets
 
 
 
 
 
 
 
 
Fair value of plan assets at January 1
 
$
8,132

 
$
7,773

 
$
205

 
$
234

Actual return on plan assets
 
1,204

 
614

 
26

 
(6
)
Employer contributions
 
277

 
525

 
97

 
121

Benefit payments
 
(548
)
 
(780
)
 
(117
)
 
(144
)
Fair value of plan assets at December 31
 
$
9,065

 
$
8,132

 
$
211

 
$
205

Funded status at December 31
 
$
(6,830
)
 
$
(6,436
)
 
$
(1,201
)
 
$
(2,917
)
Schedule Of Amounts Recognized In Consolidated Balance Sheets
Amounts recognized in the
consolidated balance sheets
 
 
 
 
 
 
 
 
Current liability
 
$
21

 
$
2

 
$

 
$
147

Noncurrent liability
 
6,809

 
6,434

 
1,201

 
2,770

 
 
$
6,830

 
$
6,436

 
$
1,201

 
$
2,917

Schedule Of Amounts Recognized In Other Comprehensive Loss
Amounts recognized in
other comprehensive loss
 
 
 
 
 
 
 
 
Net actuarial loss (gain)
 
$
3,943

 
$
4,179

 
$
(78
)
 
$
(181
)
Prior service cost (credit)
 
301

 
68

 
(1,844
)
 
(179
)
 
 
$
4,244

 
$
4,247

 
$
(1,922
)
 
$
(360
)
Schedule Of Accumulated Benefit Obligations Exceeding Fair Value Of Plan Assets
For plans with accumulated benefit
obligations exceeding the fair value
of plan assets
 
Pension Benefits
 
Retiree Medical and Other
Benefits
 
 
2012
 
2011
 
2012
 
2011
Projected benefit obligation (PBO)
 
$
15,895

 
$
14,568

 
$

 
$

Accumulated benefit obligation (ABO)
 
15,866

 
12,935

 

 

Accumulated postretirement benefit obligation (APBO)
 

 

 
1,412

 
3,122

Fair value of plan assets
 
9,065

 
8,132

 
211

 
205

ABO less fair value of plan assets
 
6,801

 
4,803

 

 

Schedule of Net Benefit Costs [Table Text Block]
The following tables provide the components of net periodic benefit cost for the years ended December 31, 2012, 2011 and 2010 (in millions):
 
 
Pension Benefits
 
 
2012
 
2011
 
2010
Components of net periodic benefit cost
 
 
 
 
 
 
Defined benefit plans:
 
 
 
 
 
 
Service cost
 
$
341

 
$
386

 
$
366

Interest cost
 
729

 
757

 
737

Expected return on assets
 
(676
)
 
(657
)
 
(593
)
Curtailments
 
58

 

 

Amortization of:
 
 
 
 
 
 
Prior service cost
 
10

 
13

 
13

Unrecognized net loss
 
211

 
154

 
154

Net periodic benefit cost for defined benefit plans
 
673

 
653

 
677

Defined contribution plans
 
202

 
162

 
152

 
 
$
875

 
$
815

 
$
829


The estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $77 million.

 
 
Retiree  Medical and Other Benefits
 
 
2012
 
2011
 
2010
Components of net periodic benefit cost
 
 
 
 
 
 
Service cost
 
$
46

 
$
61

 
$
60

Interest cost
 
128

 
174

 
165

Expected return on assets
 
(17
)
 
(20
)
 
(18
)
Curtailments
 
(124
)
 

 

Amortization of:
 
 
 
 
 
 
Prior service cost
 
(82
)
 
(28
)
 
(19
)
Unrecognized net loss (gain)
 
(9
)
 
(9
)
 
(10
)
Net periodic benefit cost
 
$
(58
)
 
$
178

 
$
178

Schedule Of Assumption Used
 
 
Pension  Benefits
 
Retiree  Medical and Other
Benefits
 
 
2012
 
2011
 
2012
 
2011
Weighted-average assumptions used to determine benefit obligations as of December 31
 
 
 
 
 
 
 
 
Discount rate
 
4.20
%
 
5.20
%
 
3.80
%
 
4.89
%
Salary scale (ultimate)
 

 
3.78

 

 



 
 
Pension  Benefits
 
Retiree  Medical and Other
Benefits
 
 
2012
 
2011
 
2012
 
2011
Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31
 
 
 
 
 
 
 
 
Discount rate 1/1/2012 - 9/30/2012
 
5.20
%
 
5.80
%
 
4.89
%
 
5.69
%
Discount rate 10/1/2012 - 12/31/2012
 
4.10
%
 
5.80
%
 
3.80
%
 
5.69
%
Salary scale (ultimate) 1/1 - 9/30/2012
 
3.78

 
3.78

 

 

Salary scale (ultimate) 10/1/2012 - 12/31/2012
 

 
3.78

 

 

Expected return on plan assets
 
8.25

 
8.50

 
8.25

 
8.50

Schedule Of Target Asset Allocation [Table Text Block]
The current strategic target asset allocation is as follows:
Asset Class/Sub-Class
 
Allowed  Range    
 
 
 
 
Equity
 
60
%
-
70%
Public:
 
 
 
 
U.S. Value
 
18
%
-
33%
International Value
 
14
%
-
24%
Emerging Markets
 
5
%
-
11%
Alternative Investments
 
0
%
-
18%
Fixed Income
 
30
%
-
40%
U.S. Long Duration
 
30
%
-
40%
 
 
 
Other
 
0
%
-
5%
Cash Equivalents
 
0
%
-
5%
Changes In Fair Value Measurements Of Level 3 Investments
Changes in fair value measurements of Level 3 investments during the year ended December 31, 2012, were as follows:
 


 
 
Private Equity
Partnerships
 
Insurance Group
Annuity Contracts  
Beginning balance at December 31, 2011
 
$
920

 
$
2

Actual return on plan assets:
 
 
 
 
Relating to assets still held at the reporting date
 
20

 


Relating to assets sold during the period
 
102

 


Purchases
 
96

 

Sales
 
(224
)
 


Ending balance at December 31, 2012
 
$
914

 
$
2

Changes in fair value measurements of Level 3 investments during the year ended December 31, 2011, were as follows:
 
 
Private Equity
Partnerships
 
Insurance Group
Annuity Contracts  
Beginning balance at December 31, 2010
 
$
795

 
$
3

Actual return on plan assets:
 
 
 
 
Relating to assets still held at the reporting date
 
53

 
 
Relating to assets sold during the period
 
48

 
 
Purchases
 
146

 
 
Sales
 
(122
)
 
(1
)
Ending balance at December 31, 2011
 
$
920

 
$
2

Schedule of Health Care Cost Trend Rates
 
 
2012
 
2011
Assumed health care trend rates at December 31
 
 
 
 
Health care cost trend rate assumed for next year
 
7.0
%
 
7.5
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
 
4.5
%
 
4.5
%
Year that the rate reaches the ultimate trend rate
 
2018

 
2018

Schedule Of One Percentage Point Change In Assumed Health Care Cost Trend Rates
A one percentage point change in the assumed health care cost trend rates would have the following effects (in millions):
 
 
One  Percent
Increase
 
One  Percent
Decrease
Impact on 2012 service and interest cost
 
$15
 
$(16)
Impact on postretirement benefit obligation
as of December 31, 2012
 
60
 
(63)
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service as appropriate, are expected to be paid:
 
 
Pension
 
Retiree  Medical
and Other
2013
 
$620
 
$135
2014
 
620
 
131
2014
 
645
 
124
2016
 
663
 
117
2017
 
699
 
110
2018 – 2022
 
4,011
 
450
Pension Plans [Member]
 
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of the Company’s pension plan assets at December 31, 2012 and 2011, by asset category are as follows:
 
 
Fair Value  Measurements at December 31, 2012 (in millions)
 
 
Quoted Prices in
Active Markets  for
Identical Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Asset Category
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
275

 
$

 
$

 
$
275

Equity securities
 
 
 
 
 
 
 
 
International markets (a)(b)
 
2,443

 

 

 
2,443

Large-cap companies (b)
 
1,601

 

 

 
1,601

Mid-cap companies (b)
 
216

 

 

 
216

Small-cap companies(b)
 
21

 

 

 
21

Fixed Income
 
 
 
 
 
 
 
 
Corporate bonds (c)
 

 
2,094

 

 
2,094

Government securities (d)
 

 
1,172

 

 
1,172

U.S. municipal securities
 

 
57

 

 
57

Alternative investments
 
 
 
 
 
 
 
 
Private equity partnerships (e)
 

 

 
914

 
914

Common/collective and 103-12 investment trusts (f)
 

 
229

 

 
229

Insurance group annuity contracts
 

 

 
2

 
2

Dividend and interest receivable
 
38

 

 

 
38

Due to/from brokers for sale of securities - net
 
1

 

 

 
1

Other assets – net
 
2

 

 

 
2

Total
 
$
4,597

 
$
3,552

 
$
916

 
$
9,065

a)
Holdings are diversified as follows: 20 percent United Kingdom, 9 percent Japan, 9 percent France, 8 percent Switzerland, 8 percent Germany, 5 percent Netherlands, 5 percent Republic of Korea, 15 percent emerging markets and the remaining 22 percent with no concentration greater than 5 percent in any one country.
b)
There are no significant concentration of holdings by company or industry.
c)
Includes approximately 79 percent investments in corporate debt with a Standard and Poor’s (S&P) rating lower than A and 21 percent investments in corporate debt with an S&P rating A or higher. Holdings include 81 percent U.S. companies, 16 percent international companies and 3 percent emerging market companies.
d)
Includes approximately 88 percent investments in U.S. domestic government securities and 12 percent in emerging market government securities. There are no significant foreign currency risks within this classification.
e)
Includes limited partnerships that invest primarily in U.S. (92 percent) and European (8 percent) buyout opportunities of a range of privately held companies. The Master Trust does not have the right to redeem its limited partnership investment at its net asset value. Instead, the Master Trust receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next 1 to 10 years. Additionally, the Master Trust has future funding commitments of approximately $331 million over the next 10 years.
f)
Investment includes 74 percent in an emerging market 103-12 investment trust with investments in emerging country equity securities, 14 percent in Canadian segregated balanced value, income growth and diversified pooled funds and 12 percent in a common/collective trust investing in securities of smaller companies located outside the U.S., including developing markets. Requests for withdrawals must meet specific requirements with advance notice of redemption preferred.



 
 
Fair Value  Measurements at December 31, 2011 (in millions)
 
 
Quoted Prices in
Active Markets  for
Identical Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Asset Category
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
160

 
$

 
$

 
$
160

Equity securities
 
 
 
 
 
 
 
 
International markets (a)(b)
 
1,939

 

 

 
1,939

Large-cap companies (b)
 
1,462

 

 

 
1,462

Mid-cap companies (b)
 
221

 

 

 
221

Small-cap companies(b)
 
17

 

 

 
17

Fixed Income
 
 
 
 
 
 
 
 
Corporate bonds (c)
 

 
1,866

 

 
1,866

Government securities (d)
 

 
1,205

 

 
1,205

U.S. municipal securities
 

 
52

 

 
52

Alternative investments
 
 
 
 
 
 
 
 
Private equity partnerships (e)
 

 

 
920

 
920

Common/collective and 103-12 investment trusts (f)
 

 
172

 

 
172

Insurance group annuity contracts
 

 

 
2

 
2

Dividend and interest receivable
 
42

 

 

 
42

Due to/from brokers for sale of securities - net
 
72

 

 

 
72

Other assets – net
 
2

 

 

 
2

Total
 
$
3,915

 
$
3,295

 
$
922

 
$
8,132

a)
Holdings are diversified as follows: 22 percent United Kingdom, 10 percent Japan, 9 percent France, 7 percent Switzerland, 6 percent Germany, 5 percent Netherlands, 5 percent Republic of Korea, 13 percent emerging markets and the remaining 23 percent with no concentration greater than 5 percent in any one country.
b)
There are no significant concentration of holdings by company or industry.
c)
Includes approximately 83 percent investments in corporate debt with a Standard and Poor’s (S&P) rating lower than A and 17 percent investments in corporate debt with an S&P rating A or higher. Holdings include 80 percent U.S. companies, 18 percent international companies and 2 percent emerging market companies.
d)
Includes approximately 89 percent investments in U.S. domestic government securities and 11 percent in emerging market government securities. There are no significant foreign currency risks within this classification.
e)
Includes limited partnerships that invest primarily in U.S. (92 percent) and European (8 percent) buyout opportunities of a range of privately held companies. The Master Trust does not have the right to redeem its limited partnership investment at its net asset value. Instead, the Master Trust receives distributions as the underlying assets are liquidated. It is estimated that the underlying assets of these funds will be gradually liquidated over the next 1 to 10 years. Additionally, the Master Trust has future funding commitments of approximately $335 million over the next 10 years.
f)
Investment includes 71 percent in an emerging market 103-12 investment trust with investments in emerging country equity securities, 16 percent in Canadian segregated balanced value, income growth and diversified pooled funds and 13 percent in a common/collective trust investing in securities of smaller companies located outside the U.S., including developing markets. Requests for withdrawals must meet specific requirements with advance notice of redemption preferred.
Other Postretirement Benefit Plans [Member]
 
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of the Company’s other postretirement benefit plan assets at December 31, 2012 by asset category were as follows:
 
 
Fair Value Measurements at December 31, 2012 (in millions)
 
 
Quoted Prices
in Active
Markets for
Identical  Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Asset Category
 
 
 
 
 
 
 
 
Money market fund
 
$
9

 
$

 
$

 
$
9

Unitized mutual funds
 

 
202

 

 
202

Total
 
$
9

 
$
202

 
$

 
$
211

The fair values of the Company’s other postretirement benefit plan assets at December 31, 2011 by asset category were as follows:
 
 
Fair Value Measurements at December 31, 2011 (in millions)
 
 
Quoted Prices
in Active
Markets for
Identical  Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
Asset Category
 
 
 
 
 
 
 
 
Money market fund
 
$
4

 
$

 
$

 
$
4

Unitized mutual funds
 

 
201

 

 
201

Total
 
$
4

 
$
201

 
$

 
$
205