Employee Postretirement Benefits (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] |
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Benefit Cost Information or Defined Benefit Plan and Other Postretirement Benefit Plan |
Summarized financial information about postretirement plans, excluding defined contribution retirement plans, is presented below: | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | Year Ended December 31 | | 2015 | | 2014 | | 2015 | | 2014 | Change in Benefit Obligation | | | | | | | | Benefit obligation at beginning of year | $ | 6,860 |
| | $ | 6,164 |
| | $ | 788 |
| | $ | 761 |
| Service cost | 38 |
| | 46 |
| | 12 |
| | 13 |
| Interest cost | 187 |
| | 279 |
| | 32 |
| | 35 |
| Actuarial loss (gain) | (150 | ) | | 986 |
| | (53 | ) | | 39 |
| Currency and other | (139 | ) | | (207 | ) | | (8 | ) | | (4 | ) | Benefit payments from plans | (235 | ) | | (356 | ) | | — |
| | — |
| Direct benefit payments | (12 | ) |
| (10 | ) |
| (54 | ) |
| (56 | ) | Settlements | (2,590 | ) | | (42 | ) | | — |
| | — |
| Benefit obligation at end of year | 3,959 |
| | 6,860 |
| | 717 |
| | 788 |
| Change in Plan Assets | | | | | | | | Fair value of plan assets at beginning of year | 5,914 |
| | 5,567 |
| | — |
| | — |
| Actual return on plan assets | 54 |
| | 694 |
| | — |
| | — |
| Employer contributions | 484 |
| | 185 |
| | — |
| | — |
| Currency and other | (119 | ) | | (142 | ) | | — |
| | — |
| Benefit payments | (235 | ) | | (356 | ) | | — |
| | — |
| Settlements | (2,590 | ) | | (34 | ) | | — |
| | — |
| Fair value of plan assets at end of year | 3,508 |
| | 5,914 |
| | — |
| | — |
| Funded Status | $ | (451 | ) | | $ | (946 | ) | | $ | (717 | ) | | $ | (788 | ) | Amounts Recognized in the Balance Sheet | | | | | | | | Noncurrent asset - prepaid benefit cost | $ | 16 |
| | $ | 6 |
| | $ | — |
| | $ | — |
| Current liability - accrued benefit cost | (11 | ) | | (13 | ) | | (50 | ) | | (51 | ) | Noncurrent liability - accrued benefit cost | (456 | ) | | (939 | ) | | (667 | ) | | (737 | ) | Net amount recognized | $ | (451 | ) | | $ | (946 | ) | | $ | (717 | ) | | $ | (788 | ) |
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Principal Plans and all Other Pension Plans |
| | | | | | | | | | | | | | | | | | | | | | | | | | Principal Plans | | All Other Pension Plans | | Total | | Year Ended December 31 | | 2015 | | 2014 | | 2015 | | 2014 | | 2015 | | 2014 | Projected benefit obligation (“PBO”) | $ | 3,295 |
| | $ | 6,312 |
| | $ | 664 |
| | $ | 548 |
| | $ | 3,959 |
| | $ | 6,860 |
| Accumulated benefit obligation (“ABO”) | 3,253 |
| | 6,221 |
| | 594 |
| | 475 |
| | 3,847 |
| | 6,696 |
| Fair value of plan assets | 3,019 |
| | 5,559 |
| | 489 |
| | 355 |
| | 3,508 |
| | 5,914 |
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Pension Plans with an ABO in Excess of Plan Assets |
| | | | | | | | | | December 31 | | 2015 | | 2014 | PBO | $ | 2,115 |
| | $ | 4,983 |
| ABO | 2,096 |
| | 4,908 |
| Fair value of plan assets | 1,696 |
| | 4,111 |
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Components of Net Periodic Benefit Cost |
| | | | | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | Year Ended December 31 | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | Service cost | $ | 38 |
| | $ | 46 |
| | $ | 53 |
| | $ | 12 |
| | $ | 13 |
| | $ | 17 |
| Interest cost | 187 |
| | 279 |
| | 257 |
| | 32 |
| | 35 |
| | 32 |
| Expected return on plan assets(a) | (215 | ) | | (332 | ) | | (331 | ) | | — |
| | — |
| | — |
| Recognized net actuarial loss | 75 |
| | 100 |
| | 120 |
| | — |
| | — |
| | 3 |
| Curtailments | — |
| | — |
| | (32 | ) | | — |
| | — |
| | — |
| Settlements | 1,357 |
| | 20 |
| | 1 |
| | — |
| | — |
| | — |
| Other | (10 | ) | | (3 | ) | | 1 |
| | (1 | ) | | (1 | ) | | (2 | ) | Net periodic benefit cost | $ | 1,432 |
| | $ | 110 |
| | $ | 69 |
| | $ | 43 |
| | $ | 47 |
| | $ | 50 |
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| | (a) | The expected return on plan assets is determined by multiplying the fair value of plan assets at the remeasurement date, typically the prior year-end adjusted for estimated current year cash benefit payments and contributions, by the expected long-term rate of return. |
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Weighted-Average Assumptions Used to Determine Net Cost |
| | | | | | | | | | | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | Projected 2016 | | 2015 | | 2014 | | 2013 | | 2015 | | 2014 | | 2013 | | | | | | | | | | | | | | | Discount rate | 3.91 | % | | 3.86 | % | | 4.66 | % | | 4.04 | % | | 4.28 | % | | 4.97 | % | | 3.97 | % | Expected long-term return on plan assets | 4.84 | % | | 5.21 | % | | 5.98 | % | | 6.26 | % | | — |
| | — |
| | — |
| Rate of compensation increase | 2.32 | % | | 2.63 | % | | 2.67 | % | | 2.73 | % | | — |
| | — |
| | — |
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Weighted-Average Assumptions Used to Determine Benefit Obligations |
| | | | | | | | | | | | | | Pension Benefits | | Other Benefits | | 2015 | | 2014 | | 2015 | | 2014 | Discount rate | 3.91 | % | | 3.83 | % | | 4.59 | % | | 4.28 | % | Rate of compensation increase | 2.32 | % | | 2.63 | % | | — |
| | — |
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Pension Plan Assets of the Principal Plans Measured at Fair Value |
| | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2015 | | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | | | | | | | | Held directly | $ | 14 |
| | $ | 12 |
| | $ | 2 |
| | $ | — |
| Held through mutual and pooled funds | 34 |
| | — |
| | 34 |
| | — |
| Fixed Income | | | | | | | | Held directly | | | | | | | | U.S. government and municipals | 157 |
| | 141 |
| | 16 |
| | — |
| U.S. corporate debt | 21 |
| | — |
| | 21 |
| | — |
| Held through mutual and pooled funds | | | | | | | | U.S. government and municipals | 149 |
| | — |
| | 149 |
| | — |
| U.S. corporate debt | 623 |
| | — |
| | 623 |
| | — |
| International bonds | 1,236 |
| | — |
| | 1,236 |
| | — |
| Equity | | | | | | | | Held directly | | | | | | | | U.S. equity | 58 |
| | 58 |
| | — |
| | — |
| International equity | 30 |
| | 30 |
| | — |
| | — |
| Held through mutual and pooled funds | | | | | | | | Non-U.S. equity | 67 |
| | — |
| | 67 |
| | — |
| Global equity | 630 |
| | — |
| | 630 |
| | — |
| Total Plan Assets | $ | 3,019 |
| | $ | 241 |
| | $ | 2,778 |
| | $ | — |
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For the U.S. pension plan, Treasury futures contracts are used when appropriate to manage duration targets. As of December 31, 2015, the U.S. plan had Treasury futures contracts in place with a total notional value of approximately $15 and an insignificant fair value. | | | | | | | | | | | | | | | | | | Fair Value Measurements at December 31, 2014
| | Total | | Quoted Prices in Active Markets for Identical Assets (Level 1) | | Significant Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | | | | | | | | Held directly | $ | 28 |
| | $ | 28 |
| | $ | — |
| | $ | — |
| Held through mutual and pooled funds | 175 |
| | 9 |
| | 166 |
| | — |
| Fixed Income | | | | | | | | Held directly | | | | | | | | U.S. government and municipals | 252 |
| | 71 |
| | 181 |
| | — |
| U.S. corporate debt | 2,167 |
| | — |
| | 2,167 |
| | — |
| U.S. securitized fixed income | 6 |
| | — |
| | 6 |
| | — |
| Held through mutual and pooled funds | | | | | | | | U.S. corporate debt | 149 |
| | — |
| | 149 |
| | — |
| International bonds | 1,438 |
| | — |
| | 1,438 |
| | — |
| Multi-sector | 1 |
| | 1 |
| | — |
| | — |
| Equity | | | | | | | | Held directly | | | | | | | | U.S. equity | 18 |
| | 18 |
| | — |
| | — |
| Held through mutual and pooled funds | | | | | | | | U.S. equity | 4 |
| | 4 |
| | — |
| | — |
| Non-U.S. equity | 106 |
| | 1 |
| | 105 |
| | — |
| Global equity | 1,186 |
| | — |
| | 1,186 |
| | — |
| Other | 29 |
| | 29 |
| | — |
| | — |
| Total Plan Assets | $ | 5,559 |
| | $ | 161 |
| | $ | 5,398 |
| | $ | — |
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Estimated Future Benefit Payments |
| | | | | | | | | | Pension Benefits | | Other Benefits | 2016 | $ | 217 |
| | $ | 51 |
| 2017 | 234 |
| | 53 |
| 2018 | 238 |
| | 54 |
| 2019 | 242 |
| | 56 |
| 2020 | 251 |
| | 58 |
| 2021-2025 | 1,284 |
| | 291 |
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