Pension and Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Pension and Postretirement Benefit Plans

Reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets

			Qualified and Non-qualified
			Pension Benefits									Postretirement
			United States					International				Benefits
(Millions)			2014		2013		`	2014		2013		2014		2013
Change in benefit obligation
	Benefit obligation at beginning of year		$	13,967	$	14,830		$	6,346	$	6,414	$	2,017	$	2,205
	Acquisitions/Transfers in			―		15			―		―		―		―
	Service cost			241		258			141		147		65		80
	Interest cost			676		598			252		238		97		88
	Participant contributions			―		―			10		8		18		30
	Foreign exchange rate changes			―		―			(663)		(79)		(11)		(13)
	Plan amendments			(266)		―			3		3		―		(20)
	Actuarial (gain) loss			2,874		(986)			1,128		(163)		415		(225)
	Medicare Part D Reimbursement			―		―			―		―		1		2
	Benefit payments			(1,039)		(747)			(235)		(222)		(140)		(130)
	Settlements, curtailments, special
		termination benefits and other		(1)		(1)			(3)		―		―		―
	Benefit obligation at end of year		$	16,452	$	13,967		$	6,979	$	6,346	$	2,462	$	2,017
Change in plan assets
	Fair value of plan assets at
		beginning of year	$	13,889	$	13,781		$	5,758	$	5,222	$	1,405	$	1,321
	Actual return on plan assets			1,749		803			813		421		148		178
	Company contributions			45		53			165		423		5		6
	Participant contributions			―		―			10		8		18		30
	Foreign exchange rate changes			―		―			(554)		(94)		―		―
	Benefit payments			(1,039)		(747)			(235)		(222)		(140)		(130)
	Settlements, curtailments, special
		termination benefits and other		(1)		(1)			―		―		―		―
	Fair value of plan assets at end of year		$	14,643	$	13,889		$	5,957	$	5,758	$	1,436	$	1,405
Funded status at end of year			$	(1,809)	$	(78)		$	(1,022)	$	(588)	$	(1,026)	$	(612)

Amounts recognized in the Consolidated Balance Sheet

			Qualified and Non-qualified
			Pension Benefits								Postretirement
			United States				International				Benefits
(Millions)			2014		2013		2014		2013		2014		2013
Amounts recognized in the
	Consolidated Balance Sheet as of
	Dec. 31,
	Non-current assets		$	3	$	399	$	43	$	178	$	―	$	―
	Accrued benefit cost
		Current liabilities		(46)		(47)		(10)		(10)		(4)		(4)
		Non-current liabilities		(1,766)		(430)		(1,055)		(756)		(1,022)		(608)
	Ending balance		$	(1,809)	$	(78)	$	(1,022)	$	(588)	$	(1,026)	$	(612)

Amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated
	other comprehensive income as of
	Dec. 31,
	Net transition obligation (asset)	$	―	$	―	$	(3)	$	(4)	$	―	$	―
	Net actuarial loss (gain)		5,462		3,537		2,200		1,949		914		616
	Prior service cost (credit)		(251)		20		(93)		(117)		(102)		(151)
	Ending balance	$	5,211	$	3,557	$	2,104	$	1,828	$	812	$	465

Amounts relating to pension plans with accumulated benefit obligations in excess of plan assets

	Qualified and Non-qualified Pension Plans
	United States				International
(Millions)	2014		2013		2014		2013
Projected benefit obligation	$	16,435	$	486	$	2,588	$	2,198
Accumulated benefit obligation		15,319		463		2,335		1,960
Fair value of plan assets		14,623		9		1,636		1,547

Components of net periodic benefit cost (benefit)

Components of net periodic cost and other amounts recognized in other comprehensive income
Net periodic benefit cost is recorded in cost of sales, selling, general and administrative expenses, and research, development and related expenses. Components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31 follow:
			Qualified and Non-qualified
			Pension Benefits												Postretirement
			United States						International						Benefits
(Millions)			2014		2013		2012		2014		2013		2012		2014		2013		2012
Net periodic benefit cost (benefit)
	Service cost		$	241	$	258	$	254	$	141	$	147	$	124	$	65	$	80	$	78
	Interest cost			676		598		587		252		238		247		97		88		86
	Expected return on plan assets			(1,043)		(1,046)		(992)		(312)		(291)		(295)		(90)		(90)		(84)
	Amortization of transition
		(asset) obligation		―		―		―		(1)		(1)		(1)		―		―		―
	Amortization of prior service
		cost (benefit)		4		5		5		(16)		(16)		(17)		(47)		(66)		(72)
	Amortization of net actuarial (gain)
		loss		243		399		470		121		153		122		56		95		108
Net periodic benefit cost (benefit)			$	121	$	214	$	324	$	185	$	230	$	180	$	81	$	107	$	116
Settlements, curtailments, special
	termination benefits and other			―		―		26		4		2		4		―		―		―
Net periodic benefit cost (benefit)
	after settlements, curtailments,
	special termination benefits
	and other		$	121	$	214	$	350	$	189	$	232	$	184	$	81	$	107	$	116
Other changes in plan assets and
	benefit obligations recognized in
	other comprehensive (income)
	loss
	Amortization of transition (asset)
		obligation		―		―		―		1		1		1		―		―		―
	Prior service cost (benefit)			(266)		―		―		3		3		(7)		―		(20)		―
	Amortization of prior service cost
		(benefit)		(4)		(5)		(5)		16		16		17		47		66		72
	Net actuarial (gain) loss			2,167		(743)		(470)		592		(294)		707		358		(313)		(33)
	Amortization of net actuarial (gain)
		loss		(243)		(399)		(470)		(121)		(153)		(122)		(56)		(95)		(108)
	Foreign currency			―		―		―		(215)		(47)		24		(1)		(2)		(1)
Total recognized in other
	comprehensive (income) loss		$	1,654	$	(1,147)	$	(945)	$	276	$	(474)	$	620	$	348	$	(364)	$	(70)
Total recognized in net periodic
	benefit cost (benefit) and other
	comprehensive (income) loss		$	1,775	$	(933)	$	(595)	$	465	$	(242)	$	804	$	429	$	(257)	$	46

Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year

Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over the next fiscal year
	Qualified and Non-qualified Pension Benefits
							Postretirement
(Millions)	United States		International		Benefits
Amortization of transition (asset) obligation	$	―	$	(1)	$	―
Amortization of prior service cost (benefit)		(24)		(15)		(33)
Amortization of net actuarial (gain) loss		408		154		77
Total amortization expected over the next fiscal year	$	384	$	138	$	44

Weighted-average assumptions used to determine benefit obligations and net cost

Weighted-average assumptions used to determine benefit obligations
		Qualified and Non-qualified Pension Benefits												Postretirement
		United States						International						Benefits
		2014		2013		2012		2014		2013		2012		2014		2013		2012
Discount rate		4.10	%	4.98	%	4.14	%	3.11	%	4.02	%	3.78	%	4.07	%	4.83	%	4.00	%
Compensation rate
	increase	4.10	%	4.00	%	4.00	%	3.33	%	3.35	%	3.31	%	N/A		N/A		N/A

Weighted-average assumptions used to determine net cost for years ended
		Qualified and Non-qualified Pension Benefits												Postretirement
		United States						International						Benefits
		2014		2013		2012		2014		2013		2012		2014		2013		2012
Discount rate		4.98	%	4.14	%	4.15	%	4.02	%	3.78	%	4.58	%	4.83	%	4.00	%	4.04	%
Expected return
	on assets	7.75	%	8.00	%	8.25	%	5.83	%	5.87	%	6.38	%	7.11	%	7.19	%	7.30	%
Compensation rate
	increase	4.00	%	4.00	%	4.00	%	3.35	%	3.31	%	3.52	%	N/A		N/A		N/A

Estimated future pension and postretirement benefit payments

Future Pension and Postretirement Benefit Payments
The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.
	Qualified and Non-qualified
	Pension Benefits				Postretirement
(Millions)	United States		International		Benefits
2015 Benefit Payments	$	946	$	209	$	127
2016 Benefit Payments		964		226		139
2017 Benefit Payments		983		237		156
2018 Benefit Payments		1,010		256		160
2019 Benefit Payments		1,037		273		162
Next five years		5,381		1,563		860

United States Qualified and Non-qualified Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the U.S. pension plans by asset class are as follows:
			Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)			Level 1				Level 2				Level 3				Dec. 31,
Asset Class			2014		2013		2014		2013		2014		2013		2014		2013
Equities
	U.S. equities		$	1,766	$	1,595	$	3	$	3	$	―	$	3	$	1,769	$	1,601
	Non-U.S. equities			1,214		1,324		1		1		―		―		1,215		1,325
	Index funds			―		―		148		151		2		1		150		152
	Long/short equity			―		―		71		67		382		393		453		460
Total Equities			$	2,980	$	2,919	$	223	$	222	$	384	$	397	$	3,587	$	3,538
Fixed Income
	U.S. government securities		$	1,032	$	908	$	590	$	601	$	―	$	―	$	1,622	$	1,509
	Non-U.S. government
		securities		7		20		381		316		―		―		388		336
	Preferred and convertible
		securities		3		―		―		4		―		―		3		4
	U.S. corporate bonds			8		14		2,550		2,046		―		―		2,558		2,060
	Non-U.S. corporate bonds			―		―		478		412		―		―		478		412
	Asset-backed securities			―		―		20		26		―		―		20		26
	Collateralized mortgage
		obligations		―		―		29		28		―		―		29		28
	Private placements			3		―		388		251		―		2		391		253
	Derivative instruments			6		(1)		126		6		―		―		132		5
	Other			―		―		31		37		―		―		31		37
Total Fixed Income			$	1,059	$	941	$	4,593	$	3,727	$	―	$	2	$	5,652	$	4,670
Private Equity
	Buyouts		$	―	$	―	$	―	$	―	$	700	$	737	$	700	$	737
	Derivative instruments			―		―		―		―		(74)		(97)		(74)		(97)
	Direct investments			―		―		―		―		516		467		516		467
	Distressed debt			―		―		―		―		202		211		202		211
	Growth equity			15		21		―		―		183		170		198		191
	Mezzanine			―		―		―		―		116		83		116		83
	Real estate			―		―		―		―		147		156		147		156
	Secondary			―		―		―		―		145		152		145		152
	Venture capital			―		―		―		―		552		548		552		548
Total Private Equity			$	15	$	21	$	―	$	―	$	2,487	$	2,427	$	2,502	$	2,448
Total Absolute Return			$	26	$	―	$	1,141	$	1,175	$	1,006	$	658	$	2,173	$	1,833
Commodities			$	―	$	―	$	―	$	88	$	―	$	―	$	―	$	88
Cash and Cash Equivalents			$	287	$	301	$	617	$	1,017	$	―	$	―	$	904	$	1,318
Total			$	4,367	$	4,182	$	6,574	$	6,229	$	3,877	$	3,484	$	14,818	$	13,895
Other items to reconcile to fair
	value of plan assets														$	(175)	$	(6)
Fair value of plan assets															$	14,643	$	13,889

Summary of changes in the fair values of the plans level 3 assets

		Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
		Equities		Fixed Income		Private Equity		Absolute Return		Commodities		Total
(Millions)
Beginning balance at Jan. 1, 2013		$	421	$	2	$	2,136	$	865	$	107	$	3,531
Net transfers into / (out of) level 3			―		―		―		(101)		―		(101)
Purchases, sales, issuances, and
	settlements, net		(92)		―		54		(104)		(96)		(238)
Realized gain / (loss)			10		―		126		46		(1)		181
Change in unrealized gains / (losses)
	relating to instruments sold during
	the period		(5)		―		3		(30)		(10)		(42)
Change in unrealized gains / (losses)
	relating to instruments still held at
	the reporting date		63		―		108		(18)		―		153
Ending balance at Dec. 31, 2013			397		2		2,427		658		―		3,484
Net transfers into / (out of) level 3			―		―		―		100		―		100
Purchases, sales, issuances, and
	settlements, net		(43)		(1)		(260)		205		―		(99)
Realized gain / (loss)			2		―		185		―		―		187
Change in unrealized gains / (losses)
	relating to instruments sold during
	the period		(12)		―		64		2		―		54
Change in unrealized gains / (losses)
	relating to instruments still held at
	the reporting date		40		(1)		71		41		―		151
Ending balance at Dec. 31, 2014		$	384	$	―	$	2,487	$	1,006	$	―	$	3,877

International Qualified and Non-qualified Pension Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the international pension plans by asset class are as follows:
		Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)		Level 1				Level 2				Level 3				Dec. 31,
Asset Class		2014		2013		2014		2013		2014		2013		2014		2013
Equities
	Growth equities	$	672	$	733	$	176	$	190	$	―	$	―	$	848	$	923
	Value equities		595		653		23		14		―		―		618		667
	Core equities		19		19		642		668		4		5		665		692
Total Equities		$	1,286	$	1,405	$	841	$	872	$	4	$	5	$	2,131	$	2,282
Fixed Income
	Domestic government debt	$	87	$	199	$	542	$	539	$	3	$	3	$	632	$	741
	Foreign government debt		45		28		816		657		―		1		861		686
	Corporate debt securities		1		1		615		638		5		20		621		659
	Mortgage backed debt		―		―		82		75		―		―		82		75
	Other debt obligations		―		―		708		391		11		13		719		404
Total Fixed Income		$	133	$	228	$	2,763	$	2,300	$	19	$	37	$	2,915	$	2,565
Private Equity
	Private equity funds	$	―	$	―	$	―	$	―	$	23	$	22	$	23	$	22
	Real estate		3		3		73		87		55		53		131		143
Total Private Equity		$	3	$	3	$	73	$	87	$	78	$	75	$	154	$	165
Absolute Return
	Hedge funds	$	―	$	―	$	95	$	62	$	22	$	56	$	117	$	118
	Insurance		―		―		―		―		476		492		476		492
	Derivatives		―		2		(4)		3		―		―		(4)		5
	Other		―		―		13		2		3		2		16		4
Total Absolute Return		$	―	$	2	$	104	$	67	$	501	$	550	$	605	$	619
Cash and Cash Equivalents		$	161	$	112	$	32	$	14	$	―	$	―	$	193	$	126
Total		$	1,583	$	1,750	$	3,813	$	3,340	$	602	$	667	$	5,998	$	5,757
Other items to reconcile to fair
	value of plan assets													$	(41)	$	1
Fair value of plan assets														$	5,957	$	5,758

Summary of changes in the fair values of the plans level 3 assets

		Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
		Equities		Fixed Income		Private Equity		Absolute Return		Total
(Millions)
Beginning balance at Jan. 1, 2013		$	5	$	36	$	71	$	485	$	597
Net transfers into / (out of) level 3			―		―		―		―		―
Foreign currency exchange			―		(2)		(1)		9		6
Purchases, sales, issuances, and
	settlements, net		―		(2)		1		50		49
Realized gain / (loss)			―		―		2		―		2
Change in unrealized gains / (losses)
	relating to instruments sold during
	the period		―		―		―		1		1
Change in unrealized gains / (losses)
	relating to instruments still held at
	the reporting date		―		5		2		5		12
Ending balance at Dec. 31, 2013			5		37		75		550		667
Net transfers into / (out of) level 3			―		―		―		(32)		(32)
Foreign currency exchange			(1)		(4)		(6)		(64)		(75)
Purchases, sales, issuances, and
	settlements, net		―		(14)		(2)		28		12
Realized gain / (loss)			―		―		2		―		2
Change in unrealized gains / (losses)
	relating to instruments sold during
	the period		―		(1)		(1)		―		(2)
Change in unrealized gains / (losses)
	relating to instruments still held at
	the reporting date		―		1		10		19		30
Ending balance at Dec. 31, 2014		$	4	$	19	$	78	$	501	$	602

Postretirement Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans

Fair values of the assets held by the plans by asset category

The fair values of the assets held by the postretirement benefit plans by asset class are as follows:
			Fair Value Measurements Using Inputs Considered as												Fair Value at
(Millions)			Level 1				Level 2				Level 3				Dec. 31,
Asset Class			2014		2013		2014		2013		2014		2013		2014		2013
Equities
	U.S. equities		$	565	$	552	$	―	$	―	$	―	$	―	$	565	$	552
	Non-U.S. equities			56		58		―		―		―		―		56		58
	Index funds			―		―		38		44		―		―		38		44
	Long/short equity			―		―		3		―		14		16		17		16
Total Equities			$	621	$	610	$	41	$	44	$	14	$	16	$	676	$	670
Fixed Income
	U.S. government securities		$	68	$	62	$	186	$	202	$	―	$	―	$	254	$	264
	Non-U.S. government
		securities		―		1		17		14		―		―		17		15
	U.S. corporate bonds			―		―		119		96		―		―		119		96
	Non-U.S. corporate bonds			―		―		24		21		―		―		24		21
	Asset-backed securities			―		―		7		9		―		―		7		9
	Collateralized mortgage
		obligations		―		―		5		5		―		―		5		5
	Private placements			―		―		25		16		―		―		25		16
	Derivative instruments			―		―		5		―		―		―		5		―
	Other			―		―		1		1		―		―		1		1
Total Fixed Income			$	68	$	63	$	389	$	364	$	―	$	―	$	457	$	427
Private Equity
	Buyouts		$	―	$	―	$	―	$	―	$	56	$	58	$	56	$	58
	Derivative instruments			―		―		―		―		(3)		(3)		(3)		(3)
	Direct investments			―		―		―		―		19		16		19		16
	Distressed debt			―		―		―		―		8		7		8		7
	Growth equity			1		1		―		―		7		6		8		7
	Mezzanine			―		―		―		―		4		3		4		3
	Real estate			―		―		―		―		5		5		5		5
	Secondary			―		―		―		―		5		5		5		5
	Venture capital			―		―		―		―		58		64		58		64
Total Private Equity			$	1	$	1	$	―	$	―	$	159	$	161	$	160	$	162
Total Absolute Return			$	1	$	―	$	41	$	37	$	37	$	26	$	79	$	63
Commodities			$	―	$	―	$	―	$	3	$	―	$	―	$	―	$	3
Cash and Cash Equivalents			$	33	$	35	$	23	$	34	$	―	$	―	$	56	$	69
Total			$	724	$	709	$	494	$	482	$	210	$	203	$	1,428	$	1,394
Other items to reconcile to fair
	value of plan assets														$	8	$	11
Fair value of plan assets															$	1,436	$	1,405

Summary of changes in the fair values of the plans level 3 assets

		Fair Value Measurement Using Significant Unobservable Inputs (Level 3)
		Equities		Fixed Income		Private Equity		Absolute Return		Commodities		Total
(Millions)
Beginning balance at Jan. 1, 2013		$	16	$	―	$	170	$	28	$	4	$	218
Net transfers into / (out of) level 3			―		―		―		―		―		―
Purchases, sales, issuances, and
	settlements, net		(3)		―		(27)		(4)		(4)		(38)
Realized gain / (loss)			―		―		10		2		―		12
Change in unrealized gains / (losses)
	relating to instruments sold during
	the period		―		―		(3)		(1)		―		(4)
Change in unrealized gains / (losses)
	relating to instruments still held at
	the reporting date		3		―		11		1		―		15
Ending balance at Dec. 31, 2013			16		―		161		26		―		203
Net transfers into / (out of) level 3			(2)		―		―		―		―		(2)
Purchases, sales, issuances, and
	settlements, net		(2)		―		(45)		8		―		(39)
Realized gain / (loss)			―		―		29		―		―		29
Change in unrealized gains / (losses)
	relating to instruments sold during
	the period		―		―		(5)		―		―		(5)
Change in unrealized gains / (losses)
	relating to instruments still held at
	the reporting date		2		―		19		3		―		24
Ending balance at Dec. 31, 2014		$	14	$	―	$	159	$	37	$	―	$	210