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Penson and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

		Pension				Other Postretirement
		Benefits				Benefits
(In millions)	2013		2012		2013		2012
Change in benefit obligation
Benefit obligation, January 1	$	5,267	$	5,067	$	442	$	452
Service cost		3		3		1		2
Interest cost		181		198		12		16
(Gain) loss from past experience		(464)		283		(37)		(2)
Effect of plan amendment		-		-		(57)		-
Benefits paid from plan assets		(262)		(256)		(3)		(3)
Benefits paid - other		(25)		(28)		(28)		(23)
Curtailment		-		-		(7)		-
Benefit obligation, December 31		4,700		5,267		323		442
Change in plan assets
Fair value of plan assets, January 1		3,665		3,298		20		22
Actual return on plan assets		488		370		(1)		1
Benefits paid		(262)		(256)		(3)		(3)
Contributions		198		253		-		-
Fair value of plan assets, December 31		4,089		3,665		16		20
Funded Status	$	(611)	$	(1,602)	$	(307)	$	(422)

	Pension				Other
	Benefits				Postretirement Benefits
(In millions)	2013		2012		2013		2012
Unrecognized net gain (loss)	$	(1,696)	$	(2,450)	$	14	$	(28)
Unrecognized prior service cost		(5)		(5)		57		23
Postretirement benefits liability adjustment	$	(1,701)	$	(2,455)	$	71	$	(5)

(In millions)	2013		2012		2011
Service cost	$	3	$	3	$	2
Interest cost		181		198		228
Expected long-term return on plan assets		(272)		(270)		(267)
Amortization of:
Net loss from past experience		74		58		38
Settlement loss		-		6		-
Net pension cost	$	(14)	$	(5)	$	1

(In millions)	2013		2012		2011
Service cost	$	1	$	2	$	2
Interest cost		12		16		20
Expected long-term return on plan assets		(1)		(1)		(1)
Amortization of:
Prior service cost		(4)		(12)		(16)
Curtailment gain		(19)		-		-
Net other postretirement benefit cost	$	(11)	$	5	$	5

(In millions)	Increase		Decrease
Effect on total service and interest cost	$	-	$	-
Effect on postretirement benefit obligation	$	3	$	-

December 31, 2013
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Plan assets at fair value:
Fixed maturities:
Federal government and agency	$	-	$	2	$	-	$	2
Corporate		-		725		24		749
Mortgage and other asset-backed		-		18		5		23
Fund investments and pooled separate accounts⁽¹⁾		-		1,019		3		1,022
Total fixed maturities		-		1,764		32		1,796
Equity securities:
Domestic		824		-		35		859
International, including funds and pooled separate accounts⁽¹⁾		187		124		7		318
Total equity securities		1,011		124		42		1,177
Real estate and mortgage loans, including pooled separate accounts⁽¹⁾		-		-		339		339
Securities partnerships		-		-		304		304
Hedge funds		-		-		360		360
Guaranteed deposit account contract		-		-		44		44
Cash equivalents		-		69		-		69
Total plan assets at fair value	$	1,011	$	1,957	$	1,121	$	4,089

(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.

December 31, 2012
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Plan assets at fair value:
Fixed maturities:
Federal government and agency	$	-	$	4	$	-	$	4
Corporate		-		416		27		443
Mortgage and other asset-backed		-		8		5		13
Fund investments and pooled separate accounts⁽¹⁾		-		519		3		522
Total fixed maturities		-		947		35		982
Equity securities:
Domestic		1,202		4		10		1,216
International, including funds and pooled separate accounts⁽¹⁾		158		149		-		307
Total equity securities		1,360		153		10		1,523
Real estate and mortgage loans, including pooled separate accounts⁽¹⁾		-		-		351		351
Securities partnerships		-		-		328		328
Hedge Funds		-		-		327		327
Guaranteed deposit account contract		-		-		47		47
Cash equivalents		-		107		-		107
Total plan assets at fair value	$	1,360	$	1,207	$	1,098	$	3,665

(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.

(In millions)	Fixed Maturities & Equity Securities		Real Estate & Mortgage Loans		Securities Partnerships		Hedge Funds		Guaranteed Deposit Account Contract		Total

Balance at January 1, 2013	$	44	$	352	$	328	$	327	$	47	$	1,098
Actual return on plan assets:
Assets still held at the reporting date		-		29		16		38		1		84
Assets sold during the period		7		-		-		-		-		7
Total actual return on plan assets		7		29		16		38		1		91
Purchases, sales, settlements, net		25		(42)		(40)		(5)		(4)		(66)
Transfers into/out of Level 3		(2)		-		-		-		-		(2)
Balance at December 31, 2013	$	74	$	339	$	304	$	360	$	44	$	1,121

(In millions)	Fixed Maturities & Equity Securities		Real Estate & Mortgage Loans		Securities Partnerships		Hedge Funds		Guaranteed Deposit Account Contract		Total

Balance at January 1, 2012	$	26	$	303	$	314	$	148	$	39	$	830
Actual return on plan assets:
Assets still held at the reporting date		-		38		18		10		3		69
Assets sold during the period		-		-		-		-		-		-
Total actual return on plan assets		-		38		18		10		3		69
Purchases, sales, settlements, net		5		11		(4)		169		5		186
Transfers into/out of Level 3		13		-		-		-		-		13
Balance at December 31, 2012	$	44	$	352	$	328	$	327	$	47	$	1,098

	2013	2012
Discount rate:
Pension benefit obligation	4.50%	3.50%
Other postretirement benefit obligation	4.00%	3.25%
Pension benefit cost	3.50%	4.00%
Other postretirement benefit cost	3.25%	3.75%
Expected long-term return on plan assets:
Pension benefit cost	8.00%	8.00%
Other postretirement benefit cost	5.00%	5.00%