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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Schedule of Defined Benefit Plans Disclosures
 
 
 
 
 
 
 
 
Pension and Postretirement Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plan (1)
 
Non-U.S.
Pension Plans (1)
 
Nonqualified
and Other
Pension Plans (1)
 
Postretirement
Health and Life
Plans (1)
(Dollars in millions)
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Change in fair value of plan assets
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Fair value, January 1
$
16,274

 
$
15,070

 
$
2,306

 
$
2,022

 
$
3,063

 
$
3,061

 
$
86

 
$
91

Actual return on plan assets
2,873

 
2,020

 
146

 
115

 
(217
)
 
126

 
9

 
10

Company contributions
—

 
—

 
131

 
152

 
98

 
112

 
61

 
117

Plan participant contributions
—

 
—

 
1

 
3

 
—

 
—

 
138

 
139

Settlements and curtailments
—

 
—

 
(80
)
 
—

 
(7
)
 
—

 
—

 
—

Benefits paid
(871
)
 
(816
)
 
(80
)
 
(77
)
 
(217
)
 
(236
)
 
(237
)
 
(290
)
Federal subsidy on benefits paid
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
15

 
19

Foreign currency exchange rate changes
n/a

 
n/a

 
33

 
91

 
n/a

 
n/a

 
n/a

 
n/a

Fair value, December 31
$
18,276

 
$
16,274

 
$
2,457

 
$
2,306

 
$
2,720

 
$
3,063

 
$
72

 
$
86

Change in projected benefit obligation
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Projected benefit obligation, January 1
$
15,655

 
$
14,891

 
$
2,460

 
$
1,984

 
$
3,334

 
$
3,137

 
$
1,574

 
$
1,619

Service cost
—

 
236

 
32

 
40

 
1

 
1

 
9

 
13

Interest cost
623

 
681

 
98

 
97

 
120

 
138

 
54

 
71

Plan participant contributions
—

 
—

 
1

 
3

 
—

 
—

 
138

 
139

Plan amendments
—

 
—

 
2

 
2

 
—

 
—

 
—

 
—

Settlements and curtailments
17

 
(889
)
 
(116
)
 
—

 
(7
)
 
—

 
—

 
—

Actuarial loss (gain)
(1,279
)
 
1,552

 
156

 
328

 
(161
)
 
294

 
(197
)
 
(4
)
Benefits paid
(871
)
 
(816
)
 
(80
)
 
(77
)
 
(217
)
 
(236
)
 
(237
)
 
(290
)
Federal subsidy on benefits paid
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
n/a

 
15

 
19

Foreign currency exchange rate changes
n/a

 
n/a

 
27

 
83

 
n/a

 
n/a

 
—

 
7

Projected benefit obligation, December 31
$
14,145

 
$
15,655

 
$
2,580

 
$
2,460

 
$
3,070

 
$
3,334

 
$
1,356

 
$
1,574

Amount recognized, December 31
$
4,131

 
$
619

 
$
(123
)
 
$
(154
)
 
$
(350
)
 
$
(271
)
 
$
(1,284
)
 
$
(1,488
)
Funded status, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Accumulated benefit obligation
$
14,145

 
$
15,655

 
$
2,463

 
$
2,345

 
$
3,067

 
$
3,334

 
n/a

 
n/a

Overfunded (unfunded) status of ABO
4,131

 
619

 
(6
)
 
(39
)
 
(347
)
 
(271
)
 
n/a

 
n/a

Provision for future salaries
—

 
—

 
117

 
115

 
3

 
—

 
n/a

 
n/a

Projected benefit obligation
14,145

 
15,655

 
2,580

 
2,460

 
3,070

 
3,334

 
$
1,356

 
$
1,574

Weighted-average assumptions, December 31
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Discount rate
4.85
%
 
4.00
%
 
4.30
%
 
4.23
%
 
4.55
%
 
3.65
%
 
4.50
%
 
3.65
%
Rate of compensation increase
n/a

 
n/a

 
3.40

 
4.37

 
4.00

 
4.00

 
n/a

 
n/a

(1) 
The measurement date for the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans was December 31 of each year reported.
n/a = not applicable
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized on the Consolidated Balance Sheet at December 31, 2013 and 2012 are presented in the table below.
 
 
 
 
 
 
 
 
Amounts Recognized on Consolidated Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and Life
Plans
(Dollars in millions)
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Other assets
$
4,131

 
$
676

 
$
205

 
$
220

 
$
777

 
$
908

 
$
—

 
$
—

Accrued expenses and other liabilities
—

 
(57
)
 
(328
)
 
(374
)
 
(1,127
)
 
(1,179
)
 
(1,284
)
 
(1,488
)
Net amount recognized at December 31
$
4,131

 
$
619

 
$
(123
)
 
$
(154
)
 
$
(350
)
 
$
(271
)
 
$
(1,284
)
 
$
(1,488
)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Pension Plans with ABO and PBO in excess of plan assets as of December 31, 2013 and 2012 are presented in the table below. For the non-qualified plans not subject to ERISA or non-U.S. pension plans, funding strategies vary due to legal requirements and local practices.
 
 
 
 
 
 
 
 
 
 
 
 
Plans with ABO and PBO in Excess of Plan Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
 Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
(Dollars in millions)
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Plans with ABO in excess of plan assets
 
 
 
 
 

 
 

 
 
 
 

PBO
n/a
 
$
7,171

 
$
617

 
$
883

 
$
1,129

 
$
1,182

ABO
n/a
 
7,171

 
606

 
843

 
1,126

 
1,181

Fair value of plan assets
n/a
 
7,114

 
290

 
510

 
2

 
2

Plans with PBO in excess of plan assets
 
 
 
 
 
 
 

 
 
 
 

PBO
n/a
 
$
7,171

 
$
720

 
$
896

 
$
1,129

 
$
1,182

Fair value of plan assets
n/a
 
7,114

 
392

 
522

 
2

 
2


n/a = not applicable
Schedule of Net Benefit Costs
Net periodic benefit cost of the Corporation’s plans for 2013, 2012 and 2011 included the following components.
 
 
 
 
 
 
 
 
 
 
 
 
Components of Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified Pension Plan
 
Non-U.S. Pension Plans
(Dollars in millions)
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Components of net periodic benefit cost
 

 
 

 
 

 
 

 
 

 
 

Service cost
$
—

 
$
236

 
$
423

 
$
32

 
$
40

 
$
43

Interest cost
623

 
681

 
746

 
98

 
97

 
99

Expected return on plan assets
(1,024
)
 
(1,246
)
 
(1,296
)
 
(121
)
 
(137
)
 
(115
)
Amortization of prior service cost
—

 
9

 
20

 
—

 
—

 
—

Amortization of net actuarial loss (gain)
242

 
469

 
387

 
2

 
(9
)
 
—

Recognized loss (gain) due to settlements and curtailments
17

 
58

 
—

 
(7
)
 
—

 
—

Net periodic benefit cost (income)
$
(142
)
 
$
207

 
$
280

 
$
4

 
$
(9
)
 
$
27

Weighted-average assumptions used to determine net cost for years ended December 31
 

 
 

 
 

 
 

 
 

 
 

Discount rate
4.00
%
 
4.95
%
 
5.45
%
 
4.23
%
 
4.87
%
 
5.32
%
Expected return on plan assets
6.50

 
8.00

 
8.00

 
5.50

 
6.65

 
6.58

Rate of compensation increase
n/a

 
4.00

 
4.00

 
4.37

 
4.42

 
4.85

 
 
 
 
 
 
 
 
 
 
 
 
 
Nonqualified and
Other Pension Plans
 
Postretirement Health
and Life Plans
(Dollars in millions)
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Components of net periodic benefit cost
 

 
 

 
 

 
 

 
 

 
 

Service cost
$
1

 
$
1

 
$
3

 
$
9

 
$
13

 
$
15

Interest cost
120

 
138

 
152

 
54

 
71

 
80

Expected return on plan assets
(109
)
 
(152
)
 
(141
)
 
(5
)
 
(8
)
 
(9
)
Amortization of transition obligation
—

 
—

 
—

 
—

 
32

 
31

Amortization of prior service cost (credits)
—

 
(3
)
 
(8
)
 
4

 
4

 
4

Amortization of net actuarial loss (gain)
25

 
8

 
16

 
(42
)
 
(38
)
 
(17
)
Recognized loss due to settlements and curtailments
2

 
—

 
3

 
6

 
—

 
—

Net periodic benefit cost (income)
$
39

 
$
(8
)
 
$
25

 
$
26

 
$
74

 
$
104

Weighted-average assumptions used to determine net cost for years ended December 31
 

 
 

 
 

 
 

 
 

 
 

Discount rate
3.65
%
 
4.65
%
 
5.20
%
 
3.65
%
 
4.65
%
 
5.10
%
Expected return on plan assets
3.75

 
5.25

 
5.25

 
6.50

 
8.00

 
8.00

Rate of compensation increase
4.00

 
4.00

 
4.00

 
n/a

 
n/a

 
n/a


n/a = not applicable
Schedule Of Defined Benefit Plan Pre-Tax Amounts Included in Accumulated Other Comprehensive Income [Table Text Block]
Pre-tax amounts included in accumulated OCI for employee benefit plans at December 31, 2013 and 2012 are presented in the table below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pre-tax Amounts included in Accumulated OCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Qualified
Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
(Dollars in millions)
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Net actuarial loss (gain)
$
2,794

 
$
6,164

 
$
271

 
$
144

 
$
855

 
$
718

 
$
(171
)
 
$
(28
)
 
$
3,749

 
$
6,998

Prior service cost (credits)
—

 
—

 
(9
)
 
5

 
—

 
—

 
24

 
29

 
15

 
34

Amounts recognized in accumulated OCI
$
2,794

 
$
6,164

 
$
262

 
$
149

 
$
855

 
$
718

 
$
(147
)
 
$
1

 
$
3,764

 
$
7,032
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Pre-tax amounts recognized in OCI for employee benefit plans in 2013 included the following components.
 
 
 
 
 
 
 
 
 
 
Pre-tax Amounts Recognized in OCI in 2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
Qualified
Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
Current year actuarial loss (gain)
$
(3,128
)
 
$
113

 
$
164

 
$
(180
)
 
$
(3,031
)
Amortization of actuarial gain (loss)
(242
)
 
(2
)
 
(27
)
 
36

 
(235
)
Current year prior service cost
—

 
2

 
—

 
—

 
2

Amortization of prior service cost
—

 
—

 
—

 
(4
)
 
(4
)
Amounts recognized in OCI
$
(3,370
)
 
$
113

 
$
137

 
$
(148
)
 
$
(3,268
)
Pre Tax Amount Amortized From Accumulated Other Comprehensive Income
The estimated pre-tax amounts that will be amortized from accumulated OCI into expense in 2014 are presented in the table below.
 
 
 
 
 
 
 
 
 
 
Estimated Pre-tax Amounts Amortized from Accumulated OCI into Period Cost in 2014
 
 
 
 
 
 
 
 
 
 
(Dollars in millions)
Qualified
Pension Plan
 
Non-U.S.
Pension Plans
 
Nonqualified
and Other
Pension Plans
 
Postretirement
Health and
Life Plans
 
Total
Net actuarial loss (gain)
$
108

 
$
3

 
$
25

 
$
(85
)
 
$
51

Prior service cost
—

 
1

 
—

 
4

 
5

Total amounts amortized from accumulated OCI
$
108

 
$
4

 
$
25

 
$
(81
)
 
$
56
Schedule of Allocation of Plan Assets
The target allocations for 2014 by asset category for the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below.
 
 
 
 
 
2014 Target Allocation
 
 
 
 
 
 
Percentage
Asset Category
Qualified
Pension Plan
Non-U.S.
Pension Plans
Nonqualified
and Other
Pension Plans
Postretirement
Health and Life
Plans
Equity securities
30 - 60
10 - 35
0 - 5
20 - 50
Debt securities
40 - 70
40 - 80
95 - 100
50 - 80
Real estate
0 - 10
0 - 15
0 - 5
0 - 5
Other
0 - 5
0 - 15
0 - 5
0 - 5
Plan Investment Assets Measured At Fair Value By Level
Combined plan investment assets measured at fair value by level and in total at December 31, 2013 and 2012 are summarized in the Fair Value Measurements table.
 
 
 
 
 
 
 
 
Fair Value Measurements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2013
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Total
Cash and short-term investments
 

 
 

 
 

 
 

Money market and interest-bearing cash
$
2,586

 
$
—

 
$
—

 
$
2,586

Cash and cash equivalent commingled/mutual funds
—

 
223

 
—

 
223

Fixed income
 

 
 

 
 

 
 

U.S. government and government agency securities
1,590

 
2,245

 
12

 
3,847

Corporate debt securities
—

 
1,233

 
—

 
1,233

Asset-backed securities
—

 
1,455

 
—

 
1,455

Non-U.S. debt securities
547

 
502

 
6

 
1,055

Fixed income commingled/mutual funds
89

 
1,279

 
—

 
1,368

Equity
 

 
 

 
 

 
 

Common and preferred equity securities
7,463

 
—

 
—

 
7,463

Equity commingled/mutual funds
213

 
2,308

 
—

 
2,521

Public real estate investment trusts
127

 
—

 
—

 
127

Real estate
 

 
 

 
 

 
 

Private real estate
—

 
—

 
119

 
119

Real estate commingled/mutual funds
—

 
7

 
462

 
469

Limited partnerships
—

 
117

 
145

 
262

Other investments (1)
—

 
662

 
135

 
797

Total plan investment assets, at fair value
$
12,615

 
$
10,031

 
$
879

 
$
23,525

 
 
 
 
 
 
 
 
 
December 31, 2012
Cash and short-term investments
 

 
 

 
 

 
 

Money market and interest-bearing cash
$
1,404

 
$
—

 
$
—

 
$
1,404

Cash and cash equivalent commingled/mutual funds
—

 
96

 
—

 
96

Fixed income
 

 
 

 
 

 
 

U.S. government and government agency securities
1,317

 
2,829

 
13

 
4,159

Corporate debt securities
—

 
1,062

 
—

 
1,062

Asset-backed securities
—

 
1,109

 
—

 
1,109

Non-U.S. debt securities
70

 
535

 
10

 
615

Fixed income commingled/mutual funds
99

 
1,432

 
—

 
1,531

Equity
 

 
 

 
 

 
 

Common and preferred equity securities
7,432

 
—

 
—

 
7,432

Equity commingled/mutual funds
290

 
2,316

 
—

 
2,606

Public real estate investment trusts
236

 
—

 
—

 
236

Real estate
 

 
 

 
 

 
 

Private real estate
—

 
—

 
110

 
110

Real estate commingled/mutual funds
—

 
10

 
324

 
334

Limited partnerships
—

 
110

 
231

 
341

Other investments (1)
22

 
543

 
129

 
694

Total plan investment assets, at fair value
$
10,870

 
$
10,042

 
$
817

 
$
21,729

(1) 
Other investments include interest rate swaps of $435 million and $311 million, participant loans of $87 million and $76 million, commodity and balanced funds of $229 million and $239 million and other various investments of $46 million and $68 million at December 31, 2013 and 2012.
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
The Level 3 Fair Value Measurements table presents a reconciliation of all plan investment assets measured at fair value using significant unobservable inputs (Level 3) during 2013, 2012 and 2011.
 
 
 
 
 
 
 
 
 
 
 
 
Level 3 Fair Value Measurements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2013
(Dollars in millions)
Balance
January 1
 
Actual Return on
Plan Assets Still
Held at the
Reporting Date
 
Purchases
 
Sales and Settlements
 
Transfers into/
(out of) Level 3
 
Balance
December 31
Fixed income
 

 
 

 
 

 
 
 
 

 
 

U.S. government and government agency securities
$
13

 
$
—

 
$
—

 
$
(1
)
 
$
—

 
$
12

Non-U.S. debt securities
10

 
(2
)
 
—

 
(2
)
 
—

 
6

Real estate
 

 
 

 
 
 
 

 
 

 
 

Private real estate
110

 
4

 
7

 
(2
)
 
—

 
119

Real estate commingled/mutual funds
324

 
15

 
123

 
—

 
—

 
462

Limited partnerships
231

 
8

 
23

 
(89
)
 
(28
)
 
145

Other investments
129

 
(6
)
 
13

 
(1
)
 
—

 
135

Total
$
817

 
$
19

 
$
166

 
$
(95
)
 
$
(28
)
 
$
879

 
 
 
 
 
 
 
 
 
 
 
 
 
2012
Fixed income
 

 
 

 
 

 
 
 
 

 
 

U.S. government and government agency securities
$
13

 
$
—

 
$
—

 
$
—

 
$
—

 
$
13

Non-U.S. debt securities
10

 
(1
)
 
1

 
(1
)
 
1

 
10

Real estate
 

 
 

 
 
 
 

 
 

 
 

Private real estate
113

 
(2
)
 
2

 
(3
)
 
—

 
110

Real estate commingled/mutual funds
249

 
13

 
62

 
—

 
—

 
324

Limited partnerships
232

 
8

 
11

 
(20
)
 
—

 
231

Other investments
122

 
7

 
4

 
(4
)
 
—

 
129

Total
$
739

 
$
25

 
$
80

 
$
(28
)
 
$
1

 
$
817

 
 
 
 
 
 
 
 
 
 
 
 
 
2011
Fixed income
 
 
 
 
 
 
 
 
 
 
 
U.S. government and government agency securities
$
14

 
$
(1
)
 
$
—

 
$
—

 
$
—

 
$
13

Non-U.S. debt securities
9

 
—

 
3

 
(2
)
 
—

 
10

Real estate
 
 
 
 
 
 
 
 
 
 
 

Private real estate
110

 
—

 
3

 
—

 
—

 
113

Real estate commingled/mutual funds
215

 
26

 
9

 
(1
)
 
—

 
249

Limited partnerships
230

 
(6
)
 
13

 
(5
)
 
—

 
232

Other investments
94

 
1

 
26

 
—

 
1

 
122

Total
$
672

 
$
20

 
$
54

 
$
(8
)
 
$
1

 
$
739
Schedule of Expected Benefit Payments
Benefit payments projected to be made from the Qualified Pension Plan, Non-U.S. Pension Plans, Nonqualified and Other Pension Plans, and Postretirement Health and Life Plans are presented in the table below.
 
 
 
 
 
 
 
 
 
 
Projected Benefit Payments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Postretirement Health and Life Plans
(Dollars in millions)
Qualified
Pension Plan (1)
 
Non-U.S.
Pension Plans (2)
 
Nonqualified
and Other
Pension Plans (2)
 
Net Payments (3)
 
Medicare
Subsidy
2014
$
927

 
$
60

 
$
243

 
$
142

 
$
17

2015
920

 
61

 
245

 
140

 
17

2016
910

 
64

 
242

 
137

 
17

2017
903

 
69

 
239

 
132

 
17

2018
894

 
71

 
235

 
127

 
17

2019 – 2023
4,399

 
428

 
1,132

 
558

 
76

(1) 
Benefit payments expected to be made from the plan’s assets.
(2) 
Benefit payments expected to be made from a combination of the plans’ and the Corporation’s assets.
(3) 
Benefit payments (net of retiree contributions) expected to be made from a combination of the plans’ and the Corporation’s assets.