|
Pension Plans, Retirement Benefits and Savings Plans (tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Pension Plans, Retirement Benefits and Savings Plans disclosure |
|
| Summary of the funded status, obligations and amounts recognized in the consolidated balance sheet for the Company's benefit plans [Table Text Block] |
|
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|
Qualified
Domestic Pension
Plan |
|
Nonqualified
and Foreign
Pension Plans |
|
Total |
|
|
(at and for the year ended December 31, in millions) |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
|
Change in projected benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
3,055 |
|
$ |
2,706 |
|
$ |
206 |
|
$ |
183 |
|
$ |
3,261 |
|
$ |
2,889 |
|
|
Benefits earned |
|
|
112 |
|
|
107 |
|
|
6 |
|
|
6 |
|
|
118 |
|
|
113 |
|
|
Interest cost on benefit obligation |
|
|
124 |
|
|
129 |
|
|
8 |
|
|
9 |
|
|
132 |
|
|
138 |
|
|
Actuarial loss (gain) |
|
|
(243 |
) |
|
225 |
|
|
(19 |
) |
|
17 |
|
|
(262 |
) |
|
242 |
|
|
Benefits paid |
|
|
(140 |
) |
|
(112 |
) |
|
(9 |
) |
|
(13 |
) |
|
(149 |
) |
|
(125 |
) |
|
Foreign currency exchange rate change |
|
|
— |
|
|
— |
|
|
2 |
|
|
4 |
|
|
2 |
|
|
4 |
|
|
Acquisition |
|
|
— |
|
|
— |
|
|
15 |
|
|
— |
|
|
15 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at end of year |
|
$ |
2,908 |
|
$ |
3,055 |
|
$ |
209 |
|
$ |
206 |
|
$ |
3,117 |
|
$ |
3,261 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
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|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
2,761 |
|
$ |
2,414 |
|
$ |
98 |
|
$ |
86 |
|
$ |
2,859 |
|
$ |
2,500 |
|
|
Actual return on plan assets |
|
|
453 |
|
|
242 |
|
|
12 |
|
|
10 |
|
|
465 |
|
|
252 |
|
|
Company contributions |
|
|
— |
|
|
217 |
|
|
6 |
|
|
11 |
|
|
6 |
|
|
228 |
|
|
Benefits paid |
|
|
(140 |
) |
|
(112 |
) |
|
(9 |
) |
|
(13 |
) |
|
(149 |
) |
|
(125 |
) |
|
Foreign currency exchange rate change |
|
|
— |
|
|
— |
|
|
2 |
|
|
4 |
|
|
2 |
|
|
4 |
|
|
Acquisition |
|
|
— |
|
|
— |
|
|
20 |
|
|
— |
|
|
20 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at end of year |
|
|
3,074 |
|
|
2,761 |
|
|
129 |
|
|
98 |
|
|
3,203 |
|
|
2,859 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Funded status of plan at end of year |
|
$ |
166 |
|
$ |
(294 |
) |
$ |
(80 |
) |
$ |
(108 |
) |
$ |
86 |
|
$ |
(402 |
) |
| |
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| |
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|
Amounts recognized in the statement of financial position consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued over-funded benefit plan assets |
|
$ |
176 |
|
$ |
— |
|
$ |
10 |
|
$ |
— |
|
$ |
186 |
|
$ |
— |
|
|
Accrued under-funded benefit plan liabilities |
|
|
(10 |
) |
|
(294 |
) |
|
(90 |
) |
|
(108 |
) |
|
(100 |
) |
|
(402 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
166 |
|
$ |
(294 |
) |
$ |
(80 |
) |
$ |
(108 |
) |
$ |
86 |
|
$ |
(402 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
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|
Amounts recognized in accumulated other comprehensive income consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss |
|
$ |
704 |
|
$ |
1,300 |
|
$ |
34 |
|
$ |
63 |
|
$ |
738 |
|
$ |
1,363 |
|
|
Prior service benefit |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
704 |
|
$ |
1,300 |
|
$ |
34 |
|
$ |
63 |
|
$ |
738 |
|
$ |
1,363 |
|
| |
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| |
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|
Postretirement
Benefit Plans |
|
|
(at and for the year ended December 31, in millions) |
|
2013 |
|
2012 |
|
|
Change in projected benefit obligation: |
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
222 |
|
$ |
246 |
|
|
Benefits earned |
|
|
— |
|
|
— |
|
|
Plan amendments |
|
|
— |
|
|
(31 |
) |
|
Interest cost on benefit obligation |
|
|
9 |
|
|
12 |
|
|
Actuarial loss (gain) |
|
|
(25 |
) |
|
11 |
|
|
Benefits paid |
|
|
(14 |
) |
|
(16 |
) |
|
Acquisition |
|
|
19 |
|
|
— |
|
| |
|
|
|
|
|
|
Benefit obligation at end of year |
|
$ |
211 |
|
$ |
222 |
|
| |
|
|
|
|
|
|
Change in plan assets: |
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
18 |
|
$ |
19 |
|
|
Actual return on plan assets |
|
|
— |
|
|
1 |
|
|
Company contributions |
|
|
13 |
|
|
14 |
|
|
Benefits paid |
|
|
(14 |
) |
|
(16 |
) |
| |
|
|
|
|
|
|
Fair value of plan assets at end of year |
|
|
17 |
|
|
18 |
|
| |
|
|
|
|
|
|
Funded status of plan at end of year |
|
$ |
(194 |
) |
$ |
(204 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
Amounts recognized in the statement of financial position consist of: |
|
|
|
|
|
|
|
|
Accrued under-funded benefit plan liability |
|
$ |
(194 |
) |
$ |
(204 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
Amounts recognized in accumulated other comprehensive income consist of: |
|
|
|
|
|
|
|
|
Net actuarial gain |
|
$ |
(44 |
) |
$ |
(50 |
) |
|
Prior service benefit |
|
|
(28 |
) |
|
— |
|
| |
|
|
|
|
|
|
Total |
|
$ |
(72 |
) |
$ |
(50 |
) |
| |
|
|
|
|
|
| |
|
|
|
|
|
|
| Summary of the components of net periodic benefit cost and other amounts recognized in other comprehensive income related to the benefit plans [Table Text Block] |
|
|
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|
|
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|
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|
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|
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|
|
|
|
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|
Pension Plans |
|
Postretirement
Benefit Plans |
|
|
(in millions) |
|
2013 |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
|
2011 |
|
|
Net Periodic Benefit Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
118 |
|
$ |
113 |
|
$ |
98 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Interest cost on benefit obligation |
|
|
132 |
|
|
138 |
|
|
135 |
|
|
9 |
|
|
12 |
|
|
13 |
|
|
Expected return on plan assets |
|
|
(208 |
) |
|
(187 |
) |
|
(182 |
) |
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
Amortization of unrecognized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service benefit |
|
|
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
Net actuarial loss (gain) |
|
|
107 |
|
|
89 |
|
|
76 |
|
|
— |
|
|
(1 |
) |
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net benefit expense |
|
$ |
149 |
|
$ |
153 |
|
$ |
127 |
|
$ |
6 |
|
$ |
10 |
|
$ |
12 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Changes in Benefit Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior service benefit |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
Net actuarial loss (gain) |
|
|
(518 |
) |
|
176 |
|
|
388 |
|
|
(24 |
) |
|
11 |
|
|
(5 |
) |
|
Plan amendments |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(31 |
) |
|
— |
|
|
Amortization of prior service benefit |
|
|
— |
|
|
— |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
Amortization of net actuarial gain (loss) |
|
|
(107 |
) |
|
(89 |
) |
|
(76 |
) |
|
— |
|
|
1 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other changes recognized in other comprehensive income |
|
|
(625 |
) |
|
87 |
|
|
312 |
|
|
(22 |
) |
|
(19 |
) |
|
(5 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other changes recognized in net benefit expense and other comprehensive income |
|
$ |
(476 |
) |
$ |
240 |
|
$ |
439 |
|
$ |
(16 |
) |
$ |
(9 |
) |
$ |
7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Benefit obligations assumptions, net periodic benefit cost assumptions and health care cost trend rate sensitivity [Table Text Block] |
|
|
|
|
|
|
|
|
|
(at and for the year ended December 31,) |
|
2013 |
|
2012 |
|
|
Assumptions used to determine benefit obligations |
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.96 |
% |
|
4.15 |
% |
|
Future compensation increase rate |
|
|
4.00 |
% |
|
4.00 |
% |
|
Assumptions used to determine net periodic benefit cost |
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.15 |
% |
|
4.90 |
% |
|
Expected long-term rate of return on pension plans' assets |
|
|
7.50 |
% |
|
7.50 |
% |
|
Expected long-term rate of return on postretirement benefit plans' assets |
|
|
4.00 |
% |
|
5.00 |
% |
|
Assumed health care cost trend rates |
|
|
|
|
|
|
|
|
Following year: |
|
|
|
|
|
|
|
|
Medical (before age 65) |
|
|
7.25 |
% |
|
7.50 |
% |
|
Medical (age 65 and older) |
|
|
6.75 |
% |
|
7.50 |
% |
|
Rate to which the cost trend rate is assumed to decline (ultimate trend rate): |
|
|
5.00 |
% |
|
5.00 |
% |
|
Year that the rate reaches the ultimate trend rate: |
|
|
|
|
|
|
|
|
Medical (before age 65) |
|
|
2022 |
|
|
2018 |
|
|
Medical (age 65 and older) |
|
|
2020 |
|
|
2018 |
|
|
| Level within the fair value hierarchy at which the financial assets of the Company's pension plans are measured [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(at December 31, 2013, in millions) |
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
Invested assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states, municipalities and political subdivisions |
|
$ |
18 |
|
$ |
— |
|
$ |
18 |
|
$ |
— |
|
|
Debt securities issued by foreign governments |
|
|
14 |
|
|
— |
|
|
14 |
|
|
— |
|
|
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities |
|
|
11 |
|
|
— |
|
|
11 |
|
|
— |
|
|
All other corporate bonds |
|
|
447 |
|
|
— |
|
|
447 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Total fixed maturities |
|
|
490 |
|
|
— |
|
|
490 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity mutual funds |
|
|
1,355 |
|
|
1,355 |
|
|
— |
|
|
— |
|
|
Bond mutual funds |
|
|
446 |
|
|
446 |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Total mutual funds |
|
|
1,801 |
|
|
1,801 |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
571 |
|
|
570 |
|
|
1 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Other investments(1) |
|
|
4 |
|
|
— |
|
|
— |
|
|
4 |
|
| |
|
|
|
|
|
|
|
|
|
|
Cash and short-term securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
|
122 |
|
|
122 |
|
|
— |
|
|
— |
|
|
Money market mutual funds |
|
|
19 |
|
|
19 |
|
|
— |
|
|
— |
|
|
Other |
|
|
196 |
|
|
31 |
|
|
165 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Total cash and short-term securities |
|
|
337 |
|
|
172 |
|
|
165 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
3,203 |
|
$ |
2,543 |
|
$ |
656 |
|
$ |
4 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
- (1)
- The fair value estimates of the two private equity funds comprising these investments are determined by an external fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the total fair value estimates are disclosed in Level 3.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(at December 31, 2012, in millions) |
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
Invested assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed maturities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Obligations of states, municipalities and political subdivisions |
|
$ |
7 |
|
$ |
— |
|
$ |
7 |
|
$ |
— |
|
|
Debt securities issued by foreign governments |
|
|
14 |
|
|
— |
|
|
14 |
|
|
— |
|
|
Mortgage-backed securities, collateralized mortgage obligations and pass-through securities |
|
|
9 |
|
|
— |
|
|
9 |
|
|
— |
|
|
All other corporate bonds |
|
|
383 |
|
|
— |
|
|
383 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Total fixed maturities |
|
|
413 |
|
|
— |
|
|
413 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Mutual funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity mutual funds |
|
|
1,143 |
|
|
1,143 |
|
|
— |
|
|
— |
|
|
Bond mutual funds |
|
|
406 |
|
|
406 |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Total mutual funds |
|
|
1,549 |
|
|
1,549 |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Equity securities |
|
|
450 |
|
|
450 |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Other investments(1) |
|
|
6 |
|
|
— |
|
|
— |
|
|
6 |
|
| |
|
|
|
|
|
|
|
|
|
|
Cash and short-term securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury securities |
|
|
132 |
|
|
132 |
|
|
— |
|
|
— |
|
|
Money market mutual funds |
|
|
22 |
|
|
22 |
|
|
— |
|
|
— |
|
|
Other |
|
|
287 |
|
|
17 |
|
|
270 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Total cash and short-term securities |
|
|
441 |
|
|
171 |
|
|
270 |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
2,859 |
|
$ |
2,170 |
|
$ |
683 |
|
$ |
6 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
- (1)
- The fair value estimates of the two private equity funds comprising these investments are determined by an external fund manager based on recent filings, operating results, balance sheet stability, growth and other business and market sector fundamentals. Due to the significant unobservable inputs in these valuations, the total fair value estimates are disclosed in Level 3.
|
| Changes in the Level 3 fair value category for the pension plans [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
Other
Investments |
|
|
(at and for the year ended December 31, in millions) |
|
2013 |
|
2012 |
|
|
Balance at beginning of year |
|
$ |
6 |
|
$ |
18 |
|
|
Actual return on plan assets: |
|
|
|
|
|
|
|
|
Relating to assets still held |
|
|
1 |
|
|
2 |
|
|
Relating to assets sold during the year |
|
|
— |
|
|
— |
|
|
Purchases, sales, settlements and maturities: |
|
|
|
|
|
|
|
|
Purchases |
|
|
— |
|
|
— |
|
|
Sales |
|
|
(3 |
) |
|
(12 |
) |
|
Settlements/maturities |
|
|
— |
|
|
— |
|
|
Gross transfers into Level 3 |
|
|
— |
|
|
— |
|
|
Gross transfers out of Level 3 |
|
|
— |
|
|
(2 |
) |
| |
|
|
|
|
|
|
Balance at end of year |
|
$ |
4 |
|
$ |
6 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
| Estimated future benefit payments [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
Benefits Expected to be Paid |
|
|
(in millions) |
|
Pension Plans |
|
Postretirement
Benefit Plans |
|
|
2014 |
|
$ |
165 |
|
$ |
15 |
|
|
2015 |
|
|
176 |
|
|
15 |
|
|
2016 |
|
|
187 |
|
|
15 |
|
|
2017 |
|
|
198 |
|
|
15 |
|
|
2018 |
|
|
209 |
|
|
14 |
|
|
2019 through 2023 |
|
|
1,165 |
|
|
70 |
|
|