COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS (Tables)
|
12 Months Ended |
Dec. 31, 2012
|
Net Periodic Benefit Cost for Pension and Postretirement Benefit Plans |
Information about net periodic benefit cost for the company-sponsored pension and postretirement benefit plans is as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits |
|
U.S. Postretirement
Medical Benefits
|
|
International
Pension Benefits
|
|
2012 |
|
2011 |
|
2010 |
|
2012 |
|
2011 |
|
2010 |
|
2012 |
|
2011 |
|
2010 |
Net Periodic Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
$ |
998 |
|
|
$ |
870 |
|
|
$ |
723 |
|
|
$ |
89 |
|
|
$ |
89 |
|
|
$ |
86 |
|
|
$ |
41 |
|
|
$ |
34 |
|
|
$ |
24 |
|
Interest cost |
1,410 |
|
|
1,309 |
|
|
1,199 |
|
|
208 |
|
|
207 |
|
|
214 |
|
|
41 |
|
|
39 |
|
|
34 |
|
Expected return on assets |
(1,970 |
) |
|
(1,835 |
) |
|
(1,381 |
) |
|
(18 |
) |
|
(16 |
) |
|
(22 |
) |
|
(47 |
) |
|
(43 |
) |
|
(36 |
) |
Amortization of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transition obligation |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Prior service cost |
173 |
|
|
171 |
|
|
172 |
|
|
5 |
|
|
7 |
|
|
4 |
|
|
2 |
|
|
1 |
|
|
1 |
|
Actuarial (gain) loss |
4,388 |
|
|
736 |
|
|
70 |
|
|
374 |
|
|
— |
|
|
— |
|
|
69 |
|
|
91 |
|
|
42 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(10 |
) |
|
— |
|
|
6 |
|
Net periodic benefit cost |
$ |
4,999 |
|
|
$ |
1,251 |
|
|
$ |
783 |
|
|
$ |
658 |
|
|
$ |
287 |
|
|
$ |
282 |
|
|
$ |
96 |
|
|
$ |
122 |
|
|
$ |
71 |
|
|
Effects of One Percent Change in Assumed Health Care Cost Trend |
A one-percent change in assumed health care cost trend rates would have had the following effects on 2012 results (in millions):
|
|
|
|
|
|
|
|
|
|
1% Increase |
|
1% Decrease |
Effect on total of service cost and interest cost |
$ |
4 |
|
|
$ |
(4 |
) |
Effect on postretirement benefit obligation |
$ |
58 |
|
|
$ |
(69 |
) |
|
Reconciliation of the Changes in the Plans' Benefit Obligations and Fair Value of Plan Assets |
The following table provides a reconciliation of the changes in the plans’ benefit obligations and fair value of plan assets as of the respective measurement dates in each year (in millions).
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits |
|
U.S. Postretirement
Medical Benefits
|
|
International
Pension
Benefits
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Benefit Obligations: |
|
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of year |
$ |
24,386 |
|
|
$ |
21,342 |
|
|
$ |
3,836 |
|
|
$ |
3,597 |
|
|
$ |
841 |
|
|
$ |
680 |
|
Service cost |
998 |
|
|
870 |
|
|
89 |
|
|
89 |
|
|
41 |
|
|
34 |
|
Interest cost |
1,410 |
|
|
1,309 |
|
|
208 |
|
|
207 |
|
|
41 |
|
|
39 |
|
Gross benefits paid |
(774 |
) |
|
(657 |
) |
|
(233 |
) |
|
(219 |
) |
|
(20 |
) |
|
(15 |
) |
Plan participants’ contributions |
— |
|
|
— |
|
|
16 |
|
|
16 |
|
|
4 |
|
|
1 |
|
Plan amendments |
(2 |
) |
|
3 |
|
|
1 |
|
|
(24 |
) |
|
— |
|
|
7 |
|
Actuarial (gain)/loss |
5,850 |
|
|
1,519 |
|
|
495 |
|
|
170 |
|
|
112 |
|
|
99 |
|
Foreign currency exchange rate changes |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
24 |
|
|
(4 |
) |
Curtailments and settlements |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5 |
) |
|
— |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
51 |
|
|
— |
|
Projected benefit obligation at end of year |
$ |
31,868 |
|
|
$ |
24,386 |
|
|
$ |
4,412 |
|
|
$ |
3,836 |
|
|
$ |
1,089 |
|
|
$ |
841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits |
|
U.S. Postretirement
Medical Benefits
|
|
International
Pension
Benefits
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Fair Value of Plan Assets: |
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
$ |
22,663 |
|
|
$ |
20,092 |
|
|
$ |
174 |
|
|
$ |
233 |
|
|
$ |
613 |
|
|
$ |
561 |
|
Actual return on plan assets |
2,684 |
|
|
1,956 |
|
|
19 |
|
|
9 |
|
|
56 |
|
|
10 |
|
Employer contributions |
368 |
|
|
1,272 |
|
|
475 |
|
|
108 |
|
|
74 |
|
|
56 |
|
Plan participants’ contributions |
— |
|
|
— |
|
|
16 |
|
|
16 |
|
|
1 |
|
|
1 |
|
Gross benefits paid |
(774 |
) |
|
(657 |
) |
|
(233 |
) |
|
(219 |
) |
|
(20 |
) |
|
(15 |
) |
Foreign currency exchange rate changes |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
|
— |
|
Curtailments and settlements |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4 |
) |
|
— |
|
Other |
— |
|
|
— |
|
|
9 |
|
|
27 |
|
|
61 |
|
|
— |
|
Fair value of plan assets at end of year |
$ |
24,941 |
|
|
$ |
22,663 |
|
|
$ |
460 |
|
|
$ |
174 |
|
|
$ |
801 |
|
|
$ |
613 |
|
|
Funded Status as of the Respective Measurement Dates in Each Year and the Amounts Recognized in Balance Sheet |
The following table discloses the funded status of our plans and the amounts recognized in our balance sheet as of December 31 (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits |
|
U.S. Postretirement
Medical Benefits
|
|
International
Pension
Benefits
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Funded Status: |
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets |
$ |
24,941 |
|
|
$ |
22,663 |
|
|
$ |
460 |
|
|
$ |
174 |
|
|
$ |
801 |
|
|
$ |
613 |
|
Benefit obligation |
(31,868 |
) |
|
(24,386 |
) |
|
(4,412 |
) |
|
(3,836 |
) |
|
(1,089 |
) |
|
(841 |
) |
Funded status recognized at December 31 |
$ |
(6,927 |
) |
|
$ |
(1,723 |
) |
|
$ |
(3,952 |
) |
|
$ |
(3,662 |
) |
|
$ |
(288 |
) |
|
$ |
(228 |
) |
Funded Status Amounts Recognized in our Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
Other non-current assets |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26 |
|
|
$ |
1 |
|
Other current liabilities |
(14 |
) |
|
(13 |
) |
|
(108 |
) |
|
(93 |
) |
|
(3 |
) |
|
(3 |
) |
Pension and postretirement benefit obligations |
(6,913 |
) |
|
(1,710 |
) |
|
(3,844 |
) |
|
(3,569 |
) |
|
(311 |
) |
|
(226 |
) |
Net liability at December 31 |
$ |
(6,927 |
) |
|
$ |
(1,723 |
) |
|
$ |
(3,952 |
) |
|
$ |
(3,662 |
) |
|
$ |
(288 |
) |
|
$ |
(228 |
) |
Amounts Recognized in AOCI: |
|
|
|
|
|
|
|
|
|
|
|
Unrecognized net prior service cost |
$ |
(1,318 |
) |
|
$ |
(1,492 |
) |
|
$ |
(79 |
) |
|
$ |
(82 |
) |
|
$ |
(13 |
) |
|
$ |
(14 |
) |
Unrecognized net actuarial loss |
(3,187 |
) |
|
(2,439 |
) |
|
(441 |
) |
|
(307 |
) |
|
(86 |
) |
|
(52 |
) |
Gross unrecognized cost at December 31 |
(4,505 |
) |
|
(3,931 |
) |
|
(520 |
) |
|
(389 |
) |
|
(99 |
) |
|
(66 |
) |
Deferred tax asset at December 31 |
1,694 |
|
|
1,479 |
|
|
196 |
|
|
146 |
|
|
26 |
|
|
16 |
|
Net unrecognized cost at December 31 |
$ |
(2,811 |
) |
|
$ |
(2,452 |
) |
|
$ |
(324 |
) |
|
$ |
(243 |
) |
|
$ |
(73 |
) |
|
$ |
(50 |
) |
|
Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets |
At December 31, 2012 and 2011, the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets for pension plans with benefit obligations in excess of plan assets were as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected Benefit Obligation
Exceeds the Fair Value of Plan
Assets
|
|
Accumulated Benefit Obligation
Exceeds the Fair Value of Plan
Assets
|
2012 |
|
2011 |
|
2012 |
|
2011 |
U.S. Pension Benefits |
|
|
|
|
|
|
|
Projected benefit obligation |
$ |
31,868 |
|
|
$ |
24,386 |
|
|
$ |
31,868 |
|
|
$ |
7,499 |
|
Accumulated benefit obligation |
29,382 |
|
|
22,574 |
|
|
29,382 |
|
|
7,395 |
|
Fair value of plan assets |
24,941 |
|
|
22,663 |
|
|
24,941 |
|
|
6,646 |
|
International Pension Benefits |
|
|
|
|
|
|
|
Projected benefit obligation |
$ |
1,028 |
|
|
$ |
814 |
|
|
$ |
678 |
|
|
$ |
499 |
|
Accumulated benefit obligation |
917 |
|
|
714 |
|
|
606 |
|
|
448 |
|
Fair value of plan assets |
723 |
|
|
594 |
|
|
388 |
|
|
296 |
|
|
Fair Values of U.S. Pension and Postretirement Benefit Plan Assets by Asset Category as Well as the Percentage That Each Category Comprises of Total Plan Assets and the Respective Target Allocations |
The fair values of U.S. pension and postretirement benefit plan assets by asset category as of December 31, 2012 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total
Assets
|
|
Percentage of
Plan Assets -
2012
|
|
Target
Allocation
2012
|
Asset Category: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
103 |
|
|
$ |
139 |
|
|
$ |
— |
|
|
$ |
242 |
|
|
0.9 |
% |
|
0-5 |
Equity Securities: |
|
|
|
|
|
|
|
|
|
|
|
U.S. Large Cap |
2,548 |
|
|
2,162 |
|
|
— |
|
|
4,710 |
|
|
|
|
|
U.S. Small Cap |
450 |
|
|
31 |
|
|
— |
|
|
481 |
|
|
|
|
|
Emerging Markets |
1,160 |
|
|
123 |
|
|
— |
|
|
1,283 |
|
|
|
|
|
Global Equity |
2,242 |
|
|
— |
|
|
— |
|
|
2,242 |
|
|
|
|
|
International Equity |
442 |
|
|
694 |
|
|
— |
|
|
1,136 |
|
|
|
|
|
Total Equity Securities |
6,842 |
|
|
3,010 |
|
|
— |
|
|
9,852 |
|
|
38.8 |
|
|
35-55 |
Fixed Income Securities: |
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities |
4,008 |
|
|
443 |
|
|
— |
|
|
4,451 |
|
|
|
|
|
Corporate Bonds |
9 |
|
|
3,113 |
|
|
138 |
|
|
3,260 |
|
|
|
|
|
Global Bonds |
— |
|
|
457 |
|
|
— |
|
|
457 |
|
|
|
|
|
Municipal Bonds |
— |
|
|
83 |
|
|
— |
|
|
83 |
|
|
|
|
|
Total Fixed Income Securities |
4,017 |
|
|
4,096 |
|
|
138 |
|
|
8,251 |
|
|
32.5 |
|
|
25-35 |
Other Investments: |
|
|
|
|
|
|
|
|
|
|
|
Hedge Funds |
— |
|
|
— |
|
|
2,829 |
|
|
2,829 |
|
|
11.1 |
|
|
5-15 |
Private Equity |
— |
|
|
— |
|
|
1,416 |
|
|
1,416 |
|
|
5.6 |
|
|
1-10 |
Real Estate |
177 |
|
|
23 |
|
|
1,039 |
|
|
1,239 |
|
|
4.9 |
|
|
1-10 |
Structured Products(1)
|
— |
|
|
210 |
|
|
— |
|
|
210 |
|
|
0.8 |
|
|
0-5 |
Other(2)
|
— |
|
|
— |
|
|
1,362 |
|
|
1,362 |
|
|
5.4 |
|
|
1-10 |
Total U.S. Plan Assets |
$ |
11,139 |
|
|
$ |
7,478 |
|
|
$ |
6,784 |
|
|
$ |
25,401 |
|
|
100.0 |
% |
|
|
(1) Represents mortgage and asset-backed securities.
(2) Represents global balanced-risk commingled funds, consisting primarily of equity, bonds, and some currencies and commodities.
The fair values of U.S. pension and postretirement benefit plan assets by asset category as of December 31, 2011 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total
Assets
|
|
Percentage of
Plan Assets -
2011
|
|
Target
Allocation
2011
|
Asset Category: |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
74 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
75 |
|
|
0.3 |
% |
|
0-5 |
Equity Securities: |
|
|
|
|
|
|
|
|
|
|
|
U.S. Large Cap |
2,264 |
|
|
2,460 |
|
|
— |
|
|
4,724 |
|
|
|
|
|
U.S. Small Cap |
706 |
|
|
27 |
|
|
— |
|
|
733 |
|
|
|
|
|
Emerging Markets |
533 |
|
|
264 |
|
|
— |
|
|
797 |
|
|
|
|
|
Global Equity |
1,115 |
|
|
12 |
|
|
— |
|
|
1,127 |
|
|
|
|
|
International Equity |
810 |
|
|
1,091 |
|
|
— |
|
|
1,901 |
|
|
|
|
|
Total Equity Securities |
5,428 |
|
|
3,854 |
|
|
— |
|
|
9,282 |
|
|
40.7 |
|
|
35-55 |
Fixed Income Securities: |
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Securities |
3,374 |
|
|
1,131 |
|
|
— |
|
|
4,505 |
|
|
|
|
|
Corporate Bonds |
9 |
|
|
3,462 |
|
|
80 |
|
|
3,551 |
|
|
|
|
|
Global Bonds |
38 |
|
|
69 |
|
|
— |
|
|
107 |
|
|
|
|
|
Municipal Bonds |
— |
|
|
121 |
|
|
— |
|
|
121 |
|
|
|
|
|
Total Fixed Income Securities |
3,421 |
|
|
4,783 |
|
|
80 |
|
|
8,284 |
|
|
36.3 |
|
|
20-40 |
Other Investments: |
|
|
|
|
|
|
|
|
|
|
|
Hedge Funds |
— |
|
|
— |
|
|
2,132 |
|
|
2,132 |
|
|
9.3 |
|
|
5-15 |
Private Equity |
— |
|
|
— |
|
|
1,354 |
|
|
1,354 |
|
|
5.9 |
|
|
1-10 |
Real Estate |
151 |
|
|
— |
|
|
948 |
|
|
1,099 |
|
|
4.8 |
|
|
1-10 |
Other(1)
|
— |
|
|
— |
|
|
611 |
|
|
611 |
|
|
2.7 |
|
|
1-10 |
Total U.S. Plan Assets |
$ |
9,074 |
|
|
$ |
8,638 |
|
|
$ |
5,125 |
|
|
$ |
22,837 |
|
|
100.0 |
% |
|
|
|
Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs (Level 3) |
The following tables presents the changes in the Level 3 instruments measured on a recurring basis for the years ended December 31, 2012 and 2011 (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds
|
|
Hedge
Funds
|
|
Real
Estate
|
|
Private
Equity
|
|
Other |
|
Total |
Balance on January 1, 2011 |
$ |
193 |
|
|
$ |
1,765 |
|
|
$ |
789 |
|
|
$ |
1,309 |
|
|
$ |
258 |
|
|
$ |
4,314 |
|
Actual Return on Assets: |
|
|
|
|
|
|
|
|
|
|
|
Assets Held at End of Year |
(14 |
) |
|
69 |
|
|
144 |
|
|
145 |
|
|
53 |
|
|
397 |
|
Assets Sold During the Year |
3 |
|
|
22 |
|
|
5 |
|
|
— |
|
|
— |
|
|
30 |
|
Purchases |
57 |
|
|
457 |
|
|
150 |
|
|
164 |
|
|
300 |
|
|
1,128 |
|
Sales |
(159 |
) |
|
(181 |
) |
|
(140 |
) |
|
(264 |
) |
|
— |
|
|
(744 |
) |
Settlements |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Transfers Into (Out of) Level 3 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Balance on December 31, 2011 |
$ |
80 |
|
|
$ |
2,132 |
|
|
$ |
948 |
|
|
$ |
1,354 |
|
|
$ |
611 |
|
|
$ |
5,125 |
|
Actual Return on Assets: |
|
|
|
|
|
|
|
|
|
|
|
Assets Held at End of Year |
1 |
|
|
59 |
|
|
85 |
|
|
163 |
|
|
151 |
|
|
459 |
|
Assets Sold During the Year |
(3 |
) |
|
5 |
|
|
4 |
|
|
— |
|
|
— |
|
|
6 |
|
Purchases |
71 |
|
|
1,300 |
|
|
144 |
|
|
184 |
|
|
600 |
|
|
2,299 |
|
Sales |
(11 |
) |
|
(667 |
) |
|
(142 |
) |
|
(285 |
) |
|
— |
|
|
(1,105 |
) |
Settlements |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Transfers Into (Out of) Level 3 |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Balance on December 31, 2012 |
$ |
138 |
|
|
$ |
2,829 |
|
|
$ |
1,039 |
|
|
$ |
1,416 |
|
|
$ |
1,362 |
|
|
$ |
6,784 |
|
|
Amounts in AOCI Expected to be Amortized and Recognized as a Component of Net Periodic Benefit Cost |
The estimated amounts of prior service cost in AOCI expected to be amortized and recognized as a component of net periodic benefit cost in 2013 are as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits |
|
U.S. Postretirement
Medical Benefits
|
|
International Pension
Benefits
|
Prior service cost / (benefit) |
$ |
172 |
|
|
$ |
4 |
|
|
$ |
2 |
|
|
Expected Cash Flows for Pension and Postretirement Benefit Plans |
Information about expected cash flows for the pension and postretirement benefit plans is as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Pension Benefits
|
|
U.S. Postretirement
Medical Benefits
|
|
International Pension
Benefits
|
Employer Contributions: |
|
|
|
|
|
2013 (expected) to plan trusts |
$ |
— |
|
|
$ |
— |
|
|
$ |
76 |
|
2013 (expected) to plan participants |
14 |
|
|
111 |
|
|
3 |
|
Expected Benefit Payments: |
|
|
|
|
|
2013 |
$ |
798 |
|
|
$ |
255 |
|
|
$ |
20 |
|
2014 |
887 |
|
|
237 |
|
|
22 |
|
2015 |
978 |
|
|
254 |
|
|
25 |
|
2016 |
1,076 |
|
|
271 |
|
|
27 |
|
2017 |
1,182 |
|
|
288 |
|
|
30 |
|
2018 - 2022 |
7,815 |
|
|
1,575 |
|
|
199 |
|
|
Net Periodic Benefit Cost
|
|
Weighted Average Actuarial Assumptions Used Disclosure |
The table below provides the weighted-average actuarial assumptions used to determine the net periodic benefit cost.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits |
|
U.S. Postretirement
Medical Benefits
|
|
International
Pension Benefits
|
|
2012 |
|
2011 |
|
2010 |
|
2012 |
|
2011 |
|
2010 |
|
2012 |
|
2011 |
|
2010 |
Discount rate |
5.64 |
% |
|
5.98 |
% |
|
6.58 |
% |
|
5.47 |
% |
|
5.77 |
% |
|
6.43 |
% |
|
4.63 |
% |
|
5.36 |
% |
|
5.84 |
% |
Rate of compensation increase |
4.50 |
% |
|
4.50 |
% |
|
4.50 |
% |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
3.58 |
% |
|
3.57 |
% |
|
3.62 |
% |
Expected return on assets |
8.75 |
% |
|
8.75 |
% |
|
8.75 |
% |
|
8.75 |
% |
|
8.75 |
% |
|
8.75 |
% |
|
7.20 |
% |
|
7.31 |
% |
|
7.25 |
% |
|
Benefit Obligations
|
|
Weighted Average Actuarial Assumptions Used Disclosure |
The table below provides the weighted-average actuarial assumptions used to determine the benefit obligations of our plans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits |
|
U.S. Postretirement
Medical Benefits
|
|
International
Pension Benefits
|
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
Discount rate |
4.42 |
% |
|
5.64 |
% |
|
4.21 |
% |
|
5.47 |
% |
|
4.00 |
% |
|
4.63 |
% |
Rate of compensation increase |
4.16 |
% |
|
4.50 |
% |
|
N/A |
|
|
N/A |
|
|
3.03 |
% |
|
3.58 |
% |
|