COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS (Tables)
|
12 Months Ended |
Dec. 31, 2011
|
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):
|
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|
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|
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|
|
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|
U.S. Pension
Benefits |
|
|
U.S.
Postretirement
Medical Benefits |
|
|
International
Pension Benefits |
|
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
Net Periodic
Cost:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
870 |
|
|
$ |
723 |
|
|
$ |
689 |
|
|
$ |
89 |
|
|
$ |
86 |
|
|
$ |
85 |
|
|
$ |
34 |
|
|
$ |
24 |
|
|
$ |
17 |
|
Interest cost
|
|
|
1,309 |
|
|
|
1,199 |
|
|
|
1,130 |
|
|
|
207 |
|
|
|
214 |
|
|
|
211 |
|
|
|
39 |
|
|
|
34 |
|
|
|
28 |
|
Expected return on
assets
|
|
|
(1,835 |
) |
|
|
(1,381 |
) |
|
|
(1,151 |
) |
|
|
(16 |
) |
|
|
(22 |
) |
|
|
(27 |
) |
|
|
(43 |
) |
|
|
(36 |
) |
|
|
(26 |
) |
Amortization of:
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|
Transition
obligation
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Prior service
cost
|
|
|
171 |
|
|
|
172 |
|
|
|
178 |
|
|
|
7 |
|
|
|
4 |
|
|
|
6 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Actuarial (gain)
loss
|
|
|
736 |
|
|
|
70 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
91 |
|
|
|
42 |
|
|
|
16 |
|
Other
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
1 |
|
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|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
1,251 |
|
|
$ |
783 |
|
|
$ |
853 |
|
|
$ |
287 |
|
|
$ |
282 |
|
|
$ |
275 |
|
|
$ |
122 |
|
|
$ |
71 |
|
|
$ |
37 |
|
|
|
|
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|
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|
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 2011 results (in millions):
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|
1% Increase |
|
|
1% Decrease |
|
Effect on total of service
cost and interest cost
|
|
$ |
6 |
|
|
$ |
(6 |
) |
Effect on postretirement
benefit obligation
|
|
$ |
61 |
|
|
$ |
(65 |
) |
|
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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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension
Benefits |
|
|
U.S. Postretirement
Medical Benefits |
|
|
International
Pension
Benefits |
|
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
Benefit
Obligations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligation at beginning of year
|
|
$ |
21,342 |
|
|
$ |
17,763 |
|
|
$ |
3,597 |
|
|
$ |
3,336 |
|
|
$ |
680 |
|
|
$ |
575 |
|
Service cost
|
|
|
870 |
|
|
|
723 |
|
|
|
89 |
|
|
|
86 |
|
|
|
34 |
|
|
|
24 |
|
Interest cost
|
|
|
1,309 |
|
|
|
1,199 |
|
|
|
207 |
|
|
|
214 |
|
|
|
39 |
|
|
|
34 |
|
Gross benefits
paid
|
|
|
(657 |
) |
|
|
(574 |
) |
|
|
(219 |
) |
|
|
(207 |
) |
|
|
(15 |
) |
|
|
(13 |
) |
Plan participants’
contributions
|
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
17 |
|
|
|
1 |
|
|
|
1 |
|
Plan amendments
|
|
|
3 |
|
|
|
(7 |
) |
|
|
(24 |
) |
|
|
8 |
|
|
|
7 |
|
|
|
— |
|
Actuarial
(gain)/loss
|
|
|
1,519 |
|
|
|
2,238 |
|
|
|
170 |
|
|
|
142 |
|
|
|
99 |
|
|
|
58 |
|
Foreign currency exchange
rate changes
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
|
(4 |
) |
Curtailments and
settlements
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Other
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligation at end of year
|
|
$ |
24,386 |
|
|
$ |
21,342 |
|
|
$ |
3,836 |
|
|
$ |
3,597 |
|
|
$ |
841 |
|
|
$ |
680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension
Benefits |
|
|
U.S. Postretirement
Medical Benefits |
|
|
International
Pension
Benefits |
|
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
Fair Value of Plan
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Fair value of plan assets
at beginning of year
|
|
$ |
20,092 |
|
|
$ |
15,351 |
|
|
$ |
233 |
|
|
$ |
298 |
|
|
$ |
561 |
|
|
$ |
481 |
|
Actual return on plan
assets
|
|
|
1,956 |
|
|
|
2,215 |
|
|
|
9 |
|
|
|
30 |
|
|
|
10 |
|
|
|
48 |
|
Employer
contributions
|
|
|
1,272 |
|
|
|
3,100 |
|
|
|
108 |
|
|
|
95 |
|
|
|
56 |
|
|
|
45 |
|
Plan participants’
contributions
|
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
17 |
|
|
|
1 |
|
|
|
1 |
|
Gross benefits
paid
|
|
|
(657 |
) |
|
|
(574 |
) |
|
|
(219 |
) |
|
|
(207 |
) |
|
|
(15 |
) |
|
|
(13 |
) |
Foreign currency exchange
rate changes
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Curtailments and
settlements
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Other
|
|
|
— |
|
|
|
— |
|
|
|
27 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets
at end of year
|
|
$ |
22,663 |
|
|
$ |
20,092 |
|
|
$ |
174 |
|
|
$ |
233 |
|
|
$ |
613 |
|
|
$ |
561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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):
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension
Benefits |
|
|
U.S.
Postretirement
Medical Benefits |
|
|
International
Pension Benefits |
|
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
Funded
Status:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan
assets
|
|
$ |
22,663 |
|
|
$ |
20,092 |
|
|
$ |
174 |
|
|
$ |
233 |
|
|
$ |
613 |
|
|
$ |
561 |
|
Benefit
obligation
|
|
|
(24,386 |
) |
|
|
(21,342 |
) |
|
|
(3,836 |
) |
|
|
(3,597 |
) |
|
|
(841 |
) |
|
|
(680 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded status recognized at
December 31
|
|
$ |
(1,723 |
) |
|
$ |
(1,250 |
) |
|
$ |
(3,662 |
) |
|
$ |
(3,364 |
) |
|
$ |
(228 |
) |
|
$ |
(119 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Status Amounts
Recognized in our Balance Sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other non-current
assets
|
|
$ |
— |
|
|
$ |
42 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
1 |
|
Other current
liabilities
|
|
|
(13 |
) |
|
|
(11 |
) |
|
|
(93 |
) |
|
|
(99 |
) |
|
|
(3 |
) |
|
|
(3 |
) |
Pension and postretirement
benefit obligations
|
|
|
(1,710 |
) |
|
|
(1,281 |
) |
|
|
(3,569 |
) |
|
|
(3,265 |
) |
|
|
(226 |
) |
|
|
(117 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net liability at
December 31
|
|
$ |
(1,723 |
) |
|
$ |
(1,250 |
) |
|
$ |
(3,662 |
) |
|
$ |
(3,364 |
) |
|
$ |
(228 |
) |
|
$ |
(119 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts Recognized in
AOCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrecognized net prior
service cost
|
|
$ |
(1,492 |
) |
|
$ |
(1,660 |
) |
|
$ |
(82 |
) |
|
$ |
(113 |
) |
|
$ |
(14 |
) |
|
$ |
(8 |
) |
Unrecognized net actuarial
loss
|
|
|
(2,439 |
) |
|
|
(1,777 |
) |
|
|
(307 |
) |
|
|
(157 |
) |
|
|
(52 |
) |
|
|
(22 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrecognized cost at
December 31
|
|
|
(3,931 |
) |
|
|
(3,437 |
) |
|
|
(389 |
) |
|
|
(270 |
) |
|
|
(66 |
) |
|
|
(30 |
) |
Deferred tax asset at
December 31
|
|
|
1,479 |
|
|
|
1,292 |
|
|
|
146 |
|
|
|
102 |
|
|
|
16 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrecognized cost at
December 31
|
|
$ |
(2,452 |
) |
|
$ |
(2,145 |
) |
|
$ |
(243 |
) |
|
$ |
(168 |
) |
|
$ |
(50 |
) |
|
$ |
(27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2011 and 2010, 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 |
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
U.S. Pension
Benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligation
|
|
$ |
24,386 |
|
|
$ |
3,227 |
|
|
$ |
7,499 |
|
|
$ |
3,227 |
|
Accumulated benefit
obligation
|
|
|
22,574 |
|
|
|
3,195 |
|
|
|
7,395 |
|
|
|
3,195 |
|
Fair value of plan
assets
|
|
|
22,663 |
|
|
|
1,934 |
|
|
|
6,646 |
|
|
|
1,934 |
|
|
|
|
|
|
International Pension
Benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit
obligation
|
|
$ |
814 |
|
|
$ |
662 |
|
|
$ |
499 |
|
|
$ |
362 |
|
Accumulated benefit
obligation
|
|
|
714 |
|
|
|
323 |
|
|
|
448 |
|
|
|
323 |
|
Fair value of plan
assets
|
|
|
594 |
|
|
|
543 |
|
|
|
296 |
|
|
|
257 |
|
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 2012 are
as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension Benefits |
|
|
U.S. Postretirement
Medical Benefits |
|
|
International Pension
Benefits |
|
Prior service cost /
(benefit)
|
|
$ |
173 |
|
|
$ |
5 |
|
|
$ |
2 |
|
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, 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 |
|
|
|
|
|
|
|
|
|
Global Equity
|
|
|
1,115 |
|
|
|
12 |
|
|
|
— |
|
|
|
1,127 |
|
|
|
|
|
|
|
|
|
International
Core
|
|
|
592 |
|
|
|
926 |
|
|
|
— |
|
|
|
1,518 |
|
|
|
|
|
|
|
|
|
Emerging Markets
|
|
|
389 |
|
|
|
264 |
|
|
|
— |
|
|
|
653 |
|
|
|
|
|
|
|
|
|
International Small
Cap
|
|
|
362 |
|
|
|
165 |
|
|
|
— |
|
|
|
527 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity
Securities
|
|
|
5,428 |
|
|
|
3,854 |
|
|
|
— |
|
|
|
9,282 |
|
|
|
40.7 |
|
|
|
40-60 |
|
|
|
|
|
|
|
|
Fixed Income
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government
Securities
|
|
|
3,412 |
|
|
|
1,217 |
|
|
|
— |
|
|
|
4,629 |
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
|
9 |
|
|
|
3,462 |
|
|
|
80 |
|
|
|
3,551 |
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
|
— |
|
|
|
104 |
|
|
|
— |
|
|
|
104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Income
Securities
|
|
|
3,421 |
|
|
|
4,783 |
|
|
|
80 |
|
|
|
8,284 |
|
|
|
36.3 |
|
|
|
20-40 |
|
|
|
|
|
|
|
|
Other
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge Funds
|
|
|
— |
|
|
|
— |
|
|
|
2,743 |
|
|
|
2,743 |
|
|
|
12.0 |
|
|
|
5-15 |
|
Real Estate
|
|
|
151 |
|
|
|
— |
|
|
|
948 |
|
|
|
1,099 |
|
|
|
4.8 |
|
|
|
1-10 |
|
Private Equity
|
|
|
— |
|
|
|
— |
|
|
|
1,354 |
|
|
|
1,354 |
|
|
|
5.9 |
|
|
|
1-10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Plan
Assets
|
|
$ |
9,074 |
|
|
$ |
8,638 |
|
|
$ |
5,125 |
|
|
$ |
22,837 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The fair values
of U.S. pension and postretirement benefit plan assets by asset
category as of December 31, 2010 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 -
2010 |
|
|
Target
Allocation
2010 |
|
Asset
Category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$ |
— |
|
|
$ |
579 |
|
|
$ |
— |
|
|
$ |
579 |
|
|
|
2.9 |
% |
|
|
0-5 |
% |
Equity
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Large Cap
|
|
|
4,897 |
|
|
|
— |
|
|
|
— |
|
|
|
4,897 |
|
|
|
|
|
|
|
|
|
U.S. Small Cap
|
|
|
874 |
|
|
|
— |
|
|
|
— |
|
|
|
874 |
|
|
|
|
|
|
|
|
|
International
Core
|
|
|
1,219 |
|
|
|
920 |
|
|
|
— |
|
|
|
2,139 |
|
|
|
|
|
|
|
|
|
Emerging Markets
|
|
|
528 |
|
|
|
281 |
|
|
|
— |
|
|
|
809 |
|
|
|
|
|
|
|
|
|
International Small
Cap
|
|
|
117 |
|
|
|
196 |
|
|
|
— |
|
|
|
313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Equity
Securities
|
|
|
7,635 |
|
|
|
1,397 |
|
|
|
— |
|
|
|
9,032 |
|
|
|
44.4 |
|
|
|
40-60 |
|
|
|
|
|
|
|
|
Fixed Income
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government
Securities
|
|
|
3,502 |
|
|
|
313 |
|
|
|
— |
|
|
|
3,815 |
|
|
|
|
|
|
|
|
|
Corporate Bonds
|
|
|
608 |
|
|
|
1,694 |
|
|
|
193 |
|
|
|
2,495 |
|
|
|
|
|
|
|
|
|
Mortgage-Backed
Securities
|
|
|
— |
|
|
|
50 |
|
|
|
— |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fixed Income
Securities
|
|
|
4,110 |
|
|
|
2,057 |
|
|
|
193 |
|
|
|
6,360 |
|
|
|
31.3 |
|
|
|
20-40 |
|
|
|
|
|
|
|
|
Other
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hedge Funds
|
|
|
— |
|
|
|
— |
|
|
|
2,023 |
|
|
|
2,023 |
|
|
|
10.0 |
|
|
|
5-15 |
|
Real Estate
|
|
|
98 |
|
|
|
135 |
|
|
|
789 |
|
|
|
1,022 |
|
|
|
5.0 |
|
|
|
1-10 |
|
Private Equity
|
|
|
— |
|
|
|
— |
|
|
|
1,309 |
|
|
|
1,309 |
|
|
|
6.4 |
|
|
|
1-10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Plan
Assets
|
|
$ |
11,843 |
|
|
$ |
4,168 |
|
|
$ |
4,314 |
|
|
$ |
20,325 |
|
|
|
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, 2011 and
2010 (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds |
|
|
Hedge
Funds |
|
|
Real
Estate |
|
|
Private
Equity |
|
|
Total |
|
Balance on January 1,
2010
|
|
$ |
201 |
|
|
$ |
1,284 |
|
|
$ |
550 |
|
|
$ |
1,145 |
|
|
$ |
3,180 |
|
Actual Return on
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Held at End of
Year
|
|
|
(5 |
) |
|
|
129 |
|
|
|
100 |
|
|
|
177 |
|
|
|
401 |
|
Assets Sold During the
Year
|
|
|
13 |
|
|
|
10 |
|
|
|
— |
|
|
|
1 |
|
|
|
24 |
|
Purchases
|
|
|
41 |
|
|
|
711 |
|
|
|
152 |
|
|
|
149 |
|
|
|
1,053 |
|
Sales
|
|
|
(57 |
) |
|
|
(111 |
) |
|
|
(13 |
) |
|
|
(163 |
) |
|
|
(344 |
) |
Settlements
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers Into (Out of)
Level 3
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on
December 31, 2010
|
|
$ |
193 |
|
|
$ |
2,023 |
|
|
$ |
789 |
|
|
$ |
1,309 |
|
|
$ |
4,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Return on
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets Held at End of
Year
|
|
|
(14 |
) |
|
|
122 |
|
|
|
144 |
|
|
|
145 |
|
|
|
397 |
|
Assets Sold During the
Year
|
|
|
3 |
|
|
|
22 |
|
|
|
5 |
|
|
|
— |
|
|
|
30 |
|
Purchases
|
|
|
57 |
|
|
|
757 |
|
|
|
150 |
|
|
|
164 |
|
|
|
1,128 |
|
Sales
|
|
|
(159 |
) |
|
|
(181 |
) |
|
|
(140 |
) |
|
|
(264 |
) |
|
|
(744 |
) |
Settlements
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Transfers Into (Out of)
Level 3
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on
December 31, 2011
|
|
$ |
80 |
|
|
$ |
2,743 |
|
|
$ |
948 |
|
|
$ |
1,354 |
|
|
$ |
5,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 (expected) to plan
trusts
|
|
$ |
355 |
|
|
$ |
371 |
|
|
$ |
53 |
|
2012 (expected) to plan
participants
|
|
|
13 |
|
|
|
101 |
|
|
|
3 |
|
|
|
|
|
Expected Benefit
Payments:
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
$ |
708 |
|
|
$ |
233 |
|
|
$ |
18 |
|
2013
|
|
|
789 |
|
|
|
253 |
|
|
|
17 |
|
2014
|
|
|
873 |
|
|
|
230 |
|
|
|
19 |
|
2015
|
|
|
966 |
|
|
|
246 |
|
|
|
21 |
|
2016
|
|
|
1,065 |
|
|
|
260 |
|
|
|
23 |
|
2017 - 2021
|
|
|
7,112 |
|
|
|
1,466 |
|
|
|
153 |
|
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 |
|
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
|
2011 |
|
|
2010 |
|
|
2009 |
|
Discount rate
|
|
|
5.98 |
% |
|
|
6.58 |
% |
|
|
6.75 |
% |
|
|
5.77 |
% |
|
|
6.43 |
% |
|
|
6.66 |
% |
|
|
5.36 |
% |
|
|
5.84 |
% |
|
|
6.17 |
% |
Rate of compensation
increase
|
|
|
4.50 |
% |
|
|
4.50 |
% |
|
|
4.50 |
% |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
3.57 |
% |
|
|
3.62 |
% |
|
|
3.65 |
% |
Expected return on
assets
|
|
|
8.75 |
% |
|
|
8.75 |
% |
|
|
8.96 |
% |
|
|
8.75 |
% |
|
|
8.75 |
% |
|
|
9.00 |
% |
|
|
7.31 |
% |
|
|
7.25 |
% |
|
|
7.09 |
% |
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
U.S. Pension Benefits |
|
|
U.S. Postretirement
Medical Benefits |
|
|
International
Pension Benefits |
|
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
|
2011 |
|
|
2010 |
|
Discount rate
|
|
|
5.64 |
% |
|
|
5.98 |
% |
|
|
5.47 |
% |
|
|
5.77 |
% |
|
|
4.63 |
% |
|
|
5.36 |
% |
Rate of compensation
increase
|
|
|
4.50 |
% |
|
|
4.50 |
% |
|
|
N/A |
|
|
|
N/A |
|
|
|
3.58 |
% |
|
|
3.57 |
% |
|