Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2016						2015
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	10,506		$	1,924		$	11,001		$	2,145
Service costs	272			9			276			17
Interest costs	432			84			423			90
Plan participants’ contributions	—			33			—			30
Net actuarial (gains) losses	367			(117		)	(627		)	(235		)
Acquisition, divestitures, settlements and curtailments	(36		)	27			(4		)	(2		)
Change in benefits	(11		)	(44		)	—			(7		)
Benefits paid	(591		)	(117		)	(531		)	(109		)
Effect of foreign currency translation	21			(3		)	(32		)	(5		)
Benefit obligations at December 31,	10,960			1,796			10,506			1,924
Change in plan assets:
Estimated fair value of plan assets at January 1,	8,751			1,382			9,003			1,436
Actual return on plan assets	630			75			(127		)	4
Acquisition, divestitures and settlements	(7		)	(2		)	(3		)	(4		)
Plan participants’ contributions	—			33			—			30
Employer contributions	378			17			424			26
Benefits paid	(591		)	(117		)	(531		)	(109		)
Effect of foreign currency translation	3			(2		)	(15		)	(1		)
Estimated fair value of plan assets at December 31,	9,164			1,386			8,751			1,382
Over (under) funded status at December 31,	$	(1,796	)	$	(410	)	$	(1,755	)	$	(542	)
Amounts recognized on the consolidated balance sheets:
Other assets	$	5		$	1		$	5		$	1
Other liabilities	(1,801		)	(411		)	(1,760		)	(543		)
Net amount recognized	$	(1,796	)	$	(410	)	$	(1,755	)	$	(542	)
AOCI:
Net actuarial (gains) losses	$	2,993		$	89		$	2,945		$	222
Prior service costs (credit)	(11		)	(49		)	—			(14		)
AOCI, before income tax	$	2,982		$	40		$	2,945		$	208
Accumulated benefit obligation	$	10,559		N/A			$	10,082		N/A

__________________

(1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2016 and 2015, respectively.

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2016						2015
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	10,506		$	1,924		$	11,001		$	2,145
Service costs	272			9			276			17
Interest costs	432			84			423			90
Plan participants’ contributions	—			33			—			30
Net actuarial (gains) losses	367			(117		)	(627		)	(235		)
Acquisition, divestitures, settlements and curtailments	(36		)	27			(4		)	(2		)
Change in benefits	(11		)	(44		)	—			(7		)
Benefits paid	(591		)	(117		)	(531		)	(109		)
Effect of foreign currency translation	21			(3		)	(32		)	(5		)
Benefit obligations at December 31,	10,960			1,796			10,506			1,924
Change in plan assets:
Estimated fair value of plan assets at January 1,	8,751			1,382			9,003			1,436
Actual return on plan assets	630			75			(127		)	4
Acquisition, divestitures and settlements	(7		)	(2		)	(3		)	(4		)
Plan participants’ contributions	—			33			—			30
Employer contributions	378			17			424			26
Benefits paid	(591		)	(117		)	(531		)	(109		)
Effect of foreign currency translation	3			(2		)	(15		)	(1		)
Estimated fair value of plan assets at December 31,	9,164			1,386			8,751			1,382
Over (under) funded status at December 31,	$	(1,796	)	$	(410	)	$	(1,755	)	$	(542	)
Amounts recognized on the consolidated balance sheets:
Other assets	$	5		$	1		$	5		$	1
Other liabilities	(1,801		)	(411		)	(1,760		)	(543		)
Net amount recognized	$	(1,796	)	$	(410	)	$	(1,755	)	$	(542	)
AOCI:
Net actuarial (gains) losses	$	2,993		$	89		$	2,945		$	222
Prior service costs (credit)	(11		)	(49		)	—			(14		)
AOCI, before income tax	$	2,982		$	40		$	2,945		$	208
Accumulated benefit obligation	$	10,559		N/A			$	10,082		N/A

__________________

(1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2016 and 2015, respectively.

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2016						2015
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations:
Benefit obligations at January 1,	$	10,506		$	1,924		$	11,001		$	2,145
Service costs	272			9			276			17
Interest costs	432			84			423			90
Plan participants’ contributions	—			33			—			30
Net actuarial (gains) losses	367			(117		)	(627		)	(235		)
Acquisition, divestitures, settlements and curtailments	(36		)	27			(4		)	(2		)
Change in benefits	(11		)	(44		)	—			(7		)
Benefits paid	(591		)	(117		)	(531		)	(109		)
Effect of foreign currency translation	21			(3		)	(32		)	(5		)
Benefit obligations at December 31,	10,960			1,796			10,506			1,924
Change in plan assets:
Estimated fair value of plan assets at January 1,	8,751			1,382			9,003			1,436
Actual return on plan assets	630			75			(127		)	4
Acquisition, divestitures and settlements	(7		)	(2		)	(3		)	(4		)
Plan participants’ contributions	—			33			—			30
Employer contributions	378			17			424			26
Benefits paid	(591		)	(117		)	(531		)	(109		)
Effect of foreign currency translation	3			(2		)	(15		)	(1		)
Estimated fair value of plan assets at December 31,	9,164			1,386			8,751			1,382
Over (under) funded status at December 31,	$	(1,796	)	$	(410	)	$	(1,755	)	$	(542	)
Amounts recognized on the consolidated balance sheets:
Other assets	$	5		$	1		$	5		$	1
Other liabilities	(1,801		)	(411		)	(1,760		)	(543		)
Net amount recognized	$	(1,796	)	$	(410	)	$	(1,755	)	$	(542	)
AOCI:
Net actuarial (gains) losses	$	2,993		$	89		$	2,945		$	222
Prior service costs (credit)	(11		)	(49		)	—			(14		)
AOCI, before income tax	$	2,982		$	40		$	2,945		$	208
Accumulated benefit obligation	$	10,559		N/A			$	10,082		N/A

__________________

(1) Includes nonqualified unfunded plans, for which the aggregate PBO was $1.2 billion and $1.1 billion at December 31, 2016 and 2015, respectively.

Accumulated benefit obligations in excess of fair value of plan assets

Information for pension plans with PBOs in excess of plan assets and accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at:

	December 31,
	2016		2015		2016		2015
	PBO Exceeds Estimated Fair Value of Plan Assets				ABO Exceeds Estimated Fair Value of Plan Assets
	(In millions)
Projected benefit obligations	$	10,736	$	10,437	$	1,960	$	2,476
Accumulated benefit obligations	$	10,384	$	10,052	$	1,851	$	2,340
Estimated fair value of plan assets	$	8,979	$	8,715	$	228	$	839

Defined benefit plan pension plans with projected benefit obligations in excess of plan assets

Information for pension plans with PBOs in excess of plan assets and accumulated benefit obligations (“ABO”) in excess of plan assets was as follows at:

	December 31,
	2016		2015		2016		2015
	PBO Exceeds Estimated Fair Value of Plan Assets				ABO Exceeds Estimated Fair Value of Plan Assets
	(In millions)
Projected benefit obligations	$	10,736	$	10,437	$	1,960	$	2,476
Accumulated benefit obligations	$	10,384	$	10,052	$	1,851	$	2,340
Estimated fair value of plan assets	$	8,979	$	8,715	$	228	$	839

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The benefit obligations, funded status and net periodic benefit costs related to these pension and other postretirement benefits were comprised of the following:

	December 31, 2016																		December 31, 2015
	Pension Benefits									Other Postretirement Benefits									Pension Benefits									Other Postretirement Benefits
	U.S. Plans			Non- U.S. Plans			Total			U.S. Plans			Non- U.S. Plans			Total			U.S. Plans			Non- U.S. Plans			Total			U.S. Plans			Non- U.S. Plans			Total
	(In millions)
Benefit obligations	$	10,078		$	882		$	10,960		$	1,771		$	25		$	1,796		$	9,759		$	747		$	10,506		$	1,895		$	29		$	1,924
Estimated fair value of plan assets	8,876			288			9,164			1,379			7			1,386			8,490			261			8,751			1,373			9			1,382
Over (under) funded status	$	(1,202	)	$	(594	)	$	(1,796	)	$	(392	)	$	(18	)	$	(410	)	$	(1,269	)	$	(486	)	$	(1,755	)	$	(522	)	$	(20	)	$	(542	)
Net periodic benefit costs	$	280		$	81		$	361		$	50		$	2		$	52		$	273		$	73		$	346		$	63		$	6		$	69

The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:

	Years Ended December 31,
	2016						2015						2014
	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	272		$	9		$	276		$	17		$	262		$	16
Interest costs	432			84			423			90			456			94
Settlement and curtailment costs (1)	2			31			(1		)	3			19			4
Expected return on plan assets	(535		)	(75		)	(542		)	(80		)	(482		)	(76		)
Amortization of net actuarial (gains) losses	190			9			191			42			169			11
Amortization of prior service costs (credit)	—			(6		)	(1		)	(3		)	1			(1		)
Total net periodic benefit costs (credit)	361			52			346			69			425			48
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	238			(124		)	43			(161		)	960			223
Prior service costs (credit)	(11		)	(41		)	—			(7		)	(20		)	(13		)
Amortization of net actuarial (gains) losses	(190		)	(9		)	(191		)	(42		)	(169		)	(11		)
Amortization of prior service (costs) credit	—			6			1			3			(1		)	1
Total recognized in OCI	37			(168		)	(147		)	(207		)	770			200
Total recognized in net periodic benefit costs and OCI	$	398		$	(116	)	$	199		$	(138	)	$	1,195		$	248

__________________

(1) The Company recognized curtailment charges in 2016 on certain postretirement benefit plans in connection with the U.S Retail Advisor Force Divestiture. See Note 3.

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:

	Years Ended December 31,
	2016						2015						2014
	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
	(In millions)
Net periodic benefit costs:
Service costs	$	272		$	9		$	276		$	17		$	262		$	16
Interest costs	432			84			423			90			456			94
Settlement and curtailment costs (1)	2			31			(1		)	3			19			4
Expected return on plan assets	(535		)	(75		)	(542		)	(80		)	(482		)	(76		)
Amortization of net actuarial (gains) losses	190			9			191			42			169			11
Amortization of prior service costs (credit)	—			(6		)	(1		)	(3		)	1			(1		)
Total net periodic benefit costs (credit)	361			52			346			69			425			48
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial (gains) losses	238			(124		)	43			(161		)	960			223
Prior service costs (credit)	(11		)	(41		)	—			(7		)	(20		)	(13		)
Amortization of net actuarial (gains) losses	(190		)	(9		)	(191		)	(42		)	(169		)	(11		)
Amortization of prior service (costs) credit	—			6			1			3			(1		)	1
Total recognized in OCI	37			(168		)	(147		)	(207		)	770			200
Total recognized in net periodic benefit costs and OCI	$	398		$	(116	)	$	199		$	(138	)	$	1,195		$	248

__________________

(1) The Company recognized curtailment charges in 2016 on certain postretirement benefit plans in connection with the U.S Retail Advisor Force Divestiture. See Note 3.

Assumptions used in determining benefit obligations and net periodic benefit costs

Assumptions used in determining benefit obligations for the U.S. plans were as follows:

	Pension Benefits				Other Postretirement Benefits
December 31, 2016
Weighted average discount rate	4.30%				4.45%
Rate of compensation increase	2.25	%	-	8.50%	N/A
December 31, 2015
Weighted average discount rate	4.50%				4.60%
Rate of compensation increase	2.25	%	-	8.50%	N/A

Assumptions used in determining net periodic benefit costs for the U.S. Plans were as follows:

	Pension Benefits				Other Postretirement Benefits
Year Ended December 31, 2016
Weighted average discount rate	4.13%				4.37%
Weighted average expected rate of return on plan assets	6.00%				5.53%
Rate of compensation increase	2.25	%	-	8.50%	N/A
Year Ended December 31, 2015
Weighted average discount rate	4.10%				4.10%
Weighted average expected rate of return on plan assets	6.25%				5.70%
Rate of compensation increase	2.25	%	-	8.50%	N/A
Year Ended December 31, 2014
Weighted average discount rate	5.15%				5.15%
Weighted average expected rate of return on plan assets	6.25%				5.70%
Rate of compensation increase	3.50	%	-	7.50%	N/A

Assumed healthcare costs trend rates

The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows:

	December 31,
	2016				2015
	Before Age 65		Age 65 and older		Before Age 65		Age 65 and older
Following year	6.8	%	13.0	%	6.3	%	10.3	%
Ultimate rate to which cost increase is assumed to decline	4.0	%	4.3	%	4.2	%	4.6	%
Year in which the ultimate trend rate is reached	2077		2092		2086		2091

One-percentage point change in assumed healthcare cost trend rates

Assumed healthcare costs trend rates may have a significant effect on the amounts reported for healthcare plans. A 1% change in assumed healthcare costs trend rates would have the following effects on the U.S. Plans as of December 31, 2016:

	One Percent Increase		One Percent Decrease
	(In millions)
Effect on total of service and interest costs components	$	12	$	(10	)
Effect of accumulated postretirement benefit obligations	$	215	$	(178	)

Plan Assets

The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2016 for the Invested Plans:

	December 31,
	2016								2015
	U.S. Pension Benefits				U.S. Other Postretirement Benefits (2)				U.S. Pension Benefits		U.S. Other Postretirement Benefits (2)
	Target		Actual Allocation		Target		Actual Allocation		Actual Allocation		Actual Allocation
Asset Class (1)
Fixed maturity securities	82	%	81	%	76	%	76	%	75	%	75	%
Equity securities (3)	10	%	11	%	24	%	24	%	15	%	25	%
Alternative securities (4)	8	%	8	%	—	%	—	%	10	%	—	%
Total assets			100	%			100	%	100	%	100	%

__________________

(1) Certain prior year amounts have been reclassified from alternative securities into fixed maturity securities to conform to the current year presentation.

(2) U.S. other postretirement benefits do not reflect postretirement life’s plan assets invested in fixed maturity securities.

(3) Equity securities percentage includes derivative assets.

(4) Alternative securities primarily include hedges, private equity and real estate funds.

The pension and other postretirement plan assets measured at estimated fair value on a recurring basis and their corresponding placement in the fair value hierarchy are summarized as follows:

	December 31, 2016
	Pension Benefits									Other Postretirement Benefits
	Fair Value Hierarchy									Fair Value Hierarchy
	Level 1		Level 2			Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
Corporate	$	—	$	3,552		$	—	$	3,552	$	20	$	306	$	—	$	326
U.S. government bonds	1,694		4			—		1,698		210		1		—		211
Foreign bonds	—		876			—		876		—		79		—		79
Federal agencies	—		201			—		201		—		27		—		27
Municipals	—		317			—		317		—		23		—		23
Short-term investments	120		219			—		339		13		416		—		429
Other (2)	—		367			9		376		—		55		—		55
Total fixed maturity securities	1,814		5,536			9		7,359		243		907		—		1,150
Equity securities:
Common stock - domestic	490		—			—		490		113		—		—		113
Common stock - foreign	396		69			—		465		122		—		—		122
Total equity securities	886		69			—		955		235		—		—		235
Other investments	30		105			637		772		—		—		—		—
Derivative assets	16		(3		)	65		78		1		—		—		1
Total assets	$	2,746	$	5,707		$	711	$	9,164	$	479	$	907	$	—	$	1,386

	December 31, 2015
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
Corporate	$	—	$	2,979	$	78	$	3,057	$	18	$	281	$	1	$	300
U.S. government bonds	994		493		—		1,487		193		12		—		205
Foreign bonds	—		764		17		781		—		69		—		69
Federal agencies	—		228		—		228		—		34		—		34
Municipals	—		302		—		302		—		56		—		56
Short-term investments (1)	10		309		—		319		1		431		—		432
Other (1), (2)	9		403		7		419		—		47		—		47
Total fixed maturity securities	1,013		5,478		102		6,593		212		930		1		1,143
Equity securities:
Common stock - domestic	751		24		—		775		126		—		—		126
Common stock - foreign	378		61		—		439		111		—		—		111
Total equity securities	1,129		85		—		1,214		237		—		—		237
Other investments	32		84		723		839		—		—		—		—
Derivative assets	26		3		76		105		2		—		—		2
Total assets	$	2,200	$	5,650	$	901	$	8,751	$	451	$	930	$	1	$	1,382

__________________

(1) The prior year amounts have been reclassified into fixed maturity securities to conform to the current year presentation.

(2) Other primarily includes money market securities, mortgage-backed securities, collateralized mortgage obligations and ABS.

Rollforward fair value measurement using significant unobservable outputs (level 3)

A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Pension Benefits
	Fixed Maturity Securities:
	Corporate			Foreign Bonds			Other (1)			Other Investments			Derivative Assets
	(In millions)
Balance, January 1, 2015	$	80		$	17		$	8		$	745		$	73
Realized gains (losses)	1			—			—			—			(11		)
Unrealized gains (losses)	(4		)	(1		)	2			55			(9		)
Purchases, sales, issuances and settlements, net	8			2			(1		)	(77		)	23
Transfers into and/or out of Level 3	(7		)	(1		)	(2		)	—			—
Balance, December 31, 2015	$	78		$	17		$	7		$	723		$	76
Realized gains (losses)	2			—			—			—			3
Unrealized gains (losses)	3			(3		)	—			33			(18		)
Purchases, sales, issuances and settlements, net	(21		)	(3		)	—			(119		)	6
Transfers into and/or out of Level 3	(62		)	(11		)	2			—			(2		)
Balance, December 31, 2016	$	—		$	—		$	9		$	637		$	65

__________________

(1) Other includes ABS and collateralized mortgage obligations.

Defined benefit plan estimated future benefit payments

Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows:

	Pension Benefits		Other Postretirement Benefits
	(In millions)
2017	$	579	$	89
2018	$	600	$	91
2019	$	617	$	96
2020	$	639	$	99
2021	$	655	$	100
2022-2026	$	3,566	$	515