XML 64 R49.htm IDEA: XBRL DOCUMENT v3.8.0.1
Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Benefits, Description [Abstract]  
Components Of Net Periodic Benefit Cost
The components of net periodic benefit cost were as follows:
 
Pension
 
Other Postretirement Benefits
Years ended December 31,
2017

 
2016

 
2015

 
2017

 
2016

 
2015

Service cost

$402

 

$604

 

$1,764

 

$106

 

$128

 

$140

Interest cost
2,991

 
3,050

 
2,990

 
229

 
262

 
248

Expected return on plan assets
(3,847
)
 
(3,999
)
 
(4,031
)
 
(7
)
 
(8
)
 
(8
)
Amortization of prior service (credits)/costs
(39
)
 
38

 
196

 
(137
)
 
(126
)
 
(136
)
Recognized net actuarial loss
804

 
790

 
1,577

 
10

 
22

 
31

Settlement/curtailment/other losses
1

 
40

 
290

 


 

 
10

Net periodic benefit cost

$312

 

$523

 

$2,786

 

$201

 

$278

 

$285

 
 
 
 
 
 
 
 
 
 
 
 
Net periodic benefit cost included in Earnings from operations

$639

 

$1,979

 

$2,366

 

$262

 

$274

 

$288
Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Pensions And OPB
The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2017 and 2016. Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans.
 
Pension
 
Other Postretirement Benefits
 
2017

 
2016

 
2017

 
2016

Change in benefit obligation
 
 
 
 
 
 
 
Beginning balance

$76,745

 

$74,388

 

$6,431

 

$7,138

Service cost
402

 
604

 
106

 
128

Interest cost
2,991

 
3,050

 
229

 
262

Plan participants’ contributions


 
1

 

 

Amendments
(7
)
 
6

 
(35
)
 
(57
)
Actuarial loss/(gain)
5,653

 
2,669

 
(204
)
 
(612
)
Settlement/curtailment/other
(751
)
 
(63
)
 

 

Gross benefits paid
(4,658
)
 
(3,903
)
 
(481
)
 
(469
)
Subsidies


 


 
33

 
37

Exchange rate adjustment
18

 
(7
)
 
6

 
4

Ending balance

$80,393

 

$76,745

 

$6,085

 

$6,431

Change in plan assets
 
 
 
 
 
 
 
Beginning balance at fair value

$56,692

 

$56,514

 
134

 

$132

Actual return on plan assets
8,552

 
3,885

 
15

 
7

Company contribution
4,025

 
113

 
6

 
6

Plan participants’ contributions


 
1

 
4

 
7

Settlement payments
(744
)
 
(24
)
 

 

Benefits paid
(4,530
)
 
(3,791
)
 
(16
)
 
(18
)
Exchange rate adjustment
16

 
(6
)
 

 

Ending balance at fair value

$64,011

 

$56,692

 

$143

 

$134

Amounts recognized in statement of financial position at December 31 consist of:
 
 
 
 
 
 
 
Other assets

$218

 

$3

 


 


Other accrued liabilities
(129
)
 
(113
)
 
(397
)
 
(381
)
Accrued retiree health care


 


 
(5,545
)
 
(5,916
)
Accrued pension plan liability, net
(16,471
)
 
(19,943
)
 


 


Net amount recognized

($16,382
)
 

($20,053
)
 

($5,942
)
 

($6,297
)
Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss
Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows:
 
Pension
 
Other Postretirement Benefits
 
2017

 
2016

 
2017

 
2016

Net actuarial loss/(gain)

$22,942

 

$22,802

 

($59
)
 

$152

Prior service (credits)
(1,211
)
 
(1,243
)
 
(226
)
 
(328
)
Total recognized in Accumulated other comprehensive loss

$21,731

 

$21,559

 

($285
)
 

($176
)
Schedule Of Estimated Amount That Will Be Amortized From Accumulated Other Comprehensive Loss Into Net Periodic Benefit Cost
The estimated amount that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost during the year ending December 31, 2018 is as follows:
 
Pension

 
Other Postretirement Benefits

Recognized net actuarial loss/(gain)

$1,128

 

($10
)
Amortization of prior service (credits)
(56
)
 
(126
)
Total

$1,072

 

($136
)
Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets
Key information for our plans with ABO in excess of plan assets as of December 31 was as follows:
 
2017

 
2016

Projected benefit obligation

$74,953

 

$76,586

Accumulated benefit obligation
71,975

 
74,081

Fair value of plan assets

$58,353

 

$56,530
Schedule Of Assumptions Used To Calculate The Benefit Obligation and Net Periodic Benefit Costs
The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year.
December 31,
2017

 
2016

 
2015

Discount rate:
 
 
 
 
 
Pension
3.60
%
 
4.00
%
 
4.20
%
Other postretirement benefits
3.30
%
 
3.70
%
 
3.80
%
Expected return on plan assets
6.80
%
 
6.80
%
 
7.00
%
Rate of compensation increase
5.30
%
 
4.40
%
 
4.00
%
Schedule Of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates were as follows:
December 31,
2017

 
2016

 
2015

Health care cost trend rate assumed next year
6.00
%
 
6.50
%
 
6.50
%
Ultimate trend rate
4.50
%
 
5.00
%
 
5.00
%
Year that trend reached ultimate rate
2021

 
2021

 
2021
Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates
A one-percentage-point change in assumed health care cost trend rates would have the following effect:
 
Increase

 
Decrease

Effect on total of service and interest cost

$45

 

($37
)
Effect on postretirement benefit obligation
529

 
(448
)
Schedule of actual allocations for pension assets and target allocations by asset class [Table Text Block]
The actual and target allocations by asset class for the pension assets at December 31 were as follows:
 
Actual Allocations
 
Target Allocations
Asset Class
2017

 
2016

 
2017

 
2016

Fixed income
46
%
 
48
%
 
47
%
 
47
%
Global equity
31

 
28

 
29

 
29

Private equity
5

 
5

 
5

 
5

Real estate and real assets
8

 
9

 
9

 
9

Hedge funds
10

 
10

 
10

 
10

Total
100
%
 
100
%
 
100
%
 
100
%
Schedule of Allocation of Plan Assets
The following table presents our plan assets using the fair value hierarchy as of December 31, 2017 and 2016. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs.
 
December 31, 2017
December 31, 2016
 
Total

Level 1

Level 2

Level 3

Total

Level 1

Level 2

Level 3

Fixed income securities:
 
 
 
 
 
 
 
 
Corporate

$19,603



$19,591


$12


$16,730



$16,723


$7

U.S. government and agencies
5,430


5,430


4,876


4,875

1

Mortgage backed and asset backed
760


460

300

706


370

336

Municipal
1,355



1,355



1,398

 
1,398


Sovereign
1,237



1,237



782

 
782

 
Other
118


$59

59



74


$9

65


Derivatives:

 
 
 

 
 
 
Assets
49


49


40


40


Liabilities
(25
)

(25
)

(38
)

(38
)

Cash equivalents and other short-term investments
1,778



1,778


1,037



1,037


Equity securities:

 
 
 

 
 
 
U.S. common and preferred stock
4,615

4,615



5,374

5,373


1

Non-U.S. common and preferred stock
6,204

6,204




5,746

5,746




Derivatives:

 
 
 

 
 
 
Assets
4

1

3


6


6


Liabilities
(4
)


(4
)

(8
)


(8
)

Private equity 














Real estate and real assets:


 
 
 


 
 
 
Real estate
462

462





468

468





Real assets
705

449

253

3

672

372

295

5

Derivatives:


 
 
 


 
 
 
Assets
17


17



4



4



Liabilities
(3
)

(3
)


(1
)


(1
)


Total

$42,305


$11,790


$30,200


$315


$37,866


$11,968


$25,548


$350

 
 
 
 
 
 
 
 
 
Fixed income common/collective/pooled funds

$1,257

 
 
 

$1,625

 
 
 
Fixed income other
303

 
 
 
227

 
 
 
Equity common/collective pooled funds
6,786

 
 
 
4,962

 
 
 
Private equity
2,767

 
 
 
2,639

 
 
 
Real estate and real assets
3,744

 
 
 
3,625

 
 
 
Hedge funds
6,440

 
 
 
5,441

 
 
 
Total investments measured at NAV as a practical expedient

$21,297

 
 
 

$18,519

 
 
 
 
 
 
 
 
 
 
 
 
Cash

$170

 
 
 

$160

 
 
 
Receivables
436

 
 
 
374

 
 
 
Payables
(197
)
 
 
 
(227
)
 
 
 
Total

$64,011

 
 
 

$56,692

 
 
 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
The following tables present a reconciliation of Level 3 assets (excluding investments which are valued using NAVs as a practical expedient) held during the years ended December 31, 2017 and 2016. Transfers into and out of Level 3 are reported at the beginning-of-year values.
 
January 1
2017 Balance

 
Net Realized and Unrealized Gains/(Losses)

 
Net Purchases, Issuances and Settlements

 
Net Transfers Out of Level 3

 
December 31
2017 Balance

Fixed income securities:
 
 
 
 
 
 
 
 
 
Corporate (1)

$12

 
 
 

$1

 

($1
)
 

$12

U.S. government and agencies
1

 


 


 
(1
)
 


Mortgage backed and asset backed (1)
331

 

$10

 
(39
)
 
(2
)
 
300

Equity securities:
 
 
 
 
 
 
 
 


U.S. common and preferred stock
1

 
(1
)
 


 


 


Real assets
5

 


 
(2
)
 


 
3

Total

$350

 

$9

 

($40
)
 

($4
)
 

$315

 
January 1
2016 Balance

 
Net Realized and Unrealized Gains/(Losses)

 
Net Purchases, Issuances and Settlements

 
Net Transfers Out of Level 3

 
December 31
2016 Balance

Fixed income securities:
 
 
 
 
 
 
 
 
 
Corporate (1)

$11

 


 

($1
)
 

($3
)
 

$7

U.S. government and agencies
1

 
 
 
 
 
 
 
1

Mortgage backed and asset backed (1)
440

 

$7

 
(93
)
 
(18
)
 
336

Equity securities:
 
 
 
 
 
 
 
 

U.S. common and preferred stock
1

 
 
 
 
 

 
1

Non-U.S. common and preferred stock
2

 
 
 
(2
)
 

 

Private equity
3

 
(3
)
 


 
 
 

Real assets
6

 


 
(1
)
 
 
 
5

Total

$464

 

$4

 

($97
)
 

($21
)
 

$350


(1) 
Certain fixed income securities were reclassified between mortgage backed and asset backed to corporate on January 1, 2017 and 2016.
Schedule Of Estimated Future Benefit Payments
The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only.
Year(s)
2018

 
2019

 
2020

 
2021

 
2022

 
2023-2027

Pensions

$4,758

 

$4,712

 

$4,740

 

$4,703

 

$4,631

 

$22,770

Other postretirement benefits:
 
 
 
 
 
 
 
 
 
 
 
Gross benefits paid
496

 
507

 
517

 
520

 
516

 
2,364

Subsidies
(16
)
 
(16
)
 
(17
)
 
(17
)
 
(17
)
 
(87
)
Net other postretirement benefits

$480

 

$491

 

$500

 

$503

 

$499

 

$2,277