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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2011
Defined Contribution Savings Plans  
Expense recognized for defined contribution savings plans, included in compensation and benefits and discontinued operations in the consolidated statements of income

 

 

Years ended December 31
   2011
   2010
   2009
  
   

U.S.

   $ 104   $ 65   $ 56  

U.K.

     43     35     38  
   

 

   $ 147   $ 100   $ 94  
   
Pension Plans, Defined Benefit
  
Defined Benefit Plan Disclosure  
Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status, for the U.S. plans and material international pension plans
 
   U.S.   International  
(millions)
   2011
   2010
   2011
   2010
  
   

Change in projected benefit obligation

                          

At January 1

   $ 2,376   $ 2,139   $ 4,812   $ 4,500  

Service cost

     —     —     19     15  

Interest cost

     122     124     267     249  

Participant contributions

     —     —     1     1  

Plan amendment

     —     —     12     —  

Plan transfer and acquisitions

     —     —     17     203  

Actuarial loss (gain)

     51     34     (32 )   (101 )

Benefit payments

     (115 )   (111 )   (181 )   (183 )

Change in discount rate

     223     190     651     260  

Foreign currency revaluation

     —     —     17     (132 )
   

At December 31

   $ 2,657   $ 2,376   $ 5,583   $ 4,812  
   

Accumulated benefit obligation at end of year

   $ 2,657   $ 2,376   $ 5,508   $ 4,737  
   

Change in fair value of plan assets

                          

At January 1

   $ 1,244   $ 1,153   $ 4,288   $ 3,753  

Actual return on plan assets

     83     175     595     403  

Participant contributions

     —     —     1     1  

Employer contributions

     113     27     364     261  

Plan transfer and acquisitions

     —     —     13     192  

Benefit payments

     (115 )   (111 )   (181 )   (183 )

Foreign currency revaluation

     —     —     18     (139 )
   

At December 31

   $ 1,325   $ 1,244   $ 5,098   $ 4,288  
   

Market related value at end of year

   $ 1,410   $ 1,380   $ 5,098   $ 4,288  
 
Amounts recognized in the Consolidated Statements of Financial Position

Amount recognized in Statement of Financial Position at December 31

                          

Funded status

   $ (1,332 ) $ (1,132 ) $ (485 ) $ (524 )

Unrecognized prior-service cost

     —     —     28     17  

Unrecognized loss

     1,480     1,200     2,109     1,836  
   

Net amount recognized

   $ 148   $ 68   $ 1,652   $ 1,329  
   

 

 
   U.S.   International  
 
   2011
   2010
   2011
   2010
  
   

Prepaid benefit cost (included in Other non-current assets)

   $ —   $ —   $ 159   $ 59  

Accrued benefit liability (included in Pension, other post retirement, and post employment liabilities)

     (1,332 )   (1,132 )   (644 )   (583 )

Accumulated other comprehensive loss

     1,480     1,200     2,137     1,853  
   

Net amount recognized

     148     68     1,652     1,329  
   
Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost

 

 

 
   U.S.   International  
 
   2011
   2010
   2011
   2010
  
   

Net loss

   $ 1,480   $ 1,200   $ 2,109   $ 1,836  

Prior service cost

     —     —     28     17  
   

 

   $ 1,480   $ 1,200   $ 2,137   $ 1,853  
   
Components of net periodic benefit cost for the pension plans

 

 

 
   U.S.   International  
 
   2011
   2010
   2009
   2011
   2010
   2009
  
   

Service cost

   $ —   $ —   $ —   $ 19   $ 15   $ 18  

Interest cost

     122     124     125     267     249     236  

Expected return on plan assets

     (120 )   (118 )   (102 )   (287 )   (240 )   (234 )

Amortization of prior-service cost

     —     —     (1 )   1     1     —  

Amortization of net actuarial loss

     31     24     28     53     54     41  
       

Net periodic benefit cost

   $ 33   $ 30   $ 50   $ 53   $ 79   $ 61  
   
Weighted-average assumptions used to determine future benefit obligations and net periodic benefit cost

The weighted-average assumptions used to determine future benefit obligations are as follows:

 
   U.S.   International  
 
   2011
   2010
   2011
   2010
  
   

Discount rate

     4.33 – 4.60 %   4.35 – 5.34 %   4.40 – 4.94 %   4.70 – 5.50 %

Rate of compensation increase

     N/A     N/A     2.25 – 3.55 %   2.50 – 4.00 %

        The weighted-average assumptions used to determine the net periodic benefit cost are as follows:

 
   U.S.   International  
 
   2011
   2010
   2009
   2011
   2010
   2009
  
   

Discount rate

     4.35 – 5.34 %   5.22% – 5.98 %   6.00 – 7.08 %   4.70 – 5.50 %   4.00 – 6.19 %   5.62 – 7.42 %

Expected return on plan assets

     8.80     8.80     8.70     3.20 – 7.20     4.70 – 7.00     5.48 – 7.00  

Rate of compensation increase

     N/A     N/A     N/A     2.00 – 4.00     2.50 – 3.60     3.25 – 3.50  
Estimated Future Benefit Payments

Estimated future benefit payments for plans are as follows at December 31, 2011 (in millions):

 
   U.S.
   International
  
   

2012

   $ 137   $ 164  

2013

     147     172  

2014

     142     180  

2015

     148     187  

2016

     146     198  

2017 – 2021

     753     990  
U.S. Pension Plan
  
Defined Benefit Plan Disclosure  
Fair values of pension plan assets

 

 

 
    
   Fair Value Measurements Using  
Asset Category
   Balance at
December 31,
2011
   Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
  
   

Cash and cash equivalents (1)

   $ 22   $ 22   $ —   $ —  

Equity investments: (2)

                          

Large cap domestic

     151     151     —     —  

Small cap domestic

     58     —     58     —  

Large cap international

     97     9     88     —  

Equity derivatives

     173     63     110     —  

Fixed income investments: (3)

                          

Corporate bonds

     355     —     355     —  

Government and agency bonds

     116     —     116     —  

Asset-backed securities

     18     —     18     —  

Fixed income derivatives

     83     —     83     —  

Other investments:

                          

Alternative investments (4)

     191     —     —     191  

Commodity derivatives (5)

     19     —     19     —  

Real estate and REITS (6)

     42     42     —     —  
       

Total

   $ 1,325   $ 287   $ 847   $ 191  
   
(1)
Consists of cash and institutional short-term investment funds.

(2)
Consists of equity securities, equity derivatives, and pooled equity funds.

(3)
Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)
Consists of limited partnerships, private equity and hedge funds.

(5)
Consists of long-dated options on a commodity index.

(6)
Consists of exchange traded REITS.

 
    
   Fair Value Measurements Using  
Asset Category
   Balance at
December 31,
2010
   Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
  
   

Highly liquid debt instruments (1)

   $ 27   $ 1   $ 26   $ —  

Equity investments: (2)

                          

Large cap domestic

     247     247     —     —  

Small cap domestic

     22     —     22     —  

Large cap international

     11     11     —     —  

Small cap global

     —     —     —     —  

Equity derivatives

     231     —     231     —  

Fixed income investments: (3)

                          

Corporate bonds

     395     —     395     —  

Government and agency bonds

     50     —     50     —  

Asset-backed securities

     5     —     5     —  

Fixed income derivatives

     6     —     6     —  

Other investments:

                          

Alternative investments (4)

     193     —     —     193  

Commodity derivatives (5)

     18     —     18     —  

Real estate and REITS (6)

     39     39     —     —  
       

Total

   $ 1,244   $ 298   $ 753   $ 193  
   
(1)
Consists of cash and institutional short-term investment funds.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)
Consists of limited partnerships, private equity and hedge funds.

(5)
Consists of long-dated options on a commodity index.

(6)
Consists of exchange traded REITS.
Changes in the Level 3 fair-value category

 

 

 
   Fair Value
Measurement
Using
Level 3
Inputs
  
   

Balance at January 1, 2010

   $ 138  

Actual return on plan assets:

        

Relating to assets still held at December 31, 2010

     1  

Relating to assets sold during 2010

     8  

Purchases, sales and settlements

     35  

Transfer in/(out) of level 3

     11  
       

Balance at December 31, 2010

     193  

Actual return on plan assets:

        

Relating to assets still held at December 31, 2011

     (8 )

Relating to assets sold during 2011

     1  

Purchases, sales and settlements

     5  

Transfer in/(out) of Level 3

     —  
       

Balance at December 31, 2011

   $ 191  
   
International Pension Plan
  
Defined Benefit Plan Disclosure  
Fair values of pension plan assets

 

 

 
    
   Fair Value Measurements Using  
 
   Balance at
December 31,
2011
   Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
  
   

Cash & cash equivalents

   $ 276   $ 276   $ —   $ —  

Equity investments:

                          

Pooled funds: (1)

                          

Global

     960     —     960     —  

Europe

     347     —     347     —  

North America

     56     —     56     —  

Equity securities — global (2)

     128     128     —     —  

Derivatives (2)

     11     —     11     —  

Fixed income investments:

                          

Pooled funds (1)

                          

Fixed income securities

     823     —     823     —  

Derivatives

     21     —     21     —  

Fixed income securities (3)

     1,355     1,299     56     —  

Annuities

     419     —     —     419  

Derivatives (3)

     178     —     178     —  

Other investments:

                          

Pooled funds: (1)

                          

Commodities

     26     —     26     —  

REITS

     4     —     4     —  

Real estate (4)

     134     —     —     134  

Derivatives

     14     —     14     —  

Alternative investments (5)

     346     —     —     346  
       

Total

   $ 5,098   $ 1,703   $ 2,496   $ 899  
   
(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds and fixed income derivatives.

(4)
Consists of property funds and trusts holding direct real estate investments.

(5)
Consists of limited partnerships, private equity and hedge funds.

 
    
   Fair Value Measurements Using  
Asset Category
   Balance at
December 31,
2010
   Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
   Significant
Other
Observable
Inputs
(Level 2)
   Significant
Unobservable
Inputs
(Level 3)
  
   

Cash & cash equivalents

   $ 54   $ 54   $ —   $ —  

Equity investments:

                          

Pooled funds: (1)

                          

Global

     823     —     661     162  

Europe

     574     —     574     —  

North America

     133     —     133     —  

Asia Pacific

     67     —     67     —  

Other equity securities — global (2)

     129     121     8     —  

Fixed income investments:

                          

Pooled funds (1)

     947     —     907     40  

Fixed income securities (3)

     805     —     805     —  

Annuities

     380     —     —     380  

Derivatives (3)

     (28 )   —     (28 )   —  

Other investments:

                          

Pooled Funds: (1)

                          

Commodities

     34     —     34     —  

REITS

     8     —     8     —  

Real estate (4)

     127     —     —     127  

Alternative investments (5)

     235     —     17     218  
       

Total

   $ 4,288   $ 175   $ 3,186   $ 927  
   
(1)
Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)
Consists of equity securities and equity derivatives.

(3)
Consists of corporate and government bonds and fixed income derivatives.

(4)
Consists of property funds and trusts holding direct real estate investments.

(5)
Consists of limited partnerships, private equity and hedge funds.
Changes in the Level 3 fair-value category

 

 

 
   Fair Value Measurements Using Level 3 Inputs  
 
   Global
   Fixed
   Annuities
   Real
Estate
   Alternative
Investments
   Total
  
   

Balance at January 1, 2010

   $ 145   $ —   $ 432   $ 136   $ 33   $ 746  

Actual return on plan assets:

                                      

Relating to assets still held at December 31, 2010

     20     2     (38 )   9     7     —  

Relating to assets sold during 2010

     2     —     —     —     2     4  

Purchases, sales and settlements

     10     38     —     (12 )   176     212  

Foreign Exchange

     (15 )   —     (14 )   (6 )   —     (35 )
       

Balance at December 31, 2010

     162     40     380     127     218     927  

Actual return on plan assets:

                                      

Relating to assets still held at December 31, 2011

     —     —     35     3     —     38  

Relating to assets sold during 2011

     —     —     —     —     1     1  

Purchases, sales and settlements

     —     —     —     2     86     88  

Transfers in/(out) of Level 3 (1)

     (162 )   (40 )   —     1     41     (160 )

Foreign Exchange

     —     —     4     1     —     5  
       

Balance at December 31, 2011

   $ —   $ —   $ 419   $ 134   $ 346   $ 899  
   
(1)
During 2011, a pooled global equity fund with a fair value of $162 million was transferred to Level 2 due to increased observability of the inputs. Additionally, a fund of funds with a fair value of $40 million was reclassified within Level 3 to be consistent with other similar fund of funds classified as Alternative Investments within the fair value hierarchy.
U.S. and Canadian Other Post-Retirement Benefits
  
Defined Benefit Plan Disclosure  
Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status, for the U.S. plans and material international pension plans

 

 

 
   2011
   2010
  
   

Accumulated projected benefit obligation

   $ 134   $ 119  

Fair value of plan assets

     20     22  
       

Funded status

     (114 )   (97 )
       

Unrecognized prior-service credit

     (8 )   (11 )

Unrecognized loss

     25     9  
       

Net amount recognized

   $ (97 ) $ (99 )
   
Other information related to the Company's other post-retirement benefit plans

 

 

 
   2011
   2010
   2009
  
   

Net periodic benefit cost recognized (millions)

   $ 6   $ 4   $ 4  

Weighted-average discount rate used to determine future benefit obligations

     4.33 – 5.00 %   4.92 – 6.00 %   5.90 – 6.19 %

Weighted-average discount rate used to determine net periodic benefit costs

     4.92 – 6.00 %   5.90 – 6.19 %   6.22 – 7.50 %