Retirement Benefits (Notes)

3 Months Ended

Mar. 31, 2015

Compensation and Retirement Disclosure [Abstract]

RETIREMENT BENEFITS

RETIREMENT BENEFITS

In the first quarter of 2015, we recorded a $782 million adjustment to correct for an understatement in the year-end 2014 valuation of our U.S. pension benefit obligation. The adjustment reduced Other assets by $301 million and increased Other liabilities and deferred revenue by $481 million. The resulting after-tax adjustment to Othercomprehensive income was a loss of $508 million. The adjustments were not material to current or prior period financial statements.

Defined Benefit Plans - Expense

The pre-tax expense for our defined benefit pension and OPEB plans for the periods ended March 31 was as follows (in millions):

	First Quarter
	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Worldwide OPEB
	2015			2014			2015			2014			2015			2014
Service cost	$	147		$	127		$	135		$	118		$	15		$	13
Interest cost	454			498			239			300			60			67
Expected return on assets	(689		)	(678		)	(349		)	(379		)	—			—
Amortization of:
Prior service costs/(credits)	39			39			12			14			(51		)	(57		)
(Gains)/Losses	116			51			205			148			36			24
Separation programs/other	2			—			7			16			(1		)	1
Recognition of (gains)/losses due to:
Curtailments	—			—			—			—			—			—
Settlements	—			—			—			14			—			—
Total expense/(income)	$	69		$	37		$	249		$	231		$	59		$	48

Pension Plan Contributions

In 2015, we expect to contribute $1.1 billion from Automotive cash and cash equivalents to our worldwide funded pension plans (most of which are mandatory contributions), and to make about $400 million of benefit payments to participants in unfunded plans, for a total of $1.5 billion. In the first three months of 2015, we contributed about $800 million to our worldwide funded pension plans and made about $100 million of benefit payments to participants in unfunded plans.