XML 66 R49.htm IDEA: XBRL DOCUMENT v3.3.1.900
Pension, Other Postretirement Benefits and Savings Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]  
Schedule of Benefit Costs and Amounts Recognized in Other Comprehensive (Income) Loss
Total benefits cost and amounts recognized in other comprehensive (income) loss follows:
 
Pension Plans
 
 
 
 
 
 
 
U.S.
 
Non-U.S.
 
Other Postretirement Benefits
(In millions)
2015
 
2014
 
2013
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Benefits cost:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Service cost
$
4

 
$
15

 
$
45

 
$
43

 
$
34

 
$
39

 
$
3

 
$
4

 
$
6

Interest cost
238

 
256

 
243

 
113

 
131

 
131

 
15

 
19

 
19

Expected return on plan assets
(295
)
 
(311
)
 
(335
)
 
(107
)
 
(118
)
 
(111
)
 
—

 
(1
)
 
(1
)
Amortization of prior service cost (credit)
—

 
1

 
17

 
1

 
1

 
1

 
(45
)
 
(45
)
 
(45
)
Amortization of net losses
106

 
114

 
205

 
32

 
35

 
50

 
7

 
8

 
12

Net periodic cost
53

 
75

 
175

 
82

 
83

 
110

 
(20
)
 
(15
)
 
(9
)
Curtailments/settlements
137

 
32

 
—

 
2

 
(13
)
 
4

 
—

 
—

 
—

Total benefits cost
$
190

 
$
107

 
$
175

 
$
84

 
$
70

 
$
114

 
$
(20
)
 
$
(15
)
 
$
(9
)
Recognized in other comprehensive (income) loss before tax and minority:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Prior service (credit) cost from plan amendments
$
—

 
$
(1
)
 
$
(30
)
 
$
—

 
$
1

 
$
(1
)
 
$
—

 
$
—

 
$
—

Increase (decrease) in net actuarial losses
150

 
292

 
(374
)
 
(45
)
 
(78
)
 
(128
)
 
(19
)
 
3

 
(51
)
Amortization of prior service (cost) credit in net periodic cost
—

 
(1
)
 
(17
)
 
(1
)
 
(1
)
 
(1
)
 
45

 
45

 
47

Amortization of net losses in net periodic cost
(106
)
 
(114
)
 
(205
)
 
(34
)
 
(36
)
 
(53
)
 
(7
)
 
(8
)
 
(13
)
Immediate recognition of prior service cost and unrecognized gains and losses due to curtailments, settlements, and divestitures
(386
)
 
(32
)
 
—

 
(5
)
 
(16
)
 
(3
)
 
4

 
—

 
—

Deconsolidation of Venezuelan subsidiary (Note 1)
—

 
—

 
—

 
(62
)
 
—

 
—

 
—

 
—

 
—

Total recognized in other comprehensive loss (income) before tax and minority
(342
)
 
144

 
(626
)
 
(147
)
 
(130
)
 
(186
)
 
23

 
40

 
(17
)
Total recognized in total benefits cost and other comprehensive loss (income) before tax and minority
$
(152
)
 
$
251

 
$
(451
)
 
$
(63
)
 
$
(60
)
 
$
(72
)
 
$
3

 
$
25

 
$
(26
)
Schedule of Changes in Benefit Obligation and Plan Assets
The change in benefit obligation and plan assets for 2015 and 2014 and the amounts recognized in our Consolidated Balance Sheet at December 31, 2015 and 2014 are as follows:
 
Pension Plans
 
 
 
 
 
U.S.
 
Non-U.S.
 
Other Postretirement Benefits
(In millions)
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Change in benefit obligation:
 

 
 

 
 

 
 

 
 

 
 

Beginning balance
$
(6,507
)
 
$
(5,981
)
 
$
(3,178
)
 
$
(3,129
)
 
$
(361
)
 
(388
)
Newly adopted plans
—

 
—

 
(9
)
 
(3
)
 
—

 
—

Service cost — benefits earned
(4
)
 
(15
)
 
(43
)
 
(34
)
 
(3
)
 
(4
)
Interest cost
(238
)
 
(256
)
 
(113
)
 
(131
)
 
(15
)
 
(19
)
Plan amendments
—

 
1

 
—

 
(2
)
 
—

 
—

Actuarial gain (loss)
262

 
(693
)
 
(5
)
 
(394
)
 
22

 
—

Participant contributions
—

 
—

 
(2
)
 
(2
)
 
(15
)
 
(16
)
Curtailments/settlements
285

 
1

 
19

 
69

 
—

 
—

Divestitures
500

 
—

 
—

 
—

 
6

 
—

Deconsolidation of Venezuelan subsidiary (Note 1)
—

 
—

 
80

 
—

 
—

 
—

Foreign currency translation
—

 
—

 
303

 
284

 
35

 
17

Benefit payments
364

 
436

 
140

 
164

 
40

 
49

Ending balance
$
(5,338
)
 
$
(6,507
)
 
$
(2,808
)
 
$
(3,178
)
 
$
(291
)
 
$
(361
)
Change in plan assets:
 

 
 

 
 

 
 

 
 

 
 

Beginning balance
$
6,250

 
$
4,800

 
$
2,721

 
$
2,455

 
$
5

 
$
5

Newly adopted plans
—

 
—

 
9

 
—

 
—

 
—

Actual return on plan assets
(117
)
 
711

 
60

 
505

 
—

 
—

Company contributions to plan assets
—

 
1,167

 
60

 
118

 
2

 
2

Cash funding of direct participant payments
7

 
9

 
36

 
44

 
23

 
31

Participant contributions
—

 
—

 
2

 
2

 
15

 
16

Settlements
(285
)
 
(1
)
 
(18
)
 
(39
)
 
—

 
—

Divestitures
(480
)
 
—

 
—

 
—

 
—

 
—

Foreign currency translation
—

 
—

 
(237
)
 
(200
)
 
(2
)
 
—

Benefit payments
(364
)
 
(436
)
 
(140
)
 
(164
)
 
(40
)
 
(49
)
Ending balance
$
5,011

 
$
6,250

 
$
2,493

 
$
2,721

 
$
3

 
$
5

Funded status at end of year
$
(327
)
 
$
(257
)
 
$
(315
)
 
$
(457
)
 
$
(288
)
 
$
(356
)
Schedule of the Funded Status Recognized in the Balance Sheet
The funded status recognized in the Consolidated Balance Sheets consists of:
 
Pension Plans
 
 
 
 
 
U.S.
 
Non-U.S.
 
Other Postretirement Benefits
(In millions)
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Noncurrent assets
$
—

 
$
9

 
$
249

 
$
274

 
$
—

 
$
—

Current liabilities
(12
)
 
(10
)
 
(19
)
 
(24
)
 
(23
)
 
(28
)
Noncurrent liabilities
(315
)
 
(256
)
 
(545
)
 
(707
)
 
(265
)
 
(328
)
Net amount recognized
$
(327
)
 
$
(257
)
 
$
(315
)
 
$
(457
)
 
$
(288
)
 
$
(356
)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
The amounts recognized in AOCL, net of tax, consist of:
 
Pension Plans
 
 
 
 
 
U.S.
 
Non-U.S.
 
Other Postretirement Benefits
(In millions)
2015
 
2014
 
2015
 
2014
 
2015
 
2014
Prior service (credit) cost
$
(4
)
 
$
(4
)
 
$
2

 
$
4

 
$
(104
)
 
$
(152
)
Net actuarial loss
2,643

 
2,985

 
693

 
838

 
74

 
99

Gross amount recognized
2,639

 
2,981

 
695

 
842

 
(30
)
 
(53
)
Deferred income taxes
(128
)
 
(177
)
 
(96
)
 
(137
)
 
(9
)
 
(1
)
Minority shareholders’ equity
—

 
(62
)
 
—

 
(109
)
 
—

 
1

Net amount recognized
$
2,511

 
$
2,742

 
$
599

 
$
596

 
$
(39
)
 
$
(53
)
Schedule of Weighted Average Assumptions Used
The following table presents significant weighted average assumptions used to determine benefit obligations at December 31:
 
Pension Plans
 
Other
Postretirement
Benefits
 
2015
 
2014
 
2015
 
2014
Discount rate:
 

 
 

 
 

 
 

— U.S.
4.20
%
 
3.89
%
 
3.86
%
 
3.59
%
— Non-U.S.
3.47

 
3.31

 
5.30

 
4.89

Rate of compensation increase:
 

 
 

 
 

 
 

— U.S.
N/A

 
N/A

 
N/A

 
N/A

— Non-U.S.
2.63

 
2.88

 
N/A

 
N/A




The following table presents significant weighted average assumptions used to determine benefits cost for the years ended December 31:
 
Pension Plans
 
Other Postretirement Benefits
 
2015
 
2014
 
2013
 
2015
 
2014
 
2013
Discount rate:
 

 
 

 
 

 
 

 
 

 
 

— U.S.
3.89
%
 
4.40
%
 
3.77
%
 
3.59
%
 
4.06
%
 
3.30
%
— Non-U.S.
3.31

 
4.36

 
4.12

 
4.89

 
6.62

 
5.64

Expected long term return on plan assets:
 

 
 

 
 

 
 

 
 

 
 
— U.S.
5.00

 
5.47

 
7.16

 
N/A

 
N/A

 
N/A

— Non-U.S.
4.12

 
5.12

 
5.01

 
N/A

 
N/A

 
N/A

Rate of compensation increase:
 

 
 

 
 

 
 

 
 

 
 
— U.S.
N/A

 
N/A

 
N/A

 
N/A

 
N/A

 
N/A

— Non-U.S.
2.88

 
3.11

 
3.23

 
N/A

 
N/A

 
N/A
Schedule of Estimated Future Benefit Payments
The following table presents estimated future benefit payments from the plans as of December 31, 2015. Benefit payments for other postretirement benefits are presented net of retiree contributions:
 
Pension Plans
 
Other Postretirement Benefits
(In millions)
U.S.
 
Non-U.S.
 
Without Medicare Part D Subsidy
 
Medicare Part D Subsidy Receipts
2016
$
421

 
$
134

 
$
25

 
$
1

2017
405

 
128

 
25

 
1

2018
394

 
131

 
24

 
1

2019
384

 
135

 
23

 
1

2020
376

 
138

 
22

 
1

2021-2025
1,767

 
742

 
103

 
5
Schedule of Selected Pension Plan Information
The following table presents selected information on our pension plans:
 
U.S.
 
Non-U.S.
(In millions)
2015
 
2014
 
2015
 
2014
All plans:
 

 
 

 
 

 
 

Accumulated benefit obligation
$
5,329

 
$
6,495

 
$
2,722

 
$
3,040

Plans not fully-funded:
 

 
 

 
 

 
 

Projected benefit obligation
$
5,336

 
$
5,087

 
$
876

 
$
1,112

Accumulated benefit obligation
5,327

 
5,076

 
811

 
994

Fair value of plan assets
5,009

 
4,822

 
316

 
384
Schedule of Health Care Cost Trend Rates
Assumed health care cost trend rates at December 31 follow:
 
2015
 
2014
Health care cost trend rate assumed for the next year
6.5
%
 
7.0
%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
5.0

 
5.0

Year that the rate reaches the ultimate trend rate
2022

 
2022
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
A 1% change in the assumed health care cost trend would have increased (decreased) the accumulated other postretirement benefits obligation at December 31, 2015 and the aggregate service and interest cost for the year then ended as follows:
(In millions)
1% Increase
 
1% Decrease
Accumulated other postretirement benefits obligation
$
15

 
$
(13
)
Aggregate service and interest cost
1

 
(1
)
Schedule of Pension Plan Weighted Average Investment Allocation
Our pension plan weighted average investment allocation at December 31, by asset category, follows:
 
U.S.
 
Non-U.S.
 
2015
 
2014
 
2015
 
2014
Cash and short term securities
5
%
 
4
%
 
1
%
 
1
%
Equity securities
6

 
6

 
12

 
15

Debt securities
89

 
90

 
74

 
73

Alternatives
—

 
—

 
13

 
11

Total
100
%
 
100
%
 
100
%
 
100
%
Schedule of Fair Values of Pension Plan Assets
The fair values of our pension plan assets at December 31, 2014, by asset category are as follows:
 
U.S.
 
Non-U.S.
(In millions)
Total
 
Quoted
Prices
in Active
Markets
for Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Other
Unobservable
Inputs (Level 3)
 
Total
 
Quoted
Prices in
Active
Markets for
Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Other
Unobservable
Inputs (Level 3)
Cash and Short Term Securities
$
229

 
$
218

 
$
11

 
$
—

 
$
32

 
$
27

 
$
5

 
$
—

Equity Securities
 

 
 

 
 

 
 
 
 

 
 
 
 
 
 
Common and Preferred Stock:
 

 
 

 
 

 
 
 
 

 
 
 
 
 
 
Non-U.S. Companies
—

 
—

 
—

 
—

 
19

 
19

 
—

 
—

Commingled Funds
12

 
—

 
12

 
—

 
328

 
19

 
309

 
—

Mutual Funds
—

 
—

 
—

 
—

 
70

 
7

 
63

 
—

Partnership Interests
362

 
—

 
133

 
229

 
—

 
—

 
—

 
—

Debt Securities
 

 
 

 
 
 
 
 
 

 
 
 
 
 
 
Corporate Bonds
2,678

 
—

 
2,678

 
—

 
179

 
17

 
162

 
—

Government Bonds
1,401

 
—

 
1,401

 
—

 
616

 
57

 
559

 
—

Asset Backed Securities
123

 
—

 
123

 
—

 
4

 
2

 
2

 
—

Commingled Funds
960

 
—

 
960

 
—

 
1,204

 
—

 
1,204

 
—

Mutual Funds
468

 
—

 
468

 
—

 
28

 
23

 
5

 
—

Alternatives
 

 
 
 
 
 
 
 
 

 
 
 
 
 
 
 Commingled Funds
—

 
—

 
—

 
—

 
129

 
—

 
7

 
122

Real Estate
—

 
—

 
—

 
—

 
136

 
—

 
2

 
134

Other Investments
2

 
—

 
—

 
2

 
24

 
3

 
—

 
21

Total Investments
6,235

 
$
218

 
$
5,786

 
$
231

 
2,769

 
$
174

 
$
2,318

 
$
277

Other
15

 
 

 
 

 
 

 
(48
)
 
 

 
 

 
 

Total Plan Assets
$
6,250

 
 

 
 

 
 

 
$
2,721

 
 

 
 

 
 

The fair values of our pension plan assets at December 31, 2015, by asset category are as follows:
 
U.S.
 
Non-U.S.
(In millions)
Total
 
Quoted
Prices
in Active
Markets
for Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Other
Unobservable
Inputs (Level 3)
 
Total
 
Quoted
Prices in
Active
Markets for
Identical
Assets (Level 1)
 
Significant
Other
Observable
Inputs (Level 2)
 
Significant
Other
Unobservable
Inputs (Level 3)
Cash and Short Term Securities
$
240

 
$
237

 
$
3

 
$
—

 
$
30

 
$
28

 
$
2

 
$
—

Equity Securities
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
Common and Preferred Stock:
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
Non-U.S. Companies
—

 
—

 
—

 
—

 
19

 
19

 
—

 
—

Commingled Funds
6

 
—

 
6

 
—

 
231

 
17

 
214

 
—

Mutual Funds
—

 
—

 
—

 
—

 
61

 
3

 
58

 
—

Partnership Interests
295

 
—

 
75

 
220

 
—

 
—

 
—

 
—

Debt Securities
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
Corporate Bonds
2,413

 
—

 
2,413

 
—

 
151

 
14

 
137

 
—

Government Bonds
1,091

 
—

 
1,091

 
—

 
2,097

 
67

 
2,030

 
—

Repurchase Agreements
—

 
—

 
—

 
—

 
(719
)
 
—

 
(719
)
 
—

Asset Backed Securities
158

 
—

 
158

 
—

 
11

 
2

 
2

 
7

Commingled Funds
714

 
—

 
714

 
—

 
342

 
—

 
342

 
—

Mutual Funds
86

 
—

 
86

 
—

 
8

 
3

 
5

 
—

Alternatives
 

 
 

 
 

 
 

 
 

 
 
 
 
 
 
Commingled Funds
—

 
—

 
—

 
—

 
125

 
—

 
6

 
119

Real Estate
—

 
—

 
—

 
—

 
143

 
—

 
2

 
141

Other Investments
—

 
—

 
(2
)
 
2

 
68

 
1

 
6

 
61

Total Investments
5,003

 
$
237

 
$
4,544

 
$
222

 
2,567

 
$
154

 
$
2,085

 
$
328

Other
8

 
 

 
 

 
 

 
(74
)
 
 

 
 

 
 

Total Plan Assets
$
5,011

 
 

 
 

 
 

 
$
2,493

 
 

 
 

 
 
Schedule of Changes in Fair Value of Plan Assets
The following table sets forth a summary of changes in fair value of the pension plan investments classified as Level 3 for the year ended December 31, 2015:
 
U.S.
 
Non-U.S.
(In millions)
Partnership Interests
 
Other
 
Commingled Funds
 
Real Estate
 
Asset Backed Securities
 
Other
Balance, beginning of year
$
229

 
$
2

 
$
122

 
$
134

 
$
—

 
$
21

Realized gains (losses)
21

 
—

 
—

 
—

 
—

 
—

Unrealized (losses) gains relating to instruments still held at the reporting date
(12
)
 
—

 
2

 
12

 
—

 
—

Purchases, sales, issuances and settlements (net)
(18
)
 
—

 
1

 
2

 
7

 
44

Foreign currency translation
—

 
—

 
(6
)
 
(7
)
 
—

 
(4
)
Balance, end of year
$
220

 
$
2

 
$
119

 
$
141

 
$
7

 
$
61


The following table sets forth a summary of changes in fair value of the pension plan investments classified as Level 3 for the year ended December 31, 2014:
 
U.S.
 
Non-U.S.
(In millions)
Partnership Interests
 
Other
 
Commingled Funds
 
Real Estate
 
Other
Balance, beginning of year
$
209

 
$
6

 
$
163

 
$
170

 
$
19

Realized gains (losses)
31

 
—

 
1

 
1

 
—

Unrealized (losses) gains relating to instruments still held at the reporting date
(15
)
 
—

 
7

 
18

 
—

Purchases, sales, issuances and settlements (net)
4

 
(4
)
 
(42
)
 
(47
)
 
5

Foreign currency translation
—

 
—

 
(7
)
 
(8
)
 
(3
)
Balance, end of year
$
229

 
$
2

 
$
122

 
$
134

 
$
21