Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation And Retirement Disclosure [Abstract]

Funded Status of Pension and Postretirement Medical Plans

The following table summarizes the Corporation’s benefit obligations and the fair value of plan assets and shows the funded status of the pension and postretirement medical plans:

	Funded						Unfunded						Postretirement
	Pension Plans						Pension Plan						Medical Plan
	2014			2013			2014			2013			2014			2013
	(In millions)
Change in benefit obligation
Balance at January 1	$	1,957		$	2,110		$	253		$	234		$	97		$	134
Service cost		45			61			12			12			4			4
Interest cost		91			82			9			7			3			3
Actuarial (gain) loss (a)		470			(139	)		61			28			(4	)		(4	)
Benefit payments (b)		(77	)		(69	)		(57	)		(20	)		(6	)		(5	)
Plan curtailments (c)		(3	)		(103	)		—			(8	)		—			(35	)
Special termination benefits		2			5			—			—			—			—
Foreign currency exchange rate changes		(35	)		10			—			—			—			—
Balance at December 31		2,450			1,957			278			253			94			97
Change in fair value of plan assets
Balance at January 1		2,145			1,763			—			—			—			—
Actual return on plan assets		151			292			—			—			—			—
Employer contributions		68			146			56			20			6			5
Benefit payments (b)		(77	)		(69	)		(56	)		(20	)		(6	)		(5	)
Foreign currency exchange rate changes		(36	)		13			—			—			—			—
Balance at December 31		2,251			2,145			—			—			—			—
Funded status (plan assets greater (less) than benefit obligations) at December 31		(199	)		188			(278	)		(253	)		(94	)		(97	)
Unrecognized net actuarial (gains) losses		859			405			135			108			(5	)		(2	)

(a) The change in discount rate and mortality assumptions in 2014 resulted in total actuarial losses of approximately $330 million and $125 million, respectively.

(b) Benefit payments include lump-sum settlement payments of $55 million in 2014.

(c) During the first quarter of 2013, the Corporation’s pension and other postretirement plans were impacted by a significant reduction in the expected future service from active participants due to the Corporation’s announced asset sales program.

Amounts Recognized in Consolidated Balance Sheet

  Amounts recognized in the Consolidated Balance Sheet at December 31 consisted of the following:

	Funded Pension Plans					Unfunded Pension Plan						Postretirement Medical Plan
	2014			2013		2014			2013			2014			2013
	(In millions)
Pension asset / (accrued benefit liability)	$	(199	)	$	188	$	(278	)	$	(253	)	$	(94	)	$	(97	)
Accumulated other comprehensive loss, pre-tax*		859			405		135			108			(5	)		(2	)

* The after‑tax deficit reflected in Accumulated other comprehensive income (loss) for these retirement plans was $652 million at December 31, 2014 and $342 million at December 31, 2013.

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost for funded and unfunded pension plans and the postretirement medical plan consisted of the following:

	Pension Plans									Postretirement Medical Plan
	2014			2013			2012			2014		2013		2012
	(In millions)
Service cost	$	57		$	73		$	74		$	4	$	4	$	7
Interest cost		100			89			88			3		3		5
Expected return on plan assets		(161	)		(141	)		(116	)		—		—		—
Amortization of unrecognized net actuarial losses		31			61			83			—		1		2
Settlement loss		24			—			9			—		—		—
Curtailment loss		—			1			—			—		—		—
Special termination benefit recognized		1			5			—			—		—		—
Net periodic benefit cost	$	52		$	88		$	138		$	7	$	8	$	14

Weighted Average Actuarial Assumptions Used in Calculation of Pension Plans

The weighted average actuarial assumptions used by the Corporation’s funded and unfunded pension plans were as follows:

	2014			2013			2012
Weighted average assumptions used to determine benefit obligations at December 31
Discount rate		3.8	%		4.6	%		3.8	%
Rate of compensation increase		5.0			4.4			4.3
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31
Discount rate		4.6			4.0			4.3
Expected return on plan assets		7.5			7.5			7.5
Rate of compensation increase		4.4			4.3			4.3

Actuarial Assumptions Used by Corporation's Postretirement Medical Plan

The actuarial assumptions used by the Corporation’s postretirement medical plan were as follows:

	2014			2013			2012
Assumptions used to determine benefit obligations at December 31
Discount rate		3.1	%		3.6	%		3.1	%
Initial health care trend rate		6.8	%		7.1	%		7.3	%
Ultimate trend rate		4.5	%		4.6	%		4.8	%
Year in which ultimate trend rate is reached		2029			2027			2022

Fair Value of Plan's Financial Assets

The following tables provide the fair value of the financial assets of the funded pension plans as of December 31, 2014 and 2013 in accordance with the fair value measurement hierarchy described in Note 1, Summary of Significant Accounting Policies in the Notes to the Consolidated Financial Statements:

	Level 1		Level 2		Level 3		Total
	(In millions)
December 31, 2014
Cash and short-term investment funds	$	6	$	47	$	—	$	53
Equities:
U.S. equities (domestic)		719		—		—		719
International equities (non-U.S.)		72		177		—		249
Global equities (domestic and non-U.S.)		10		218		—		228
Fixed income:
Treasury and government issued (a)		—		222				222
Government related (b)		—		7		1		8
Mortgage-backed securities (c)		—		147		1		148
Corporate		3		137				140
Other:
Hedge funds		—		—		302		302
Private equity funds		—		—		105		105
Real estate funds		12		—		48		60
Diversified commodities funds		—		17		—		17
	$	822	$	972	$	457	$	2,251
December 31, 2013
Cash and short-term investment funds	$	3	$	72	$	—	$	75
Equities:
U.S. equities (domestic)		729		—		—		729
International equities (non-U.S.)		81		171		—		252
Global equities (domestic and non-U.S.)		8		208		—		216
Fixed income:
Treasury and government issued (a)		—		169		1		170
Government related (b)		—		9		—		9
Mortgage-backed securities (c)		—		109		1		110
Corporate		2		124		1		127
Other:
Hedge funds		—		—		291		291
Private equity funds		—		—		89		89
Real estate funds		10		—		47		57
Diversified commodities funds		—		20		—		20
	$	833	$	882	$	430	$	2,145

(a) Includes securities issued and guaranteed by U.S. and non‑U.S. governments.

(b) Primarily consists of securities issued by governmental agencies and municipalities.

(c) Comprised of U.S. residential and commercial mortgage-backed securities.

Fair Value Based on Level 3 Inputs Held by Institutional Funds

The following tables provide changes in financial assets that are measured at fair value based on Level 3 inputs that are held by institutional funds classified as:

						Private		Real
	Fixed			Hedge		Equity		Estate
	Income*			Funds		Funds		Funds		Total
	(In millions)
Balance at January 1, 2013	$	2		$	255	$	75	$	45	$	377
Actual return on plan assets		—			26		11		2		39
Purchases, sales or other settlements		1			10		3		—		14
Net transfers in (out) of Level 3		—			—		—		—		—
Balance at December 31, 2013		3			291		89		47		430
Actual return on plan assets		—			9		15		—		24
Purchases, sales or other settlements		(1	)		2		1		1		3
Net transfers in (out) of Level 3		—			—		—		—		—
Balance at December 31, 2014	$	2		$	302	$	105	$	48	$	457

* Fixed Income includes treasury and government issued, government related, mortgage‑backed and corporate securities.

Estimated Future Benefit Payments for Funded and Unfunded Pension Plans and Postretirement Medical Plan

Estimated future benefit payments by the funded and unfunded pension plans and the postretirement medical plan, which reflect expected future service, are as follows (in millions):

2015	$	157
2016		112
2017		118
2018		121
2019		129
Years 2020 to 2024		694