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Penson and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

		Pension				Other Postretirement
		Benefits				Benefits
(In millions)	2014		2013		2014		2013
Change in benefit obligation
Benefit obligation, January 1	$	4,700	$	5,267	$	323	$	442
Service cost		2		3		-		1
Interest cost		206		181		12		12
(Gain) loss from past experience		679		(464)		31		(37)
Effect of plan amendment		2		-		-		(57)
Benefits paid from plan assets		(291)		(262)		(5)		(3)
Benefits paid - other		(29)		(25)		(26)		(28)
Curtailment		-		-		-		(7)
Benefit obligation, December 31		5,269		4,700		335		323
Change in plan assets
Fair value of plan assets, January 1		4,089		3,665		16		20
Actual return on plan assets		257		488		1		(1)
Benefits paid		(291)		(262)		(5)		(3)
Contributions		115		198		-		-
Fair value of plan assets, December 31		4,170		4,089		12		16
Funded Status	$	(1,099)	$	(611)	$	(323)	$	(307)

	Pension				Other
	Benefits				Postretirement Benefits
(In millions)	2014		2013		2014		2013
Unrecognized net gain (loss)	$	(2,317)	$	(1,696)	$	(16)	$	14
Unrecognized prior service cost		(7)		(5)		54		57
Postretirement benefits liability adjustment	$	(2,324)	$	(1,701)	$	38	$	71

December 31, 2014
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Plan assets at fair value:
Fixed maturities:
Federal government and agency	$	1	$	1	$	-	$	2
Corporate		-		1,025		35		1,060
Mortgage and other asset-backed		-		21		3		24
Fund investments and pooled separate accounts⁽¹⁾		-		744		3		747
Total fixed maturities		1		1,791		41		1,833
Equity securities:
Domestic		640		5		73		718
International, including funds and pooled separate accounts⁽¹⁾		131		241		7		379
Total equity securities		771		246		80		1,097
Real estate, including pooled separate accounts⁽¹⁾		-		-		331		331
Commercial mortgage loans		-		-		110		110
Securities partnerships		-		-		357		357
Hedge funds		-		-		283		283
Guaranteed deposit account contract		-		-		44		44
Cash equivalents		-		115		-		115
Total plan assets at fair value	$	772	$	2,152	$	1,246	$	4,170

(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.

	2014	2013
Discount rate:
Pension benefit obligation	3.75%	4.50%
Other postretirement benefit obligation	3.50%	4.00%
Pension benefit cost	4.50%	3.50%
Other postretirement benefit cost	4.00%	3.25%
Expected long-term return on plan assets:
Pension benefit cost	7.25%	8.00%
Other postretirement benefit cost	5.00%	5.00%

(In millions)	2014		2013		2012
Service cost	$	2	$	3	$	3
Interest cost		206		181		198
Expected long-term return on plan assets		(264)		(272)		(270)
Amortization of:
Net loss from past experience		57		74		58
Settlement loss		6		-		6
Net pension cost	$	7	$	(14)	$	(5)

December 31, 2013
(In millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Plan assets at fair value:
Fixed maturities:
Federal government and agency	$	-	$	2	$	-	$	2
Corporate		-		725		24		749
Mortgage and other asset-backed		-		18		5		23
Fund investments and pooled separate accounts⁽¹⁾		-		1,019		3		1,022
Total fixed maturities		-		1,764		32		1,796
Equity securities:
Domestic		824		-		35		859
International, including funds and pooled separate accounts⁽¹⁾		187		124		7		318
Total equity securities		1,011		124		42		1,177
Real estate, including pooled separate accounts⁽¹⁾		-		-		251		251
Commercial mortgage loans		-		-		88		88
Securities partnerships		-		-		304		304
Hedge funds		-		-		360		360
Guaranteed deposit account contract		-		-		44		44
Cash equivalents		-		69		-		69
Total plan assets at fair value	$	1,011	$	1,957	$	1,121	$	4,089

(1) A pooled separate account has several participating benefit plans and each owns a share of the total pool of investments.

(In millions)	Fixed Maturities & Equity Securities		Real Estate & Mortgage Loans		Securities Partnerships		Hedge Funds		Guaranteed Deposit Account Contract		Total

Balance at January 1, 2014	$	74	$	339	$	304	$	360	$	44	$	1,121
Actual return on plan assets:
Assets still held at the reporting date		1		41		40		17		2		101
Assets sold during the period		-		-		-		-		-		-
Total actual return on plan assets		1		41		40		17		2		101
Purchases, sales, settlements, net		44		61		13		(94)		(2)		22
Transfers into/out of Level 3		2		-		-		-		-		2
Balance at December 31, 2014	$	121	$	441	$	357	$	283	$	44	$	1,246

(In millions)	Fixed Maturities & Equity Securities		Real Estate & Mortgage Loans		Securities Partnerships		Hedge Funds		Guaranteed Deposit Account Contract		Total

Balance at January 1, 2013	$	44	$	352	$	328	$	327	$	47	$	1,098
Actual return on plan assets:
Assets still held at the reporting date		-		29		16		38		1		84
Assets sold during the period		7		-		-		-		-		7
Total actual return on plan assets		7		29		16		38		1		91
Purchases, sales, settlements, net		25		(42)		(40)		(5)		(4)		(66)
Transfers into/out of Level 3		(2)		-		-		-		-		(2)
Balance at December 31, 2013	$	74	$	339	$	304	$	360	$	44	$	1,121