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Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2016

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Projected benefit obligations and assets

		Pension				Other Postretirement
		Benefits				Benefits
(In millions)	2016		2015		2016		2015
Change in benefit obligation
Benefit obligation, January 1	$	4,934	$	5,269	$	295	$	335
Service cost		2		2		-		-
Interest cost		199		194		11		11
(Gain) loss from past experience		57	⁽¹⁾	(239)	⁽²⁾	2		(19)
Benefits paid from plan assets		(284)		(270)		(3)		(3)
Benefits paid — other		(20)		(22)		(28)		(29)
Benefit obligation, December 31		4,888		4,934		277		295
Change in plan assets
Fair value of plan assets, January 1		3,981		4,170		8		12
Actual return on plan assets		279		75		-		(1)
Benefits paid		(284)		(270)		(3)		(3)
Contributions		1		6		-		-
Fair value of plan assets, December 31		3,977		3,981		5		8
Funded Status	$	(911)	$	(953)	$	(272)	$	(287)

(1) Positive amount reflects a decrease in the discount rate, partially offset by a favorable change in the mortality assumption.
(2) Negative amount reflects an increase in the discount rate and a favorable change in the mortality assumption.

Expected benefit payments


	Pension		Other Postretirement
(In millions)	Benefits		Benefits
2017	$	381	$	29
2018	$	325	$	28
2019	$	330	$	27
2020	$	324	$	25
2021	$	323	$	24
2022-2026	$	1,587	$	97

Postretirement benefits liability adjustment included in AOCI

	Pension				Other
	Benefits				Postretirement Benefits
(In millions)	2016		2015		2016		2015
Unrecognized net gain (loss)	$	(2,163)	$	(2,201)	$	-	$	1
Unrecognized prior service cost		(6)		(7)		49		52
Postretirement benefits liability adjustment	$	(2,169)	$	(2,208)	$	49	$	53

Components of net defined benefit plan costs

	Pension Benefits						Other Postretirement Benefits
(In millions)	2016		2015		2014		2016		2015		2014
Service cost	$	2	$	2	$	2	$	-	$	-	$	-
Interest cost		199		194		206		11		11		12
Expected long-term return on plan assets		(249)		(267)		(264)		-		-		-
Amortization of:
Net loss from past experience		65		70		57		1		-		-
Prior service cost		1		-		-		(3)		(3)		(3)
Settlement loss		-		-		6		-		-		-
Net pension cost	$	18	$	(1)	$	7	$	9	$	8	$	9

Assumptions for pension and other postretirement benefit plans

		2016	2015
Discount rate:
Pension benefit obligation		3.95%	4.17%
Other postretirement benefit obligation		3.70%	3.89%
Pension benefit cost		4.17%	3.75%
Other postretirement benefit cost		3.89%	3.50%
Expected long-term return on plan assets:
Pension benefit cost		7.25%	7.25%
Other postretirement benefit cost		5.00%	5.00%
Mortality table for pension and postretirement benefit obligations		RP 2014 with MP 2016 projection scale	RP 2014 with MP 2015 projection scale

Annual expense for 401(k) plans

(In millions)	2016		2015		2014
Expense	$	113	$	106	$	98

Pension Benefits [Member]

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Fair value of pension plan assets

(In millions)		2016		2015
Pension assets at fair value:
Fixed maturities:
Federal government and agency	$	1	$	2
Corporate		1,125		1,067
Asset-backed		22		21
Fund investments		630		556
Total fixed maturities		1,778		1,646
Equity securities:
Domestic		681		677
International, including funds and pooled separate accounts⁽¹⁾		350		383
Total equity securities		1,031		1,060
Securities partnerships		424		406
Real estate funds, including pooled separate accounts⁽¹⁾		289		362
Hedge funds		196		256
Commercial mortgage loans		129		131
Guaranteed deposit account contract		67		58
Cash equivalents and other current assets, net		63		62
Total pension assets at fair value	$	3,977	$	3,981

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