XML 41 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
EMPLOYEE BENEFIT PLANS (TABLES)
12 Months Ended
Dec. 31, 2013
Qualified Defined Benefit [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets [Table Text Block]
Plan asset by fund category and fair value hierarchy level as of December 31 (in millions):
 
2013
 
2012
 
Level
Fund type:
 
 
 
 
 
Money market fund
$
45

 
$
75

 
1

U.S. equity market fund
684

 
654

 
2

Non-U.S. equity fund
301

 
304

 
2

Credit bond index fund
127

 
102

 
2

Government/credit bond index fund
612

 
403

 
2

Plan assets
$
1,769

 
$
1,538

 
 

Target allocations for the primary asset classes based on current funded status are approximately: 
Domestic equities:
31% - 43%
Non-U.S. equities:
12% - 21%
Fixed income:
42% - 52%
The asset allocation of the funds in the qualified defined-benefit plans, by asset category, is as follows as of December 31
 
2013
 
2012
Asset category:
 
 
 
Money market fund
3
%
 
5
%
Domestic equity securities
39
%
 
43
%
Non-U.S. equity securities
17
%
 
20
%
Fixed income securities
41
%
 
32
%
Plan assets
100
%
 
100
%
Schedule of Net Funded Status [Table Text Block]
The following table sets forth the status of the plans as of December 31 (in millions):
 
Qualified
 
Nonqualified
 
2013
 
2012
 
2013
 
2012
Projected benefit obligation (PBO)
 
 
 
 
 
 
 
Beginning of year
$
1,873

 
$
1,594

 
$
42

 
$
43

Service cost
46

 
38

 
1

 
1

Interest cost
73

 
73

 
1

 
2

Actuarial (gain) loss
(226
)
 
214

 
(4
)
 
(2
)
Benefits paid
(57
)
 
(46
)
 
(2
)
 
(2
)
End of year
$
1,709

 
$
1,873

 
$
38

 
$
42

 
 
 
 
 
 
 
 
Plan assets at fair value
 

 
 

 
 

 
 

Beginning of year
$
1,538

 
$
1,288

 
$

 
$

Actual return on plan assets
205

 
186

 

 

Employer contributions
83

 
110

 
2

 
2

Benefits paid
(57
)
 
(46
)
 
(2
)
 
(2
)
End of year
$
1,769

 
$
1,538

 
$

 
$

Funded status (unfunded)
$
60

 
$
(335
)
 
$
(38
)
 
$
(42
)
 
 
 
 
 
 
 
 
Percent funded
104
%
 
82
%
 

 

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
As of December 31, 2013 and 2012, the amounts recognized in the consolidated balance sheets were as follows (in millions): 
 
2013
 
2012
 
Qualified
 
Nonqualified
 
Qualified
 
Nonqualified
Plan assets-long term (within long term Other Assets)
60

 

 

 

Accrued benefit liability-current

 
2

 

 
2

Accrued benefit liability-long term

 
36

 
335

 
40

Total liability recognized

 
38

 
335

 
42

 
AMOUNTS NOT YET REFLECTED IN NET PERIODIC BENEFIT COST AND INCLUDED IN AOCL: 
 
2013
 
2012
 
Qualified
 
Nonqualified
 
Qualified
 
Nonqualified
Prior service credit
$
(14
)
 
$

 
$
(15
)
 
$

Net loss
331

 
5

 
695

 
9

Amount recognized in AOCL (pretax)
$
317

 
$
5

 
$
680

 
$
9

Schedule of Net Benefit Costs [Table Text Block]
Net pension expense for the defined-benefit plans included the following components for the years ended December 31 (in millions): 
 
Qualified
 
Nonqualified
 
2013
 
2012
 
2011
 
2013
 
2012
 
2011
Service cost
$
46

 
$
38

 
$
35

 
$
1

 
$
1

 
$
1

Interest cost
73

 
73

 
73

 
1

 
2

 
2

Expected return on assets
(111
)
 
(93
)
 
(88
)
 

 

 

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

 

 

Recognized actuarial loss
43

 
40

 
23

 
1

 
1

 
1

Net pension expense
$
50

 
$
57

 
$
42

 
$
3

 
$
4

 
$
4

Schedule of Expected Benefit Payments [Table Text Block]
Future benefits expected to be paid over the next ten years under the defined-benefit pension plans from the assets of those plans as of December 31, 2013 (in millions): 
 
Qualified
 
Nonqualified
2014
$
72

 
$
2

2015
84

 
2

2016
76

 
4

2017
93

 
2

2018
92

 
2

2019 - 2023
548

 
18

Postretirement Medical Benefits [Member]
 
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Funded Status [Table Text Block]
The Company does not believe the U.S. Health Care Reform: The Patient Protection and Affordable Care Act and The Health Care and Education Reconciliation Act will have a significant impact on the Company's cost for postretirement medical benefits.
 (in millions)
2013
 
2012
Accumulated postretirement benefit obligation
 
 
 
Beginning of year
$
117

 
$
120

Service cost
5

 
5

Interest cost
4

 
5

Actuarial gain
(35
)
 
(11
)
Benefits paid
(2
)
 
(2
)
End of year
$
89

 
$
117

 
 
 
 
Plan assets at fair value
 

 
 

Beginning of year
$

 
$

Employer contributions
2

 
2

Benefits paid
(2
)
 
(2
)
End of year
$

 
$

Funded status (unfunded) 
$
(89
)
 
$
(117
)
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
As of December 31, 2013 and 2012, the amounts recognized in the consolidated balance sheets (in millions):
 
2013
 
2012
Accrued benefit liability-current
$
3

 
$
4

Accrued benefit liability-long term
86

 
113

Total liability recognized
$
89

 
$
117


AMOUNTS NOT YET REFLECTED IN NET PERIODIC BENEFIT COST AND INCLUDED IN AOCL:
(in millions)
2013
 
2012
Prior service cost
$
1

 
$
2

Net gain
(48
)
 
(15
)
Amount recognized in AOCL (pretax)
$
(47
)
 
$
(13
)
Schedule of Net Benefit Costs [Table Text Block]
Net periodic benefit cost for the postretirement medical plans included the following components for the years ended December 31 (in millions): 
 
2013
 
2012
 
2011
Service cost
$
5

 
$
5

 
$
6

Interest cost
4

 
5

 
7

Amortization of prior service cost
1

 
1

 
1

Recognized actuarial (gain) loss
(2
)
 
(1
)
 
1

Net periodic benefit cost
$
8

 
$
10

 
$
15

Schedule of Expected Benefit Payments [Table Text Block]
Future benefits expected to be paid over the next ten years under the postretirement medical benefits plan as of December 31, 2013 (in millions):
2014
$
3

2015
4

2016
4

2017
5

2018
6

2019– 2023
36

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block]
A 1% higher or lower trend rate in health care costs has the following effect on the Company’s postretirement medical plans for the years ended December 31 (in millions):   
 
2013
 
2012
 
2011
Change in service and interest cost
 
 
 
 
 
1% higher trend rate
$
1

 
$
2

 
$
2

1% lower trend rate
(1
)
 
(1
)
 
(2
)
Change in year-end postretirement benefit obligation
 

 
 

 
 

1% higher trend rate
$
10

 
$
14

 
$
14

1% lower trend rate
(9
)
 
(12
)
 
(13
)