Pension Plans, Other Postretirement Benefits, and Defined-Contribution Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Schedule of Changes in Benefit Obligations, Fair Value of Plan Assets, and Funded Status of the Plans

The following sets forth changes in the benefit obligations and fair value of plan assets for the Company’s pension and other postretirement benefit plans for the years ended December 31, 2015 and 2014, as well as the funded status of the plans and amounts recognized in the financial statements at December 31, 2015 and 2014:



	Pension Benefits						Other Benefits
millions	2015			2014			2015			2014
Change in benefit obligation
Benefit obligation at beginning of year	$	2,528		$	2,158		$	373		$	294
Service cost	118			99			9			7
Interest cost	101			99			15			15
Plan amendments	—			—			(89		)	—
Actuarial (gain) loss	(115		)	337			(27		)	72
Participant contributions	—			1			5			4
Benefit payments	(194		)	(159		)	(20		)	(19		)
Foreign-currency exchange-rate changes	(7		)	(7		)	—			—
Benefit obligation at end of year ⁽¹⁾	$	2,431		$	2,528		$	266		$	373



Change in plan assets
Fair value of plan assets at beginning of year	$	1,818		$	1,754		$	—		$	—
Actual return on plan assets	16			111			—			—
Employer contributions	43			121			15			15
Participant contributions	—			1			5			4
Benefit payments	(194		)	(159		)	(20		)	(19		)
Foreign-currency exchange-rate changes	(9		)	(10		)	—			—
Fair value of plan assets at end of year	$	1,674		$	1,818		$	—		$	—

Funded status of the plans at end of year	$	(757	)	$	(710	)	$	(266	)	$	(373	)

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⁽¹⁾	The accumulated benefit obligation for all defined-benefit pension plans was $2.1 billion at both December 31, 2015 and December 31, 2014.

Schedule of Amounts Recognized in Balance Sheet



Total recognized amounts in the balance sheet consist of
Other assets	$	41		$	41		$	—		$	—
Accrued expenses	(24		)	(24		)	(16		)	(15		)
Other long-term liabilities—other	(774		)	(727		)	(250		)	(358		)
Total	$	(757	)	$	(710	)	$	(266	)	$	(373	)

Schedule of Total Recognized Amounts in Accumulated Other Comprehensive Income



Total recognized amounts in accumulated other comprehensive income consist of
Prior service cost (credit)	$	(1	)	$	(1	)	$	(84	)	$	2
Net actuarial (gain) loss	655			740			(25		)	1
Total	$	654		$	739		$	(109	)	$	3

Schedule of Defined-Benefit Pension Plans With Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

The following summarizes the Company’s defined-benefit pension plans with accumulated benefit obligations in excess of plan assets for the years ended December 31:



millions	2015		2014
Projected benefit obligation	$	2,309	$	2,403
Accumulated benefit obligation	1,954		2,024
Fair value of plan assets	1,511		1,652

Components of Net Periodic Benefit Cost Table

The following summarizes the Company’s pension and other postretirement benefit cost and amounts recognized in other comprehensive income (before tax benefit) for the years ended December 31:



	Pension Benefits									Other Benefits
millions	2015			2014			2013			2015			2014			2013
Components of net periodic benefit cost
Service cost	$	118		$	99		$	85		$	9		$	7		$	9
Interest cost	101			99			78			15			15			14
Expected return on plan assets	(109		)	(106		)	(91		)	—			—			—
Amortization of net actuarial loss (gain)	52			34			118			—			(7		)	—
Amortization of net prior service cost (credit)	—			—			—			(4		)	—			1
Settlement loss	11			—			14			—			—			—
Net periodic benefit cost	$	173		$	126		$	204		$	20		$	15		$	24

Schedule of Amounts Recognized in Other Comprehensive Income



Amounts recognized in other comprehensive income (expense)
Net actuarial gain (loss)	$	22	$	(333	)	$	342	$	27		$	(72	)	$	74
Amortization of net actuarial (gain) loss	52		34			118		—			(7		)	—
Net prior service (cost) credit	—		—			—		89			—			—
Amortization of net prior service cost (credit)	—		—			—		(4		)	—			1
Settlement loss	11		—			14		—			—			—
Total amounts recognized in other comprehensive income (expense)	$	85	$	(299	)	$	474	$	112		$	(79	)	$	75

Schedule of Assumptions Used

The following summarizes the weighted-average assumptions used by the Company in determining the pension and other postretirement benefit obligations and net periodic benefit cost for the years ended December 31:



	Pension Benefits						Other Benefits
	2015		2014		2013		2015		2014		2013
Benefit obligation assumptions
Discount rate	4.50	%	4.00	%	4.75	%	5.00	%	4.25	%	5.25	%
Rates of increase in compensation levels	5.25	%	5.25	%	5.00	%	5.50	%	5.25	%	5.25	%
Net periodic benefit cost assumptions
Discount rate	4.00	%	4.75	%	3.50	%	4.25	%	5.25	%	4.00	%
Long-term rate of return on plan assets	6.75	%	6.75	%	7.00	%	N/A		N/A		N/A
Rates of increase in compensation levels	5.25	%	5.00	%	4.50	%	5.25	%	5.25	%	4.50	%

Fair Value Hierarchy of Plan Assets Table

The fair value of the Company’s pension plan assets by asset class and input level within the fair-value hierarchy were as follows:



millions
December 31, 2015	Level 1			Level 2		Level 3		Total
Investments
Cash and cash equivalents	$	5		$	54	$	—	$	59
Fixed income
Mortgage-backed securities	—			36		—		36
U.S. government securities	—			53		—		53
Other fixed-income securities ⁽¹⁾	46			236		—		282
Equity securities
Domestic	330			80		—		410
International	130			289		—		419
Other
Real estate	—			57		104		161
Private equity	—			—		92		92
Hedge funds and other alternative strategies	7			—		127		134
Other	—			30		—		30
Total investments⁽²⁾	$	518		$	835	$	323	$	1,676
Liabilities
Hedge funds and other alternative strategies	$	(3	)	$	—	$	—	$	(3	)
Total liabilities	$	(3	)	$	—	$	—	$	(3	)

December 31, 2014
Investments
Cash and cash equivalents	$	3		$	53	$	—	$	56
Fixed income
Mortgage-backed securities	—			51		—		51
U.S. government securities	—			56		—		56
Other fixed-income securities ⁽¹⁾	48			212		—		260
Equity securities
Domestic	446			130		—		576
International	124			299		—		423
Other
Real estate	—			56		94		150
Private equity	—			—		84		84
Hedge funds and other alternative strategies	9			—		126		135
Other	—			30		—		30
Total investments⁽²⁾	$	630		$	887	$	304	$	1,821
Liabilities
Hedge funds and other alternative strategies	$	(3	)	$	—	$	—	$	(3	)
Total liabilities	$	(3	)	$	—	$	—	$	(3	)

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⁽¹⁾	Amounts include investments in diversified fixed-income collective investment funds with exposure to mortgage-backed securities, government-issued securities, corporate debt, and other fixed-income securities.


⁽²⁾	Amount excludes receivables and payables, primarily related to Level 1 investments.

Schedule of Changes in Level 3 Fair Value of Investments

The following summarizes changes in the fair value of investments based on Level 3 inputs:



millions	Hedge Funds and Other Alternative Strategies		Private Equity			Real Estate		Total
Balance at January 1, 2014	$	79	$	72		$	86	$	237
Acquisitions (dispositions), net	42		—			2		44
Actual return on plan assets
Relating to assets sold during the reporting period	2		5			—		7
Relating to assets still held at the reporting date	3		7			6		16
Balance at December 31, 2014	$	126	$	84		$	94	$	304
Acquisitions (dispositions), net	1		(4		)	2		(1		)
Actual return on plan assets
Relating to assets sold during the reporting period	—		11			—		11
Relating to assets still held at the reporting date	—		1			8		9
Balance at December 31, 2015	$	127	$	92		$	104	$	323

Schedule Of Estimated Future and Current Year Employer Contributions

The following summarizes the Company’s contributions for 2015 and expected contributions for 2016:



millions	Expected 2016		2015
Funded pension plans	$	5	$	4
Unfunded pension plans	25		39
Unfunded other postretirement plans	16		15
Total	$	46	$	58

Schedule of Estimated Future Benefit Payments

The following summarizes estimated benefit payments for the next ten years, including benefit increases due to continuing employee service:



millions	Pension Benefit Payments		Other Benefit Payments
2016	$	171	$	16
2017	197		17
2018	194		17
2019	214		17
2020	209		18
2021-2025	1,199		92