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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Benefit Plans  
Components of the plans' funded status reflected in the Consolidated Statements of Financial Position

 

 

($ in millions)
 
   Pension
benefits		   Postretirement
benefits		  
 
   2014   2013   2014   2013  

Fair value of plan assets

   $ 5,783   $ 5,602   $ —   $ —  

Less: Benefit obligation

     6,493     5,297     575     482  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Funded status

   $ (710 ) $ 305   $ (575 ) $ (482 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Items not yet recognized as a component of net periodic cost:

    
 		    
 		    
 		    
 		  

Net actuarial loss (gain)

   $ 2,707   $ 1,794   $ (111 ) $ (236 )

Prior service credit

     (422 )   (480 )   (83 )   (106 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrecognized pension and other postretirement benefit cost, pre-tax

     2,285     1,314     (194 )   (342 )

Deferred income tax

     (800 )   (460 )   72     126  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Unrecognized pension and other postretirement benefit cost

   $ 1,485   $ 854   $ (122 ) $ (216 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Change during the period in items not yet recognized as a component of net periodic cost

 

 

($ in millions)
 
   Pension
benefits		   Postretirement
benefits		  

Items not yet recognized as a component of net periodic cost – December 31, 2013

   $ 1,314   $ (342 )

Net actuarial loss arising during the period

     1,101     103  

Net actuarial (loss) gain amortized to net periodic benefit cost

     (181 )   22  

Prior service credit arising during the period

     —     —  

Prior service credit amortized to net periodic benefit cost

     58     23  

Translation adjustment and other

     (7 )   —  
​ ​ ​ ​ ​ ​ ​ ​

Items not yet recognized as a component of net periodic cost – December 31, 2014

   $ 2,285   $ (194 )
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
Estimates of the net actuarial loss (gain) and prior service credit expected to be recognized as a component of net periodic benefit cost in next fiscal year

 

 

($ in millions)
 
   Pension
benefits		   Postretirement
benefits		  

Net actuarial loss (gain)

   $ 190   $ (9 )

Prior service credit

     (56 )   (22 )
Changes in benefit obligations for all plans

 

 

($ in millions)
 
   Pension benefits   Postretirement
benefits		  
 
   2014   2013   2014   2013  

Benefit obligation, beginning of year

   $ 5,297   $ 6,727   $ 482   $ 803  

Service cost

     96     140     10     12  

Interest cost

     262     265     23     28  

Participant contributions

     1     1     19     18  

Actuarial loss (gain)

     1,243     (406 )   103     (32 )

Benefits paid (1)

     (368 )   (892 )   (57 )   (57 )

Plan amendments

     —     (506 )   —     —  

Translation adjustment and other

     (38 )   (31 )   (5 )   (5 )

Curtailment gain

     —     (1 )   —     (285 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Benefit obligation, end of year

   $ 6,493   $ 5,297   $ 575   $ 482  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Benefits paid include lump sum distributions, a portion of which may trigger settlement accounting treatment.
Components of net periodic cost

 

 

 
   Pension benefits   Postretirement benefits  
($ in millions)
   2014   2013   2012   2014   2013   2012  

Service cost

   $ 96   $ 140   $ 152   $ 10   $ 12   $ 13  

Interest cost

     262     265     298     23     28     36  

Expected return on plan assets

     (398 )   (394 )   (393 )   —     —     —  

Amortization of:

                                      

Prior service credit

     (58 )   (28 )   (2 )   (23 )   (23 )   (23 )

Net actuarial loss (gain)

     127     235     178     (22 )   (16 )   (20 )

Settlement loss

     54     277     33     —     —     —  

Curtailment gain

     —     —     —     —     (181 )   —  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net periodic cost (credit)

   $ 83   $ 495   $ 266   $ (12 ) $ (180 ) $ 6  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Weighted average assumptions used to determine for pension plans and postretirement benefits plans the net benefit cost and benefit obligation

      Weighted average assumptions used to determine net pension cost and net postretirement benefit cost for the years ended December 31 are:

 
   Pension benefits   Postretirement benefits  
($ in millions)
   2014   2013   2012   2014   2013   2012  

Discount rate

     5.00 %   4.60 %   5.25 %   5.11 %   3.75 %   5.25 %

Rate of increase in compensation levels

     3.5     3.5     4.5     n/a     n/a     n/a  

Expected long-term rate of return on plan assets

     7.36     7.75     8.5     n/a     n/a     n/a  

       Weighted average assumptions used to determine benefit obligations as of December 31 are listed in the following table.

 
   Pension benefits   Postretirement benefits  
 
   2014   2013   2014   2013  

Discount rate

     4.10 %   5.00 %   4.15 %   4.85 %

Rate of increase in compensation levels

     3.5     3.5     n/a     n/a  
Change in pension plan assets

 

 

($ in millions)
   2014   2013  

Fair value of plan assets, beginning of year

   $ 5,602   $ 5,398  

Actual return on plan assets

     540     566  

Employer contribution

     49     561  

Benefits paid

     (368 )   (892 )

Translation adjustment and other

     (40 )   (31 )
​ ​ ​ ​ ​ ​ ​ ​

Fair value of plan assets, end of year

   $ 5,783   $ 5,602  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
Pension plans' weighted average target asset allocation and the actual percentage of plan assets

 

 

 
   Target asset
allocation (1)		   Actual percentage
of plan assets		  
Asset category
   2014   2014   2013  

Equity securities

     40 - 50 %   41 %   49 %

Fixed income securities

     43 - 52     50     41  

Limited partnership interests

     0 - 18     7     7  

Short-term investments and other

     —     2     3  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total (2)

           100 %   100 %
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
The target asset allocation considers risk based exposure while the actual percentage of plan assets utilizes a financial reporting view excluding exposure provided through derivatives.
(2)
Securities lending collateral reinvestment is excluded from the table above.
Fair values of pension plan assets

       The following table presents the fair values of pension plan assets as of 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)		   Balance
as of
December 31,
2014		  

Equity securities

   $ 161   $ 2,109   $ 75   $ 2,345  

Fixed income securities:

                          

U.S. government and agencies

     870     44     —     914  

Foreign government

     —     28     —     28  

Municipal

     —     —     14     14  

Corporate

     —     1,822     12     1,834  

RMBS

     —     115     —     115  

Short-term investments           

     55     254     —     309  

Limited partnership interests:

                          

Real estate funds (1)

     —     —     154     154  

Private equity funds (2)           

     —     —     218     218  

Hedge funds

     —     —     32     32  

Cash and cash equivalents

     34     —     —     34  

Free-standing derivatives:

                          

Assets

     (1 )   —     —     (1 )

Liabilities

     (3 )   —     —     (3 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total plan assets at fair value

   $ 1,116   $ 4,372   $ 505     5,993  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

% of total plan assets at fair value

     18.6 %   73.0 %   8.4 %   100.0 %

Securities lending obligation (3)

                      
(234
)

Other net plan assets (4)

                       24  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total reported plan assets

                     $ 5,783  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Real estate funds held by the pension plans are primarily invested in U.S. commercial real estate.
(2)
Private equity funds held by the pension plans are primarily comprised of North American buyout funds.
(3)
The securities lending obligation represents the plan's obligation to return securities lending collateral received under a securities lending program. The terms of the program allow both the plan and the counterparty the right and ability to redeem/return the securities loaned on short notice. Due to its relatively short-term nature, the outstanding balance of the obligation approximates fair value.
(4)
Other net plan assets represent interest and dividends receivable and net receivables related to settlements of investment transactions, such as purchases and sales.

       The following table presents the fair values of pension plan assets as of 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)		   Balance
as of
December 31,
2013		  

Equity securities

   $ 160   $ 2,306   $ 237   $ 2,703  

Fixed income securities:

                          

U.S. government and agencies

     608     52     —     660  

Foreign government

     —     44     —     44  

Municipal

     —     —     18     18  

Corporate

     —     1,433     18     1,451  

RMBS

     —     83     —     83  

Short-term investments           

     54     344     —     398  

Limited partnership interests:

                          

Real estate funds

     —     —     197     197  

Private equity funds

     —     —     211     211  

Hedge funds

     —     —     9     9  

Cash and cash equivalents

     25     —     —     25  

Free-standing derivatives:

                          

Assets

     1     3     —     4  

Liabilities

     (1 )   —     —     (1 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total plan assets at fair value

   $ 847   $ 4,265   $ 690     5,802  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

% of total plan assets at fair value

     14.6 %   73.5 %   11.9 %   100.0 %

Securities lending obligation

                      
(290
)

Other net plan assets

                       90  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total reported plan assets

                     $ 5,602  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Rollforward of Level 3 plan assets

       The following table presents the rollforward of Level 3 plan assets for the year ended December 31, 2014.

($ in millions)
    
   Actual return on plan assets:    
    
    
  
 
   Balance as of
December 31, 2013		   Relating to
assets sold
during the
period		   Relating to
assets still
held at the
reporting date		   Purchases,
sales and
settlements,
net		   Net transfers
in and/or
(out) of
Level 3		   Balance as of
December 31,
2014		  

Equity securities

   $ 237   $ 2   $ 2   $ (166 ) $ —   $ 75  

Fixed income securities:

                                      

Municipal

     18     —     —     (4 )   —     14  

Corporate

     18     —     —     (6 )   —     12  

Limited partnership interests:

                                      

Real estate funds

     197     (3 )   6     (46 )   —     154  

Private equity funds

     211     (4 )   4     7     —     218  

Hedge funds

     9     —     —     23     —     32  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Level 3 plan assets

   $ 690   $ (5 ) $ 12   $ (192 ) $ —   $ 505  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

       The following table presents the rollforward of Level 3 plan assets for the year ended December 31, 2013.

($ in millions)
    
   Actual return on plan assets:    
    
    
  
 
   Balance as of
December 31,
2012		   Relating to
assets sold
during the
period		   Relating to
assets still
held at the
reporting date		   Purchases,
sales and
settlements,
net		   Net transfers
in and/or
(out) of
Level 3		   Balance as of
December 31,
2013		  

Equity securities

   $ 314   $ 3   $ 18   $ (98 ) $ —   $ 237  

Fixed income securities:

                                      

Municipal

     129     7     1     (119 )   —     18  

Corporate

     10     5     —     3     —     18  

Limited partnership interests:

                                      

Real estate funds

     214     —     11     (28 )   —     197  

Private equity funds

     199     —     (2 )   14     —     211  

Hedge funds

     80     —     —     (71 )   —     9  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Level 3 plan assets

   $ 946   $ 15   $ 28   $ (299 ) $ —   $ 690  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

       The following table presents the rollforward of Level 3 plan assets for the year ended December 31, 2012.

($ in millions)
    
   Actual return on plan assets:    
    
    
  
 
   Balance as of
December 31,
2011		   Relating to
assets sold
during the
period		   Relating to
assets still
held at the
reporting date		   Purchases,
sales and
settlements,
net		   Net transfers
in and/or
(out) of
Level 3		   Balance as of
December 31,
2012		  

Equity securities

   $ 309   $ —   $ 8   $ (3 ) $ —   $ 314  

Fixed income securities:

                                      

Municipal

     163     5     (2 )   (37 )   —     129  

Corporate

     9     1     —     —     —     10  

Limited partnership interests:

                                      

Real estate funds

     192     16     2     4     —     214  

Private equity funds

     186     8     (6 )   11     —     199  

Hedge funds

     79     —     1     —     —     80  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Level 3 plan assets

   $ 938   $ 30   $ 3   $ (25 ) $ —   $ 946  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Estimated future benefit payments expected to be paid

      Estimated future benefit payments expected to be paid in the next 10 years, based on the assumptions used to measure the Company's benefit obligation as of December 31, 2014, are presented in the table below.

($ in millions)
 
   Pension
benefits		   Postretirement
benefits		  

2015

   $ 368   $ 39  

2016

     392     31  

2017

     434     33  

2018

     449     34  

2019

     495     37  

2020-2024

     2,608     204  
​ ​ ​ ​ ​ ​ ​ ​

Total benefit payments

   $ 4,746   $ 378  
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
Schedule of ESOP benefit

 

 

($ in millions)
   2014   2013   2012  

Interest expense recognized by ESOP

   $ 1   $ 2   $ 2  

Less: dividends accrued on ESOP shares

     (4 )   (3 )   (2 )

Cost of shares allocated

     8     7     2  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Compensation expense

     5     6     2  

Reduction of defined contribution due to ESOP

     71     46     10  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

ESOP benefit

   $ (66 ) $ (40 ) $ (8 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​