Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2014						2013
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations
Benefit obligations at January 1,	$	8,130		$	1,861		$	8,937		$	2,402
Service costs	183			14			214			20
Interest costs	413			92			367			92
Plan participants’ contributions	—			30			—			30
Net actuarial (gains) losses	1,461			264			(967		)	(550		)
Settlements and curtailments	(13		)	(6		)	—			—
Change in benefits and other	574			(16		)	26			—
Benefits paid	(486		)	(109		)	(447		)	(133		)
Foreign exchange impact	—			(1		)	—			—
Benefit obligations at December 31,	10,262			2,129			8,130			1,861
Change in plan assets
Fair value of plan assets at January 1,	7,305			1,352			7,390			1,320
Actual return on plan assets	1,018			112			(20		)	57
Change in benefits and other	523			—			28			—
Plan participants’ contributions	—			30			—			30
Employer contributions	390			41			354			78
Benefits paid	(486		)	(109		)	(447		)	(133		)
Fair value of plan assets at December 31,	8,750			1,426			7,305			1,352
Over (under) funded status at December 31,	$	(1,512	)	$	(703	)	$	(825	)	$	(509	)
Amounts recognized in the consolidated balance sheets
Other assets	$	—		$	—		$	213		$	—
Other liabilities	(1,512		)	(703		)	(1,038		)	(509		)
Net amount recognized	$	(1,512	)	$	(703	)	$	(825	)	$	(509	)
AOCI
Net actuarial (gains) losses	$	3,034		$	420		$	2,207		$	209
Prior service costs (credit)	(2		)	(10		)	17			1
AOCI, before income tax	$	3,032		$	410		$	2,224		$	210
Accumulated benefit obligation	$	9,729		N/A			$	7,689		N/A

_____________

(1) Includes non-qualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.0 billion at December 31, 2014 and 2013, respectively.

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2014						2013
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations
Benefit obligations at January 1,	$	8,130		$	1,861		$	8,937		$	2,402
Service costs	183			14			214			20
Interest costs	413			92			367			92
Plan participants’ contributions	—			30			—			30
Net actuarial (gains) losses	1,461			264			(967		)	(550		)
Settlements and curtailments	(13		)	(6		)	—			—
Change in benefits and other	574			(16		)	26			—
Benefits paid	(486		)	(109		)	(447		)	(133		)
Foreign exchange impact	—			(1		)	—			—
Benefit obligations at December 31,	10,262			2,129			8,130			1,861
Change in plan assets
Fair value of plan assets at January 1,	7,305			1,352			7,390			1,320
Actual return on plan assets	1,018			112			(20		)	57
Change in benefits and other	523			—			28			—
Plan participants’ contributions	—			30			—			30
Employer contributions	390			41			354			78
Benefits paid	(486		)	(109		)	(447		)	(133		)
Fair value of plan assets at December 31,	8,750			1,426			7,305			1,352
Over (under) funded status at December 31,	$	(1,512	)	$	(703	)	$	(825	)	$	(509	)
Amounts recognized in the consolidated balance sheets
Other assets	$	—		$	—		$	213		$	—
Other liabilities	(1,512		)	(703		)	(1,038		)	(509		)
Net amount recognized	$	(1,512	)	$	(703	)	$	(825	)	$	(509	)
AOCI
Net actuarial (gains) losses	$	3,034		$	420		$	2,207		$	209
Prior service costs (credit)	(2		)	(10		)	17			1
AOCI, before income tax	$	3,032		$	410		$	2,224		$	210
Accumulated benefit obligation	$	9,729		N/A			$	7,689		N/A

_____________

(1) Includes non-qualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.0 billion at December 31, 2014 and 2013, respectively.

Benefit Plan Obligations, Assets, Funded Status, Accumulated Other Comprehensive Income (Loss) and Accumulated Benefit Obligation

	December 31,
	2014						2013
	Pension Benefits (1)			Other Postretirement Benefits			Pension Benefits (1)			Other Postretirement Benefits
	(In millions)
Change in benefit obligations
Benefit obligations at January 1,	$	8,130		$	1,861		$	8,937		$	2,402
Service costs	183			14			214			20
Interest costs	413			92			367			92
Plan participants’ contributions	—			30			—			30
Net actuarial (gains) losses	1,461			264			(967		)	(550		)
Settlements and curtailments	(13		)	(6		)	—			—
Change in benefits and other	574			(16		)	26			—
Benefits paid	(486		)	(109		)	(447		)	(133		)
Foreign exchange impact	—			(1		)	—			—
Benefit obligations at December 31,	10,262			2,129			8,130			1,861
Change in plan assets
Fair value of plan assets at January 1,	7,305			1,352			7,390			1,320
Actual return on plan assets	1,018			112			(20		)	57
Change in benefits and other	523			—			28			—
Plan participants’ contributions	—			30			—			30
Employer contributions	390			41			354			78
Benefits paid	(486		)	(109		)	(447		)	(133		)
Fair value of plan assets at December 31,	8,750			1,426			7,305			1,352
Over (under) funded status at December 31,	$	(1,512	)	$	(703	)	$	(825	)	$	(509	)
Amounts recognized in the consolidated balance sheets
Other assets	$	—		$	—		$	213		$	—
Other liabilities	(1,512		)	(703		)	(1,038		)	(509		)
Net amount recognized	$	(1,512	)	$	(703	)	$	(825	)	$	(509	)
AOCI
Net actuarial (gains) losses	$	3,034		$	420		$	2,207		$	209
Prior service costs (credit)	(2		)	(10		)	17			1
AOCI, before income tax	$	3,032		$	410		$	2,224		$	210
Accumulated benefit obligation	$	9,729		N/A			$	7,689		N/A

_____________

(1) Includes non-qualified unfunded plans, for which the aggregate PBO was $1.3 billion and $1.0 billion at December 31, 2014 and 2013, respectively.

Accumulated benefit obligations in excess of fair value of plan assets

The aggregate pension accumulated benefit obligation and aggregate fair value of plan assets for pension benefit plans with accumulated benefit obligations in excess of plan assets was as follows at:

	December 31,
	2014		2013
	(In millions)
Projected benefit obligations	$	1,981	$	1,037
Accumulated benefit obligations	$	1,789	$	927
Fair value of plan assets	$	676	$	—

Defined benefit plan pension plans with projected benefit obligations in excess of plan assets

Information for pension and other postretirement benefit plans with a PBO in excess of plan assets were as follows at:

	December 31,
	2014				2013
	Pension Benefits		Other Postretirement Benefits		Pension Benefits		Other Postretirement Benefits
	(In millions)
Projected benefit obligations	$	10,241	$	2,129	$	1,170	$	1,863
Fair value of plan assets	$	8,719	$	1,426	$	133	$	1,353

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The Company’s proportionate share of components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:

	Years Ended December 31,
	2014						2013						2012
	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
	(In millions)
Net periodic benefit costs
Service costs	$	200		$	14		$	214		$	17		$	195		$	31
Interest costs	437			92			366			85			383			97
Settlement and curtailment costs	14			2			—			—			—			—
Expected return on plan assets	(475		)	(75		)	(453		)	(74		)	(456		)	(76		)
Amortization of net actuarial (gains) losses	169			11			219			51			188			53
Amortization of prior service costs (credit)	1			(1		)	6			(69		)	6			(97		)
Allocated to affiliates	(54		)	(11		)	(12		)	—			(12		)	(1		)
Total net periodic benefit costs (credit)	292			32			340			10			304			7
Other changes in plan assets and benefit obligations recognized in OCI
Net actuarial (gains) losses	996			222			(492		)	(532		)	705			232
Prior service costs (credit)	(18		)	(12		)	—			—			—			—
Amortization of net actuarial (gains) losses	(169		)	(11		)	(219		)	(55		)	(189		)	(57		)
Amortization of prior service (costs) credit	(1		)	1			(6		)	75			(6		)	104
Total recognized in OCI	808			200			(717		)	(512		)	510			279
Total recognized in net periodic benefit costs and OCI	$	1,100		$	232		$	(377	)	$	(502	)	$	814		$	286

Net periodic benefit costs and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

The Company’s proportionate share of components of net periodic benefit costs and other changes in plan assets and benefit obligations recognized in OCI were as follows:

	Years Ended December 31,
	2014						2013						2012
	Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits			Pension Benefits			Other Postretirement Benefits
	(In millions)
Net periodic benefit costs
Service costs	$	200		$	14		$	214		$	17		$	195		$	31
Interest costs	437			92			366			85			383			97
Settlement and curtailment costs	14			2			—			—			—			—
Expected return on plan assets	(475		)	(75		)	(453		)	(74		)	(456		)	(76		)
Amortization of net actuarial (gains) losses	169			11			219			51			188			53
Amortization of prior service costs (credit)	1			(1		)	6			(69		)	6			(97		)
Allocated to affiliates	(54		)	(11		)	(12		)	—			(12		)	(1		)
Total net periodic benefit costs (credit)	292			32			340			10			304			7
Other changes in plan assets and benefit obligations recognized in OCI
Net actuarial (gains) losses	996			222			(492		)	(532		)	705			232
Prior service costs (credit)	(18		)	(12		)	—			—			—			—
Amortization of net actuarial (gains) losses	(169		)	(11		)	(219		)	(55		)	(189		)	(57		)
Amortization of prior service (costs) credit	(1		)	1			(6		)	75			(6		)	104
Total recognized in OCI	808			200			(717		)	(512		)	510			279
Total recognized in net periodic benefit costs and OCI	$	1,100		$	232		$	(377	)	$	(502	)	$	814		$	286

Assumptions used in determining benefit obligations and net periodic benefit costs

Assumptions used in determining benefit obligations were as follows at:

	December 31,
	2014					2013
	Pension Benefits				Other Postretirement Benefits	Pension Benefits				Other Postretirement Benefits
Weighted average discount rate	4.10%				4.10%	5.15%				5.15%
Rate of compensation increase	2.25	%	-	8.50%	N/A	3.50	%	-	7.50%	N/A

Assumptions used in determining net periodic benefit costs were as follows:

	Years Ended December 31,
	2014					2013					2012
	Pension Benefits				Other Postretirement Benefits	Pension Benefits				Other Postretirement Benefits	Pension Benefits				Other Postretirement Benefits
Weighted average discount rate	5.15%				5.15%	4.20%				4.20%	4.95%				4.95%
Weighted average expected rate of return on plan assets	6.25%				5.70%	6.24%				5.76%	7.00%				6.26%
Rate of compensation increase	3.50	%	-	7.50%	N/A	3.50	%	-	7.50%	N/A	3.50	%	-	7.50%	N/A

Assumed healthcare costs trend rates

The assumed healthcare costs trend rates used in measuring the APBO and net periodic benefit costs were as follows:

	December 31,
	2014	2013
Pre-and Post-Medicare eligible claims	6.4% for 2015, gradually decreasing each year for Pre-Medicare until 2094 reaching the ultimate rate of 4.4% and for Post-Medicare until 2089 reaching the ultimate rate of 4.7%	6.4% in 2014, gradually decreasing each year until 2094 reaching the ultimate rate of 4.4% for Pre-Medicare and 4.6% for Post-Medicare.

One-percentage point change in assumed healthcare cost trend rates

Assumed healthcare costs trend rates may have a significant effect on the amounts reported for healthcare plans. A 1% change in assumed healthcare costs trend rates would have the following effects as of December 31, 2014:

	One Percent Increase		One Percent Decrease
	(In millions)
Effect on total of service and interest costs components	$	14	$	(11	)
Effect of accumulated postretirement benefit obligations	$	302	$	(245	)

Plan Assets

These estimated fair values and their corresponding placement in the fair value hierarchy are summarized as follows:

	December 31, 2014
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
Corporate	$	—	$	2,638	$	80	$	2,718	$	42	$	244	$	3	$	289
U.S. government bonds	1,605		223		—		1,828		169		12		—		181
Foreign bonds	—		718		17		735		—		68		—		68
Federal agencies	—		254		—		254		—		35		—		35
Municipals	—		270		—		270		—		74		—		74
Other (1)	—		188		8		196		—		63		—		63
Total fixed maturity securities	1,605		4,291		105		6,001		211		496		3		710
Equity securities:
Common stock - domestic	951		—		—		951		188		—		—		188
Common stock - foreign	394		—		—		394		80		—		—		80
Total equity securities	1,345		—		—		1,345		268		—		—		268
Other investments	—		24		743		767		—		—		—		—
Short-term investments	189		273		—		462		14		433		—		447
Money market securities	29		56		—		85		—		—		—		—
Derivative assets	11		7		72		90		—		1		—		1
Total assets	$	3,179	$	4,651	$	920	$	8,750	$	493	$	930	$	3	$	1,426

	December 31, 2013
	Pension Benefits								Other Postretirement Benefits
	Fair Value Hierarchy								Fair Value Hierarchy
	Level 1		Level 2		Level 3		Total Estimated Fair Value		Level 1		Level 2		Level 3		Total Estimated Fair Value
	(In millions)
Assets
Fixed maturity securities:
Corporate	$	—	$	1,948	$	55	$	2,003	$	77	$	170	$	1	$	248
U.S. government bonds	868		156		—		1,024		135		5		—		140
Foreign bonds	—		675		10		685		—		63		—		63
Federal agencies	—		274		—		274		—		33		—		33
Municipals	—		206		—		206		55		15		—		70
Other (1)	—		460		19		479		—		54		—		54
Total fixed maturity securities	868		3,719		84		4,671		267		340		1		608
Equity securities:
Common stock - domestic	1,064		21		139		1,224		196		—		—		196
Common stock - foreign	432		—		—		432		102		—		—		102
Total equity securities	1,496		21		139		1,656		298		—		—		298
Other investments	—		—		563		563		—		—		—		—
Short-term investments	49		290		—		339		—		439		—		439
Money market securities	1		12		—		13		4		—		—		4
Derivative assets	16		14		33		63		—		3		—		3
Total assets	$	2,430	$	4,056	$	819	$	7,305	$	569	$	782	$	1	$	1,352

______________

(1) Other primarily includes mortgage-backed securities, collateralized mortgage obligations and ABS.

The table below summarizes the actual weighted average allocation of the fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class at December 31, 2014 for the Invested Plans:

	December 31,
	2014												2013
	Pension				Postretirement Medical				Postretirement Life				Pension		Postretirement Medical		Postretirement Life
	Target		Actual  Allocation		Target		Actual  Allocation		Target		Actual  Allocation		Actual  Allocation		Actual  Allocation		Actual  Allocation
Asset Class
Fixed maturity securities (1)	75	%	69	%	70	%	71	%	—	%	—	%	64	%	66	%	—	%
Equity securities (2)	12	%	15	%	30	%	27	%	—	%	—	%	23	%	33	%	—	%
Alternative securities (3)	13	%	16	%	—	%	2	%	100	%	100	%	13	%	1	%	100	%
Total assets			100	%			100	%			100	%	100	%	100	%	100	%

______________

(1) Fixed maturity securities include ABS, collateralized mortgage obligations, corporate, federal agency, foreign bonds, mortgage-backed securities, municipals, preferred stocks, U.S. government bonds and exchange traded funds. Certain prior year amounts have been reclassified from equity securities into fixed maturity securities to conform to the current year presentation.

(2) Equity securities primarily include common stock of U.S. companies.

(3) Alternative securities primarily include derivative assets, money market securities, short-term investments and other investments. Postretirement life’s target and actual allocation of plan assets are all in short-term investments.

Rollforward fair value measurement using significant unobservable outputs (level 3)

A rollforward of all pension and other postretirement benefit plan assets measured at estimated fair value on a recurring basis using significant unobservable (Level 3) inputs was as follows:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Pension Benefits																Other Postretirement Benefits
	Fixed Maturity Securities							Equity Securities									Fixed Maturity Securities
	Corporate		Foreign Bonds		Other (1)			Common Stock - Domestic			Other Investments			Derivative Assets			Corporate		Municipals		Other (1)		Derivative Assets
	(In millions)
Year Ended December 31, 2014
Balance at January 1,	$	55	$	10	$	19		$	139		$	563		$	33		$	1	$	—	$	—	$	—
Realized gains (losses)	3		—		—			—			(13		)	(16		)	—		—		—		—
Unrealized gains (losses)	—		—		—			—			114			19			1		—		—		—
Purchases, sales, issuances and settlements, net	11		5		(2		)	—			(104		)	34			1		—		—		—
Transfers into and/or out of Level 3	11		2		(9		)	(139		)	183			2			—		—		—		—
Balance at December 31,	$	80	$	17	$	8		$	—		$	743		$	72		$	3	$	—	$	—	$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Pension Benefits																	Other Postretirement Benefits
	Fixed Maturity Securities								Equity Securities									Fixed Maturity Securities
	Corporate			Foreign Bonds			Other (1)		Common Stock - Domestic			Other Investments			Derivative Assets			Corporate			Municipals			Other (1)			Derivative Assets
	(In millions)
Year Ended December 31, 2013
Balance at January 1,	$	18		$	7		$	7	$	129		$	419		$	1		$	4		$	1		$	3		$	—
Realized gains (losses)	—			—			—		(1		)	—			(2		)	—			—			(3		)	—
Unrealized gains (losses)	(2		)	1			—		9			56			(17		)	—			—			4			—
Purchases, sales, issuances and settlements, net	17			(3		)	11		2			(58		)	51			(3		)	(1		)	(4		)	—
Transfers into and/or out of Level 3	22			5			1		—			146			—			—			—			—			—
Balance at December 31,	$	55		$	10		$	19	$	139		$	563		$	33		$	1		$	—		$	—		$	—

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
	Pension Benefits																	Other Postretirement Benefits
	Fixed Maturity Securities								Equity Securities									Fixed Maturity Securities
	Corporate			Foreign Bonds			Other (1)		Common Stock - Domestic			Other Investments			Derivative Assets			Corporate		Municipals		Other (1)			Derivative Assets
	(In millions)
Year Ended December 31, 2012
Balance at January 1,	$	30		$	5		$	2	$	194		$	501		$	4		$	4	$	1	$	5		$	1
Realized gains (losses)	—			—			—		(25		)	52			4			—		—		(2		)	2
Unrealized gains (losses)	(1		)	8			1		9			(38		)	(6		)	—		—		2			(2		)
Purchases, sales, issuances and settlements, net	(11		)	(6		)	4		(49		)	(96		)	(1		)	—		—		(2		)	(1		)
Transfers into and/or out of Level 3	—			—			—		—			—			—			—		—		—			—
Balance at December 31,	$	18		$	7		$	7	$	129		$	419		$	1		$	4	$	1	$	3		$	—

______________

(1) Other includes ABS and collateralized mortgage obligations.

Defined benefit plan estimated future benefit payments

Gross benefit payments for the next 10 years, which reflect expected future service where appropriate, are expected to be as follows:

	Pension Benefits		Other Postretirement Benefits
	(In millions)
2015	$	490	$	81
2016	$	507	$	82
2017	$	531	$	85
2018	$	544	$	88
2019	$	565	$	92
2020-2024	$	3,134	$	522