|
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
|
Pension
|
|
| Pension and other postretirement benefits |
|
| Changes in benefit obligations and plan assets |
The changes in the benefit obligations, the various plan assets, the funded status of the plans and the amounts recognized in our Consolidated Balance Sheets for our significant pension plans were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
|
|
U.S. Plans |
|
U.K. Plans |
In millions |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Change in benefit obligation |
|
|
|
|
|
|
|
|
Benefit obligation at the beginning of the year |
|
$ |
2,454 |
|
|
$ |
2,243 |
|
|
$ |
1,269 |
|
|
$ |
1,128 |
|
Service cost |
|
70 |
|
|
58 |
|
|
21 |
|
|
21 |
|
Interest cost |
|
93 |
|
|
103 |
|
|
57 |
|
|
59 |
|
Actuarial losses (gains) |
|
(193 |
) |
|
207 |
|
|
96 |
|
|
52 |
|
Benefits paid from fund |
|
(150 |
) |
|
(148 |
) |
|
(50 |
) |
|
(41 |
) |
Benefits paid directly by employer |
|
(13 |
) |
|
(10 |
) |
|
— |
|
|
— |
|
Exchange rate changes |
|
— |
|
|
— |
|
|
37 |
|
|
52 |
|
Curtailment gain |
|
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
Other |
|
— |
|
|
1 |
|
|
(1 |
) |
|
— |
|
Benefit obligation at end of year |
|
$ |
2,261 |
|
|
$ |
2,454 |
|
|
$ |
1,429 |
|
|
$ |
1,269 |
|
|
|
|
|
|
|
|
|
|
Change in plan assets |
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year |
|
$ |
2,327 |
|
|
$ |
2,091 |
|
|
$ |
1,324 |
|
|
$ |
1,200 |
|
Actual return on plan assets |
|
168 |
|
|
284 |
|
|
142 |
|
|
88 |
|
Employer contributions |
|
100 |
|
|
100 |
|
|
56 |
|
|
22 |
|
Benefits paid |
|
(150 |
) |
|
(148 |
) |
|
(50 |
) |
|
(41 |
) |
Exchange rate changes |
|
— |
|
|
— |
|
|
44 |
|
|
55 |
|
Fair value of plan assets at end of year |
|
$ |
2,445 |
|
|
$ |
2,327 |
|
|
$ |
1,516 |
|
|
$ |
1,324 |
|
|
|
|
|
|
|
|
|
|
Funded status (including underfunded and nonfunded plans) at end of year |
|
$ |
184 |
|
|
$ |
(127 |
) |
|
$ |
87 |
|
|
$ |
55 |
|
|
|
|
|
|
|
|
|
|
Amounts recognized in consolidated balance sheets |
|
|
|
|
|
|
|
|
Prepaid pensions - long-term assets |
|
$ |
427 |
|
|
$ |
127 |
|
|
$ |
87 |
|
|
$ |
55 |
|
Accrued compensation, benefits and retirement costs - current liabilities |
|
(11 |
) |
|
(10 |
) |
|
— |
|
|
— |
|
Pensions - long-term liabilities |
|
(232 |
) |
|
(244 |
) |
|
— |
|
|
— |
|
Net amount recognized |
|
$ |
184 |
|
|
$ |
(127 |
) |
|
$ |
87 |
|
|
$ |
55 |
|
|
|
|
|
|
|
|
|
|
Amounts recognized in accumulated other comprehensive loss consist of: |
|
|
|
|
|
|
|
|
Net actuarial loss |
|
$ |
478 |
|
|
$ |
734 |
|
|
$ |
361 |
|
|
$ |
349 |
|
Prior service credit |
|
(1 |
) |
|
(1 |
) |
|
— |
|
|
— |
|
Net amount recognized |
|
$ |
477 |
|
|
$ |
733 |
|
|
$ |
361 |
|
|
$ |
349 |
|
|
| Information regarding total accumulated benefit obligation, PBO's and underfunded pension plans |
The following table presents information regarding total accumulated benefit obligation, PBO's and underfunded pension plans that are included in the preceding table:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
|
|
U.S. Plans |
|
U.K. Plans |
In millions |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Total accumulated benefit obligation |
|
$ |
2,231 |
|
|
$ |
2,417 |
|
|
$ |
1,309 |
|
|
$ |
1,167 |
|
Plans with accumulated benefit obligation in excess of plan assets |
|
|
|
|
|
|
|
|
Accumulated benefit obligation |
|
212 |
|
|
216 |
|
|
— |
|
|
— |
|
Plans with projected benefit obligation in excess of plan assets |
|
|
|
|
|
|
|
|
Projected benefit obligation |
|
243 |
|
|
254 |
|
|
— |
|
|
— |
|
|
| Net periodic cost |
The following table presents the net periodic pension cost under our plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
|
|
U.S. Plans |
|
U.K. Plans |
In millions |
|
2013 |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
|
2011 |
Service cost |
|
$ |
70 |
|
|
$ |
58 |
|
|
$ |
51 |
|
|
$ |
21 |
|
|
$ |
21 |
|
|
$ |
20 |
|
Interest cost |
|
93 |
|
|
103 |
|
|
109 |
|
|
57 |
|
|
59 |
|
|
58 |
|
Expected return on plan assets |
|
(167 |
) |
|
(157 |
) |
|
(151 |
) |
|
(72 |
) |
|
(81 |
) |
|
(74 |
) |
Amortization of prior service (credit) cost |
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
— |
|
|
1 |
|
|
3 |
|
Recognized net actuarial loss |
|
62 |
|
|
47 |
|
|
39 |
|
|
24 |
|
|
14 |
|
|
14 |
|
Net periodic pension cost |
|
$ |
57 |
|
|
$ |
50 |
|
|
$ |
47 |
|
|
$ |
30 |
|
|
$ |
14 |
|
|
$ |
21 |
|
|
| Amounts recognized in other comprehensive income |
Other changes in benefit obligations and plan assets recognized in other comprehensive income in 2013, 2012 and 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions |
|
2013 |
|
2012 |
|
2011 |
Amortization of prior service (cost) credit |
|
$ |
1 |
|
|
$ |
(1 |
) |
|
$ |
(2 |
) |
Recognized actuarial loss |
|
(86 |
) |
|
(61 |
) |
|
(53 |
) |
Incurred prior service cost |
|
— |
|
|
1 |
|
|
1 |
|
Incurred actuarial (gain) loss |
|
(168 |
) |
|
124 |
|
|
138 |
|
Foreign exchange translation adjustments |
|
10 |
|
|
16 |
|
|
— |
|
Total recognized in other comprehensive income |
|
$ |
(243 |
) |
|
$ |
79 |
|
|
$ |
84 |
|
|
|
|
|
|
|
|
Total recognized in net periodic pension cost and other comprehensive income |
|
$ |
(156 |
) |
|
$ |
143 |
|
|
$ |
152 |
|
|
| Various assumptions used in determining the benefit obligation |
The table below presents various assumptions used in determining the pension benefit obligation for each year and reflects weighted-average percentages for the various plans as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
|
|
U.S. Plans |
|
U.K. Plans |
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
Discount rate |
|
4.83 |
% |
|
3.97 |
% |
|
4.60 |
% |
|
4.70 |
% |
Compensation increase rate |
|
4.91 |
% |
|
4.90 |
% |
|
4.50 |
% |
|
4.00 |
% |
|
| Various assumptions used in determining the net periodic cost |
The table below presents various assumptions used in determining the net periodic pension cost and reflects weighted-average percentages for the various plans as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
|
|
U.S. Plans |
|
U.K. Plans |
|
|
2013 |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
|
2011 |
Discount rate |
|
3.97 |
% |
|
4.82 |
% |
|
5.42 |
% |
|
4.70 |
% |
|
5.20 |
% |
|
5.80 |
% |
Expected return on plan assets |
|
8.00 |
% |
|
8.00 |
% |
|
8.00 |
% |
|
5.80 |
% |
|
6.50 |
% |
|
7.00 |
% |
Compensation increase rate |
|
4.91 |
% |
|
4.00 |
% |
|
4.00 |
% |
|
4.00 |
% |
|
4.25 |
% |
|
4.50 |
% |
|
| Estimated future contributions and benefit payments |
The table below presents expected future benefit payments under our pension plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
In millions |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 - 2023 |
Expected benefit payments |
|
$ |
225 |
|
|
$ |
228 |
|
|
$ |
235 |
|
|
$ |
238 |
|
|
$ |
244 |
|
|
$ |
1,271 |
|
|
|
U.S. Plans
|
|
| Pension and other postretirement benefits |
|
| Target allocation of pension plan assets |
The primary investment objective is to exceed, on a net-of-fee basis, the rate of return of a policy portfolio comprised of the following:
|
|
|
|
|
|
|
Asset Class |
|
Target |
|
Range |
U.S. equities |
|
9.0 |
% |
|
+/-5.0% |
Non-U.S. equities |
|
3.0 |
% |
|
+/-3.0% |
Global equities |
|
10.0 |
% |
|
+/-3.0% |
Total equities |
|
22.0 |
% |
|
|
Real estate |
|
7.0 |
% |
|
+3.0/-7.0% |
Private equity |
|
7.0 |
% |
|
+3.0/-7.0% |
Fixed income |
|
64.0 |
% |
|
+/-5.0% |
Total |
|
100.0 |
% |
|
|
|
| Fair value of plan assets |
The fair values of U.S. pension plan assets by asset category were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements 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) |
|
Total |
Equities |
|
|
|
|
|
|
|
|
U.S. |
|
$ |
96 |
|
|
$ |
375 |
|
|
$ |
— |
|
|
$ |
471 |
|
Non-U.S. |
|
143 |
|
|
138 |
|
|
— |
|
|
281 |
|
Fixed Income |
|
|
|
|
|
|
|
|
Government debt |
|
325 |
|
|
455 |
|
|
— |
|
|
780 |
|
Corporate debt |
|
|
|
|
|
|
|
|
U.S. |
|
279 |
|
|
244 |
|
|
— |
|
|
523 |
|
Non-U.S. |
|
64 |
|
|
— |
|
|
— |
|
|
64 |
|
Asset/mortgaged backed securities |
|
12 |
|
|
— |
|
|
— |
|
|
12 |
|
Net cash equivalents(1)
|
|
36 |
|
|
— |
|
|
— |
|
|
36 |
|
Derivative instruments(2)
|
|
— |
|
|
2 |
|
|
— |
|
|
2 |
|
Private equity and real estate(3)
|
|
— |
|
|
— |
|
|
296 |
|
|
296 |
|
Total |
|
$ |
955 |
|
|
$ |
1,214 |
|
|
$ |
296 |
|
|
$ |
2,465 |
|
Pending trade/purchases/sales |
|
|
|
|
|
|
|
|
|
|
(28 |
) |
Accruals(4)
|
|
|
|
|
|
|
|
|
|
|
8 |
|
Total |
|
|
|
|
|
|
|
|
|
|
$ |
2,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2012 |
In millions |
|
Quoted prices in active
markets for identical assets
(Level 1) |
|
Significant other
observable inputs
(Level 2) |
|
Significant
unobservable inputs
(Level 3) |
|
Total |
Equities |
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
$ |
113 |
|
|
$ |
542 |
|
|
$ |
— |
|
|
$ |
655 |
|
Non-U.S. |
|
177 |
|
|
127 |
|
|
— |
|
|
304 |
|
Fixed Income |
|
|
|
|
|
|
|
|
|
Government debt |
|
475 |
|
|
132 |
|
|
— |
|
|
607 |
|
Corporate debt |
|
|
|
|
|
|
|
|
|
U.S. |
|
203 |
|
|
191 |
|
|
— |
|
|
394 |
|
Non-U.S. |
|
42 |
|
|
— |
|
|
— |
|
|
42 |
|
Asset/mortgaged backed securities |
|
13 |
|
|
— |
|
|
— |
|
|
13 |
|
Net cash equivalents(1)
|
|
35 |
|
|
— |
|
|
— |
|
|
35 |
|
Private equity and real estate(3)
|
|
— |
|
|
— |
|
|
286 |
|
|
286 |
|
Total |
|
$ |
1,058 |
|
|
$ |
992 |
|
|
$ |
286 |
|
|
$ |
2,336 |
|
Pending trade/purchases/sales |
|
|
|
|
|
|
|
|
|
|
(16 |
) |
Accruals(4)
|
|
|
|
|
|
|
|
|
|
|
7 |
|
Total |
|
|
|
|
|
|
|
|
|
|
$ |
2,327 |
|
____________________________________________________
|
|
(1)
|
Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments.
|
|
|
(2)
|
Derivative instruments include interest rate swaps, foreign currency forward contracts and credit default swaps.
|
|
|
(3)
|
The instruments in private equity and real estate funds, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by audited financial statement of the funds.
|
|
|
(4)
|
Interest or dividends that had not been settled as of the year ended December 31.
|
|
| Changes in the fair value of Level 3 plan assets |
The reconciliation of Level 3 assets was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31,
Using Significant Unobservable Inputs (Level 3) |
In millions |
|
Private Equity |
|
Real Estate |
|
Total |
Balance at December 31, 2011 |
|
$ |
147 |
|
|
$ |
119 |
|
|
$ |
266 |
|
Actual return on plan assets |
|
|
|
|
|
|
Unrealized (losses) gains on assets still held at the reporting date |
|
15 |
|
|
9 |
|
|
24 |
|
Purchases, sales and settlements, net |
|
(6 |
) |
|
2 |
|
|
(4 |
) |
Balance at December 31, 2012 |
|
156 |
|
|
130 |
|
|
286 |
|
Actual return on plan assets |
|
|
|
|
|
|
Unrealized (losses) gains on assets still held at the reporting date |
|
20 |
|
|
10 |
|
|
30 |
|
Purchases, sales and settlements, net |
|
(23 |
) |
|
3 |
|
|
(20 |
) |
Balance at December 31, 2013 |
|
$ |
153 |
|
|
$ |
143 |
|
|
$ |
296 |
|
|
|
Non-U.S. Plans
|
|
| Pension and other postretirement benefits |
|
| Target allocation of pension plan assets |
To achieve these objectives we have established the following targets:
|
|
|
|
|
|
|
Asset Class |
|
Target |
|
Range |
Global equities |
|
30.5 |
% |
|
+2.5/-5.0% |
Real estate |
|
7.5 |
% |
|
+2.5/-5.0% |
Re-insurance |
|
5.0 |
% |
|
+2.5/-5.0% |
Private equity |
|
7.5 |
% |
|
+2.5/-5.0% |
Corporate credit instruments |
|
4.5 |
% |
|
+2.5/-4.5% |
Fixed income |
|
45.0 |
% |
|
+5.5/-2.0% |
Total |
|
100.0 |
% |
|
|
|
| Fair value of plan assets |
The fair values of U.K. pension plan assets by asset category were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements 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) |
|
Total |
Equities |
|
|
|
|
|
|
|
|
U.S. |
|
$ |
— |
|
|
$ |
270 |
|
|
$ |
— |
|
|
$ |
270 |
|
Non-U.S. |
|
— |
|
|
328 |
|
|
— |
|
|
328 |
|
Fixed Income |
|
|
|
|
|
|
|
|
Government debt |
|
— |
|
|
120 |
|
|
— |
|
|
120 |
|
Corporate debt non-U.S. |
|
— |
|
|
138 |
|
|
— |
|
|
138 |
|
Net cash equivalents(1)
|
|
13 |
|
|
— |
|
|
— |
|
|
13 |
|
Derivative instruments(2)
|
|
— |
|
|
24 |
|
|
— |
|
|
24 |
|
Re-insurance |
|
— |
|
|
66 |
|
|
— |
|
|
66 |
|
Private equity, real estate & insurance(3)
|
|
— |
|
|
— |
|
|
557 |
|
|
557 |
|
Total |
|
$ |
13 |
|
|
$ |
946 |
|
|
$ |
557 |
|
|
$ |
1,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2012 |
In millions |
|
Quoted prices in active
markets for identical assets
(Level 1) |
|
Significant other
observable inputs
(Level 2) |
|
Significant
unobservable inputs
(Level 3) |
|
Total |
Equities |
|
|
|
|
|
|
|
|
U.S. |
|
$ |
— |
|
|
$ |
251 |
|
|
$ |
— |
|
|
$ |
251 |
|
Non-U.S. |
|
— |
|
|
325 |
|
|
— |
|
|
325 |
|
Fixed Income |
|
|
|
|
|
|
|
|
Government debt |
|
— |
|
|
191 |
|
|
— |
|
|
191 |
|
Net cash equivalents(1)
|
|
10 |
|
|
— |
|
|
|
|
10 |
|
Re-insurance |
|
— |
|
|
61 |
|
|
— |
|
|
61 |
|
Private equity, real estate & insurance(3)
|
|
— |
|
|
— |
|
|
486 |
|
|
486 |
|
Total |
|
$ |
10 |
|
|
$ |
828 |
|
|
$ |
486 |
|
|
$ |
1,324 |
|
_____________________________________________________
|
|
(1) |
Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments.
|
|
|
(2) |
Derivative instruments include interest rate swaps, foreign currency forward contracts and credit default swaps. |
|
|
(3) |
The instruments in private equity and real estate funds, for which quoted market prices are not available, are valued at their estimated fair value as determined by applicable investment managers or by audited financial statement of the funds.
|
|
| Changes in the fair value of Level 3 plan assets |
The reconciliation of Level 3 assets was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31,
Using Significant Unobservable Inputs (Level 3) |
In millions |
|
Insurance |
|
Real Estate |
|
Private Equity |
|
Total |
Balance at December 31, 2011 |
|
$ |
— |
|
|
$ |
33 |
|
|
$ |
14 |
|
|
$ |
47 |
|
Actual return on plan assets |
|
|
|
|
|
|
|
|
Unrealized (losses) gains on assets still held at the reporting date |
|
13 |
|
|
1 |
|
|
1 |
|
|
15 |
|
Purchases, sales and settlements, net |
|
411 |
|
|
— |
|
|
13 |
|
|
424 |
|
Balance at December 31, 2012 |
|
424 |
|
|
34 |
|
|
28 |
|
|
486 |
|
Actual return on plan assets |
|
|
|
|
|
|
|
|
Unrealized (losses) gains on assets still held at the reporting date |
|
29 |
|
|
2 |
|
|
5 |
|
|
36 |
|
Purchases, sales and settlements, net |
|
(13 |
) |
|
33 |
|
|
15 |
|
|
35 |
|
Balance at December 31, 2013 |
|
$ |
440 |
|
|
$ |
69 |
|
|
$ |
48 |
|
|
$ |
557 |
|
|
|
Other Postretirement Benefits
|
|
| Pension and other postretirement benefits |
|
| Changes in benefit obligations and plan assets |
The changes in the benefit obligations, the funded status of the plans and the amounts recognized in our Consolidated Balance Sheets for our significant other postretirement benefit plans were as follows:
|
|
|
|
|
|
|
|
|
|
In millions |
|
2013 |
|
2012 |
Change in benefit obligation |
|
|
|
|
Benefit obligation at the beginning of the year |
|
$ |
478 |
|
|
$ |
483 |
|
Interest cost |
|
17 |
|
|
21 |
|
Plan participants' contributions |
|
10 |
|
|
8 |
|
Plan amendments |
|
— |
|
|
(4 |
) |
Actuarial losses (gains) |
|
(49 |
) |
|
21 |
|
Benefits paid directly by employer |
|
(58 |
) |
|
(51 |
) |
Benefit obligation at end of year |
|
$ |
398 |
|
|
$ |
478 |
|
|
|
|
|
|
Funded status at end of year |
|
$ |
(398 |
) |
|
$ |
(478 |
) |
|
|
|
|
|
Amounts recognized in consolidated balance sheets |
|
|
|
|
Accrued compensation, benefits and retirement costs - current liabilities |
|
$ |
(42 |
) |
|
$ |
(46 |
) |
Postretirement benefits other than pensions-long-term liabilities |
|
(356 |
) |
|
(432 |
) |
Net amount recognized |
|
$ |
(398 |
) |
|
$ |
(478 |
) |
|
|
|
|
|
Amounts recognized in accumulated other comprehensive loss consist of: |
|
|
|
|
Net actuarial loss |
|
$ |
27 |
|
|
$ |
83 |
|
Prior service credit |
|
(5 |
) |
|
(6 |
) |
Net amount recognized |
|
$ |
22 |
|
|
$ |
77 |
|
|
| Net periodic cost |
The following table presents the net periodic other postretirement benefits cost under our plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions |
|
2013 |
|
2012 |
|
2011 |
Interest cost |
|
$ |
17 |
|
|
$ |
21 |
|
|
$ |
24 |
|
Amortization of prior service credit |
|
— |
|
|
(5 |
) |
|
(8 |
) |
Recognized net actuarial loss |
|
6 |
|
|
3 |
|
|
— |
|
Other |
|
— |
|
|
1 |
|
|
1 |
|
Net periodic other postretirement benefit cost |
|
$ |
23 |
|
|
$ |
20 |
|
|
$ |
17 |
|
|
| Amounts recognized in other comprehensive income |
Other changes in benefit obligations recognized in other comprehensive income in 2013, 2012 and 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions |
|
2013 |
|
2012 |
|
2011 |
Amortization of prior service credit |
|
$ |
— |
|
|
$ |
5 |
|
|
$ |
8 |
|
Recognized actuarial loss |
|
(6 |
) |
|
(3 |
) |
|
— |
|
Incurred actuarial (gain) loss |
|
(49 |
) |
|
20 |
|
|
16 |
|
Incurred prior service credit |
|
— |
|
|
(4 |
) |
|
— |
|
Other |
|
— |
|
|
(1 |
) |
|
— |
|
Total recognized in other comprehensive income |
|
$ |
(55 |
) |
|
$ |
17 |
|
|
$ |
24 |
|
|
|
|
|
|
|
|
Total recognized in net periodic other postretirement benefit cost and other comprehensive income |
|
$ |
(32 |
) |
|
$ |
37 |
|
|
$ |
41 |
|
|
| Various assumptions used in determining the benefit obligation |
The table below presents assumptions used in determining the other postretirement benefit obligation for each year and reflects weighted-average percentages for our other postretirement plans as follows:
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
Discount rate |
|
4.55 |
% |
|
3.70 |
% |
|
| Various assumptions used in determining the net periodic cost |
The table below presents assumptions used in determining the net periodic other postretirement benefits cost and reflects weighted-average percentages for the various plans as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
2012 |
|
2011 |
Discount rate |
|
3.70 |
% |
|
4.70 |
% |
|
5.20 |
% |
|
| Estimated future contributions and benefit payments |
The table below presents expected benefit payments under our other postretirement benefit plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions |
|
2014 |
|
2015 |
|
2016 |
|
2017 |
|
2018 |
|
2019 - 2023 |
Expected benefit payments |
|
$ |
43 |
|
|
$ |
41 |
|
|
$ |
38 |
|
|
$ |
36 |
|
|
$ |
33 |
|
|
$ |
140 |
|
|