|
PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
|
Pension
|
|
| Pension and other postretirement benefits |
|
| Changes in benefit obligations and plan assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified
Pension Plans |
|
|
|
U.S. Plans |
|
Non-U.S. Plans |
|
In millions
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
Change in benefit obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year
|
|
$ |
2,110 |
|
$ |
2,053 |
|
$ |
1,013 |
|
$ |
1,075 |
|
|
Service cost
|
|
|
51 |
|
|
45 |
|
|
20 |
|
|
19 |
|
|
Interest cost
|
|
|
109 |
|
|
111 |
|
|
58 |
|
|
58 |
|
|
Plan participants' contributions
|
|
|
— |
|
|
— |
|
|
1 |
|
|
1 |
|
|
Actuarial losses (gains)
|
|
|
126 |
|
|
53 |
|
|
82 |
|
|
(57 |
) |
|
Benefits paid from fund
|
|
|
(146 |
) |
|
(144 |
) |
|
(39 |
) |
|
(37 |
) |
|
Benefits paid directly by employer
|
|
|
(8 |
) |
|
(9 |
) |
|
— |
|
|
— |
|
|
Exchange rate changes
|
|
|
— |
|
|
— |
|
|
(7 |
) |
|
(46 |
) |
|
Other
|
|
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Benefit obligation at end of year
|
|
$ |
2,243 |
|
$ |
2,110 |
|
$ |
1,128 |
|
$ |
1,013 |
|
| |
|
|
|
|
|
|
|
|
|
|
Change in plan assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$ |
1,906 |
|
$ |
1,677 |
|
$ |
1,088 |
|
$ |
929 |
|
|
Actual return on plan assets
|
|
|
231 |
|
|
273 |
|
|
65 |
|
|
121 |
|
|
Employer contributions
|
|
|
100 |
|
|
100 |
|
|
91 |
|
|
112 |
|
|
Plan participants' contributions
|
|
|
— |
|
|
— |
|
|
1 |
|
|
1 |
|
|
Benefits paid
|
|
|
(146 |
) |
|
(144 |
) |
|
(39 |
) |
|
(37 |
) |
|
Exchange rate changes
|
|
|
— |
|
|
— |
|
|
(6 |
) |
|
(39 |
) |
|
Other
|
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
| |
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at end of year
|
|
$ |
2,091 |
|
$ |
1,906 |
|
$ |
1,200 |
|
$ |
1,088 |
|
| |
|
|
|
|
|
|
|
|
|
|
Funded status (including underfunded and nonfunded plans) at end of year
|
|
$ |
(152 |
) |
$ |
(204 |
) |
$ |
72 |
|
$ |
75 |
|
| |
|
|
|
|
|
|
|
|
|
|
Amounts recognized in consolidated balance sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets—long term assets
|
|
$ |
63 |
|
$ |
— |
|
$ |
72 |
|
$ |
75 |
|
|
Accrued compensation, benefits and retirement costs-current liabilities
|
|
|
(10 |
) |
|
(9 |
) |
|
— |
|
|
— |
|
|
Pensions-long-term liabilities
|
|
|
(205 |
) |
|
(195 |
) |
|
— |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
Net amount recognized
|
|
$ |
(152 |
) |
$ |
(204 |
) |
$ |
72 |
|
$ |
75 |
|
| |
|
|
|
|
|
|
|
|
|
|
Amounts recognized in accumulated other comprehensive loss consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial loss
|
|
$ |
700 |
|
$ |
692 |
|
$ |
305 |
|
$ |
227 |
|
|
Prior service (credit) cost
|
|
|
(3 |
) |
|
(5 |
) |
|
1 |
|
|
4 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net amount recognized
|
|
$ |
697 |
|
$ |
687 |
|
$ |
306 |
|
$ |
231 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Information regarding total accumulated benefit obligation and underfunded pension plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified
Pension Plans |
|
|
|
U.S. Plans |
|
Non-U.S. Plans |
|
In millions
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
Total accumulated benefit obligation
|
|
$ |
2,211 |
|
$ |
2,087 |
|
$ |
1,027 |
|
$ |
937 |
|
|
Plans with accumulated benefit obligation in excess of plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated benefit obligation
|
|
|
185 |
|
|
2,087 |
|
|
— |
|
|
— |
|
|
Fair value of plan assets
|
|
|
— |
|
|
1,906 |
|
|
— |
|
|
— |
|
|
Plans with projected benefit obligation in excess of plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation
|
|
|
215 |
|
|
2,110 |
|
|
— |
|
|
— |
|
|
Fair value of plan assets
|
|
|
185 |
|
|
1,906 |
|
|
— |
|
|
— |
|
|
|
| Net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
|
|
|
U.S. Plans |
|
Non-U.S. Plans |
|
In millions
|
|
2011 |
|
2010 |
|
2009 |
|
2011 |
|
2010 |
|
2009 |
|
|
Service cost
|
|
$ |
51 |
|
$ |
45 |
|
$ |
47 |
|
$ |
20 |
|
$ |
19 |
|
$ |
18 |
|
|
Interest cost
|
|
|
109 |
|
|
111 |
|
|
115 |
|
|
58 |
|
|
58 |
|
|
57 |
|
|
Expected return on plan assets
|
|
|
(151 |
) |
|
(147 |
) |
|
(142 |
) |
|
(74 |
) |
|
(71 |
) |
|
(60 |
) |
|
Amortization of prior service (credit) cost
|
|
|
(1 |
) |
|
(1 |
) |
|
(1 |
) |
|
3 |
|
|
3 |
|
|
3 |
|
|
Recognized net actuarial loss
|
|
|
39 |
|
|
36 |
|
|
29 |
|
|
14 |
|
|
17 |
|
|
21 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic pension cost before curtailments
|
|
$ |
47 |
|
$ |
44 |
|
$ |
48 |
|
$ |
21 |
|
$ |
26 |
|
$ |
39 |
|
|
Curtailment loss
|
|
|
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
— |
|
|
1 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic pension cost
|
|
$ |
47 |
|
$ |
44 |
|
$ |
53 |
|
$ |
21 |
|
$ |
26 |
|
$ |
40 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amounts recognized in other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
2011 |
|
2010 |
|
2009 |
|
|
Amortization of prior service cost
|
|
$ |
(2 |
) |
$ |
(2 |
) |
$ |
(2 |
) |
|
Curtailments
|
|
|
— |
|
|
— |
|
|
(1 |
) |
|
Recognized actuarial loss
|
|
|
(53 |
) |
|
(53 |
) |
|
(50 |
) |
|
Incurred prior service cost
|
|
|
1 |
|
|
1 |
|
|
— |
|
|
Incurred actuarial (gain) loss
|
|
|
138 |
|
|
(181 |
) |
|
17 |
|
|
Foreign exchange translation adjustments
|
|
|
— |
|
|
(12 |
) |
|
42 |
|
| |
|
|
|
|
|
|
|
|
Total recognized in other comprehensive income
|
|
$ |
84 |
|
$ |
(247 |
) |
$ |
6 |
|
| |
|
|
|
|
|
|
|
|
Total recognized in net periodic pension cost and other comprehensive income
|
|
$ |
152 |
|
$ |
(177 |
) |
$ |
99 |
|
| |
|
|
|
|
|
|
|
|
|
| Amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic pension cost during the next fiscal year |
|
|
|
|
|
|
In millions
|
|
2012 |
|
|
Prior service cost
|
|
$ |
1 |
|
|
Net actuarial loss
|
|
|
64 |
|
|
|
|
| Various assumptions used in determining the benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified
Pension Plans |
|
|
|
U.S. Plans |
|
Non-U.S.
Plans |
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
|
|
Discount rate
|
|
|
4.82 |
% |
|
5.42 |
% |
|
5.20 |
% |
|
5.80 |
% |
|
Compensation increase rate
|
|
|
4.00 |
% |
|
4.00 |
% |
|
4.25 |
% |
|
4.50 |
% |
|
|
| Various assumptions used in determining the net periodic cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
|
|
|
U.S. Plans |
|
Non-U.S. Plans |
|
|
|
2011 |
|
2010 |
|
2009 |
|
2011 |
|
2010 |
|
2009 |
|
|
Discount rate
|
|
|
5.42 |
% |
|
5.60 |
% |
|
6.20 |
% |
|
5.80 |
% |
|
5.80 |
% |
|
6.20 |
% |
|
Expected return on plan assets
|
|
|
8.00 |
% |
|
8.00 |
% |
|
8.25 |
% |
|
7.00 |
% |
|
7.25 |
% |
|
7.25 |
% |
|
Compensation increase rate
|
|
|
4.00 |
% |
|
4.00 |
% |
|
4.00 |
% |
|
4.50 |
% |
|
4.50 |
% |
|
4.25 |
% |
|
|
| Estimated future contributions and benefit payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Qualified and Non-Qualified Pension Plans |
|
In millions
|
|
2012 |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 - 2021 |
|
|
Expected benefit payments
|
|
$ |
218 |
|
$ |
211 |
|
$ |
216 |
|
$ |
219 |
|
$ |
223 |
|
$ |
1,157 |
|
|
|
|
U.S. Plans
|
|
| Pension and other postretirement benefits |
|
| Target allocation of pension plan assets |
|
|
|
|
|
|
|
|
|
|
Asset Class
|
|
Target |
|
Range |
|
|
U.S. equities
|
|
|
21.0 |
% |
|
+/-5.0 |
% |
|
Non-U.S. equities
|
|
|
8.0 |
% |
|
+/-4.0 |
% |
|
Global equities
|
|
|
16.0 |
% |
|
+/-4.0 |
% |
| |
|
|
|
|
|
|
|
Total equities
|
|
|
45.0 |
% |
|
|
|
|
Real estate
|
|
|
7.5 |
% |
|
+2.5/-7.5 |
% |
|
Private equity
|
|
|
7.5 |
% |
|
+2.5/-7.5 |
% |
|
Fixed-income
|
|
|
40.0 |
% |
|
+/-5.0 |
% |
| |
|
|
|
|
|
|
|
Total
|
|
|
100.0 |
% |
|
|
|
| |
|
|
|
|
|
|
|
|
| Fair value of plan assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2011 |
|
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.
|
|
$ |
95 |
|
$ |
511 |
|
$ |
— |
|
$ |
606 |
|
|
Non-U.S.
|
|
|
149 |
|
|
168 |
|
|
— |
|
|
317 |
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government debt
|
|
|
336 |
|
|
101 |
|
|
— |
|
|
437 |
|
|
Corporate debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
245 |
|
|
115 |
|
|
— |
|
|
360 |
|
|
Non-U.S.
|
|
|
54 |
|
|
— |
|
|
— |
|
|
54 |
|
|
Asset/mortgaged backed securities
|
|
|
11 |
|
|
— |
|
|
— |
|
|
11 |
|
|
Net cash equivalents(1)
|
|
|
59 |
|
|
— |
|
|
— |
|
|
59 |
|
|
Derivative instruments(2)
|
|
|
— |
|
|
4 |
|
|
— |
|
|
4 |
|
|
Private equity and real estate(3)
|
|
|
— |
|
|
— |
|
|
266 |
|
|
266 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
949 |
|
$ |
899 |
|
$ |
266 |
|
$ |
2,114 |
|
| |
|
|
|
|
|
|
|
|
|
|
Pending trade/purchases/sales
|
|
|
|
|
|
|
|
|
|
|
|
(30 |
) |
|
Accruals(4)
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
$ |
2,091 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
-
(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 investments 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 settled as of December 31, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2010 |
|
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.
|
|
$ |
71 |
|
$ |
458 |
|
$ |
— |
|
$ |
529 |
|
|
Non-U.S.
|
|
|
133 |
|
|
239 |
|
|
— |
|
|
372 |
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government debt
|
|
|
345 |
|
|
73 |
|
|
— |
|
|
418 |
|
|
Corporate debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
192 |
|
|
101 |
|
|
— |
|
|
293 |
|
|
Non-U.S.
|
|
|
43 |
|
|
— |
|
|
— |
|
|
43 |
|
|
Asset/mortgaged backed securities
|
|
|
13 |
|
|
— |
|
|
— |
|
|
13 |
|
|
Net cash equivalents(1)
|
|
|
25 |
|
|
— |
|
|
— |
|
|
25 |
|
|
Derivative instruments(2)
|
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
|
Private equity and real estate(3)
|
|
|
— |
|
|
— |
|
|
208 |
|
|
208 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
822 |
|
$ |
872 |
|
$ |
208 |
|
$ |
1,902 |
|
| |
|
|
|
|
|
|
|
|
|
|
Pending trade/purchases/sales
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
Accruals(4)
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
$ |
1,906 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
-
(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 investments 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 settled as of December 31, 2010.
|
|
|
|
| Changes in the fair value of Level 3 plan assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of
December 31, Using Significant
Unobservable Inputs (Level 3) |
|
In millions
|
|
Private Equity |
|
Real Estate |
|
Total |
|
|
Ending balance at December 31, 2009
|
|
$ |
104 |
|
$ |
35 |
|
$ |
139 |
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (losses) gains on assets still held at the reporting date
|
|
|
14 |
|
|
3 |
|
|
17 |
|
|
Purchases, sales and settlements
|
|
|
8 |
|
|
44 |
|
|
52 |
|
| |
|
|
|
|
|
|
|
|
Ending balance at December 31, 2010
|
|
$ |
126 |
|
$ |
82 |
|
$ |
208 |
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (losses) gains on assets still held at the reporting date
|
|
|
18 |
|
|
6 |
|
|
24 |
|
|
Purchases, sales and settlements
|
|
|
3 |
|
|
31 |
|
|
34 |
|
| |
|
|
|
|
|
|
|
|
Ending balance at December 31, 2011
|
|
$ |
147 |
|
$ |
119 |
|
$ |
266 |
|
| |
|
|
|
|
|
|
|
|
|
|
Non-U.S. Plans
|
|
| Pension and other postretirement benefits |
|
| Target allocation of pension plan assets |
|
|
|
|
|
|
|
|
|
|
Asset Class
|
|
Target |
|
Range |
|
|
Global equities
|
|
|
40.0 |
% |
|
+7.5/- 5.0 |
% |
|
Real estate
|
|
|
5.0 |
% |
|
+7.5/- 5.0 |
% |
|
Re-insurance
|
|
|
5.0 |
% |
|
+7.5/- 5.0 |
% |
|
Private equity
|
|
|
5.0 |
% |
|
+7.5/- 5.0 |
% |
|
Fixed-income
|
|
|
45.0 |
% |
|
+5.5/- 2.0 |
% |
| |
|
|
|
|
|
|
|
Total
|
|
|
100.0 |
% |
|
|
|
| |
|
|
|
|
|
|
|
|
| Fair value of plan assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2011 |
|
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.
|
|
$ |
— |
|
$ |
239 |
|
$ |
— |
|
$ |
239 |
|
|
Non-U.S.
|
|
|
— |
|
|
253 |
|
|
— |
|
|
253 |
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government debt
|
|
|
162 |
|
|
311 |
|
|
— |
|
|
473 |
|
|
Corporate debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
17 |
|
|
9 |
|
|
— |
|
|
26 |
|
|
Non-U.S.
|
|
|
90 |
|
|
45 |
|
|
— |
|
|
135 |
|
|
Asset/mortgaged backed securities
|
|
|
21 |
|
|
— |
|
|
— |
|
|
21 |
|
|
Net cash equivalents(1)
|
|
|
10 |
|
|
— |
|
|
— |
|
|
10 |
|
|
Derivatives instruments(4)
|
|
|
— |
|
|
(5 |
) |
|
— |
|
|
(5 |
) |
|
Re-insurance
|
|
|
— |
|
|
56 |
|
|
— |
|
|
56 |
|
|
Private equity and real estate(2)
|
|
|
— |
|
|
— |
|
|
47 |
|
|
47 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
300 |
|
$ |
908 |
|
$ |
47 |
|
$ |
1,255 |
|
| |
|
|
|
|
|
|
|
|
|
|
Pending trade/purchases/sales
|
|
|
|
|
|
|
|
|
|
|
|
(58 |
) |
|
Accruals(3)
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
$ |
1,200 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
-
(1)
- Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments.
-
(2)
- The investments 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.
-
(3)
- Interest or dividends that had not settled as of December 31, 2011.
-
(4)
- Derivative instruments include interest rate swaps, foreign currency forward contracts and credit default swaps.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2010 |
|
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.
|
|
$ |
— |
|
$ |
139 |
|
$ |
— |
|
$ |
139 |
|
|
Non-U.S.
|
|
|
— |
|
|
464 |
|
|
— |
|
|
464 |
|
|
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government debt
|
|
|
100 |
|
|
— |
|
|
— |
|
|
100 |
|
|
Corporate debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
19 |
|
|
— |
|
|
— |
|
|
19 |
|
|
Non-U.S.
|
|
|
81 |
|
|
212 |
|
|
— |
|
|
293 |
|
|
Asset/mortgaged backed securities
|
|
|
16 |
|
|
— |
|
|
— |
|
|
16 |
|
|
Net cash equivalents(1)
|
|
|
40 |
|
|
— |
|
|
— |
|
|
40 |
|
|
Private equity and real estate(2)
|
|
|
— |
|
|
— |
|
|
40 |
|
|
40 |
|
| |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
256 |
|
$ |
815 |
|
$ |
40 |
|
$ |
1,111 |
|
| |
|
|
|
|
|
|
|
|
|
|
Pending trade/purchases/sales
|
|
|
|
|
|
|
|
|
|
|
|
(26 |
) |
|
Accruals(3)
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
$ |
1,088 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
-
(1)
- Cash equivalents include commercial paper, short-term government/agency, mortgage and credit instruments.
-
(2)
- The investments 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.
-
(3)
- Interest or dividends that had not settled as of December 31, 2010.
|
|
|
| Changes in the fair value of Level 3 plan assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements
as of December 31,
Using Significant Unobservable
Inputs (Level 3) |
|
In millions
|
|
Private Equity |
|
Real Estate |
|
Total |
|
|
Ending balance at December 31, 2009
|
|
$ |
4 |
|
$ |
31 |
|
$ |
35 |
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (losses) gains on assets still held at the reporting date
|
|
|
1 |
|
|
(2 |
) |
|
(1 |
) |
|
Purchases, sales and settlements
|
|
|
5 |
|
|
1 |
|
|
6 |
|
| |
|
|
|
|
|
|
|
|
Ending balance at December 31, 2010
|
|
$ |
10 |
|
$ |
30 |
|
$ |
40 |
|
|
Actual return on plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (losses) gains on assets still held at the reporting date
|
|
|
2 |
|
|
— |
|
|
2 |
|
|
Purchases, sales and settlements
|
|
|
2 |
|
|
3 |
|
|
5 |
|
| |
|
|
|
|
|
|
|
|
Ending balance at December 31, 2011
|
|
$ |
14 |
|
$ |
33 |
|
$ |
47 |
|
| |
|
|
|
|
|
|
|
|
|
|
Other Postretirement Benefits
|
|
| Pension and other postretirement benefits |
|
| Changes in benefit obligations and plan assets |
|
|
|
|
|
|
|
|
|
In millions
|
|
2011 |
|
2010 |
|
|
Change in benefit obligation
|
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year
|
|
$ |
490 |
|
$ |
504 |
|
|
Interest cost
|
|
|
24 |
|
|
27 |
|
|
Plan participants' contributions
|
|
|
10 |
|
|
10 |
|
|
Amendments
|
|
|
— |
|
|
(1 |
) |
|
Actuarial losses (gains)
|
|
|
18 |
|
|
14 |
|
|
Benefits paid directly by employer
|
|
|
(59 |
) |
|
(64 |
) |
| |
|
|
|
|
|
|
Benefit obligation at end of year
|
|
$ |
483 |
|
$ |
490 |
|
| |
|
|
|
|
|
|
Funded status at end of year
|
|
$ |
(483 |
) |
$ |
(490 |
) |
| |
|
|
|
|
|
|
Amounts recognized in consolidated balance sheets
|
|
|
|
|
|
|
|
|
Accrued compensation, benefits and retirement costs—current liabilities
|
|
$ |
(51 |
) |
$ |
(51 |
) |
|
Postretirement benefits other than pensions—long-term liabilities
|
|
|
(432 |
) |
|
(439 |
) |
| |
|
|
|
|
|
|
Net amount recognized
|
|
$ |
(483 |
) |
$ |
(490 |
) |
| |
|
|
|
|
|
|
Amounts recognized in accumulated other comprehensive loss consist of:
|
|
|
|
|
|
|
|
|
Net actuarial loss
|
|
$ |
66 |
|
$ |
50 |
|
|
Prior service credit
|
|
|
(6 |
) |
|
(14 |
) |
| |
|
|
|
|
|
|
Net amount recognized
|
|
$ |
60 |
|
$ |
36 |
|
| |
|
|
|
|
|
|
|
| Net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
2011 |
|
2010 |
|
2009 |
|
|
Service cost
|
|
$ |
— |
|
$ |
— |
|
$ |
1 |
|
|
Interest cost
|
|
|
24 |
|
|
27 |
|
|
29 |
|
|
Amortization of prior service credit
|
|
|
(8 |
) |
|
(8 |
) |
|
(9 |
) |
|
Other
|
|
|
1 |
|
|
— |
|
|
(1 |
) |
| |
|
|
|
|
|
|
|
|
Net periodic other postretirement benefit cost before curtailments
|
|
|
17 |
|
|
19 |
|
|
20 |
|
|
Curtailment loss
|
|
|
— |
|
|
— |
|
|
6 |
|
| |
|
|
|
|
|
|
|
|
Net periodic other postretirement benefit cost
|
|
$ |
17 |
|
$ |
19 |
|
$ |
26 |
|
| |
|
|
|
|
|
|
|
|
|
| Amounts recognized in other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
2011 |
|
2010 |
|
2009 |
|
|
Amortization of prior service credit
|
|
$ |
8 |
|
$ |
8 |
|
$ |
9 |
|
|
Incurred actuarial loss (gain)
|
|
|
16 |
|
|
14 |
|
|
17 |
|
|
Incurred prior service credit
|
|
|
— |
|
|
(2 |
) |
|
— |
|
|
Other
|
|
|
— |
|
|
1 |
|
|
(1 |
) |
| |
|
|
|
|
|
|
|
|
Total recognized in other comprehensive income
|
|
|
24 |
|
|
21 |
|
|
25 |
|
| |
|
|
|
|
|
|
|
|
Total recognized in net periodic other postretirement benefit cost and other comprehensive income
|
|
$ |
41 |
|
$ |
40 |
|
$ |
51 |
|
| |
|
|
|
|
|
|
|
|
|
| Various assumptions used in determining the benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
|
Discount rate
|
|
|
4.70 |
% |
|
5.20 |
% |
|
|
| Various assumptions used in determining the net periodic cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
2009 |
|
|
Discount rate
|
|
|
5.20 |
% |
|
5.60 |
% |
|
6.20 |
% |
|
|
| Estimated future contributions and benefit payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions
|
|
2012 |
|
2013 |
|
2014 |
|
2015 |
|
2016 |
|
2017 - 2021 |
|
|
Expected benefit payments, net of Medicare Part D subsidy—postretirement
|
|
$ |
51 |
|
$ |
47 |
|
$ |
46 |
|
$ |
44 |
|
$ |
42 |
|
$ |
171 |
|
|
Medicare Part D subsidy
|
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|