|
|
Pension plans (1) |
|
Postretirement plans (1) |
| ||||||||||||||||||||||||||||||||
|
|
U.S. plans (2) |
|
Non-U.S. plans |
|
U.S. plans |
|
Non-U.S. plans |
| ||||||||||||||||||||||||||||
In millions of dollars |
|
2014 |
|
2013 |
|
2012 |
|
2014 |
|
2013 |
|
2012 |
|
2014 |
|
2013 |
|
2012 |
|
2014 |
|
2013 |
|
2012 |
| ||||||||||||
Cash contributions paid by the Company |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
116 |
|
$ |
308 |
|
$ |
270 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
5 |
|
$ |
251 |
|
$ |
88 |
|
Benefits paid directly by the Company |
|
54 |
|
51 |
|
54 |
|
49 |
|
49 |
|
82 |
|
62 |
|
52 |
|
54 |
|
6 |
|
5 |
|
4 |
| ||||||||||||
Total Company contributions |
|
$ |
54 |
|
$ |
51 |
|
$ |
54 |
|
$ |
165 |
|
$ |
357 |
|
$ |
352 |
|
$ |
62 |
|
$ |
52 |
|
$ |
54 |
|
$ |
11 |
|
$ |
256 |
|
$ |
92 |
|
(1) Payments reported for 2014 are expected amounts.
(2) The U.S. pension plans include benefits paid directly by the Company for the nonqualified pension plans.
|
|
One-percentage-point increase |
| |||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
| |||
U.S. plans |
|
$ |
16 |
|
$ |
18 |
|
$ |
19 |
|
Non-U.S. plans |
|
(52 |
) |
(48 |
) |
(57 |
) | |||
|
|
One-percentage-point decrease |
| |||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
| |||
U.S. plans |
|
$ |
(57 |
) |
$ |
(36 |
) |
$ |
(34 |
) |
Non-U.S. plans |
|
79 |
|
64 |
|
70 |
| |||
|
|
One-percentage-point increase |
| |||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
| |||
U.S. plans |
|
$ |
(123 |
) |
$ |
(120 |
) |
$ |
(118 |
) |
Non-U.S. plans |
|
(68 |
) |
(64 |
) |
(62 |
) | |||
|
|
One-percentage-point decrease |
| |||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
| |||
U.S. plans |
|
$ |
123 |
|
$ |
120 |
|
$ |
118 |
|
Non-U.S. plans |
|
68 |
|
64 |
|
62 |
| |||
|
|
2013 |
|
2012 |
|
2011 |
|
Expected rate of return (1) |
|
7.00 |
% |
7.50 |
% |
7.50 |
% |
Actual rate of return (2) |
|
6.00 |
% |
11.00 |
% |
11.00 |
% |
(1) Effective December 31, 2012, the expected rate of return was changed from 7.50% to 7.00%.
(2) Actual rates of return are presented net of fees.
|
|
U.S. pension and postretirement benefit plans (1) |
| ||||||||||
In millions of dollars |
|
Fair value measurement at December 31, 2013 |
| ||||||||||
Asset categories |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Equity securities |
|
|
|
|
|
|
|
|
| ||||
U.S. equity |
|
$ |
864 |
|
$ |
— |
|
$ |
— |
|
$ |
864 |
|
Non-U.S. equity |
|
441 |
|
— |
|
— |
|
441 |
| ||||
Mutual funds |
|
203 |
|
— |
|
— |
|
203 |
| ||||
Commingled funds |
|
— |
|
895 |
|
— |
|
895 |
| ||||
Debt securities |
|
|
|
|
|
|
|
|
| ||||
U.S. Treasuries |
|
1,112 |
|
— |
|
— |
|
1,112 |
| ||||
U.S. agency |
|
— |
|
91 |
|
— |
|
91 |
| ||||
U.S. corporate bonds |
|
— |
|
1,385 |
|
— |
|
1,385 |
| ||||
Non-U.S. government debt |
|
— |
|
344 |
|
— |
|
344 |
| ||||
Non-U.S. corporate bonds |
|
— |
|
403 |
|
— |
|
403 |
| ||||
State and municipal debt |
|
— |
|
137 |
|
— |
|
137 |
| ||||
Hedge funds |
|
— |
|
2,014 |
|
1,180 |
|
3,194 |
| ||||
Asset-backed securities |
|
— |
|
61 |
|
— |
|
61 |
| ||||
Mortgage-backed securities |
|
— |
|
64 |
|
— |
|
64 |
| ||||
Annuity contracts |
|
— |
|
— |
|
91 |
|
91 |
| ||||
Private equity |
|
— |
|
— |
|
2,106 |
|
2,106 |
| ||||
Derivatives |
|
8 |
|
601 |
|
— |
|
609 |
| ||||
Other investments |
|
— |
|
100 |
|
157 |
|
257 |
| ||||
Total investments at fair value |
|
$ |
2,628 |
|
$ |
6,095 |
|
$ |
3,534 |
|
$ |
12,257 |
|
Cash and short-term investments |
|
$ |
107 |
|
$ |
957 |
|
$ |
— |
|
$ |
1,064 |
|
Other investment receivables |
|
— |
|
49 |
|
52 |
|
101 |
| ||||
Total assets |
|
$ |
2,735 |
|
$ |
7,101 |
|
$ |
3,586 |
|
$ |
13,422 |
|
Other investment liabilities |
|
$ |
(9 |
) |
$ |
(650 |
) |
$ |
— |
|
$ |
(659 |
) |
Total net assets |
|
$ |
2,726 |
|
$ |
6,451 |
|
$ |
3,586 |
|
$ |
12,763 |
|
(1) The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2013, the allocable interests of the U.S. pension and postretirement benefit plans were 99.7% and 0.3%, respectively.
|
|
U.S. pension and postretirement benefit plans (1) |
| ||||||||||
In millions of dollars |
|
Fair value measurement at December 31, 2012 |
| ||||||||||
Asset categories |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Equity securities |
|
|
|
|
|
|
|
|
| ||||
U.S. equity |
|
$ |
677 |
|
$ |
— |
|
$ |
— |
|
$ |
677 |
|
Non-U.S. equity |
|
412 |
|
5 |
|
— |
|
417 |
| ||||
Mutual funds |
|
177 |
|
— |
|
— |
|
177 |
| ||||
Commingled funds |
|
— |
|
1,132 |
|
— |
|
1,132 |
| ||||
Debt securities |
|
|
|
|
|
|
|
|
| ||||
U.S. Treasuries |
|
1,431 |
|
— |
|
— |
|
1,431 |
| ||||
U.S. agency |
|
— |
|
112 |
|
— |
|
112 |
| ||||
U.S. corporate bonds |
|
— |
|
1,397 |
|
— |
|
1,397 |
| ||||
Non-U.S. government debt |
|
— |
|
387 |
|
— |
|
387 |
| ||||
Non-U.S. corporate bonds |
|
— |
|
350 |
|
— |
|
350 |
| ||||
State and municipal debt |
|
— |
|
142 |
|
— |
|
142 |
| ||||
Hedge funds |
|
— |
|
1,132 |
|
1,524 |
|
2,656 |
| ||||
Asset-backed securities |
|
— |
|
55 |
|
— |
|
55 |
| ||||
Mortgage-backed securities |
|
— |
|
52 |
|
— |
|
52 |
| ||||
Annuity contracts |
|
— |
|
— |
|
130 |
|
130 |
| ||||
Private equity |
|
— |
|
— |
|
2,419 |
|
2,419 |
| ||||
Derivatives |
|
3 |
|
627 |
|
— |
|
630 |
| ||||
Other investments |
|
— |
|
— |
|
142 |
|
142 |
| ||||
Total investments at fair value |
|
$ |
2,700 |
|
$ |
5,391 |
|
$ |
4,215 |
|
$ |
12,306 |
|
Cash and short-term investments |
|
$ |
131 |
|
$ |
906 |
|
$ |
— |
|
$ |
1,037 |
|
Other investment receivables |
|
— |
|
6 |
|
24 |
|
30 |
| ||||
Total assets |
|
$ |
2,831 |
|
$ |
6,303 |
|
$ |
4,239 |
|
$ |
13,373 |
|
Other investment liabilities |
|
$ |
(10 |
) |
$ |
(657 |
) |
$ |
— |
|
$ |
(667 |
) |
Total net assets |
|
$ |
2,821 |
|
$ |
5,646 |
|
$ |
4,239 |
|
$ |
12,706 |
|
(1) The investments of the U.S. pension and postretirement benefit plans are commingled in one trust. At December 31, 2012, the allocable interests of the U.S. pension and postretirement benefit plans were 99.6% and 0.4%, respectively.
|
|
|
|
Non-U.S. pension and postretirement benefit plans |
| ||||||||||
In millions of dollars |
|
Fair value measurement at December 31, 2013 |
| ||||||||||
Asset categories |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Equity securities |
|
|
|
|
|
|
|
|
| ||||
U.S. equity |
|
$ |
6 |
|
$ |
13 |
|
$ |
— |
|
$ |
19 |
|
Non-U.S. equity |
|
117 |
|
292 |
|
49 |
|
458 |
| ||||
Mutual funds |
|
242 |
|
3,593 |
|
— |
|
3,835 |
| ||||
Commingled funds |
|
7 |
|
22 |
|
— |
|
29 |
| ||||
Debt securities |
|
|
|
|
|
|
|
|
| ||||
U.S. corporate bonds |
|
— |
|
392 |
|
— |
|
392 |
| ||||
Non-U.S. government debt |
|
2,559 |
|
232 |
|
— |
|
2,791 |
| ||||
Non-U.S. corporate bonds |
|
110 |
|
780 |
|
5 |
|
895 |
| ||||
Hedge funds |
|
— |
|
— |
|
11 |
|
11 |
| ||||
Mortgage-backed securities |
|
3 |
|
1 |
|
— |
|
4 |
| ||||
Annuity contracts |
|
— |
|
1 |
|
32 |
|
33 |
| ||||
Derivatives |
|
42 |
|
— |
|
— |
|
42 |
| ||||
Other investments |
|
7 |
|
12 |
|
202 |
|
221 |
| ||||
Total investments at fair value |
|
$ |
3,093 |
|
$ |
5,338 |
|
$ |
299 |
|
$ |
8,730 |
|
Cash and short-term investments |
|
$ |
92 |
|
$ |
4 |
|
$ |
— |
|
$ |
96 |
|
Total assets |
|
$ |
3,185 |
|
$ |
5,342 |
|
$ |
299 |
|
$ |
8,826 |
|
Other investment liabilities |
|
$ |
— |
|
$ |
(436 |
) |
$ |
— |
|
$ |
(436 |
) |
Total net assets |
|
$ |
3,185 |
|
$ |
4,906 |
|
$ |
299 |
|
$ |
8,390 |
|
|
|
Non-U.S. pension and postretirement benefit plans |
| ||||||||||
In millions of dollars |
|
Fair value measurement at December 31, 2012 |
| ||||||||||
Asset categories |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
| ||||
Equity securities |
|
|
|
|
|
|
|
|
| ||||
U.S. equity |
|
$ |
12 |
|
$ |
12 |
|
$ |
— |
|
$ |
24 |
|
Non-U.S. equity |
|
88 |
|
77 |
|
48 |
|
213 |
| ||||
Mutual funds |
|
31 |
|
4,583 |
|
— |
|
4,614 |
| ||||
Commingled funds |
|
— |
|
26 |
|
— |
|
26 |
| ||||
Debt securities |
|
|
|
|
|
|
|
|
| ||||
U.S. Treasuries |
|
— |
|
1 |
|
— |
|
1 |
| ||||
U.S. corporate bonds |
|
— |
|
488 |
|
— |
|
488 |
| ||||
Non-U.S. government debt |
|
1,806 |
|
144 |
|
4 |
|
1,954 |
| ||||
Non-U.S. corporate bonds |
|
162 |
|
804 |
|
4 |
|
970 |
| ||||
Hedge funds |
|
— |
|
— |
|
16 |
|
16 |
| ||||
Mortgage-backed securities |
|
— |
|
1 |
|
— |
|
1 |
| ||||
Annuity contracts |
|
— |
|
5 |
|
6 |
|
11 |
| ||||
Derivatives |
|
— |
|
40 |
|
— |
|
40 |
| ||||
Other investments |
|
3 |
|
9 |
|
219 |
|
231 |
| ||||
Total investments at fair value |
|
$ |
2,102 |
|
$ |
6,190 |
|
$ |
297 |
|
$ |
8,589 |
|
Cash and short-term investments |
|
$ |
55 |
|
$ |
4 |
|
$ |
3 |
|
$ |
62 |
|
Total assets |
|
$ |
2,157 |
|
$ |
6,194 |
|
$ |
300 |
|
$ |
8,651 |
|
|
|
Pension plans |
|
Postretirement plans |
| ||||||||||||||||||||
|
|
U.S. plans |
|
Non-U.S. plans |
|
U.S. plans |
|
Non-U.S. plans |
| ||||||||||||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||||||
Change in projected benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Qualified plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Projected benefit obligation at beginning of year |
|
$ |
13,268 |
|
$ |
12,377 |
|
$ |
7,399 |
|
$ |
6,262 |
|
$ |
1,072 |
|
$ |
1,127 |
|
$ |
2,002 |
|
$ |
1,368 |
|
Cumulative effect of change in accounting policy (1) |
|
(368 |
) |
— |
|
385 |
|
— |
|
— |
|
— |
|
81 |
|
— |
| ||||||||
Benefits earned during the year |
|
8 |
|
12 |
|
210 |
|
199 |
|
— |
|
— |
|
43 |
|
29 |
| ||||||||
Interest cost on benefit obligation |
|
538 |
|
565 |
|
384 |
|
367 |
|
33 |
|
44 |
|
146 |
|
116 |
| ||||||||
Plan amendments |
|
— |
|
(13 |
) |
(28 |
) |
17 |
|
— |
|
— |
|
(171 |
) |
— |
| ||||||||
Actuarial (gain) loss |
|
(671 |
) |
965 |
|
(733 |
) |
923 |
|
(253 |
) |
(24 |
) |
(617 |
) |
457 |
| ||||||||
Benefits paid, net of participants contributions |
|
(661 |
) |
(638 |
) |
(296 |
) |
(306 |
) |
(85 |
) |
(85 |
) |
(64 |
) |
(54 |
) | ||||||||
Expected government subsidy |
|
— |
|
— |
|
— |
|
— |
|
13 |
|
10 |
|
— |
|
— |
| ||||||||
Settlements |
|
— |
|
— |
|
(57 |
) |
(254 |
) |
— |
|
— |
|
(2 |
) |
— |
| ||||||||
Curtailment (gain) loss |
|
23 |
|
— |
|
(2 |
) |
(8 |
) |
— |
|
— |
|
(3 |
) |
— |
| ||||||||
Special/contractual termination benefits |
|
— |
|
— |
|
8 |
|
1 |
|
— |
|
— |
|
— |
|
— |
| ||||||||
Foreign exchange impact and other |
|
— |
|
— |
|
(76 |
) |
198 |
|
— |
|
— |
|
(4 |
) |
86 |
| ||||||||
Qualified plans |
|
$ |
12,137 |
|
$ |
13,268 |
|
$ |
7,194 |
|
$ |
7,399 |
|
$ |
780 |
|
$ |
1,072 |
|
$ |
1,411 |
|
$ |
2,002 |
|
Nonqualified plans (2) |
|
$ |
692 |
|
$ |
769 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Projected benefit obligation at year end |
|
$ |
12,829 |
|
$ |
14,037 |
|
$ |
7,194 |
|
$ |
7,399 |
|
$ |
780 |
|
$ |
1,072 |
|
$ |
1,411 |
|
$ |
2,002 |
|
(1) See Note 1 to the Consolidated Financial Statements for additional information on the change in accounting policy.
(2) These plans are unfunded.
|
|
Pension plans |
|
Postretirement plans |
| ||||||||||||||||||||
|
|
U.S. plans |
|
Non-U.S. plans |
|
U.S. plans |
|
Non-U.S. plans |
| ||||||||||||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||||||
Change in plan assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Qualified plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Plan assets at fair value at beginning of year |
|
$ |
12,656 |
|
$ |
11,991 |
|
$ |
7,154 |
|
$ |
6,421 |
|
$ |
50 |
|
$ |
74 |
|
$ |
1,497 |
|
$ |
1,096 |
|
Cumulative effect of change in accounting policy (1) |
|
(53 |
) |
— |
|
126 |
|
— |
|
3 |
|
— |
|
21 |
|
— |
| ||||||||
Actual return on plan assets |
|
789 |
|
1,303 |
|
(256 |
) |
786 |
|
(1 |
) |
7 |
|
(223 |
) |
277 |
| ||||||||
Company contributions |
|
— |
|
— |
|
357 |
|
352 |
|
52 |
|
54 |
|
256 |
|
92 |
| ||||||||
Plan participants contributions |
|
— |
|
— |
|
6 |
|
6 |
|
50 |
|
58 |
|
— |
|
— |
| ||||||||
Settlements |
|
— |
|
— |
|
(61 |
) |
(254 |
) |
— |
|
— |
|
— |
|
— |
| ||||||||
Benefits paid |
|
(661 |
) |
(638 |
) |
(302 |
) |
(312 |
) |
(122 |
) |
(143 |
) |
(64 |
) |
(54 |
) | ||||||||
Foreign exchange impact and other |
|
— |
|
— |
|
(106 |
) |
155 |
|
— |
|
— |
|
(15 |
) |
86 |
| ||||||||
Qualified plans |
|
$ |
12,731 |
|
$ |
12,656 |
|
$ |
6,918 |
|
$ |
7,154 |
|
$ |
32 |
|
$ |
50 |
|
$ |
1,472 |
|
$ |
1,497 |
|
Nonqualified plans (2) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Plan assets at fair value at year end |
|
$ |
12,731 |
|
$ |
12,656 |
|
$ |
6,918 |
|
$ |
7,154 |
|
$ |
32 |
|
$ |
50 |
|
$ |
1,472 |
|
$ |
1,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Funded status of the plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Qualified plans (3) |
|
$ |
593 |
|
$ |
(612 |
) |
$ |
(276 |
) |
$ |
(245 |
) |
$ |
(748 |
) |
$ |
(1,022 |
) |
$ |
61 |
|
(505 |
) | |
Nonqualified plans (2) |
|
(692 |
) |
(769 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
Funded status of the plans at year end |
|
$ |
(99 |
) |
$ |
(1,381 |
) |
$ |
(276 |
) |
$ |
(245 |
) |
$ |
(748 |
) |
$ |
(1,022 |
) |
$ |
61 |
|
$ |
(505 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net amount recognized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Qualified plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Benefit asset |
|
$ |
593 |
|
$ |
— |
|
$ |
709 |
|
$ |
763 |
|
$ |
— |
|
$ |
— |
|
$ |
407 |
|
$ |
— |
|
Benefit liability |
|
— |
|
(612 |
) |
(985 |
) |
(1,008 |
) |
(748 |
) |
(1,022 |
) |
(346 |
) |
(505 |
) | ||||||||
Qualified plans |
|
$ |
593 |
|
$ |
(612 |
) |
$ |
(276 |
) |
$ |
(245 |
) |
$ |
(748 |
) |
$ |
(1,022 |
) |
$ |
61 |
|
$ |
(505 |
) |
Nonqualified plans (2) |
|
$ |
(692 |
) |
$ |
(769 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Net amount recognized on the balance sheet |
|
$ |
(99 |
) |
$ |
(1,381 |
) |
$ |
(276 |
) |
$ |
(245 |
) |
$ |
(748 |
) |
$ |
(1,022 |
) |
$ |
61 |
|
$ |
(505 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Amounts recognized in Accumulated other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Qualified plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net transition asset (obligation) |
|
$ |
— |
|
$ |
— |
|
$ |
(1 |
) |
$ |
(2 |
) |
$ |
— |
|
$ |
— |
|
$ |
(1 |
) |
$ |
(1 |
) |
Prior service benefit (cost) |
|
7 |
|
13 |
|
(2 |
) |
(33 |
) |
1 |
|
1 |
|
173 |
|
5 |
| ||||||||
Net actuarial gain (loss) |
|
(3,911 |
) |
(4,904 |
) |
(2,007 |
) |
(1,936 |
) |
129 |
|
(123 |
) |
(555 |
) |
(802 |
) | ||||||||
Qualified plans |
|
$ |
(3,904 |
) |
$ |
(4,891 |
) |
$ |
(2,010 |
) |
$ |
(1,971 |
) |
$ |
130 |
|
$ |
(122 |
) |
$ |
(383 |
) |
$ |
(798 |
) |
Nonqualified plans (2) |
|
$ |
(226 |
) |
$ |
(298 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Net amount recognized in equity—pretax |
|
$ |
(4,130 |
) |
$ |
(5,189 |
) |
$ |
(2,010 |
) |
$ |
(1,971 |
) |
$ |
130 |
|
$ |
(122 |
) |
$ |
(383 |
) |
$ |
(798 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Accumulated benefit obligation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Qualified plans |
|
$ |
12,122 |
|
$ |
13,246 |
|
$ |
6,652 |
|
$ |
6,369 |
|
$ |
780 |
|
$ |
1,072 |
|
$ |
1,411 |
|
$ |
2,002 |
|
Nonqualified plans (2) |
|
668 |
|
738 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||
Accumulated benefit obligation at year end |
|
$ |
12,790 |
|
$ |
13,984 |
|
$ |
6,652 |
|
$ |
6,369 |
|
$ |
780 |
|
$ |
1,072 |
|
$ |
1,411 |
|
$ |
2,002 |
|
(1) See Note 1 to the Consolidated Financial Statements for additional information on the change in accounting policy.
(2) These plans are unfunded.
(3) The U.S. qualified pension plan is fully funded under specified Employee Retirement Income Security Act (ERISA) funding rules as of January 1, 2014 and no minimum required funding is expected for 2014.
|
|
PBO exceeds fair value of plan assets |
|
ABO exceeds fair value plan assets |
| ||||||||||||||||||||
|
|
U.S. plans (1) |
|
Non-U.S. plans |
|
U.S. plans (1) |
|
Non-U.S. plans |
| ||||||||||||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||||||
Projected benefit obligation |
|
$ |
692 |
|
$ |
14,037 |
|
$ |
2,765 |
|
$ |
4,792 |
|
$ |
692 |
|
$ |
14,037 |
|
$ |
2,408 |
|
$ |
2,608 |
|
Accumulated benefit obligation |
|
668 |
|
13,984 |
|
2,375 |
|
3,876 |
|
668 |
|
13,984 |
|
2,090 |
|
2,263 |
| ||||||||
Fair value of plan assets |
|
— |
|
12,656 |
|
1,780 |
|
3,784 |
|
— |
|
12,656 |
|
1,468 |
|
1,677 |
| ||||||||
(1) At December 31, 2013, assets for the U.S. qualified plan exceeded both the projected benefit obligation (PBO) and accumulated benefit obligation (ABO). The U.S. nonqualified plans are not funded and thus the PBO and ABO exceeded plan assets as of this date. At December 31, 2012, for both the U.S. qualified and nonqualified plans, the aggregate PBO and the aggregate ABO exceeded plan assets. In 2012, the PBO and ABO of the U.S. plans include $13,268 million and $13,246 million, respectively, relating to the qualified plan and $769 million and $738 million, respectively, relating to the nonqualified plans.
|
|
Non-U.S. pension plans |
| ||||||||
|
|
Weighted-average |
|
Actual range |
|
Weighted-average |
| ||||
Asset category (1) |
|
2014 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Equity securities |
|
19 |
% |
0 - 69% |
|
0 - 63% |
|
20 |
% |
16 |
% |
Debt securities |
|
74 |
|
0 - 99 |
|
0 - 100 |
|
72 |
|
72 |
|
Real estate |
|
1 |
|
0 - 19 |
|
0 - 41 |
|
1 |
|
1 |
|
Other investments |
|
6 |
|
0 - 100 |
|
0 - 100 |
|
7 |
|
11 |
|
Total |
|
100 |
% |
|
|
|
|
100 |
% |
100 |
% |
|
|
Non-U.S. postretirement plans |
| ||||||||
|
|
Weighted-average |
|
Actual range |
|
Weighted-average |
| ||||
Asset category (1) |
|
2014 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Equity securities |
|
42 |
% |
0 - 41% |
|
0 - 28% |
|
41 |
% |
28 |
% |
Debt securities |
|
52 |
|
51 - 100 |
|
46 - 100 |
|
51 |
|
46 |
|
Other investments |
|
6 |
|
0 - 8 |
|
0 - 26 |
|
8 |
|
26 |
|
Total |
|
100 |
% |
|
|
|
|
100 |
% |
100 |
% |
(1) Similar to the U.S. plans, asset allocations for certain non-U.S. plans are set by investment strategy, not by investment product.
|
|
Target asset |
|
U.S. pension assets |
|
U.S. postretirement assets |
| ||||
Asset category (1) |
|
2014 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Equity securities (2) |
|
0 - 30% |
|
19 |
% |
17% |
|
19 |
% |
17 |
% |
Debt securities |
|
25 - 73 |
|
42 |
|
45 |
|
42 |
|
45 |
|
Real estate |
|
0 - 7 |
|
5 |
|
5 |
|
5 |
|
5 |
|
Private equity |
|
0 - 15 |
|
11 |
|
11 |
|
11 |
|
11 |
|
Other investments |
|
12 - 29 |
|
23 |
|
22 |
|
23 |
|
22 |
|
Total |
|
|
|
100 |
% |
100 |
% |
100 |
% |
100 |
% |
(1) Asset allocations for the U.S. plans are set by investment strategy, not by investment product. For example, private equities with an underlying investment in real estate are classified in the real estate asset category, not private equity.
(2) Equity securities in the U.S. pension and postretirement plans do not include any Citigroup common stock at the end of 2013 and 2012.
At year end |
|
2013 |
|
2012 |
Discount rate |
|
|
|
|
U.S. plans (1) |
|
|
|
|
Pension |
|
4.75% |
|
3.90% |
Postretirement |
|
4.35 |
|
3.60 |
Non-U.S. pension plans (2) |
|
|
|
|
Range |
|
1.60 to 29.25 |
|
1.50 to 28.00 |
Weighted average |
|
5.60 |
|
5.24 |
Non-U.S. postretirement plans (2) |
|
|
|
|
Range |
|
3.50 to 11.90 |
|
3.50 to 10.00 |
Weighted average |
|
8.65 |
|
7.46 |
Future compensation increase rate |
|
|
|
|
U.S. plans (3) |
|
N/A |
|
N/A |
Non-U.S. pension plans |
|
|
|
|
Range |
|
1.00 to 26.00 |
|
1.20 to 26.00 |
Weighted average |
|
3.40 |
|
3.93 |
Expected return on assets |
|
|
|
|
U.S. plans |
|
7.00 |
|
7.00 |
Non-U.S. pension plans |
|
|
|
|
Range |
|
1.20 to 11.50 |
|
0.90 to 11.50 |
Weighted average |
|
5.68 |
|
5.76 |
Non-U.S. postretirement plans |
|
|
|
|
Range |
|
8.50 to 8.90 |
|
8.50 to 9.60 |
Weighted average |
|
8.50 |
|
8.50 |
(1) Effective April 1, 2013, Citigroup changed to a quarterly remeasurement approach for its six largest plans, including the U.S. qualified pension and postretirement plans. For the U.S. qualified pension and postretirement plans, the 2013 rates shown above were utilized to calculate the December 31, 2013 benefit obligation and will be used to determine the 2014 first quarter expense. The 2012 rates shown above were utilized to calculate the December 31, 2012 benefit obligation and used for the 2013 first quarter expense. For the U.S. nonqualified pension plans, the 2013 rates shown above were utilized to calculate the December 31, 2013 benefit obligations and will be used to determine the expense for 2014. The 2012 rates shown above were utilized to calculate the December 31, 2012 benefit obligations and the expense for the full year 2013.
(2) Effective April 1, 2013, Citigroup changed to a quarterly remeasurement approach for its four largest non-U.S. plans, including the qualified pension and postretirement plans. For the four largest non-U.S. qualified pension and postretirement plans, the 2013 rates shown above were utilized to calculate the December 31, 2013 benefit obligation and will be used to determine the 2014 first quarter expense. The 2012 rates shown above were utilized to calculate the December 31, 2012 benefit obligation and used for the 2013 first quarter expense. For all other non-U.S. qualified pension and postretirement plans, the 2013 rates shown above were utilized to calculate the December 31, 2013 benefit obligations and will be used to determine the expense for 2014. The 2012 rates shown above were utilized to calculate the December 31, 2012 benefit obligations and the expense for the full year 2013.
(3) Since the U.S. qualified pension plan was frozen, a compensation increase rate applies only to certain small groups of grandfathered employees accruing benefits under a final pay plan formula. Only the future compensation increases for these grandfathered employees will affect future pension expense and obligations. Compensation increase rates for these small groups of participants range from 3.00% to 4.00%.
During the year |
|
2013 |
|
2012 |
Discount rate |
|
|
|
|
U.S. plans (1) |
|
|
|
|
Pension |
|
3.90%/4.2%/4.75%/ 4.80% |
|
4.70% |
Postretirement |
|
3.60/3.60/ 4.40/ 4.30 |
|
4.30 |
Non-U.S. pension plans |
|
|
|
|
Range |
|
1.50 to 28.00 |
|
1.75 to 13.25 |
Weighted average (2) |
|
5.24 |
|
5.94 |
Non-U.S. postretirement plans |
|
|
|
|
Range |
|
3.50 to 10.00 |
|
4.25 to 10.25 |
Weighted average (2) |
|
7.46 |
|
8.25 |
Future compensation increase rate |
|
|
|
|
U.S. plans (3) |
|
N/A |
|
N/A |
Non-U.S. pension plans |
|
|
|
|
Range |
|
1.20 to 26.00 |
|
1.60 to 13.30 |
Weighted average (2) |
|
3.93 |
|
4.04 |
Expected return on assets |
|
|
|
|
U.S. plans |
|
7.00 |
|
7.50 |
Non-U.S. pension plans |
|
|
|
|
Range |
|
0.90 to 11.50 |
|
1.00 to 12.50 |
Weighted average (2) |
|
5.76 |
|
6.25 |
Non-U.S. postretirement plans |
|
|
|
|
Range |
|
8.50 to 9.60 |
|
9.5 to 10.00 |
Weighted average (2) |
|
8.50 |
|
9.50 |
(1) For the U.S. qualified pension and postretirement plans, the 2013 rates shown above were utilized to calculate the expense in each of the respective four quarters in 2013. The 2012 rates shown above were utilized to calculate expense for 2012.
(2) For the four largest non-U.S. plans, which follow the quarterly remeasurement approach adopted effective April 1, 2013, the 2013 weighted averages shown above reflect the assumptions for the first quarter of 2013. All other non-U.S. plans were remeasured annually, the weighted averages shown above were used to calculate the expense for the full year.
(3) Since the U.S. qualified pension plan was frozen, a compensation increase rate applies only to certain small groups of grandfathered employees accruing benefits under a final pay plan formula. Only the future compensation increases for these grandfathered employees will affect future pension expense and obligations. Compensation increase rates for these small groups of participants range from 3.00% to 4.00%.
|
|
2013 |
|
2012 |
|
Discount rate |
|
4.05 |
% |
3.10 |
% |
Health care cost increase rate |
|
|
|
|
|
Following year |
|
8.00 |
% |
8.50 |
% |
Ultimate rate to which cost increase is assumed to decline |
|
5.00 |
|
5.00 |
|
Year in which the ultimate rate is reached |
|
2020 |
|
2020 |
|
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
| |||
Balance, January 1, net of tax (1) |
|
$ |
(5,270 |
) |
$ |
(4,282 |
) |
$ |
(4,105 |
) |
Cumulative effect of change in accounting policy |
|
(22 |
) |
— |
|
— |
| |||
Actuarial assumptions changes and plan experience (2) |
|
2,380 |
|
(2,400 |
) |
(820 |
) | |||
Net asset gain (loss) due to difference between actual and expected returns |
|
(1,084 |
) |
963 |
|
197 |
| |||
Net amortizations |
|
271 |
|
214 |
|
183 |
| |||
Prior service credit (cost) |
|
360 |
|
— |
|
— |
| |||
Foreign exchange impact and other |
|
74 |
|
(155 |
) |
28 |
| |||
Change in deferred taxes, net |
|
(666 |
) |
390 |
|
235 |
| |||
Change, net of tax |
|
$ |
1,313 |
|
$ |
(988 |
) |
$ |
(177 |
) |
Balance, December 31, net of tax (1) |
|
$ |
(3,957 |
) |
$ |
(5,270 |
) |
$ |
(4,282 |
) |
(1) See Note 20 to the Consolidated Financial Statements for further discussion of net Accumulated other comprehensive income (loss) balance.
(2) Includes $58 million and $62 million of actuarial losses related to the U.S. nonqualified pension plans for 2013 and 2012, respectively.
|
|
One- |
|
One- |
| ||||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||
Effect on benefits earned and interest cost for U.S. postretirement plans |
|
$ |
1 |
|
$ |
2 |
|
$ |
(1 |
) |
$ |
(1 |
) |
Effect on accumulated postretirement benefit obligation for U.S. postretirement plans |
|
24 |
|
44 |
|
(19 |
) |
(39 |
) | ||||
In millions of dollars |
|
U.S. pension and postretirement benefit plans |
| ||||||||||||||||
Asset categories |
|
Beginning Level 3 fair |
|
Realized |
|
Unrealized |
|
Purchases, |
|
Transfers in |
|
Ending Level 3 fair |
| ||||||
Hedge funds |
|
$ |
1,524 |
|
$ |
45 |
|
$ |
69 |
|
$ |
19 |
|
$ |
(477 |
) |
$ |
1,180 |
|
Annuity contracts |
|
130 |
|
— |
|
(9 |
) |
(33 |
) |
3 |
|
91 |
| ||||||
Private equity |
|
2,419 |
|
264 |
|
(10 |
) |
(564 |
) |
(3 |
) |
2,106 |
| ||||||
Other investments |
|
142 |
|
— |
|
7 |
|
8 |
|
— |
|
157 |
| ||||||
Total investments |
|
$ |
4,215 |
|
$ |
309 |
|
$ |
57 |
|
$ |
(570 |
) |
$ |
(477 |
) |
$ |
3,534 |
|
Other investment receivables |
|
24 |
|
— |
|
— |
|
28 |
|
— |
|
52 |
| ||||||
Total assets |
|
$ |
4,239 |
|
$ |
309 |
|
$ |
57 |
|
$ |
(542 |
) |
$ |
(477 |
) |
$ |
3,586 |
|
In millions of dollars |
|
U.S. pension and postretirement benefit plans |
| ||||||||||||||||
Asset categories |
|
Beginning Level 3 fair |
|
Realized |
|
Unrealized |
|
Purchases, |
|
Transfers in |
|
Ending Level 3 fair |
| ||||||
Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
U.S. equity |
|
$ |
51 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(51 |
) |
$ |
— |
|
Non-U.S. equity |
|
19 |
|
— |
|
8 |
|
— |
|
(27 |
) |
— |
| ||||||
Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
U.S. corporate bonds |
|
5 |
|
— |
|
1 |
|
— |
|
(6 |
) |
— |
| ||||||
Non-U.S. government debt |
|
— |
|
(1 |
) |
— |
|
1 |
|
— |
|
— |
| ||||||
Hedge funds |
|
870 |
|
(28 |
) |
149 |
|
199 |
|
334 |
|
1,524 |
| ||||||
Annuity contracts |
|
155 |
|
— |
|
6 |
|
(31 |
) |
— |
|
130 |
| ||||||
Private equity |
|
2,474 |
|
267 |
|
98 |
|
(484 |
) |
64 |
|
2,419 |
| ||||||
Other investments |
|
121 |
|
— |
|
14 |
|
12 |
|
(5 |
) |
142 |
| ||||||
Total investments |
|
$ |
3,695 |
|
$ |
238 |
|
$ |
276 |
|
$ |
(303 |
) |
$ |
309 |
|
$ |
4,215 |
|
Other investment receivables |
|
221 |
|
— |
|
— |
|
— |
|
(197 |
) |
24 |
| ||||||
Total assets |
|
$ |
3,916 |
|
$ |
238 |
|
$ |
276 |
|
$ |
(303 |
) |
$ |
112 |
|
$ |
4,239 |
|
In millions of dollars |
|
Non-U.S. pension and postretirement benefit plans |
| ||||||||||||||||
Asset categories |
|
Beginning Level 3 fair |
|
Realized |
|
Unrealized |
|
Purchases, |
|
Transfers in |
|
Ending Level 3 fair |
| ||||||
Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-U.S. equity |
|
$ |
48 |
|
$ |
— |
|
$ |
5 |
|
$ |
— |
|
$ |
(4 |
) |
$ |
49 |
|
Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-U.S. government bonds |
|
4 |
|
— |
|
— |
|
— |
|
(4 |
) |
— |
| ||||||
Non-U.S. corporate bonds |
|
4 |
|
— |
|
(1 |
) |
2 |
|
— |
|
5 |
| ||||||
Hedge funds |
|
16 |
|
— |
|
1 |
|
(6 |
) |
— |
|
11 |
| ||||||
Annuity contracts |
|
6 |
|
— |
|
3 |
|
(1 |
) |
24 |
|
32 |
| ||||||
Other investments |
|
219 |
|
— |
|
— |
|
3 |
|
(20 |
) |
202 |
| ||||||
Total investments |
|
$ |
297 |
|
$ |
— |
|
$ |
8 |
|
$ |
(2 |
) |
$ |
(4 |
) |
$ |
299 |
|
Cash and short-term investments |
|
3 |
|
— |
|
— |
|
— |
|
(3 |
) |
— |
| ||||||
Total assets |
|
$ |
300 |
|
$ |
— |
|
$ |
8 |
|
$ |
(2 |
) |
$ |
(7 |
) |
$ |
299 |
|
In millions of dollars |
|
Non-U.S. pension and postretirement benefit plans |
| ||||||||||||||||
Asset categories |
|
Beginning Level 3 fair |
|
Realized |
|
Unrealized |
|
Purchases, |
|
Transfers in |
|
Ending Level 3 fair |
| ||||||
Equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-U.S. equity |
|
$ |
5 |
|
$ |
— |
|
$ |
— |
|
$ |
43 |
|
$ |
— |
|
$ |
48 |
|
Mutual funds |
|
32 |
|
— |
|
— |
|
(10 |
) |
(22 |
) |
— |
| ||||||
Debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Non-U.S. government bonds |
|
5 |
|
— |
|
— |
|
— |
|
(1 |
) |
4 |
| ||||||
Non-U.S. corporate bonds |
|
3 |
|
(3 |
) |
— |
|
2 |
|
2 |
|
4 |
| ||||||
Hedge funds |
|
12 |
|
— |
|
— |
|
— |
|
4 |
|
16 |
| ||||||
Annuity contracts |
|
— |
|
— |
|
— |
|
1 |
|
5 |
|
6 |
| ||||||
Other investments |
|
240 |
|
7 |
|
14 |
|
(23 |
) |
(19 |
) |
219 |
| ||||||
Total investments |
|
$ |
297 |
|
$ |
4 |
|
$ |
14 |
|
$ |
13 |
|
$ |
(31 |
) |
$ |
297 |
|
Cash and short-term investments |
|
— |
|
— |
|
— |
|
— |
|
3 |
|
3 |
| ||||||
Total assets |
|
$ |
297 |
|
$ |
4 |
|
$ |
14 |
|
$ |
13 |
|
$ |
(28 |
) |
$ |
300 |
|
|
|
Pension plans |
|
Postretirement benefit plans |
| ||||||||
In millions of dollars |
|
U.S. plans |
|
Non-U.S. plans |
|
U.S. plans |
|
Non-U.S. plans |
| ||||
2014 |
|
$ |
804 |
|
$ |
382 |
|
$ |
79 |
|
$ |
64 |
|
2015 |
|
828 |
|
359 |
|
76 |
|
69 |
| ||||
2016 |
|
830 |
|
390 |
|
73 |
|
74 |
| ||||
2017 |
|
842 |
|
411 |
|
70 |
|
80 |
| ||||
2018 |
|
853 |
|
437 |
|
67 |
|
87 |
| ||||
2019—2023 |
|
4,473 |
|
2,699 |
|
286 |
|
580 |
| ||||
|
|
Expected U.S. |
| |||||||
In millions of |
|
Before Medicare |
|
Medicare |
|
After Medicare |
| |||
2014 |
|
$ |
79 |
|
$ |
— |
|
$ |
79 |
|
2015 |
|
76 |
|
— |
|
76 |
| |||
2016 |
|
73 |
|
— |
|
73 |
| |||
2017 |
|
70 |
|
— |
|
70 |
| |||
2018 |
|
67 |
|
— |
|
67 |
| |||
2019—2023 |
|
288 |
|
2 |
|
286 |
| |||
|
|
2013 |
|
2012 |
|
Health care cost increase rate for U.S. plans |
|
|
|
|
|
Following year |
|
8.00 |
% |
8.50 |
% |
Ultimate rate to which cost increase is assumed to decline |
|
5.00 |
|
5.00 |
|
Year in which the ultimate rate is reached |
|
2020 |
|
2020 |
|
|
|
Pension plans |
|
Postretirement benefit plans |
| ||||||||||||||||||||||||||||||||
|
|
U.S. plans |
|
Non-U.S. plans |
|
U.S. plans |
|
Non-U.S. plans |
| ||||||||||||||||||||||||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
|
2011 |
|
2013 |
|
2012 |
|
2011 |
| ||||||||||||
Qualified plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Benefits earned during the year |
|
$ |
8 |
|
$ |
12 |
|
$ |
13 |
|
$ |
210 |
|
$ |
199 |
|
$ |
203 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
43 |
|
$ |
29 |
|
$ |
28 |
|
Interest cost on benefit obligation |
|
538 |
|
565 |
|
612 |
|
384 |
|
367 |
|
382 |
|
33 |
|
44 |
|
53 |
|
146 |
|
116 |
|
118 |
| ||||||||||||
Expected return on plan assets |
|
(863 |
) |
(897 |
) |
(890 |
) |
(396 |
) |
(399 |
) |
(422 |
) |
(2 |
) |
(4 |
) |
(6 |
) |
(133 |
) |
(108 |
) |
(117 |
) | ||||||||||||
Amortization of unrecognized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net transition obligation |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(1 |
) |
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
Prior service cost (benefit) |
|
(4 |
) |
(1 |
) |
(1 |
) |
4 |
|
4 |
|
4 |
|
(1 |
) |
(1 |
) |
(3 |
) |
— |
|
— |
|
— |
| ||||||||||||
Net actuarial loss |
|
104 |
|
96 |
|
64 |
|
95 |
|
77 |
|
72 |
|
— |
|
4 |
|
3 |
|
45 |
|
25 |
|
24 |
| ||||||||||||
Curtailment loss |
|
21 |
|
— |
|
— |
|
4 |
|
10 |
|
4 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
Settlement (gain) loss |
|
— |
|
— |
|
— |
|
13 |
|
35 |
|
10 |
|
— |
|
— |
|
— |
|
(1 |
) |
— |
|
— |
| ||||||||||||
Special termination benefits |
|
— |
|
— |
|
— |
|
8 |
|
1 |
|
27 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
| ||||||||||||
Net qualified (benefit) expense |
|
$ |
(196 |
) |
$ |
(225 |
) |
$ |
(202 |
) |
$ |
322 |
|
$ |
294 |
|
$ |
279 |
|
$ |
30 |
|
$ |
43 |
|
$ |
47 |
|
$ |
100 |
|
$ |
62 |
|
$ |
53 |
|
Nonqualified plans expense |
|
$ |
46 |
|
$ |
42 |
|
$ |
42 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Cumulative effect of change in accounting policy(1) |
|
$ |
(23 |
) |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
3 |
|
$ |
— |
|
$ |
— |
|
Total net (benefit) expense |
|
$ |
(173 |
) |
$ |
(183 |
) |
$ |
(160 |
) |
$ |
322 |
|
$ |
294 |
|
$ |
279 |
|
$ |
30 |
|
$ |
43 |
|
$ |
47 |
|
$ |
103 |
|
$ |
62 |
|
$ |
53 |
|
(1) See Note 1 to the Consolidated Financial Statements for additional information on the change in accounting policy.
|
|
Net expense |
| |||||||
In millions of dollars |
|
2013 |
|
2012 |
|
2011 |
| |||
Service related expense |
|
|
|
|
|
|
| |||
Service cost |
|
$ |
20 |
|
$ |
22 |
|
$ |
16 |
|
Interest cost |
|
10 |
|
13 |
|
12 |
| |||
Prior service cost (benefit) |
|
(3 |
) |
7 |
|
7 |
| |||
Net actuarial loss |
|
17 |
|
13 |
|
9 |
| |||
Total service related expense |
|
$ |
44 |
|
$ |
55 |
|
$ |
44 |
|
Non-service related expense (benefit) |
|
$ |
(14 |
) |
$ |
24 |
|
$ |
23 |
|
Total net expense |
|
$ |
30 |
|
$ |
79 |
|
$ |
67 |
|