(dollars in millions) | Quoted Prices in Active Markets For Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
Asset Category: | |||||||||||||||
Public Equities | |||||||||||||||
Global Equities | $ | 6,840 | $ | 1 | $ | — | $ | 6,841 | |||||||
Global Equity Commingled Funds 1 | — | 4,881 | — | 4,881 | |||||||||||
Enhanced Global Equities 2 | 261 | 2,241 | 500 | 3,002 | |||||||||||
Private Equities 3 | — | — | 1,339 | 1,339 | |||||||||||
Fixed Income Securities | |||||||||||||||
Governments | 424 | 1,307 | — | 1,731 | |||||||||||
Corporate Bonds | — | 8,461 | 296 | 8,757 | |||||||||||
Structured Products 4 | — | 80 | — | 80 | |||||||||||
Real Estate 5 | — | 13 | 1,800 | 1,813 | |||||||||||
Other 6 | — | 2,110 | — | 2,110 | |||||||||||
Cash & Cash Equivalents 7 | 2 | 207 | — | 209 | |||||||||||
Subtotal | $ | 7,527 | $ | 19,301 | $ | 3,935 | 30,763 | ||||||||
Other Assets & Liabilities 8 | 592 | ||||||||||||||
Total at December 31, 2013 | $ | 31,355 | |||||||||||||
Public Equities | |||||||||||||||
Global Equities | $ | 6,413 | $ | — | $ | — | $ | 6,413 | |||||||
Global Equity Commingled Funds 1 | — | 4,114 | — | 4,114 | |||||||||||
Enhanced Global Equities 2 | 169 | 1,959 | 447 | 2,575 | |||||||||||
Private Equities 3 | — | — | 1,202 | 1,202 | |||||||||||
Fixed Income Securities | |||||||||||||||
Governments | 1,003 | 1,421 | — | 2,424 | |||||||||||
Corporate Bonds | — | 7,699 | 276 | 7,975 | |||||||||||
Structured Products 4 | — | 21 | — | 21 | |||||||||||
Real Estate 5 | — | 19 | 1,785 | 1,804 | |||||||||||
Other 6 | — | 2,182 | — | 2,182 | |||||||||||
Cash & Cash Equivalents 7 | 1 | 364 | — | 365 | |||||||||||
Subtotal | $ | 7,586 | $ | 17,779 | $ | 3,710 | 29,075 | ||||||||
Other Assets & Liabilities 8 | 853 | ||||||||||||||
Total at December 31, 2012 | $ | 29,928 |
(dollars in millions) | |||
Net actuarial loss | $ | 430 | |
Prior service credit | (9 | ) | |
$ | 421 |
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||
Other Postretirement Benefits: | |||||||||||
Service cost | $ | 3 | $ | 3 | $ | 3 | |||||
Interest cost | 38 | 37 | 39 | ||||||||
Expected return on plan assets | — | — | (1 | ) | |||||||
Amortization of prior service credit | (10 | ) | (4 | ) | (2 | ) | |||||
Recognized actuarial net gain | (4 | ) | (6 | ) | (8 | ) | |||||
Net settlement and curtailment gain | — | (2 | ) | (8 | ) | ||||||
Net periodic other postretirement benefit cost | $ | 27 | $ | 28 | $ | 23 |
(dollars in millions) | 2013 | 2012 | |||||
Change in Benefit Obligation: | |||||||
Beginning balance | $ | 1,106 | $ | 784 | |||
Service cost | 3 | 3 | |||||
Interest cost | 38 | 37 | |||||
Actuarial (gain) loss | (62 | ) | 45 | ||||
Total benefits paid | (119 | ) | (107 | ) | |||
Business combinations | — | 328 | |||||
Other | 21 | 16 | |||||
Ending balance | $ | 987 | $ | 1,106 | |||
Change in Plan Assets: | |||||||
Beginning balance | $ | — | $ | — | |||
Actual return on plan assets | — | — | |||||
Employer contributions | 95 | 85 | |||||
Benefits paid from plan assets | (119 | ) | (107 | ) | |||
Other | 24 | 22 | |||||
Ending balance | $ | — | $ | — | |||
Funded Status: | |||||||
Fair value of plan assets | $ | — | $ | — | |||
Benefit obligations | (987 | ) | (1,106 | ) | |||
Funded status of plan | $ | (987 | ) | $ | (1,106 | ) | |
Amounts Recognized in the Consolidated Balance Sheet Consist of: | |||||||
Current liability | $ | (86 | ) | $ | (91 | ) | |
Noncurrent liability | (901 | ) | (1,015 | ) | |||
Net amount recognized | $ | (987 | ) | $ | (1,106 | ) | |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||||||
Net actuarial gain | $ | (124 | ) | $ | (65 | ) | |
Prior service credit | (1 | ) | (11 | ) | |||
Net amount recognized | $ | (125 | ) | $ | (76 | ) |
(dollars in millions) | 2013 | 2012 | |||||
Projected benefit obligation | $ | 22,142 | $ | 32,278 | |||
Accumulated benefit obligation | 21,475 | 31,147 | |||||
Fair value of plan assets | 19,884 | 25,889 |
(dollars in millions) | Enhanced Global Equities | Private Equities | Corporate Bonds | Real Estate | Total | ||||||||||||||
Balance, December 31, 2011 | $ | 239 | $ | 1,159 | $ | 110 | $ | 1,364 | $ | 2,872 | |||||||||
Plan assets acquired | 63 | — | — | 79 | 142 | ||||||||||||||
Realized gains | 1 | 174 | 3 | 6 | 184 | ||||||||||||||
Unrealized (losses) gains relating to instruments still held in the reporting period | 31 | (14 | ) | 51 | 115 | 183 | |||||||||||||
Purchases, sales, and settlements, net | 113 | (117 | ) | 112 | 221 | 329 | |||||||||||||
Balance, December 31, 2012 | 447 | 1,202 | 276 | 1,785 | 3,710 | ||||||||||||||
Realized gains | — | 195 | — | 20 | 215 | ||||||||||||||
Unrealized (losses) gains relating to instruments still held in the reporting period | 50 | (9 | ) | 2 | 102 | 145 | |||||||||||||
Purchases, sales, and settlements, net | 3 | (49 | ) | 18 | (107 | ) | (135 | ) | |||||||||||
Balance, December 31, 2013 | $ | 500 | $ | 1,339 | $ | 296 | $ | 1,800 | $ | 3,935 |
(dollars in millions) | 2013 | 2012 | |||||
Change in Benefit Obligation: | |||||||
Beginning balance | $ | 35,708 | $ | 27,167 | |||
Service cost | 569 | 500 | |||||
Interest cost | 1,373 | 1,331 | |||||
Actuarial (gain) loss | (3,027 | ) | 2,855 | ||||
Total benefits paid | (1,601 | ) | (1,357 | ) | |||
Net settlement and curtailment gain | (53 | ) | (90 | ) | |||
Plan amendments | 224 | (195 | ) | ||||
Business combinations | — | 5,235 | |||||
Other | (167 | ) | 262 | ||||
Ending balance | $ | 33,026 | $ | 35,708 | |||
Change in Plan Assets: | |||||||
Beginning balance | $ | 29,928 | $ | 23,542 | |||
Actual return on plan assets | 3,019 | 3,306 | |||||
Employer contributions | 236 | 516 | |||||
Benefits paid from plan assets | (1,601 | ) | (1,357 | ) | |||
Business combinations | — | 3,800 | |||||
Other | (227 | ) | 121 | ||||
Ending balance | $ | 31,355 | $ | 29,928 | |||
Funded Status: | |||||||
Fair value of plan assets | $ | 31,355 | $ | 29,928 | |||
Benefit obligations | (33,026 | ) | (35,708 | ) | |||
Funded status of plan | $ | (1,671 | ) | $ | (5,780 | ) | |
Amounts Recognized in the Consolidated Balance Sheet Consist of: | |||||||
Noncurrent assets | $ | 768 | $ | 643 | |||
Current liability | (74 | ) | (105 | ) | |||
Noncurrent liability | (2,365 | ) | (6,318 | ) | |||
Net amount recognized | $ | (1,671 | ) | $ | (5,780 | ) | |
Amounts Recognized in Accumulated Other Comprehensive Loss Consist of: | |||||||
Net actuarial loss | $ | 5,261 | $ | 10,215 | |||
Prior service credit | (37 | ) | (322 | ) | |||
Net amount recognized | $ | 5,224 | $ | 9,893 |
(dollars in millions) | |||
Current year actuarial gain | $ | (62 | ) |
Current year prior service credit | (1 | ) | |
Amortization of prior service credit | 10 | ||
Amortization of actuarial net gain | 4 | ||
Net settlements and curtailments | — | ||
Total recognized in other comprehensive loss | $ | (49 | ) |
Net recognized in net periodic other postretirement benefit cost and other comprehensive loss | $ | 22 |
Benefit Obligation | Net Cost | ||||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||
Discount rate | 4.7 | % | 4.0 | % | 4.0 | % | 4.6 | % | 5.4 | % | |||||
Salary scale | 4.2 | % | 4.2 | % | 4.2 | % | 4.3 | % | 4.4 | % | |||||
Expected return on plan assets | — | — | 7.7 | % | 7.7 | % | 7.9 | % |
2013 One-Percentage-Point | |||||||
(dollars in millions) | Increase | Decrease | |||||
Effect on total service and interest cost | $ | 3 | $ | (2 | ) | ||
Effect on postretirement benefit obligation | 69 | (59 | ) |
(dollars in millions) | 2013 | 2012 | 2011 | ||||||||
Pension Benefits: | |||||||||||
Service cost | $ | 569 | $ | 500 | $ | 444 | |||||
Interest cost | 1,373 | 1,331 | 1,298 | ||||||||
Expected return on plan assets | (2,107 | ) | (1,944 | ) | (1,834 | ) | |||||
Amortization of prior service credits | (34 | ) | (24 | ) | (12 | ) | |||||
Amortization of unrecognized net transition obligation | — | 1 | 1 | ||||||||
Recognized actuarial net loss | 954 | 722 | 462 | ||||||||
Net settlement and curtailment loss | 1 | 77 | 16 | ||||||||
Net periodic pension cost - employer | $ | 756 | $ | 663 | $ | 375 |
Benefit Obligation | Net Cost | |||||||||||||
2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||
Discount rate | 4.4 | % | 3.6 | % | 3.6 | % | 4.2 | % | 4.9 | % | ||||
Expected return on plan assets | — | — | — | — | 5.0 | % |
2013 | 2012 | ||||
Health care cost trend rate assumed for next year | 7.5 | % | 8.0 | % | |
Rate that the cost trend rate gradually declines to | 5.0 | % | 5.0 | % | |
Year that the rate reaches the rate it is assumed to remain at | 2019 | 2019 |
(dollars in millions) | |||
Current year actuarial gain | $ | (3,925 | ) |
Amortization of actuarial loss | (954 | ) | |
Current year prior service cost | 226 | ||
Amortization of prior service credit | 34 | ||
Other | (50 | ) | |
Total recognized in other comprehensive loss | $ | (4,669 | ) |
Net recognized in net periodic pension cost and other comprehensive loss | $ | (3,913 | ) |