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Pension and Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2017
Defined Benefit Plans and Other Postretirement Benefit Plans |
Reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets |
|  | Qualified and Non-qualified |  |  |  |  |  |  |
|  | Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
(Millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 16,202 |  | $ | 15,856 |  | $ | 6,625 |  | $ | 6,322 |  | $ | 2,259 |  | $ | 2,216 |
Acquisitions/Transfers |  |  | — |  |  | — |  |  | 3 |  |  | (5) |  |  | — |  |  | — |
Service cost |  |  | 268 |  |  | 259 |  |  | 142 |  |  | 133 |  |  | 52 |  |  | 54 |
Interest cost |  |  | 565 |  |  | 575 |  |  | 157 |  |  | 171 |  |  | 80 |  |  | 79 |
Participant contributions |  |  | — |  |  | — |  |  | 8 |  |  | 8 |  |  | — |  |  | — |
Foreign exchange rate changes |  |  | — |  |  | — |  |  | 667 |  |  | (472) |  |  | 3 |  |  | 7 |
Plan amendments |  |  | — |  |  | 5 |  |  | 6 |  |  | (4) |  |  | (6) |  |  | — |
Actuarial (gain) loss |  |  | 1,263 |  |  | 427 |  |  | 170 |  |  | 724 |  |  | 127 |  |  | 7 |
Benefit payments |  |  | (936) |  |  | (919) |  |  | (276) |  |  | (245) |  |  | (105) |  |  | (104) |
Settlements, curtailments, special termination benefits and other |  |  | (2) |  |  | (1) |  |  | — |  |  | (7) |  |  | — |  |  | — |
Benefit obligation at end of year |  | $ | 17,360 |  | $ | 16,202 |  | $ | 7,502 |  | $ | 6,625 |  | $ | 2,410 |  | $ | 2,259 |
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 14,081 |  | $ | 13,966 |  | $ | 5,617 |  | $ | 5,669 |  | $ | 1,356 |  | $ | 1,367 |
Acquisitions/Transfers |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |
Actual return on plan assets |  |  | 1,693 |  |  | 779 |  |  | 714 |  |  | 512 |  |  | 143 |  |  | 90 |
Company contributions |  |  | 852 |  |  | 259 |  |  | 112 |  |  | 121 |  |  | 3 |  |  | 3 |
Participant contributions |  |  | — |  |  | — |  |  | 8 |  |  | 8 |  |  | — |  |  | — |
Foreign exchange rate changes |  |  | — |  |  | — |  |  | 560 |  |  | (444) |  |  | — |  |  | — |
Benefit payments |  |  | (936) |  |  | (919) |  |  | (276) |  |  | (245) |  |  | (105) |  |  | (104) |
Settlements, curtailments, special termination benefits and other |  |  | (4) |  |  | (4) |  |  | — |  |  | (4) |  |  | — |  |  | — |
Fair value of plan assets at end of year |  | $ | 15,686 |  | $ | 14,081 |  | $ | 6,737 |  | $ | 5,617 |  | $ | 1,397 |  | $ | 1,356 |
Funded status at end of year |  | $ | (1,674) |  | $ | (2,121) |  | $ | (765) |  | $ | (1,008) |  | $ | (1,013) |  | $ | (903) |
Amounts recognized in the Consolidated Balance Sheet |
|  | Qualified and Non-qualified |  |  |  |  |  |  |
|  | Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
(Millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Amounts recognized in the Consolidated Balance Sheet as of Dec. 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  | $ | 4 |  | $ | 4 |  | $ | 233 |  | $ | 48 |  | $ | — |  | $ | — |
Accrued benefit cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  | (53) |  |  | (52) |  |  | (12) |  |  | (10) |  |  | (4) |  |  | (4) |
Non-current liabilities |  |  | (1,625) |  |  | (2,073) |  |  | (986) |  |  | (1,046) |  |  | (1,009) |  |  | (899) |
Ending balance |  | $ | (1,674) |  | $ | (2,121) |  | $ | (765) |  | $ | (1,008) |  | $ | (1,013) |  | $ | (903) |
Amounts recognized in accumulated other comprehensive income |
|  | Qualified and Non-qualified |  |  |  |  |  |  |
|  | Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
(Millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Amounts recognized in accumulated other comprehensive income as of Dec. 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net transition obligation (asset) |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Net actuarial loss (gain) |  |  | 5,921 |  |  | 5,704 |  |  | 1,720 |  |  | 1,933 |  |  | 774 |  |  | 761 |
Prior service cost (credit) |  |  | (175) |  |  | (198) |  |  | (40) |  |  | (56) |  |  | (163) |  |  | (214) |
Ending balance |  | $ | 5,746 |  | $ | 5,506 |  | $ | 1,680 |  | $ | 1,877 |  | $ | 611 |  | $ | 547 |
Amounts relating to pension plans with accumulated benefit obligations in excess of plan assets | The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 31:
|  | Qualified and Non-qualified Pension Plans |
|  | United States |  | International |
(Millions) |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Projected benefit obligation |  | $ | 17,350 |  | $ | 16,202 |  | $ | 2,687 |  | $ | 2,590 |
Accumulated benefit obligation |  |  | 16,260 |  |  | 15,149 |  |  | 2,449 |  |  | 2,351 |
Fair value of plan assets |  |  | 15,671 |  |  | 14,081 |  |  | 1,731 |  |  | 1,635 |
Components of net periodic benefit cost (benefit) | Components of net periodic cost and other amounts recognized in other comprehensive income The service cost component of defined benefit net periodic benefit cost is recorded in cost of sales, selling, general and administrative expenses, and research, development and related expenses. As discussed in Note 5, the other components of net periodic benefit cost are reflected in other expense (income), net. Components of net periodic benefit cost and other supplemental information for the years ended December 31 follow:
|  | Qualified and Non-qualified |  |  |  |  |  |  |  |  |  |
|  | Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
(Millions) |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |
Net periodic benefit cost (benefit) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 268 |  | $ | 259 |  | $ | 293 |  | $ | 142 |  | $ | 133 |  | $ | 154 |  | $ | 52 |  | $ | 54 |  | $ | 75 |
Interest cost |  |  | 565 |  |  | 575 |  |  | 655 |  |  | 157 |  |  | 171 |  |  | 206 |  |  | 80 |  |  | 79 |  |  | 98 |
Expected return on plan assets |  |  | (1,035) |  |  | (1,043) |  |  | (1,069) |  |  | (292) |  |  | (309) |  |  | (308) |  |  | (86) |  |  | (90) |  |  | (91) |
Amortization of transition asset |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | — |  |  | — |
Amortization of prior service benefit |  |  | (23) |  |  | (24) |  |  | (24) |  |  | (13) |  |  | (13) |  |  | (13) |  |  | (53) |  |  | (55) |  |  | (42) |
Amortization of net actuarial loss |  |  | 388 |  |  | 354 |  |  | 409 |  |  | 126 |  |  | 91 |  |  | 144 |  |  | 56 |  |  | 61 |  |  | 73 |
Settlements, curtailments, special termination benefits and other |  |  | 2 |  |  | 4 |  |  | 2 |  |  | 4 |  |  | 4 |  |  | (6) |  |  | (4) |  |  | — |  |  | 1 |
Net periodic benefit cost (benefit) after settlements, curtailments, special termination benefits and other |  | $ | 165 |  | $ | 125 |  | $ | 266 |  | $ | 124 |  | $ | 76 |  | $ | 176 |  | $ | 45 |  | $ | 49 |  | $ | 114 |
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of transition asset |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |
Prior service cost (benefit) |  |  | — |  |  | 5 |  |  | — |  |  | 6 |  |  | (5) |  |  | 10 |  |  | (1) |  |  | — |  |  | (212) |
Amortization of prior service benefit |  |  | 23 |  |  | 24 |  |  | 24 |  |  | 13 |  |  | 13 |  |  | 13 |  |  | 53 |  |  | 55 |  |  | 42 |
Net actuarial (gain) loss |  |  | 605 |  |  | 692 |  |  | 312 |  |  | (248) |  |  | 512 |  |  | (270) |  |  | 69 |  |  | 8 |  |  | (23) |
Amortization of net actuarial loss |  |  | (388) |  |  | (354) |  |  | (409) |  |  | (126) |  |  | (91) |  |  | (144) |  |  | (56) |  |  | (61) |  |  | (73) |
Foreign currency |  |  | — |  |  | — |  |  | — |  |  | 167 |  |  | (93) |  |  | (174) |  |  | — |  |  | — |  |  | (1) |
Total recognized in other comprehensive (income) loss |  | $ | 240 |  | $ | 367 |  | $ | (73) |  | $ | (188) |  | $ | 337 |  | $ | (564) |  | $ | 65 |  | $ | 2 |  | $ | (267) |
Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss |  | $ | 405 |  | $ | 492 |  | $ | 193 |  | $ | (64) |  | $ | 413 |  | $ | (388) |  | $ | 110 |  | $ | 51 |  | $ | (153) |
Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over next fiscal year | Amounts expected to be amortized from accumulated other comprehensive income into net periodic benefit costs over the next fiscal year
|  | Qualified and Non-qualified |  |  |  |
|  | Pension Benefits |  | Postretirement |
(Millions) |  | United States |  | International |  | Benefits |
Amortization of transition (asset) obligation |  | $ | — |  | $ | — |  | $ | — |
Amortization of prior service cost (benefit) |  |  | (23) |  |  | (13) |  |  | (40) |
Amortization of net actuarial (gain) loss |  |  | 503 |  |  | 116 |  |  | 62 |
Total amortization expected over the next fiscal year |  | $ | 480 |  | $ | 103 |  | $ | 22 |
Weighted-average assumptions used to determine benefit obligations and net cost | Weighted-average assumptions used to determine benefit obligations as of December 31
|  | Qualified and Non-qualified Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
|  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |
Discount rate |  | 3.68 | % | 4.21 | % | 4.47 | % | 2.41 | % | 2.54 | % | 3.12 | % | 3.79 | % | 4.26 | % | 4.48 | %
Compensation rate increase |  | 4.10 | % | 4.10 | % | 4.10 | % | 2.89 | % | 2.90 | % | 2.90 | % | N/A |  | N/A |  | N/A |
Weighted-average assumptions used to determine net cost for years ended December 31
|  | Qualified and Non-qualified Pension Benefits |  | Postretirement |
|  | United States |  | International |  | Benefits |
|  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015 |
Discount rate - service cost |  | 4.42 | % | 4.70 | % | 4.10 | % | 2.32 | % | 2.84 | % | 3.11 | % | 4.50 | % | 4.70 | % | 4.07 | %
Discount rate - interest cost |  | 3.61 | % | 3.73 | % | 4.10 | % | 2.25 | % | 2.72 | % | 3.11 | % | 3.80 | % | 3.80 | % | 4.07 | %
Expected return on assets |  | 7.25 | % | 7.50 | % | 7.75 | % | 5.16 | % | 5.77 | % | 5.90 | % | 6.48 | % | 6.91 | % | 6.91 | %
Compensation rate increase |  | 4.10 | % | 4.10 | % | 4.10 | % | 2.90 | % | 2.90 | % | 3.33 | % | N/A |  | N/A |  | N/A |
Estimated future pension and postretirement benefit payments | Future Pension and Postretirement Benefit Payments The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants.
|  | Qualified and Non-qualified |  |  |  |
|  | Pension Benefits |  | Postretirement |
(Millions) |  | United States |  | International |  | Benefits |
2018 Benefit Payments |  | $ | 1,074 |  | $ | 237 |  | $ | 139 |
2019 Benefit Payments |  |  | 1,090 |  |  | 251 |  |  | 148 |
2020 Benefit Payments |  |  | 1,102 |  |  | 260 |  |  | 157 |
2021 Benefit Payments |  |  | 1,110 |  |  | 278 |  |  | 166 |
2022 Benefit Payments |  |  | 1,126 |  |  | 285 |  |  | 174 |
Next five years |  |  | 5,724 |  |  | 1,640 |  |  | 843 |
Qualified and Non-qualified Pension Benefits | United States |
Defined Benefit Plans and Other Postretirement Benefit Plans |
Fair values of the assets held by the plans by asset category | The fair values of the assets held by the U.S. pension plans by asset class are as follows:
|  | Fair Value Measurements Using Inputs Considered as |  | Fair Value at |
(Millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Dec. 31, |
Asset Class |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equities |  | $ | 1,568 |  | $ | 1,522 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 1,568 |  | $ | 1,522 |
Non-U.S. equities |  |  | 1,527 |  |  | 1,179 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,527 |  |  | 1,179 |
Index and long/short equity funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 422 |  |  | 414 |
Total Equities |  | $ | 3,095 |  | $ | 2,701 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 3,517 |  | $ | 3,115 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 2,666 |  | $ | 1,701 |  | $ | 484 |  | $ | 560 |  | $ | — |  | $ | — |  | $ | 3,150 |  | $ | 2,261 |
Non-U.S. government securities |  |  | — |  |  | — |  |  | 168 |  |  | 146 |  |  | — |  |  | — |  |  | 168 |  |  | 146 |
Preferred and convertible securities |  |  | 4 |  |  | 4 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | 6 |  |  | 5 |
U.S. corporate bonds |  |  | 10 |  |  | 10 |  |  | 2,904 |  |  | 3,392 |  |  | — |  |  | — |  |  | 2,914 |  |  | 3,402 |
Non-U.S. corporate bonds |  |  | — |  |  | — |  |  | 614 |  |  | 672 |  |  | — |  |  | — |  |  | 614 |  |  | 672 |
Derivative instruments |  |  | — |  |  | (1) |  |  | 110 |  |  | (31) |  |  | — |  |  | — |  |  | 110 |  |  | (32) |
Other* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8 |  |  | 7 |
Total Fixed Income |  | $ | 2,680 |  | $ | 1,714 |  | $ | 4,282 |  | $ | 4,740 |  | $ | — |  | $ | — |  | $ | 6,970 |  | $ | 6,461 |
Private Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | (7) |  | $ | (83) |  | $ | (7) |  | $ | (83) |
Growth equity |  |  | 34 |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  | 19 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,062 |  |  | 2,188 |
Total Private Equity |  | $ | 34 |  | $ | 19 |  | $ | — |  | $ | — |  | $ | (7) |  | $ | (83) |  | $ | 2,089 |  | $ | 2,124 |
Absolute Return |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  | $ | — |  | $ | — |  | $ | (7) |  | $ | — |  | $ | — |  | $ | — |  | $ | (7) |
Fixed income and other |  |  | 31 |  |  | 29 |  |  | 102 |  |  | 78 |  |  | — |  |  | — |  |  | 133 |  |  | 107 |
Hedge fund/fund of funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,871 |  |  | 1,793 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 335 |  |  | 296 |
Total Absolute Return |  | $ | 31 |  | $ | 29 |  | $ | 102 |  | $ | 71 |  | $ | — |  | $ | — |  | $ | 2,339 |  | $ | 2,189 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 109 |  | $ | 55 |  | $ | 14 |  | $ | — |  | $ | 1 |  | $ | 2 |  | $ | 124 |  | $ | 57 |
Repurchase agreements and derivative margin activity |  |  | — |  |  | — |  |  | (502) |  |  | (545) |  |  | — |  |  | — |  |  | (502) |  |  | (545) |
Cash and cash equivalents, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,402 |  |  | 931 |
Total Cash and Cash Equivalents |  | $ | 109 |  | $ | 55 |  | $ | (488) |  | $ | (545) |  | $ | 1 |  | $ | 2 |  | $ | 1,024 |  | $ | 443 |
Total |  | $ | 5,949 |  | $ | 4,518 |  | $ | 3,896 |  | $ | 4,266 |  | $ | (6) |  | $ | (81) |  | $ | 15,939 |  | $ | 14,332 |
Other items to reconcile to fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (253) |  | $ | (251) |
Fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 15,686 |  | $ | 14,081 |
Qualified and Non-qualified Pension Benefits | International Qualified and Non-qualified Pension Benefits |
Defined Benefit Plans and Other Postretirement Benefit Plans |
Fair values of the assets held by the plans by asset category | The fair values of the assets held by the international pension plans by asset class are as follows:
|  | Fair Value Measurements Using Inputs Considered as |  | Fair Value at |
(Millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Dec. 31, |
Asset Class |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Growth equities |  | $ | 659 |  | $ | 605 |  | $ | 289 |  | $ | 214 |  | $ | — |  | $ | — |  | $ | 948 |  | $ | 819 |
Value equities |  |  | 597 |  |  | 575 |  |  | 43 |  |  | 28 |  |  | — |  |  | — |  |  | 640 |  |  | 603 |
Core equities |  |  | 62 |  |  | 55 |  |  | 790 |  |  | 583 |  |  | 4 |  |  | 4 |  |  | 856 |  |  | 642 |
Equities, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21 |  |  | 16 |
Total Equities |  | $ | 1,318 |  | $ | 1,235 |  | $ | 1,122 |  | $ | 825 |  | $ | 4 |  | $ | 4 |  | $ | 2,465 |  | $ | 2,080 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic government |  | $ | 362 |  | $ | 340 |  | $ | 256 |  | $ | 202 |  | $ | 4 |  | $ | 3 |  | $ | 622 |  | $ | 545 |
Foreign government |  |  | 168 |  |  | 142 |  |  | 338 |  |  | 353 |  |  | — |  |  | — |  |  | 506 |  |  | 495 |
Corporate debt securities |  |  | 63 |  |  | 51 |  |  | 1,072 |  |  | 888 |  |  | 10 |  |  | 9 |  |  | 1,145 |  |  | 948 |
Fixed income securities, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 976 |  |  | 641 |
Total Fixed Income |  | $ | 593 |  | $ | 533 |  | $ | 1,666 |  | $ | 1,443 |  | $ | 14 |  | $ | 12 |  | $ | 3,249 |  | $ | 2,629 |
Private Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate |  | $ | 36 |  | $ | 29 |  | $ | 74 |  | $ | 62 |  | $ | 3 |  | $ | 3 |  | $ | 113 |  | $ | 94 |
Real estate, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 36 |  |  | 34 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 68 |  |  | 63 |
Total Private Equity |  | $ | 36 |  | $ | 29 |  | $ | 74 |  | $ | 62 |  | $ | 3 |  | $ | 3 |  | $ | 217 |  | $ | 191 |
Absolute Return |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivatives |  | $ | — |  | $ | (4) |  | $ | 2 |  | $ | — |  | $ | — |  | $ | — |  | $ | 2 |  | $ | (4) |
Insurance |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 519 |  |  | 455 |  |  | 519 |  |  | 455 |
Other |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | 6 |  |  | 7 |  |  | 6 |
Other, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  | — |
Hedge funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 194 |  |  | 174 |
Total Absolute Return |  | $ | — |  | $ | (4) |  | $ | 2 |  | $ | — |  | $ | 526 |  | $ | 461 |  | $ | 723 |  | $ | 631 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 67 |  | $ | 99 |  | $ | 34 |  | $ | 18 |  | $ | — |  | $ | — |  | $ | 101 |  | $ | 117 |
Cash and cash equivalents, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3 |  |  | 4 |
Total Cash and Cash Equivalents |  | $ | 67 |  | $ | 99 |  | $ | 34 |  | $ | 18 |  | $ | — |  | $ | — |  | $ | 104 |  | $ | 121 |
Total |  | $ | 2,014 |  | $ | 1,892 |  | $ | 2,898 |  | $ | 2,348 |  | $ | 547 |  | $ | 480 |  | $ | 6,758 |  | $ | 5,652 |
Other items to reconcile to fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (21) |  | $ | (35) |
Fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,737 |  | $ | 5,617 |
Postretirement Benefits |
Defined Benefit Plans and Other Postretirement Benefit Plans |
Fair values of the assets held by the plans by asset category | The fair values of the assets held by the postretirement benefit plans by asset class are as follows:
|  | Fair Value Measurements Using Inputs Considered as |  | Fair Value at |
(Millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Dec. 31, |
Asset Class |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |  | 2017 |  | 2016 |
Equities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equities |  | $ | 465 |  | $ | 477 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 465 |  | $ | 477 |
Non-U.S. equities |  |  | 71 |  |  | 62 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 71 |  |  | 62 |
Index and long/short equity funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45 |  |  | 40 |
Total Equities |  | $ | 536 |  | $ | 539 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | 581 |  | $ | 579 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government securities |  | $ | 136 |  | $ | 102 |  | $ | 205 |  | $ | 191 |  | $ | — |  | $ | — |  | $ | 341 |  | $ | 293 |
Non-U.S. government securities |  |  | — |  |  | — |  |  | 9 |  |  | 9 |  |  | — |  |  | — |  |  | 9 |  |  | 9 |
U.S. corporate bonds |  |  | — |  |  | — |  |  | 159 |  |  | 172 |  |  | — |  |  | — |  |  | 159 |  |  | 172 |
Non-U.S. corporate bonds |  |  | — |  |  | — |  |  | 35 |  |  | 36 |  |  | — |  |  | — |  |  | 35 |  |  | 36 |
Derivative instruments |  |  | — |  |  | — |  |  | 4 |  |  | (1) |  |  | — |  |  | — |  |  | 4 |  |  | (1) |
Total Fixed Income |  | $ | 136 |  | $ | 102 |  | $ | 412 |  | $ | 407 |  | $ | — |  | $ | — |  | $ | 548 |  | $ | 509 |
Private Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | — |  | $ | (3) |  | $ | — |  | $ | (3) |
Growth equity |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 1 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 109 |  |  | 113 |
Total Private Equity |  | $ | 2 |  | $ | 1 |  | $ | — |  | $ | — |  | $ | — |  | $ | (3) |  | $ | 111 |  | $ | 111 |
Absolute Return |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income and other |  | $ | 1 |  | $ | 1 |  | $ | 4 |  | $ | 3 |  | $ | — |  | $ | — |  | $ | 5 |  | $ | 4 |
Hedge fund/fund of funds* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 76 |  |  | 72 |
Partnership investments* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14 |  |  | 12 |
Total Absolute Return |  | $ | 1 |  | $ | 1 |  | $ | 4 |  | $ | 3 |  | $ | — |  | $ | — |  | $ | 95 |  | $ | 88 |
Cash and Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 34 |  | $ | 44 |  | $ | 1 |  | $ | 3 |  | $ | — |  | $ | — |  | $ | 35 |  | $ | 47 |
Repurchase agreements and derivative margin activity |  |  | — |  |  | — |  |  | (20) |  |  | (22) |  |  | — |  |  | — |  |  | (20) |  |  | (22) |
Cash and cash equivalents, valued at net asset value* |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 57 |  |  | 38 |
Total Cash and Cash Equivalents |  | $ | 34 |  | $ | 44 |  | $ | (19) |  | $ | (19) |  | $ | — |  | $ | — |  | $ | 72 |  | $ | 63 |
Total |  | $ | 709 |  | $ | 687 |  | $ | 397 |  | $ | 391 |  | $ | — |  | $ | (3) |  | $ | 1,407 |  | $ | 1,350 |
Other items to reconcile to fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (10) |  | $ | 6 |
Fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,397 |  | $ | 1,356 |

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- Definition Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e2417-114920 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (s) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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