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Pension, Retiree Medical and Savings Plans | 12 Months Ended
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Dec. 26, 2015
General Discussion of Pension and Other Postretirement Benefits [Abstract] |
Pension, Retiree Medical and Savings Plans | Pension, Retiree Medical and Savings Plans In the fourth quarter of 2014, the Company offered certain former employees who had vested benefits in our U.S. defined benefit pension plans the option of receiving a one-time lump sum payment equal to the present value of the participant’s pension benefit (payable in cash or rolled over into a qualified retirement plan or IRA). In the fourth quarter of 2014, we made a discretionary contribution of $388 million to fund substantially all of these payments. The Company recorded a pre-tax non-cash settlement charge of $141 million ($88 million after-tax or $0.06 per share) in 2014 as a result of this transaction. See additional unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations. During 2014, we revised our mortality assumptions to include the impact of the new set of mortality tables issued by the Society of Actuaries, adjusted to reflect our experience and future expectations. This resulted in an increase in the projected benefit obligation of our U.S. pension and retiree medical programs. We also reviewed and revised other demographic assumptions to reflect recent experience. The net effect of these changes and certain plan design changes resulted in an increase of approximately $150 million in the projected benefit obligation at December 27, 2014. The provisions of both the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act are reflected in our retiree medical expenses and liabilities and were not material to our financial statements. Gains and losses resulting from actual experience differing from our assumptions, including the difference between the actual return on plan assets and the expected return on plan assets, and from changes in our assumptions are determined at each measurement date. If this net accumulated gain or loss exceeds 10% of the greater of the market-related value of plan assets or plan liabilities, a portion of the net gain or loss is included in expense for the following year based upon the average remaining service period of active plan participants, which is approximately 11 years for pension expense and approximately 8 years for retiree medical expense. The cost or benefit of plan changes that increase or decrease benefits for prior employee service (prior service cost/(credit)) is included in earnings on a straight-line basis over the average remaining service period of active plan participants. Selected financial information for our pension and retiree medical plans is as follows:
| Pension |  | Retiree Medical
| U.S. |  | International |  |  |  |
| 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Change in projected benefit liability |  |  |  |  |  |  |  |  |  |  |
Liability at beginning of year | $ | 13,409 |  |  | $ | 11,825 |  |  | $ | 3,247 |  |  | $ | 2,859 |  |  | $ | 1,439 |  |  | $ | 1,384 |
Service cost | 435 |  |  | 393 |  |  | 99 |  |  | 98 |  |  | 35 |  |  | 36 |
Interest cost | 546 |  |  | 580 |  |  | 115 |  |  | 131 |  |  | 52 |  |  | 58 |
Plan amendments | 16 |  |  | (122 | ) |  | 1 |  |  | — |  |  | — |  |  | (125 | )
Participant contributions | — |  |  | — |  |  | 2 |  |  | 3 |  |  | — |  |  | — |
Experience (gain)/loss | (583 | ) |  | 1,635 |  |  | (221 | ) |  | 512 |  |  | (115 | ) |  | 190 |
Benefit payments | (808 | ) |  | (349 | ) |  | (89 | ) |  | (86 | ) |  | (102 | ) |  | (101 | )
Settlement/curtailment gain | — |  |  | (577 | ) |  | (19 | ) |  | (25 | ) |  | — |  |  | — |
Special termination benefits | 18 |  |  | 24 |  |  | 1 |  |  | — |  |  | 1 |  |  | 3 |
Foreign currency adjustment | — |  |  | — |  |  | (264 | ) |  | (245 | ) |  | (10 | ) |  | (6 | )
Liability at end of year | $ | 13,033 |  |  | $ | 13,409 |  |  | $ | 2,872 |  |  | $ | 3,247 |  |  | $ | 1,300 |  |  | $ | 1,439 |
Change in fair value of plan assets |  |  |  |  |  |  |  |  |  |  |
Fair value at beginning of year | $ | 12,224 |  |  | $ | 11,462 |  |  | $ | 3,002 |  |  | $ | 2,777 |  |  | $ | 415 |  |  | $ | 406 |
Actual return on plan assets | (85 | ) |  | 1,254 |  |  | 77 |  |  | 401 |  |  | (2 | ) |  | 46 |
Employer contributions/funding | 66 |  |  | 434 |  |  | 96 |  |  | 157 |  |  | 43 |  |  | 64 |
Participant contributions | — |  |  | — |  |  | 2 |  |  | 3 |  |  | — |  |  | — |
Benefit payments | (808 | ) |  | (349 | ) |  | (89 | ) |  | (86 | ) |  | (102 | ) |  | (101 | )
Settlement | — |  |  | (577 | ) |  | (16 | ) |  | (24 | ) |  | — |  |  | — |
Foreign currency adjustment | — |  |  | — |  |  | (249 | ) |  | (226 | ) |  | — |  |  | — |
Fair value at end of year | $ | 11,397 |  |  | $ | 12,224 |  |  | $ | 2,823 |  |  | $ | 3,002 |  |  | $ | 354 |  |  | $ | 415 |
Funded status | $ | (1,636 | ) |  | $ | (1,185 | ) |  | $ | (49 | ) |  | $ | (245 | ) |  | $ | (946 | ) |  | $ | (1,024 | )
| Pension |  | Retiree Medical
| U.S. |  | International |  |  |  |
| 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Amounts recognized |  |  |  |  |  |  |  |  |  |  |
Other assets | $ | — |  |  | $ | 97 |  |  | $ | 56 |  |  | $ | 37 |  |  | $ | — |  |  | $ | — |
Other current liabilities | (47 | ) |  | (42 | ) |  | (1 | ) |  | (1 | ) |  | (63 | ) |  | (57 | )
Other liabilities | (1,589 | ) |  | (1,240 | ) |  | (104 | ) |  | (281 | ) |  | (883 | ) |  | (967 | )
Net amount recognized | $ | (1,636 | ) |  | $ | (1,185 | ) |  | $ | (49 | ) |  | $ | (245 | ) |  | $ | (946 | ) |  | $ | (1,024 | )
Amounts included in accumulated other comprehensive loss (pre-tax) |  |  |  |  |  |  |  |
Net loss/(gain) | $ | 3,065 |  |  | $ | 2,918 |  |  | $ | 733 |  |  | $ | 1,003 |  |  | $ | (138 | ) |  | $ | (49 | )
Prior service cost/(credit) | 1 |  |  | (18 | ) |  | (7 | ) |  | (7 | ) |  | (127 | ) |  | (166 | )
Total | $ | 3,066 |  |  | $ | 2,900 |  |  | $ | 726 |  |  | $ | 996 |  |  | $ | (265 | ) |  | $ | (215 | )
Components of the increase/(decrease) in net loss/(gain) included in accumulated other comprehensive loss |  |  |  |
Change in discount rate | $ | (593 | ) |  | $ | 1,424 |  |  | $ | (150 | ) |  | $ | 636 |  |  | $ | (42 | ) |  | $ | 98 |
Employee-related assumption changes | (35 | ) |  | 345 |  |  | 6 |  |  | (112 | ) |  | (37 | ) |  | 58 |
Liability-related experience different from assumptions | 51 |  |  | (104 | ) |  | (77 | ) |  | (12 | ) |  | (36 | ) |  | 34 |
Actual asset return different from expected return | 935 |  |  | (470 | ) |  | 97 |  |  | (225 | ) |  | 29 |  |  | (19 | )
Amortization and settlement of losses | (205 | ) |  | (316 | ) |  | (77 | ) |  | (61 | ) |  | (2 | ) |  | 4 |
Other, including foreign currency adjustments | (6 | ) |  | (30 | ) |  | (69 | ) |  | (72 | ) |  | (1 | ) |  | (2 | )
Total | $ | 147 |  |  | $ | 849 |  |  | $ | (270 | ) |  | $ | 154 |  |  | $ | (89 | ) |  | $ | 173 |
Accumulated benefit obligation at end of year | $ | 12,077 |  |  | $ | 12,206 |  |  | $ | 2,453 |  |  | $ | 2,721 |  |  |  |  |
The components of benefit expense are as follows:
| Pension |  | Retiree Medical
| U.S. |  | International |  |  |  |  |  |
| 2015 |  |  | 2014 |  |  | 2013 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Components of benefit expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 435 |  |  | $ | 393 |  |  | $ | 467 |  |  | $ | 99 |  |  | $ | 98 |  |  | $ | 111 |  |  | $ | 35 |  |  | $ | 36 |  |  | $ | 45 |
Interest cost | 546 |  |  | 580 |  |  | 527 |  |  | 115 |  |  | 131 |  |  | 118 |  |  | 52 |  |  | 58 |  |  | 54 |
Expected return on plan assets | (850 | ) |  | (784 | ) |  | (823 | ) |  | (174 | ) |  | (176 | ) |  | (157 | ) |  | (27 | ) |  | (27 | ) |  | (27 | )
Amortization of prior service (credit)/cost | (3 | ) |  | 21 |  |  | 18 |  |  | — |  |  | — |  |  | 1 |  |  | (39 | ) |  | (28 | ) |  | (23 | )
Amortization of net loss/(gain) | 205 |  |  | 175 |  |  | 289 |  |  | 71 |  |  | 53 |  |  | 66 |  |  | 2 |  |  | (4 | ) |  | 1 |
| 333 |  |  | 385 |  |  | 478 |  |  | 111 |  |  | 106 |  |  | 139 |  |  | 23 |  |  | 35 |  |  | 50 |
Settlement/curtailment loss/(gain) (a) | — |  |  | 141 |  |  | (4 | ) |  | 3 |  |  | 7 |  |  | 7 |  |  | — |  |  | — |  |  | — |
Special termination benefits | 18 |  |  | 24 |  |  | 22 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 3 |  |  | 2 |
Total | $ | 351 |  |  | $ | 550 |  |  | $ | 496 |  |  | $ | 115 |  |  | $ | 113 |  |  | $ | 146 |  |  | $ | 24 |  |  | $ | 38 |  |  | $ | 52 |
(a) | U.S. includes a pension lump sum settlement charge of $141 million in 2014. See additional unaudited information in “Items Affecting Comparability” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The estimated amounts to be amortized from accumulated other comprehensive loss into pre-tax expense in 2016 for our pension and retiree medical plans are as follows:
| Pension |  | Retiree Medical
| U.S. |  | International |  |
Net loss | $ | 168 |  |  | $ | 43 |  |  | $ | (2 | )
Prior service credit | (1 | ) |  | — |  |  | (37 | )
Total | $ | 167 |  |  | $ | 43 |  |  | $ | (39 | )
The following table provides the weighted-average assumptions used to determine projected benefit liability and benefit expense for our pension and retiree medical plans:
| Pension |  | Retiree Medical
| U.S. |  | International |  |  |  |  |  |
| 2015 |  |  | 2014 |  |  | 2013 |  |  | 2015 |  |  | 2014 |  |  | 2013 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Weighted-average assumptions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability discount rate | 4.5 | % |  | 4.2 | % |  | 5.0 | % |  | 4.0 | % |  | 3.8 | % |  | 4.7 | % |  | 4.2 | % |  | 3.8 | % |  | 4.6 | %
Expense discount rate | 4.2 | % |  | 5.0 | % |  | 4.2 | % |  | 3.8 | % |  | 4.7 | % |  | 4.4 | % |  | 3.8 | % |  | 4.3 | % |  | 3.7 | %
Expected return on plan assets | 7.5 | % |  | 7.5 | % |  | 7.8 | % |  | 6.5 | % |  | 6.6 | % |  | 6.6 | % |  | 7.5 | % |  | 7.5 | % |  | 7.8 | %
Liability rate of salary increases | 3.1 | % |  | 3.5 | % |  | 3.7 | % |  | 3.6 | % |  | 3.6 | % |  | 3.9 | % |  |  |  |  |  |
Expense rate of salary increases | 3.5 | % |  | 3.7 | % |  | 3.7 | % |  | 3.6 | % |  | 3.9 | % |  | 3.9 | % |  |  |  |  |  |
The following table provides selected information about plans with accumulated benefit obligation and total projected benefit liability in excess of plan assets:
| Pension |  | Retiree Medical
| U.S. |  | International |  |  |  |
| 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
Selected information for plans with accumulated benefit obligation in excess of plan assets |  |  |  |
Liability for service to date | $ | (6,536 | ) |  | $ | (661 | ) |  | $ | (155 | ) |  | $ | (333 | ) |  |  |  |
Fair value of plan assets | $ | 5,698 |  |  | $ | 2 |  |  | $ | 112 |  |  | $ | 288 |  |  |  |  |
Selected information for plans with projected benefit liability in excess of plan assets |  |  |  |  |  |
Benefit liability | $ | (13,033 | ) |  | $ | (7,385 | ) |  | $ | (511 | ) |  | $ | (2,865 | ) |  | $ | (1,300 | ) |  | $ | (1,439 | )
Fair value of plan assets | $ | 11,397 |  |  | $ | 6,103 |  |  | $ | 406 |  |  | $ | 2,583 |  |  | $ | 354 |  |  | $ | 415 |
Of the total projected pension benefit liability at year-end 2015, $780 million relates to plans that we do not fund because the funding of such plans does not receive favorable tax treatment. Future Benefit Payments and Funding Our estimated future benefit payments are as follows:
| 2016 |  |  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021-25 |
Pension | $ | 755 |  |  | $ | 780 |  |  | $ | 835 |  |  | $ | 880 |  |  | $ | 930 |  |  | $ | 5,335 |
Retiree medical (a) | $ | 120 |  |  | $ | 120 |  |  | $ | 120 |  |  | $ | 120 |  |  | $ | 115 |  |  | $ | 535 |
(a) | Expected future benefit payments for our retiree medical plans do not reflect any estimated subsidies expected to be received under the 2003 Medicare Act. Subsidies are expected to be approximately $2 to $3 million for each of the years from 2016 through 2020 and approximately $9 million in total for 2021 through 2025.
These future benefit payments to beneficiaries include payments from both funded and unfunded plans. In 2016, we expect to make pension and retiree medical contributions of approximately $215 million, with approximately $65 million for retiree medical benefits. Plan Assets Our pension plan investment strategy includes the use of actively managed accounts and is reviewed periodically in conjunction with plan liabilities, an evaluation of market conditions, tolerance for risk and cash requirements for benefit payments. This strategy is also applicable to funds held for the retiree medical plans. Our investment objective includes ensuring that funds are available to meet the plans’ benefit obligations when they become due. Our overall investment policy is to prudently invest plan assets in a well-diversified portfolio of equity and high-quality debt securities and real estate to achieve our long-term return expectations. Our investment policy also permits the use of derivative instruments which are primarily used to reduce risk. For 2016 and 2015, our expected long-term rate of return on U.S. plan assets is 7.5%. Our target investment allocations for U.S. plan assets are as follows:
| 2016 |  |  | 2015 |
Fixed income | 40 | % |  | 40 | %
U.S. equity | 33 | % |  | 33 | %
International equity | 22 | % |  | 22 | %
Real estate | 5 | % |  | 5 | %
Actual investment allocations may vary from our target investment allocations due to prevailing market conditions. We regularly review our actual investment allocations and periodically rebalance our investments to our target allocations. The expected return on plan assets is based on our investment strategy and our expectations for long-term rates of return by asset class, taking into account volatility and correlation among asset classes and our historical experience. We also review current levels of interest rates and inflation to assess the reasonableness of the long-term rates. We evaluate our expected return assumptions annually to ensure that they are reasonable. To calculate the expected return on plan assets, our market-related value of assets for fixed income is the actual fair value. For all other asset categories, we use a method that recognizes investment gains or losses (the difference between the expected and actual return based on the market-related value of assets) over a five-year period. This has the effect of reducing year-to-year volatility. Contributions to our pension and retiree medical plans were as follows:
| Pension |  | Retiree Medical
| 2015 |  |  | 2014 |  |  | 2013 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Discretionary (a) | $ | — |  |  | $ | 407 |  |  | $ | 23 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Non-discretionary | 162 |  |  | 184 |  |  | 177 |  |  | 43 |  |  | 64 |  |  | 62 |
Total | $ | 162 |  |  | $ | 591 |  |  | $ | 200 |  |  | $ | 43 |  |  | $ | 64 |  |  | $ | 62 |
(a) | Includes $388 million in 2014 pertaining to pension lump sum payments.
Plan assets measured at fair value as of fiscal year-end 2015 and 2014 are categorized consistently by level in both years, and are as follows:
| 2015 |  | 2014
| Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
U.S. plan assets (a) |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
U.S. common stock (b) | $ | 1,415 |  |  | $ | 1,415 |  |  | $ | — |  |  | $ | — |  |  | $ | 966 |
U.S. commingled funds (c) (d) | 2,369 |  |  | — |  |  | 2,369 |  |  | — |  |  | 3,437 |
International common stock (b) | 1,203 |  |  | 1,203 |  |  | — |  |  | — |  |  | 1,488 |
International commingled fund (e) | 1,113 |  |  | — |  |  | 1,113 |  |  | — |  |  | 876 |
Preferred stock (f) | 9 |  |  | — |  |  | 9 |  |  | — |  |  | 22 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Government securities (f) | 1,181 |  |  | — |  |  | 1,181 |  |  | — |  |  | 1,279 |
Corporate bonds (f) (g) | 3,191 |  |  | — |  |  | 3,191 |  |  | — |  |  | 3,338 |
Mortgage-backed securities (f) | 207 |  |  | — |  |  | 207 |  |  | — |  |  | 274 |
Other: |  |  |  |  |  |  |  |  |
Contracts with insurance companies (h) | 7 |  |  | — |  |  | — |  |  | 7 |  |  | 6 |
Real estate commingled funds (i) | 735 |  |  | — |  |  | — |  |  | 735 |  |  | 629 |
Cash and cash equivalents | 267 |  |  | 267 |  |  | — |  |  | — |  |  | 267 |
Sub-total U.S. plan assets | 11,697 |  |  | $ | 2,885 |  |  | $ | 8,070 |  |  | $ | 742 |  |  | 12,582 |
Dividends and interest receivable | 54 |  |  |  |  |  |  |  |  | 57 |
Total U.S. plan assets | $ | 11,751 |  |  |  |  |  |  |  |  | $ | 12,639 |
International plan assets |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
U.S. common stock (b) | $ | 4 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |
U.S. commingled funds (c) | 198 |  |  | — |  |  | 198 |  |  | — |  |  | 373 |
International common stock (b) | 148 |  |  | 148 |  |  | — |  |  | — |  |  | 171 |
International commingled funds (e) | 1,142 |  |  | — |  |  | 1,142 |  |  | — |  |  | 918 |
Preferred stock (f) | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Fixed income securities: |  |  |  |  |  |  |  |  |
Government securities (f) | 433 |  |  | — |  |  | 433 |  |  | — |  |  | 454 |
Corporate bonds (f) | 439 |  |  | — |  |  | 439 |  |  | — |  |  | 320 |
Fixed income commingled funds (j) | 308 |  |  | — |  |  | 308 |  |  | — |  |  | 517 |
Other: |  |  |  |  |  |  |  |  |
Contracts with insurance companies (h) | 32 |  |  | — |  |  | — |  |  | 32 |  |  | 36 |
Currency commingled fund (k) | — |  |  | — |  |  | — |  |  | — |  |  | 87 |
Real estate commingled fund (i) | 100 |  |  | — |  |  | — |  |  | 100 |  |  | 92 |
Cash and cash equivalents | 12 |  |  | 12 |  |  | — |  |  | — |  |  | 21 |
Sub-total international plan assets | 2,816 |  |  | $ | 164 |  |  | $ | 2,520 |  |  | $ | 132 |  |  | 2,995 |
Dividends and interest receivable | 7 |  |  |  |  |  |  |  |  | 7 |
Total international plan assets | $ | 2,823 |  |  |  |  |  |  |  |  | $ | 3,002 |
(a) | 2015 and 2014 amounts include $354 million and $415 million, respectively, of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries.
(b) | Based on quoted market prices in active markets.
(c) | Based on the fair value of the investments owned by these funds that track various U.S. large, mid-cap and small company indices.
(d) | Includes one large-cap fund that represents 18% and 25% of total U.S. plan assets for 2015 and 2014, respectively.
(e) | Based on the fair value of the investments owned by these funds that track various non-U.S. equity indices.
(f) | Based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets.
(g) | Corporate bonds of U.S.-based companies represent 23% of total U.S. plan assets for both 2015 and 2014.
(h) | Based on the fair value of the contracts as determined by the insurance companies using inputs that are not observable.
(i) | Based on the appraised value of the investments owned by these funds as determined by independent third parties using inputs that are not observable.
(j) | Based on the fair value of the investments owned by these funds that track various government and corporate bond indices.
(k) | Based on the fair value of the investments owned by this fund that invests primarily in derivatives to hedge currency exposure.
The changes in Level 3 plan assets are as follows:
| Balance, Beginning 2014 |  | Return on Assets Held at Year-End |  | Purchases and Sales, Net |  | Balance, End of 2014 |  | Return on Assets Held at Year-End |  | Purchases and Sales, Net |  | Balance, End of 2015
Real estate commingled funds | $ | 635 |  |  | $ | 68 |  |  | $ | 18 |  |  | $ | 721 |  |  | $ | 99 |  |  | $ | 15 |  |  | $ | 835 |
Contracts with insurance companies | 40 |  |  | 2 |  |  | — |  |  | 42 |  |  | (3 | ) |  | — |  |  | 39 |
Total | $ | 675 |  |  | $ | 70 |  |  | $ | 18 |  |  | $ | 763 |  |  | $ | 96 |  |  | $ | 15 |  |  | $ | 874 |
Retiree Medical Cost Trend Rates
| 2016 |  | 2015
Average increase assumed | 6 | % |  | 6 | %
Ultimate projected increase (a) | 5 | % |  | 5 | %
Year of ultimate projected increase (a) | 2039 |  |  | 2025 |
(a) | During 2015, we revised our retiree trend assumption to reflect our experience and future expectations for changes in the cost of medical coverage, including a longer grade down period to the ultimate rate.
These assumed health care cost trend rates have an impact on the retiree medical plan expense and liability, however the cap on our share of retiree medical costs limits the impact. A 1-percentage-point change in the assumed health care trend rate would have the following effects:
| 1% Increase |  | 1% Decrease
2015 service and interest cost components | $ | 4 |  |  | $ | (3 | )
2015 benefit liability | $ | 40 |  |  | $ | (36 | )
Savings Plan Certain U.S. employees are eligible to participate in 401(k) savings plans, which are voluntary defined contribution plans. The plans are designed to help employees accumulate additional savings for retirement, and we make Company matching contributions for certain employees on a portion of eligible pay based on years of service. Certain U.S. salaried employees, who are not eligible to participate in a defined benefit pension plan, are also eligible to receive an employer contribution to the 401(k) savings plan based on age and years of service regardless of employee contribution. In 2015, 2014 and 2013, our total Company contributions were $148 million, $130 million and $122 million, respectively. For additional unaudited information on our pension and retiree medical plans and related accounting policies and assumptions, see “Our Critical Accounting Policies” in Management’s Discussion and Analysis of Financial Condition and Results of Operations.

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