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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2012
Compensation and Retirement Disclosure [Abstract] |
Summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and post-retirement plans | A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets):
(in millions) | Retirement Plans |  | Postretirement Plans
| 2012 |  | 2011 |  | 2012 |  | 2011
Net benefit obligation at beginning of year | $ | 1,834 |  |  | $ | 1,794 |  |  | $ | 129 |  |  | $ | 144 |
Service cost | 24 |  |  | 67 |  |  | 3 |  |  | 3 |
Interest cost | 93 |  |  | 99 |  |  | 5 |  |  | 6 |
Plan participants’ contributions | 1 |  |  | 1 |  |  | 5 |  |  | 5 |
Actuarial loss (gain) | 287 |  |  | 59 |  |  | 3 |  |  | (14 | )
Gross benefits paid | (71 | ) |  | (63 | ) |  | (17 | ) |  | (16 | )
Plan amendments 1 | — |  |  | (129 | ) |  | — |  |  | — |
Foreign currency effect | 11 |  |  | 3 |  |  | — |  |  | — |
Federal subsidy benefits received | — |  |  | — |  |  | 1 |  |  | 1 |
Other adjustments | (8 | ) |  | 3 |  |  | — |  |  | — |
Net benefit obligation at end of year | 2,171 |  |  | 1,834 |  |  | 129 |  |  | 129 |
Fair value of plan assets at beginning of year | 1,505 |  |  | 1,567 |  |  | — |  |  | — |
Actual return on plan assets | 212 |  |  | (31 | ) |  | — |  |  | — |
Employer contributions | 193 |  |  | 29 |  |  | 12 |  |  | 10 |
Plan participants’ contributions | 1 |  |  | 1 |  |  | 5 |  |  | 6 |
Gross benefits paid | (71 | ) |  | (63 | ) |  | (17 | ) |  | (16 | )
Foreign currency effect | 11 |  |  | 2 |  |  | — |  |  | — |
Fair value of plan assets at end of year | 1,851 |  |  | 1,505 |  |  | — |  |  | — |
Funded status | $ | (320 | ) |  | $ | (329 | ) |  | $ | (129 | ) |  | $ | (129 | )
Amounts recognized in consolidated balance sheets |  |  |  |  |  |  |
Non-current assets | $ | 97 |  |  | $ | 68 |  |  | $ | — |  |  | $ | — |
Current liabilities | (6 | ) |  | (6 | ) |  | (11 | ) |  | (9 | )
Non-current liabilities | (411 | ) |  | (391 | ) |  | (118 | ) |  | (120 | )
| $ | (320 | ) |  | $ | (329 | ) |  | $ | (129 | ) |  | $ | (129 | )
Accumulated benefit obligation | $ | 2,093 |  |  | $ | 1,773 |  |  |  |  |
Plans with accumulated benefit obligation in excess of the fair value of plan assets |  |  |  |  |  |  |
Projected benefit obligation | $ | 1,773 |  |  | $ | 1,487 |  |  |  |  |
Accumulated benefit obligation | $ | 1,756 |  |  | $ | 1,480 |  |  |  |  |
Fair value of plan assets | $ | 1,356 |  |  | $ | 1,090 |  |  |  |  |
Amounts recognized in accumulated other comprehensive loss, net of tax |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 455 |  |  | $ | 359 |  |  | $ | (3 | ) |  | $ | (5 | )
Prior service credit | (4 | ) |  | (6 | ) |  | (1 | ) |  | (2 | )
Total recognized | $ | 451 |  |  | $ | 353 |  |  | $ | (4 | ) |  | $ | (7 | )
1 | In December 2011, our Board of Directors approved a plan amendment that froze our U.S. ERP effective on April 1, 2012. This amendment decreased our pension benefit liabilities by $129 million, and resulted in an after-tax decrease in accumulated other comprehensive loss of $82 million. We also recorded an immaterial amount of pension plan curtailment expense in 2011 as a result of the plan amendment.
Components of net periodic cost for defined benefit plans and post-retirement healthcare and other benefits plan | A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows:
(in millions) | Retirement Plans |  | Postretirement Plans
| 2012 |  | 2011 |  | 2010 |  | 2012 |  | 2011 |  | 2010
Service cost | $ | 24 |  |  | $ | 67 |  |  | $ | 61 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |
Interest cost | 93 |  |  | 99 |  |  | 94 |  |  | 5 |  |  | 6 |  |  | 7 |
Expected return on assets | (124 | ) |  | (127 | ) |  | (112 | ) |  | — |  |  | — |  |  | — |
Amortization of: |  |  |  |  |  |  |  |  |  |  |
Actuarial loss | 32 |  |  | 31 |  |  | 15 |  |  | — |  |  | — |  |  | — |
Prior service credit | (1 | ) |  | — |  |  | — |  |  | (1 | ) |  | (1 | ) |  | (1 | )
Net periodic benefit cost | $ | 24 |  |  | $ | 70 |  |  | $ | 58 |  |  | $ | 7 |  |  | $ | 8 |  |  | $ | 9 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax | Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:
(in millions) | Retirement Plans |  | Postretirement Plans
| 2012 |  | 2011 |  | 2010 |  | 2012 |  | 2011 |  | 2010
Net actuarial loss (gain) | $ | 116 |  |  | $ | 65 |  |  | $ | 41 |  |  | $ | 2 |  |  | $ | (12 | ) |  | $ | (6 | )
Recognized actuarial gain | (20 | ) |  | (18 | ) |  | (9 | ) |  | — |  |  | — |  |  | — |
Prior service credit | 2 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |
Total recognized | $ | 98 |  |  | $ | 47 |  |  | $ | 32 |  |  | $ | 3 |  |  | $ | (11 | ) |  | $ | (5 | )
Assumptions |
| Retirement Plans |  | Postretirement Plans
| 2012 |  | 2011 |  | 2010 |  | 2012 |  | 2011 |  | 2010
Benefit obligation: 1 |  |  |  |  |  |  |  |  |  |  |
Discount rate | 4.1 | % |  | 5.1 | % |  | 5.4 | % |  | 3.45 | % |  | 4.45 | % |  | 4.7 | %
Compensation increase factor | N/A |  |  | 4.5 | % |  | 4.5 | % |  |  |  |  |  |
Net periodic cost: |  |  |  |  |  |  |  |  |  |  |
Weighted-average healthcare cost rate 2 |  |  |  |  |  |  | 7.5 | % |  | 8.0 | % |  | 8.0 | %
Discount rate - U.S. plan 3 | 5.1 | % |  | 5.4 | % |  | 5.95 | % |  | 4.45 | % |  | 4.65 | % |  | 5.3 | %
Discount rate - U.K. plan 3 | 5.1 | % |  | 5.5 | % |  | 5.9 | % |  |  |  |  |  |
Compensation increase factor - U.S. plan | 4.5 | % |  | 4.5 | % |  | 5.5 | % |  |  |  |  |  |
Compensation increase factor - U.K. plan | 5.85 | % |  | 6.25 | % |  | 6.25 | % |  |  |  |  |  |
Return on assets 4 | 7.75 | % |  | 8.0 | % |  | 8.0 | % |  |  |  |  |  |
1 | These assumptions for the retirement plans relate to our U.S. ERP and a compensation increase factor is no longer applicable for 2012 because there are no further salary increases as the U.S. ERP was frozen in April 2012.
2 | The assumed weighted-average healthcare cost trend rate will decrease ratably from 7.5% in 2012 to 5% in 2018 and remain at that level thereafter. Assumed healthcare cost trends have an effect on the amounts reported for the healthcare plans. A one percentage point change in assumed healthcare cost trend creates the following effects:
(in millions) | 1% point increase |  | 1% point decrease
Effect on postretirement obligation | $ | 4 |  |  | $ | (4 | )
3 | Effective January 1, 2013, we changed our discount rate assumption on our U.S. retirement plans to 4.1% from 5.1% in 2012 and changed our discount rate assumption on our U.K. plan to 4.8% from 5.1% in 2012.
4 | The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2013, we changed our return on assets assumption to 7.25% from 7.75% in 2012.
Effects created by one percentage point change in assumed healthcare cost trend |
(in millions) | 1% point increase |  | 1% point decrease
Effect on postretirement obligation | $ | 4 |  |  | $ | (4 | )
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy | Information about the expected cash flows for our retirement and postretirement plans and the impact of the Medicare subsidy is as follows:
(in millions) |  |  | Postretirement Plans 2
| Retirement Plans 1 |  | Gross payments |  | Retiree contributions |  | Medicare subsidy |  | Net payments
2013 | $ | 72 |  |  | $ | 19 |  |  | $ | (7 | ) |  | $ | (1 | ) |  | $ | 11 |
2014 | 75 |  |  | 21 |  |  | (8 | ) |  | (1 | ) |  | 12 |
2015 | 78 |  |  | 22 |  |  | (10 | ) |  | (1 | ) |  | 11 |
2016 | 82 |  |  | 24 |  |  | (12 | ) |  | (1 | ) |  | 11 |
2017 | 86 |  |  | 25 |  |  | (14 | ) |  | (1 | ) |  | 10 |
2018-2022 | 484 |  |  | 151 |  |  | (98 | ) |  | (3 | ) |  | 50 |
1 | Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost.
2 | Reflects the total benefits expected to be paid from our asset
Fair value of defined benefit plans assets by asset class | The fair value of our defined benefit plans assets as of December 31, 2012 and 2011, by asset class is as follows:
(in millions) | December 31, 2012
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and short-term investments, and other | $ | 180 |  |  | $ | 2 |  |  | $ | 178 |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |
U.S. indexes 1 | 399 |  |  | 119 |  |  | 280 |  |  | — |
U.S. growth and value | 344 |  |  | 307 |  |  | 37 |  |  | — |
U.K. | 154 |  |  | 85 |  |  | 69 |  |  | — |
International, excluding U.K. | 225 |  |  | 137 |  |  | 87 |  |  | 1 |
Fixed income securities: |  |  |  |  |  |  |
Long duration strategy 2 | 370 |  |  | — |  |  | 370 |  |  | — |
Intermediate duration securities | 3 |  |  | — |  |  | 3 |  |  | — |
Agency mortgage backed securities | 13 |  |  | — |  |  | 13 |  |  | — |
Asset backed securities | 10 |  |  | — |  |  | 10 |  |  | — |
Non-agency mortgage backed securities 3 | 52 |  |  | — |  |  | 52 |  |  | — |
U.K. 4 | 41 |  |  | — |  |  | 41 |  |  | — |
International, excluding U.K. | 43 |  |  | — |  |  | 43 |  |  | — |
Real estate: |  |  |  |  |  |  |
U.K. 5 | 17 |  |  | — |  |  | — |  |  | 17 |
Total | $ | 1,851 |  |  | $ | 650 |  |  | $ | 1,183 |  |  | $ | 18 |
(in millions) | December 31, 2011
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and short-term investments, and other | $ | 32 |  |  | $ | 2 |  |  | $ | 30 |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |
U.S. indexes 1 | 306 |  |  | 125 |  |  | 181 |  |  | — |
U.S. growth and value | 370 |  |  | 370 |  |  | — |  |  | — |
U.K. | 144 |  |  | 78 |  |  | 66 |  |  | — |
International, excluding U.K. | 297 |  |  | 157 |  |  | 139 |  |  | 1 |
Fixed income securities: |  |  |  |  |  |  |
Long duration strategy 2 | 195 |  |  | — |  |  | 195 |  |  | — |
Non-agency mortgage backed securities 3 | 66 |  |  | — |  |  | 66 |  |  | — |
U.K. 4 | 45 |  |  | — |  |  | 45 |  |  | — |
International, excluding U.K. | 28 |  |  | — |  |  | 28 |  |  | — |
Real estate: |  |  |  |  |  |  |
U.K. 5 | 22 |  |  | — |  |  | — |  |  | 22 |
Total | $ | 1,505 |  |  | $ | 732 |  |  | $ | 750 |  |  | $ | 23 |
1 | Includes securities that are tracked in the following indexes: S&P 500, S&P MidCap 400, S&P MidCap 400 Growth and S&P Smallcap 600.
2 | Includes securities that are investment grade obligations of issuers in the U.S.
3 | Includes U.S. mortgage-backed securities that are not backed by the U.S. government.
4 | Includes securities originated by the government of and other issuers from the U.K.
5 | Includes a fund which holds real estate properties in the U.
Information of plan assets using significant unobservable inputs | . The following tables details further information our plan assets where we have used significant unobservable inputs (Level 3):
(in millions) |
Beginning balance as of December 31, 2011 | $ | 23 |
Capital distributions | (5 | )
Ending balance as of December 31, 2012 | $ | 18 |

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