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PENSION AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended
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Oct. 31, 2014
PENSION AND OTHER POSTRETIREMENT BENEFITS |
Components of Pension and Postretirement Benefit Costs | The components of net periodic pension cost and the assumptions related to the cost consisted of the following in millions of dollars and in percents:
|  | 2014 |  | 2013 |  | 2012 |
Pensions |  |  |  |  |  |  |
Service cost |  | $ | 244 |  | $ | 273 |  | $ | 220 |
Interest cost |  | 480 |  | 439 |  | 465 |
Expected return on plan assets |  | (776) |  | (778) |  | (787) |
Amortization of actuarial loss |  | 177 |  | 265 |  | 202 |
Amortization of prior service cost |  | 25 |  | 12 |  | 47 |
Early-retirement benefits |  |  |  |  |  | 3 |
Other postemployment benefits |  | 5 |  |  |  |  |
Settlements/curtailments |  | 9 |  | 2 |  | 10 |
Net cost |  | $ | 164 |  | $ | 213 |  | $ | 160 |
Weighted-average assumptions |  |  |  |  |  |  |
Discount rates |  | 4.5% |  | 3.8% |  | 4.4% |
Rate of compensation increase |  | 3.8% |  | 3.9% |  | 3.9% |
Expected long-term rates of return |  | 7.5% |  | 7.8% |  | 8.0% |
The components of net periodic postretirement benefits cost and the assumptions related to the cost consisted of the following in millions of dollars and in percents:
|  | 2014 |  | 2013 |  | 2012 |
Health care and life insurance |  |  |  |  |  |  |
Service cost |  | $ | 44 |  | $ | 58 |  | $ | 49 |
Interest cost |  | 267 |  | 255 |  | 281 |
Expected return on plan assets |  | (72) |  | (84) |  | (100) |
Amortization of actuarial loss |  | 33 |  | 141 |  | 136 |
Amortization of prior service credit |  | (3) |  | (8) |  | (15) |
Settlements/curtailments |  | (1) |  |  |  |  |
Net cost |  | $ | 268 |  | $ | 362 |  | $ | 351 |
Weighted-average assumptions |  |  |  |  |  |  |
Discount rates |  | 4.7% |  | 3.8% |  | 4.4% |
Expected long-term rates of return |  | 7.2% |  | 7.5% |  | 7.7% |
Schedule of Benefit Plan Costs Recorded in Net Income and Other Changes in Plan Assets and Benefit Obligations Recorded in Other Comprehensive Income | The previous pension cost in net income and other changes in plan assets and benefit obligations in other comprehensive income in millions of dollars were as follows:
|  | 2014 |  | 2013 |  | 2012 |
Pensions |  |  |  |  |  |  |
Net cost |  | $ | 164 |  | $ | 213 |  | $ | 160 |
Retirement benefit adjustments included in other comprehensive (income) loss: |  |  |  |  |  |  |
Net actuarial (gain) loss |  | 940 |  | (1,481) |  | 999 |
Prior service (credit) cost |  |  |  | (26) |  | 5 |
Amortization of actuarial loss |  | (177) |  | (265) |  | (202) |
Amortization of prior service cost |  | (25) |  | (12) |  | (47) |
Settlements/curtailments |  | (9) |  | (2) |  | (10) |
Total (gain) loss recognized in other comprehensive (income) loss |  | 729 |  | (1,786) |  | 745 |
Total recognized in comprehensive (income) loss |  | $ | 893 |  | $ | (1,573) |  | $ | 905 |
The previous postretirement benefits cost in net income and other changes in plan assets and benefit obligations in other comprehensive income in millions of dollars were as follows:
|  | 2014 |  | 2013 |  | 2012 |
Health care and life insurance |  |  |  |  |  |  |
Net cost |  | $ | 268 |  | $ | 362 |  | $ | 351 |
Retirement benefit adjustments included in other comprehensive (income) loss: |  |  |  |  |  |  |
Net actuarial (gain) loss |  | 748 |  | (1,165) |  | 335 |
Prior service (credit) cost |  | (370) |  | (2) |  | 2 |
Amortization of actuarial loss |  | (33) |  | (141) |  | (136) |
Amortization of prior service credit |  | 3 |  | 8 |  | 15 |
Settlements/curtailments |  | 1 |  |  |  |  |
Total (gain) loss recognized in other comprehensive (income) loss |  | 349 |  | (1,300) |  | 216 |
Total recognized in comprehensive (income) loss |  | $ | 617 |  | $ | (938) |  | $ | 567 |
Schedule of Benefit Plan Obligations, Funded Status and the Assumptions Related to Obligations | The benefit plan obligations, funded status and the assumptions related to the obligations at October 31 in millions of dollars follow:
|  | Pensions |  | Health Care and Life Insurance
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Change in benefit obligations |  |  |  |  |  |  |  |
Beginning of year balance |  | $ | (10,968) |  | $ | (11,834) |  | $ | (5,926) |  | $ | (7,023)
Service cost |  | (244) |  | (273) |  | (44) |  | (58)
Interest cost |  | (480) |  | (439) |  | (267) |  | (255)
Actuarial gain (loss) |  | (1,306) |  | 951 |  | (757) |  | 1,092
Amendments |  |  |  | 26 |  | 370 |  | 2
Benefits paid |  | 675 |  | 655 |  | 336 |  | 329
Health care subsidies |  |  |  |  |  | (22) |  | (16)
Other postemployment benefits |  | (5) |  |  |  |  |  |
Settlements/curtailments |  | 2 |  | 3 |  |  |  |
Foreign exchange and other |  | 136 |  | (57) |  | 6 |  | 3
End of year balance |  | (12,190) |  | (10,968) |  | (6,304) |  | (5,926)
Change in plan assets (fair value) |  |  |  |  |  |  |  |
Beginning of year balance |  | 11,008 |  | 10,017 |  | 1,157 |  | 1,287
Actual return on plan assets |  | 1,132 |  | 1,312 |  | 81 |  | 158
Employer contribution |  | 87 |  | 301 |  | 51 |  | 37
Benefits paid |  | (675) |  | (655) |  | (336) |  | (329)
Settlements/curtailments |  | (2) |  | (3) |  |  |  |
Foreign exchange and other |  | (103) |  | 36 |  | 4 |  | 4
End of year balance |  | 11,447 |  | 11,008 |  | 957 |  | 1,157
Funded status |  | $ | (743) |  | $ | 40 |  | $ | (5,347) |  | $ | (4,769)
Weighted-average assumptions |  |  |  |  |  |  |  |
Discount rates |  | 4.0% |  | 4.5% |  | 4.2% |  | 4.7%
Rate of compensation increase |  | 3.8% |  | 3.8% |  |  |  |
Schedule of Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income - Pretax | The amounts recognized at October 31 in millions of dollars consist of the following:
|  | Pensions |  | Health Care and Life Insurance
|  | 2014 |  | 2013 |  | 2014 |  | 2013
Amounts recognized in balance sheet |  |  |  |  |  |  |  |
Noncurrent asset |  | $ | 262 |  | $ | 551 |  |  |  |
Current liability |  | (51) |  | (58) |  | $ | (21) |  | $ | (21)
Noncurrent liability |  | (954) |  | (453) |  | (5,326) |  | (4,748)
Total |  | $ | (743) |  | $ | 40 |  | $ | (5,347) |  | $ | (4,769)
Amounts recognized in accumulated other comprehensive income – pretax |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 4,266 |  | $ | 3,512 |  | $ | 1,675 |  | $ | 960
Prior service cost (credit) |  | 42 |  | 67 |  | (407) |  | (41)
Total |  | $ | 4,308 |  | $ | 3,579 |  | $ | 1,268 |  | $ | 919
Schedule of Accumulated Other Comprehensive Income Expected to be Amortized as Net Expense (Income) During Fiscal 2015 | The amounts in accumulated other comprehensive income that are expected to be amortized as net expense (income) during fiscal 2015 in millions of dollars follow:
|  | Pensions |  | Health Care and Life Insurance
Net actuarial loss |  |  | $ | 222 |  |  |  | $ | 93 |
Prior service cost (credit) |  |  |  | 25 |  |  |  |  | (77) |
Total |  |  | $ | 247 |  |  |  | $ | 16 |
Schedule of Future Benefits Expected to be Paid from the Benefit Plans | The benefits expected to be paid from the benefit plans, which reflect expected future years of service, are as follows in millions of dollars:
|  | Pensions |  | Health Care and Life Insurance*
2015 |  | $ | 677 |  |  | $ | 327 |
2016 |  | 670 |  |  | 334 |
2017 |  | 677 |  |  | 350 |
2018 |  | 682 |  |  | 353 |
2019 |  | 684 |  |  | 353 |
2020 to 2024 |  | 3,485 |  |  | 1,754 |
* Net of prescription drug group benefit subsidy under Medicare Part D.
Fair Values of Pension Plan and Health Care Assets | The fair values of the pension plan assets at October 31, 2014 follow in millions of dollars:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Cash and short-term investments |  | $ | 1,085 |  | $ | 426 |  | $ | 659 |  |  |
Equity: |  |  |  |  |  |  |  |  |
U.S. equity securities |  | 3,084 |  | 3,084 |  |  |  |  |
U.S. equity funds |  | 42 |  | 4 |  | 38 |  |  |
International equity securities |  | 1,972 |  | 1,972 |  |  |  |  |
International equity funds |  | 456 |  | 74 |  | 382 |  |  |
Fixed Income: |  |  |  |  |  |  |  |  |
Government and agency securities |  | 436 |  | 412 |  | 24 |  |  |
Corporate debt securities |  | 324 |  | 1 |  | 323 |  |  |
Mortgage-backed securities |  | 96 |  | 11 |  | 85 |  |  |
Fixed income funds |  | 1,080 |  | 127 |  | 953 |  |  |
Real estate |  | 574 |  | 132 |  | 8 |  | $ | 434 |
Private equity/venture capital |  | 1,578 |  |  |  |  |  | 1,578 |
Hedge funds |  | 593 |  |  |  |  |  | 593 |
Other investments |  | 324 |  | 3 |  | 321 |  |  |
Derivative contracts - assets* |  | 322 |  | 14 |  | 308 |  |  |
Derivative contracts - liabilities** |  | (39) |  | (9) |  | (30) |  |  |
Receivables, payables and other |  | (3) |  | (3) |  |  |  |  |
Securities lending collateral |  | 847 |  |  |  | 847 |  |  |
Securities lending liability |  | (847) |  |  |  | (847) |  |  |
Securities sold short |  | (477) |  | (477) |  |  |  |  |
Total net assets |  | $ | 11,447 |  | $ | 5,771 |  | $ | 3,071 |  | $ | 2,605 |
* Includes contracts for interest rates of $246 million, foreign currency of $61 million, equity of $11 million and other of $4 million. ** Includes contracts for interest rates of $6 million, foreign currency of $25 million and other of $8 million.
The fair values of the health care assets at October 31, 2014 follow in millions of dollars:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Cash and short-term investments |  | $ | 55 |  | $ | 37 |  | $ | 18 |  |  |
Equity: |  |  |  |  |  |  |  |  |
U.S. equity securities |  | 223 |  | 223 |  |  |  |  |
U.S. equity funds |  | 87 |  | 87 |  |  |  |  |
International equity securities |  | 57 |  | 57 |  |  |  |  |
International equity funds |  | 121 |  |  |  | 121 |  |  |
Fixed Income: |  |  |  |  |  |  |  |  |
Government and agency securities |  | 164 |  | 159 |  | 5 |  |  |
Corporate debt securities |  | 33 |  |  |  | 33 |  |  |
Mortgage-backed securities |  | 13 |  |  |  | 13 |  |  |
Fixed income funds |  | 70 |  | 1 |  | 69 |  |  |
Real estate |  | 17 |  | 5 |  |  |  | $ | 12 |
Private equity/venture capital |  | 44 |  |  |  |  |  | 44 |
Hedge funds |  | 72 |  |  |  | 56 |  | 16 |
Other investments |  | 9 |  |  |  | 9 |  |  |
Derivative contracts - assets* |  | 5 |  |  |  | 5 |  |  |
Derivative contracts - liabilities** |  | (1) |  |  |  | (1) |  |  |
Receivables, payables and other |  | 1 |  | 1 |  |  |  |  |
Securities lending collateral |  | 126 |  |  |  | 126 |  |  |
Securities lending liability |  | (126) |  |  |  | (126) |  |  |
Securities sold short |  | (13) |  | (13) |  |  |  |  |
Total net assets |  | $ | 957 |  | $ | 557 |  | $ | 328 |  | $ | 72 |
* Includes contracts for interest rates of $3 million and foreign currency of $2 million. ** Includes contracts for foreign currency of $1 million. The fair values of the pension plan assets at October 31, 2013 follow in millions of dollars:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Cash and short-term investments |  | $ | 1,190 |  | $ | 317 |  | $ | 873 |  |  |
Equity: |  |  |  |  |  |  |  |  |
U.S. equity securities |  | 3,321 |  | 3,321 |  |  |  |  |
U.S. equity funds |  | 47 |  | 5 |  | 42 |  |  |
International equity securities |  | 1,953 |  | 1,953 |  |  |  |  |
International equity funds |  | 481 |  | 68 |  | 413 |  |  |
Fixed Income: |  |  |  |  |  |  |  |  |
Government and agency securities |  | 391 |  | 370 |  | 21 |  |  |
Corporate debt securities |  | 278 |  |  |  | 278 |  |  |
Mortgage-backed securities |  | 106 |  | 14 |  | 92 |  |  |
Fixed income funds |  | 601 |  | 91 |  | 510 |  |  |
Real estate |  | 550 |  | 110 |  | 12 |  | $ | 428 |
Private equity/venture capital |  | 1,416 |  |  |  |  |  | 1,416 |
Hedge funds |  | 529 |  |  |  | 379 |  | 150 |
Other investments |  | 389 |  | 3 |  | 386 |  |  |
Derivative contracts - assets* |  | 769 |  | 10 |  | 759 |  |  |
Derivative contracts - liabilities** |  | (591) |  | (6) |  | (585) |  |  |
Receivables, payables and other |  | 14 |  | 14 |  |  |  |  |
Securities lending collateral |  | 716 |  |  |  | 716 |  |  |
Securities lending liability |  | (716) |  |  |  | (716) |  |  |
Securities sold short |  | (436) |  | (436) |  |  |  |  |
Total net assets |  | $ | 11,008 |  | $ | 5,834 |  | $ | 3,180 |  | $ | 1,994 |
* Includes contracts for interest rates of $749 million, foreign currency of $10 million, equity of $9 million and other of $1 million. ** Includes contracts for interest rates of $563 million, foreign currency of $22 million and other of $6 million. The fair values of the health care assets at October 31, 2013 follow in millions of dollars:
|  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Cash and short-term investments |  | $ | 58 |  | $ | 29 |  | $ | 29 |  |  |
Equity: |  |  |  |  |  |  |  |  |
U.S. equity securities |  | 298 |  | 298 |  |  |  |  |
U.S. equity funds |  | 84 |  | 84 |  |  |  |  |
International equity securities |  | 71 |  | 71 |  |  |  |  |
International equity funds |  | 187 |  |  |  | 187 |  |  |
Fixed Income: |  |  |  |  |  |  |  |  |
Government and agency securities |  | 184 |  | 180 |  | 4 |  |  |
Corporate debt securities |  | 33 |  |  |  | 33 |  |  |
Mortgage-backed securities |  | 11 |  |  |  | 11 |  |  |
Fixed income funds |  | 58 |  |  |  | 58 |  |  |
Real estate |  | 52 |  | 6 |  | 31 |  | $ | 15 |
Private equity/venture capital |  | 48 |  |  |  |  |  | 48 |
Hedge funds |  | 71 |  |  |  | 66 |  | 5 |
Other investments |  | 13 |  |  |  | 13 |  |  |
Derivative contracts - assets* |  | 4 |  |  |  | 4 |  |  |
Derivative contracts - liabilities** |  | (1) |  |  |  | (1) |  |  |
Receivables, payables and other |  | 1 |  | 1 |  |  |  |  |
Securities lending collateral |  | 109 |  |  |  | 109 |  |  |
Securities lending liability |  | (109) |  |  |  | (109) |  |  |
Securities sold short |  | (15) |  | (15) |  |  |  |  |
Total net assets |  | $ | 1,157 |  | $ | 654 |  | $ | 435 |  | $ | 68 |
* Includes contracts for interest rates of $3 million and foreign currency of $1 million. ** Includes contracts for foreign currency of $1 million.
Reconciliation of Level 3 Fair Value Measurements for Pension and Health Care Assets | A reconciliation of Level 3 pension and health care asset fair value measurements in millions of dollars follows:
|  | Total |  | Real Estate |  | Private Equity/ Venture Capital |  | Hedge Funds
October 31, 2012* |  | $ | 1,969 |  | $ | 436 |  | $ | 1,373 |  | $ | 160
Realized gain |  | 58 |  |  |  | 51 |  | 7
Change in unrealized gain |  | 220 |  | 68 |  | 142 |  | 10
Purchases, sales and settlements - net |  | (185) |  | (61) |  | (102) |  | (22)
October 31, 2013* |  | 2,062 |  | 443 |  | 1,464 |  | 155
Realized gain |  | 105 |  | 1 |  | 77 |  | 27
Change in unrealized gain (loss) |  | 153 |  | 20 |  | 145 |  | (12)
Purchases, sales and settlements - net |  | 212 |  | (18) |  | (64) |  | 294
Transfers in |  | 145 |  |  |  |  |  | 145
October 31, 2014* |  | $ | 2,677 |  | $ | 446 |  | $ | 1,622 |  | $ | 609
* Health care Level 3 assets represent approximately 3 percent to 4 percent of the reconciliation amounts for 2014, 2013 and 2012.

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- Definition The disclosure of the amounts recognized in the statement of financial position and accumulated other comprehensive income, pretax, for defined benefit pension and other postretirement benefit plans, showing separately assets and liabilities, net actuarial losses or gains and prior service cost or credit. + References No definition available. + Details
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- Definition The disclosure of the changes in benefit obligations and plan assets, and assumptions related to defined benefit pension and other postretirement benefit plans. + References No definition available. + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Table also includes related weighted average assumptions. + References No definition available. + 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=35743120&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=35743120&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
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- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + 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)(4) -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + 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 (f) -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e1928-114920 + Details
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