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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Pension Plans

Projected Benefit Obligations, Plan Assets and Funded Status of Pension Plans

The projected benefit obligations, plan assets and funded status of our pension plans were:

		U.S. Plans								Non-U.S. Plans
		2014				2013				2014				2013
		(in millions)
Benefit obligation at January 1		$	1,266			$	1,389			$	9,920			$	9,786
Service cost			57				71				184				172
Interest cost			67				60				388				358
Benefits paid			(20	)			(14	)			(446	)			(420	)
Settlements paid			(52	)			(59	)			–				–
Actuarial (gains) / losses			266				(182	)			1,604				(184	)
Currency			–				–				(949	)			183
Other			22				1				153				25
Benefit obligation at December 31			1,606				1,266				10,854				9,920
Fair value of plan assets at January 1			1,118				903				8,122				7,381
Actual return on plan assets			159				111				971				675
Contributions			11				178				353				350
Benefits paid			(20	)			(14	)			(446	)			(420	)
Settlements paid			(52	)			(59	)			–				–
Currency			–				–				(681	)			136
Other			–				(1	)			43				–
Fair value of plan assets at December 31			1,216				1,118				8,362				8,122
Net pension liability at December 31		$	(390	)		$	(148	)		$	(2,492	)		$	(1,798	)

Pension Plans Resulted in Net Pension Liability

We recognized these amounts in our consolidated balance sheets as follows:

		As of December 31,
		2014				2013
		(in millions)
Prepaid pension assets		$	53			$	54
Other accrued liabilities			(23	)			(38	)
Accrued pension costs			(2,912	)			(1,962	)
		$	(2,882	)		$	(1,946	)

Projected Benefit Obligations, Accumulated Benefit Obligations and Fair Value of Plan Assets

For these plans, the projected benefit obligations, accumulated benefit obligations and the fair value of plan assets were:

		U.S. Plans								Non-U.S. Plans
		As of December 31,								As of December 31,
		2014				2013				2014				2013
		(in millions)
Projected benefit obligation		$	1,606			$	86			$	10,108			$	8,379
Accumulated benefit obligation			1,474				73				9,763				8,197
Fair value of plan assets			1,216				2				7,576				6,571

Components of Net Costs

Net pension cost consisted of the following:

		U.S. Plans												Non-U.S. Plans
		For the Years Ended December 31,												For the Years Ended December 31,
		2014				2013				2012				2014				2013				2012
		(in millions)
Service cost		$	57			$	71			$	142			$	184			$	172			$	172
Interest cost			67				60				275				388				358				425
Expected return on plan assets			(81	)			(67	)			(358	)			(485	)			(435	)			(494	)
Amortization:
Net loss from experience differences			29				55				253				106				136				121
Prior service cost			2				2				6				–				1				3
Other expenses			28				1				113				14				3				22
Net pension costs related to discontinued operations			–				–				(263	)			–				–				(29	)
Net pension cost included in continuing operations		$	102			$	122			$	168			$	207			$	235			$	220

Fair Values of Pension Plan Assets

The fair value of pension plan assets was determined using the following fair value measurements:

		As of December 31, 2014
						Quoted Prices				Significant
Asset Category		Total Fair Value				in Active Markets for Identical Assets (Level 1)				Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(in millions)
U.S. equity securities		$	124			$	124			$	–			$	–
Non-U.S. equity securities			698				698				–				–
Pooled funds - equity securities			2,192				538				1,654				–
Total equity securities			3,014				1,360				1,654				–
Government bonds			2,283				234				2,049				–
Pooled funds - fixed-income securities			1,151				311				743				97
Corporate bonds and other fixed-income securities			1,174				314				111				749
Total fixed-income securities			4,608				859				2,903				846
Real estate			406				110				4				292
Hedge funds			829				–				–				829
Private equity			237				–				–				237
Cash			253				246				7				–
Other			157				124				30				3
Total		$	9,504			$	2,699			$	4,598			$	2,207

		As of December 31, 2013
						Quoted Prices				Significant
Asset Category		Total Fair Value				in Active Markets for Identical Assets (Level 1)				Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(in millions)
U.S. equity securities		$	104			$	104			$	–			$	–
Non-U.S. equity securities			665				665				–				–
Pooled funds - equity securities			2,571				799				1,772				–
Total equity securities			3,340				1,568				1,772				–
Government bonds			1,560				308				1,252				–
Pooled funds - fixed-income securities			1,176				311				850				15
Corporate bonds and other fixed-income securities			1,350				108				462				780
Total fixed-income securities			4,086				727				2,564				795
Real estate			381				110				4				267
Hedge funds			820				–				–				820
Private equity			227				–				–				227
Cash			251				251				–				–
Other			54				–				54				–
Total		$	9,159			$	2,656			$	4,394			$	2,109

The percentage of fair value of pension plan assets was:

		U.S. Plans								Non-U.S. Plans
		As of December 31,								As of December 31,
Asset Category		2014				2013				2014				2013
Equity securities			45%				53%				30%				34%
Fixed-income securities			52%				44%				48%				45%
Real estate			3%				3%				4%				4%
Hedge funds			–				–				10%				10%
Private equity			–				–				3%				3%
Cash			–				–				3%				3%
Other			–				–				2%				1%
Total			100%				100%				100%				100%

Schedule of Changes in Level 3 Plan Assets

Changes in our Level 3 plan assets, which are recorded in other comprehensive earnings / (losses), included:

Asset Category		January 1, 2014 Balance				Net Realized and Unrealized Gains/(Losses)				Net Purchases, Issuances and Settlements				Net Transfers Into/(Out of) Level 3				Currency Impact				December 31, 2014 Balance
		(in millions)
Pooled funds- fixed-income securities		$	15			$	(15	)		$	15			$	87			$	(5	)		$	97
Corporate bond and other fixed-income securities			780				80				(64	)			–				(47	)			749
Real estate			267				37				(2	)			10				(20	)			292
Hedge funds			820				40				20				–				(51	)			829
Private equity			227				45				(19	)			2				(15	)			240
Total Level 3 investments		$	2,109			$	187			$	(50	)		$	99			$	(138	)		$	2,207
Asset Category		January 1, 2013 Balance				Net Realized and Unrealized Gains/(Losses)				Net Purchases, Issuances and Settlements				Net Transfers Into/(Out of) Level 3				Currency Impact				December 31, 2013 Balance
		(in millions)
Pooled funds- fixed-income securities		$	10			$	(1	)		$	2			$	4			$	–			$	15
Corporate bond and other fixed-income securities			794				17				(48	)			(1	)			18				780
Real estate			239				10				12				–				6				267
Hedge funds			263				(11	)			535				–				33				820
Private equity			210				15				(4	)			–				6				227
Total Level 3 investments		$	1,516			$	30			$	497			$	3			$	63			$	2,109

Estimated Future Benefit Payments

The estimated future benefit payments from our pension plans at December 31, 2014 were (in millions):

Year ending:		2015				2016				2017				2018				2019				2020-2024
U.S. Plans		$	73			$	82			$	89			$	99			$	114			$	593
Non-U.S. Plans		$	434			$	437			$	451			$	462			$	476			$	2,569

Schedule of Individually Significant Multiemployer Pension Plan

The following is the only individually significant multiemployer plan we participate in as of December 31, 2014:

Expiration Date

Pension

FIP / RP

of Collective-

EIN / Pension

Protection Act

Status Pending /

Surcharge

Bargaining

Pension Fund

Plan Number

Zone Status

Implemented

Imposed

Agreements

Bakery and Confectionery Union and Industry International Pension Fund

526118572

Red

Implemented

Yes

2/29/2016

Defined Benefit Pension Plan Benefit Obligation

Weighted Average Assumptions

We used the following weighted-average assumptions to determine our benefit obligations under the pension plans:

		U.S. Plans								Non-U.S. Plans
		As of December 31,								As of December 31,
		2014				2013				2014				2013
Discount rate			4.20%				5.10%				2.99%				4.00%
Expected rate of return on plan assets			7.25%				7.75%				5.96%				6.18%
Rate of compensation increase			4.00%				4.00%				3.26%				3.61%

Defined Benefit Pension Net Periodic Pension Cost

Weighted Average Assumptions

We used the following weighted-average assumptions to determine our net pension cost:

		U.S. Plans												Non-U.S. Plans
		For the Years Ended December 31,												For the Years Ended December 31,
		2014				2013				2012				2014				2013				2012
Discount rate			5.10%				4.20%				4.56%				4.03%				3.81%				4.62%
Expected rate of return on plan assets			7.75%				7.75%				8.00%				6.17%				6.08%				6.47%
Rate of compensation increase			4.00%				4.00%				4.00%				3.63%				3.47%				3.58%

Postretirement Benefit Plans

Weighted Average Assumptions

We used the following weighted-average assumptions to determine our net postretirement cost:

		U.S. Plans						Non-U.S. Plans
		For the Years Ended December 31,						For the Years Ended December 31,
		2014		2013		2012		2014		2013		2012
Discount rate		5.10%		4.20%		4.47%		5.17%		4.39%		4.14%
Health care cost trend rate		7.00%		7.50%		7.00%		5.11%		6.47%		6.21%

Components of Net Costs

Net postretirement health care costs consisted of the following:

		For the Years Ended December 31,
		2014				2013				2012
						(in millions)
Service cost		$	13			$	15			$	35
Interest cost			22				20				121
Amortization:
Net loss from experience differences			5				12				65
Prior service credit			(10	)			(12	)			(31	)
Other(1)			–				–				29
Net postretirement health care costs related to discontinued operations			–				–				(135	)
Net postretirement health care costs included within continuing operations		$	30			$	35			$	84

(1) In 2012, we recorded a $23 million unfunded U.S. postretirement plan obligation related to long-term disability benefits.

Estimated Future Benefit Payments

Our estimated future benefit payments for our postretirement health care plans at December 31, 2014 were (in millions):

Year ending:		2015		2016		2017		2018		2019		2020-2024
U.S. Plans		$7		$8		$10		$11		$13		$86
Non-U.S. Plans		$5		$6		$6		$6		$7		$38

Benefit Obligation of Postretirement Benefit Plans

The changes in and the amount of the accrued benefit obligation were:

		As of December 31,
		2014				2013
		(in millions)
Accrued benefit obligation at January 1		$	422			$	458
Service cost			13				15
Interest cost			22				20
Benefits paid			(9	)			(7	)
Plan amendments			–				(3	)
Currency			(11	)			(7	)
Assumption changes			75				(56	)
Actuarial (gains) / losses			14				(4	)
Other			12				6
Accrued benefit obligation at December 31		$	538			$	422

Weighted-Average Assumptions to Determine Benefit Obligations

We used the following weighted-average assumptions to determine our postretirement benefit obligations:

		U.S. Plans								Non-U.S. Plans
		As of December 31,								As of December 31,
		2014				2013				2014				2013
Discount rate			4.20%				5.10%				4.52%				4.81%
Health care cost trend rate assumed for next year			6.50%				7.00%				5.18%				4.76%
Ultimate trend rate			5.00%				5.00%				5.53%				5.54%
Year that the rate reaches the ultimate trend rate			2018				2018				2018				2019

Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

A one-percentage-point change in assumed health care cost trend rates would have the following effects:

		As of December 31, 2014
		One-Percentage-Point
		Increase				Decrease
		(in millions)
Effect on postretirement benefit obligation		$	90			$	(71	)
Effect on annual service and interest cost		$	6			$	(5	)

Postemployment Benefit Plans

Components of Net Costs

Net postemployment costs consisted of the following:

		For the Years Ended December 31,
		2014				2013				2012
						(in millions)
Service cost		$	9			$	8			$	12
Interest cost			6				5				8
Amortization of net (gains) / losses			–				(1	)			(3	)
Other			–				(1	)			3
Net postemployment costs related to discontinued operations			–				–				(5	)
Net postemployment costs included in continuing operations		$	15			$	11			$	15

Changes in Accumulated Postemployment Benefit Obligations

Our postemployment plans are primarily not funded. The changes in and the amount of the accrued benefit obligation at December 31, 2014 and 2013 were:

		2014				2013
		(in millions)
Accrued benefit obligation at January 1		$	103			$	100
Service cost			9				8
Interest cost			6				5
Benefits paid			(17	)			(21	)
Assumption changes			2				(2	)
Actuarial losses			(9	)			13
Accrued benefit obligation at December 31		$	94			$	103

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