v2.4.0.6

Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2011

Defined Contribution Savings Plans

Expense recognized for defined contribution savings plans, included in compensation and benefits and discontinued operations in the consolidated statements of income

Years ended December 31		2011			2010			2009
U.S.		$	104		$	65		$	56
U.K.			43			35			38
		$	147		$	100		$	94

Pension Plans, Defined Benefit

Defined Benefit Plan Disclosure

Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status, for the U.S. plans and material international pension plans

		U.S.						International
(millions)		2011			2010			2011			2010
Change in projected benefit obligation
At January 1		$	2,376		$	2,139		$	4,812		$	4,500
Service cost			—			—			19			15
Interest cost			122			124			267			249
Participant contributions			—			—			1			1
Plan amendment			—			—			12			—
Plan transfer and acquisitions			—			—			17			203
Actuarial loss (gain)			51			34			(32	)		(101	)
Benefit payments			(115	)		(111	)		(181	)		(183	)
Change in discount rate			223			190			651			260
Foreign currency revaluation			—			—			17			(132	)
At December 31		$	2,657		$	2,376		$	5,583		$	4,812
Accumulated benefit obligation at end of year		$	2,657		$	2,376		$	5,508		$	4,737
Change in fair value of plan assets
At January 1		$	1,244		$	1,153		$	4,288		$	3,753
Actual return on plan assets			83			175			595			403
Participant contributions			—			—			1			1
Employer contributions			113			27			364			261
Plan transfer and acquisitions			—			—			13			192
Benefit payments			(115	)		(111	)		(181	)		(183	)
Foreign currency revaluation			—			—			18			(139	)
At December 31		$	1,325		$	1,244		$	5,098		$	4,288
Market related value at end of year		$	1,410		$	1,380		$	5,098		$	4,288

Amounts recognized in the Consolidated Statements of Financial Position

Amount recognized in Statement of Financial Position at December 31
Funded status		$	(1,332	)	$	(1,132	)	$	(485	)	$	(524	)
Unrecognized prior-service cost			—			—			28			17
Unrecognized loss			1,480			1,200			2,109			1,836
Net amount recognized		$	148		$	68		$	1,652		$	1,329

		U.S.						International
		2011			2010			2011			2010
Prepaid benefit cost (included in Other non-current assets)		$	—		$	—		$	159		$	59
Accrued benefit liability (included in Pension, other post retirement, and post employment liabilities)			(1,332	)		(1,132	)		(644	)		(583	)
Accumulated other comprehensive loss			1,480			1,200			2,137			1,853
Net amount recognized			148			68			1,652			1,329

Amounts recognized in Accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost

		U.S.						International
		2011			2010			2011			2010
Net loss		$	1,480		$	1,200		$	2,109		$	1,836
Prior service cost			—			—			28			17
		$	1,480		$	1,200		$	2,137		$	1,853

Components of net periodic benefit cost for the pension plans

		U.S.									International
		2011			2010			2009			2011			2010			2009
Service cost		$	—		$	—		$	—		$	19		$	15		$	18
Interest cost			122			124			125			267			249			236
Expected return on plan assets			(120	)		(118	)		(102	)		(287	)		(240	)		(234	)
Amortization of prior-service cost			—			—			(1	)		1			1			—
Amortization of net actuarial loss			31			24			28			53			54			41
Net periodic benefit cost		$	33		$	30		$	50		$	53		$	79		$	61

Weighted-average assumptions used to determine future benefit obligations and net periodic benefit cost

The weighted-average assumptions used to determine future benefit obligations are as follows:

		U.S.						International
		2011			2010			2011			2010
Discount rate			4.33 – 4.60	%		4.35 – 5.34	%		4.40 – 4.94	%		4.70 – 5.50	%
Rate of compensation increase			N/A			N/A			2.25 – 3.55	%		2.50 – 4.00	%

        The weighted-average assumptions used to determine the net periodic benefit cost are as follows:

		U.S.									International
		2011			2010			2009			2011			2010			2009
Discount rate			4.35 – 5.34	%		5.22% – 5.98	%		6.00 – 7.08	%		4.70 – 5.50	%		4.00 – 6.19	%		5.62 – 7.42	%
Expected return on plan assets			8.80			8.80			8.70			3.20 – 7.20			4.70 – 7.00			5.48 – 7.00
Rate of compensation increase			N/A			N/A			N/A			2.00 – 4.00			2.50 – 3.60			3.25 – 3.50

Estimated Future Benefit Payments

Estimated future benefit payments for plans are as follows at December 31, 2011 (in millions):

		U.S.			International
2012		$	137		$	164
2013			147			172
2014			142			180
2015			148			187
2016			146			198
2017 – 2021			753			990

U.S. Pension Plan

Defined Benefit Plan Disclosure

Fair values of pension plan assets

					Fair Value Measurements Using
Asset Category		Balance at December 31, 2011			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash and cash equivalents (1)		$	22		$	22		$	—		$	—
Equity investments: (2)
Large cap domestic			151			151			—			—
Small cap domestic			58			—			58			—
Large cap international			97			9			88			—
Equity derivatives			173			63			110			—
Fixed income investments: (3)
Corporate bonds			355			—			355			—
Government and agency bonds			116			—			116			—
Asset-backed securities			18			—			18			—
Fixed income derivatives			83			—			83			—
Other investments:
Alternative investments (4)			191			—			—			191
Commodity derivatives (5)			19			—			19			—
Real estate and REITS (6)			42			42			—			—
Total		$	1,325		$	287		$	847		$	191

(1)

Consists of cash and institutional short-term investment funds.

(2)

Consists of equity securities, equity derivatives, and pooled equity funds.

(3)

Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)

Consists of limited partnerships, private equity and hedge funds.

(5)

Consists of long-dated options on a commodity index.

(6)

Consists of exchange traded REITS.

					Fair Value Measurements Using
Asset Category		Balance at December 31, 2010			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Highly liquid debt instruments (1)		$	27		$	1		$	26		$	—
Equity investments: (2)
Large cap domestic			247			247			—			—
Small cap domestic			22			—			22			—
Large cap international			11			11			—			—
Small cap global			—			—			—			—
Equity derivatives			231			—			231			—
Fixed income investments: (3)
Corporate bonds			395			—			395			—
Government and agency bonds			50			—			50			—
Asset-backed securities			5			—			5			—
Fixed income derivatives			6			—			6			—
Other investments:
Alternative investments (4)			193			—			—			193
Commodity derivatives (5)			18			—			18			—
Real estate and REITS (6)			39			39			—			—
Total		$	1,244		$	298		$	753		$	193

(1)

Consists of cash and institutional short-term investment funds.

(2)

Consists of equity securities and equity derivatives.

(3)

Consists of corporate and government bonds, asset-backed securities, and fixed income derivatives.

(4)

Consists of limited partnerships, private equity and hedge funds.

(5)

Consists of long-dated options on a commodity index.

(6)

Consists of exchange traded REITS.

Changes in the Level 3 fair-value category

		Fair Value Measurement Using Level 3 Inputs
Balance at January 1, 2010		$	138
Actual return on plan assets:
Relating to assets still held at December 31, 2010			1
Relating to assets sold during 2010			8
Purchases, sales and settlements			35
Transfer in/(out) of level 3			11
Balance at December 31, 2010			193
Actual return on plan assets:
Relating to assets still held at December 31, 2011			(8	)
Relating to assets sold during 2011			1
Purchases, sales and settlements			5
Transfer in/(out) of Level 3			—
Balance at December 31, 2011		$	191

International Pension Plan

Defined Benefit Plan Disclosure

Fair values of pension plan assets

					Fair Value Measurements Using
		Balance at December 31, 2011			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash & cash equivalents		$	276		$	276		$	—		$	—
Equity investments:
Pooled funds: (1)
Global			960			—			960			—
Europe			347			—			347			—
North America			56			—			56			—
Equity securities — global (2)			128			128			—			—
Derivatives (2)			11			—			11			—
Fixed income investments:
Pooled funds (1)
Fixed income securities			823			—			823			—
Derivatives			21			—			21			—
Fixed income securities (3)			1,355			1,299			56			—
Annuities			419			—			—			419
Derivatives (3)			178			—			178			—
Other investments:
Pooled funds: (1)
Commodities			26			—			26			—
REITS			4			—			4			—
Real estate (4)			134			—			—			134
Derivatives			14			—			14			—
Alternative investments (5)			346			—			—			346
Total		$	5,098		$	1,703		$	2,496		$	899

(1)

Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)

Consists of equity securities and equity derivatives.

(3)

Consists of corporate and government bonds and fixed income derivatives.

(4)

Consists of property funds and trusts holding direct real estate investments.

(5)

Consists of limited partnerships, private equity and hedge funds.

					Fair Value Measurements Using
Asset Category		Balance at December 31, 2010			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Cash & cash equivalents		$	54		$	54		$	—		$	—
Equity investments:
Pooled funds: (1)
Global			823			—			661			162
Europe			574			—			574			—
North America			133			—			133			—
Asia Pacific			67			—			67			—
Other equity securities — global (2)			129			121			8			—
Fixed income investments:
Pooled funds (1)			947			—			907			40
Fixed income securities (3)			805			—			805			—
Annuities			380			—			—			380
Derivatives (3)			(28	)		—			(28	)		—
Other investments:
Pooled Funds: (1)
Commodities			34			—			34			—
REITS			8			—			8			—
Real estate (4)			127			—			—			127
Alternative investments (5)			235			—			17			218
Total		$	4,288		$	175		$	3,186		$	927

(1)

Consists of various equity, fixed income, commodity, and real estate mutual fund type investment vehicles.

(2)

Consists of equity securities and equity derivatives.

(3)

Consists of corporate and government bonds and fixed income derivatives.

(4)

Consists of property funds and trusts holding direct real estate investments.

(5)

Consists of limited partnerships, private equity and hedge funds.

Changes in the Level 3 fair-value category

		Fair Value Measurements Using Level 3 Inputs
		Global			Fixed			Annuities			Real Estate			Alternative Investments			Total
Balance at January 1, 2010		$	145		$	—		$	432		$	136		$	33		$	746
Actual return on plan assets:
Relating to assets still held at December 31, 2010			20			2			(38	)		9			7			—
Relating to assets sold during 2010			2			—			—			—			2			4
Purchases, sales and settlements			10			38			—			(12	)		176			212
Foreign Exchange			(15	)		—			(14	)		(6	)		—			(35	)
Balance at December 31, 2010			162			40			380			127			218			927
Actual return on plan assets:
Relating to assets still held at December 31, 2011			—			—			35			3			—			38
Relating to assets sold during 2011			—			—			—			—			1			1
Purchases, sales and settlements			—			—			—			2			86			88
Transfers in/(out) of Level 3 (1)			(162	)		(40	)		—			1			41			(160	)
Foreign Exchange			—			—			4			1			—			5
Balance at December 31, 2011		$	—		$	—		$	419		$	134		$	346		$	899

(1)

During 2011, a pooled global equity fund with a fair value of $162 million was transferred to Level 2 due to increased observability of the inputs. Additionally, a fund of funds with a fair value of $40 million was reclassified within Level 3 to be consistent with other similar fund of funds classified as Alternative Investments within the fair value hierarchy.

U.S. and Canadian Other Post-Retirement Benefits

Defined Benefit Plan Disclosure

Reconciliation of the changes in the benefit obligations and fair value of assets and a statement of the funded status, for the U.S. plans and material international pension plans

		2011			2010
Accumulated projected benefit obligation		$	134		$	119
Fair value of plan assets			20			22
Funded status			(114	)		(97	)
Unrecognized prior-service credit			(8	)		(11	)
Unrecognized loss			25			9
Net amount recognized		$	(97	)	$	(99	)

Other information related to the Company's other post-retirement benefit plans

		2011			2010			2009
Net periodic benefit cost recognized (millions)		$	6		$	4		$	4
Weighted-average discount rate used to determine future benefit obligations			4.33 – 5.00	%		4.92 – 6.00	%		5.90 – 6.19	%
Weighted-average discount rate used to determine net periodic benefit costs			4.92 – 6.00	%		5.90 – 6.19	%		6.22 – 7.50	%

X

- Definition

Disclosure of the change in the benefit obligation and the fair value of assets of pension plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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Disclosure of the costs related to the defined contribution plan.

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Disclosure of the net periodic benefit cost recognized, weighted-average discount rate used to determine future benefit obligations and weighted-average discount rate used to determine net periodic benefit costs for the other post-retirement benefits plan.

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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

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

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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.

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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.

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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.

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Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

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