v3.8.0.1

Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2017
Retirement Benefits [Abstract] |
Status of Employee Benefit Plans | The status of these plans as of December 31, 2017 and 2016 is summarized below:
|  | Pension Benefits |  | Other Postretirement Benefits
|  | 2017 |  | 2016 |  | 2017 |  | 2016
|  | (in millions)
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation at the beginning of period |  | $ | (12,917 | ) |  | $ | (12,221 | ) |  | $ | (2,084 | ) |  | $ | (2,159 | )
Service cost |  | (284 | ) |  | (253 | ) |  | (20 | ) |  | (19 | )
Interest cost |  | (476 | ) |  | (498 | ) |  | (82 | ) |  | (91 | )
Plan participants’ contributions |  | 0 |  |  | 0 |  |  | (30 | ) |  | (31 | )
Medicare Part D subsidy receipts |  | 0 |  |  | 0 |  |  | (9 | ) |  | (10 | )
Amendments |  | 0 |  |  | (3 | ) |  | (9 | ) |  | 0 |
Actuarial gains (losses), net |  | (871 | ) |  | (602 | ) |  | 69 |  |  | 46 |
Settlements |  | 57 |  |  | 24 |  |  | 0 |  |  | 0 |
Special termination benefits |  | (4 | ) |  | (2 | ) |  | 0 |  |  | 0 |
Benefits paid |  | 723 |  |  | 681 |  |  | 172 |  |  | 181 |
Foreign currency changes and other |  | (66 | ) |  | (43 | ) |  | (3 | ) |  | (1 | )
Benefit obligation at end of period |  | $ | (13,838 | ) |  | $ | (12,917 | ) |  | $ | (1,996 | ) |  | $ | (2,084 | )
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 12,861 |  |  | $ | 12,541 |  |  | $ | 1,531 |  |  | $ | 1,584 |
Actual return on plan assets |  | 1,329 |  |  | 883 |  |  | 212 |  |  | 82 |
Employer contributions |  | 202 |  |  | 187 |  |  | 14 |  |  | 15 |
Plan participants’ contributions |  | 0 |  |  | 0 |  |  | 30 |  |  | 31 |
Disbursement for settlements |  | (57 | ) |  | (24 | ) |  | 0 |  |  | 0 |
Benefits paid |  | (723 | ) |  | (681 | ) |  | (172 | ) |  | (181 | )
Foreign currency changes and other |  | 43 |  |  | (45 | ) |  | 0 |  |  | 0 |
Fair value of plan assets at end of period |  | $ | 13,655 |  |  | $ | 12,861 |  |  | $ | 1,615 |  |  | $ | 1,531 |
Funded status at end of period |  | $ | (183 | ) |  | $ | (56 | ) |  | $ | (381 | ) |  | $ | (553 | )
Amounts recognized in the Statements of Financial Position |  |  |  |  |  |  |  |
Prepaid benefit cost |  | $ | 2,645 |  |  | $ | 2,538 |  |  | $ | 0 |  |  | $ | 0 |
Accrued benefit liability |  | (2,828 | ) |  | (2,594 | ) |  | (381 | ) |  | (553 | )
Net amount recognized |  | $ | (183 | ) |  | $ | (56 | ) |  | $ | (381 | ) |  | $ | (553 | )
Items recorded in “Accumulated other comprehensive income (loss)” not yet recognized as a component of net periodic (benefit) cost: |  |  |  |  |  |  |  |
Transition obligation |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |
Prior service cost |  | (22 | ) |  | (25 | ) |  | 10 |  |  | 1 |
Net actuarial loss |  | 3,611 |  |  | 3,481 |  |  | 344 |  |  | 557 |
Net amount not recognized |  | $ | 3,589 |  |  | $ | 3,456 |  |  | $ | 354 |  |  | $ | 558 |
Accumulated benefit obligation |  | $ | (13,190 | ) |  | $ | (12,300 | ) |  | $ | (1,995 | ) |  | $ | (2,084 | )
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
|  | 2017 |  | 2016
|  | (in millions)
Projected benefit obligation |  | $ | 2,875 |  |  | $ | 2,638 |
Fair value of plan assets |  | $ | 47 |  |  | $ | 44 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
|  | 2017 |  | 2016
|  | (in millions)
Accumulated benefit obligation |  | $ | 2,655 |  |  | $ | 2,426 |
Fair value of plan assets |  | $ | 0 |  |  | $ | 4 |
Schedule of Net Benefit Costs | Net periodic (benefit) cost included in “General and administrative expenses” in the Company’s Consolidated Statements of Operations for the years ended December 31, includes the following components:
|  | Pension Benefits |  | Other Postretirement Benefits
|  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015
|  | (in millions)
Service cost |  | $ | 284 |  |  | $ | 253 |  |  | $ | 244 |  |  | $ | 20 |  |  | $ | 19 |  |  | $ | 20 |
Interest cost |  | 476 |  |  | 498 |  |  | 469 |  |  | 82 |  |  | 91 |  |  | 86 |
Expected return on plan assets |  | (781 | ) |  | (754 | ) |  | (775 | ) |  | (102 | ) |  | (105 | ) |  | (115 | )
Amortization of transition obligation |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Amortization of prior service cost |  | (3 | ) |  | (6 | ) |  | (8 | ) |  | 0 |  |  | (2 | ) |  | (5 | )
Amortization of actuarial (gain) loss, net |  | 191 |  |  | 181 |  |  | 168 |  |  | 36 |  |  | 41 |  |  | 38 |
Settlements |  | 13 |  |  | 7 |  |  | 5 |  |  | 0 |  |  | 0 |  |  | 0 |
Special termination benefits(1) |  | 4 |  |  | 2 |  |  | 4 |  |  | 0 |  |  | 0 |  |  | 0 |
Net periodic (benefit) cost |  | $ | 184 |  |  | $ | 181 |  |  | $ | 107 |  |  | $ | 36 |  |  | $ | 44 |  |  | $ | 24 |
__________
(1) | Certain employees were provided special termination benefits under non-qualified plans in the form of unreduced early retirement benefits as a result of their involuntary termination.
Schedule of Changes in Accumulated Other Comprehensive Income | The amounts recorded in AOCI as of the end of the period, which have not yet been recognized as a component of net periodic (benefit) cost, and the related changes in these items during the period that are recognized in “Other comprehensive income (loss)” are as follows:
|  | Pension Benefits |  | Other Postretirement Benefits
|  | Transition Obligation |  | Prior Service Cost |  | Net Actuarial (Gain) Loss |  | Transition Obligation |  | Prior Service Cost |  | Net Actuarial (Gain) Loss
|  | (in millions)
Balance, December 31, 2014 |  | $ | 0 |  |  | $ | (42 | ) |  | $ | 2,946 |  |  | $ | 0 |  |  | $ | (8 | ) |  | $ | 600 |
Amortization for the period |  | 0 |  |  | 8 |  |  | (168 | ) |  | 0 |  |  | 5 |  |  | (38 | )
Deferrals for the period |  | 0 |  |  | 0 |  |  | 405 |  |  | 0 |  |  | 2 |  |  | 63 |
Impact of foreign currency changes and other |  | 0 |  |  | 1 |  |  | (10 | ) |  | 0 |  |  | 0 |  |  | (4 | )
Balance, December 31, 2015 |  | 0 |  |  | (33 | ) |  | 3,173 |  |  | 0 |  |  | (1 | ) |  | 621 |
Amortization for the period |  | 0 |  |  | 6 |  |  | (181 | ) |  | 0 |  |  | 2 |  |  | (41 | )
Deferrals for the period |  | 0 |  |  | 3 |  |  | 473 |  |  | 0 |  |  | 0 |  |  | (23 | )
Impact of foreign currency changes and other |  | 0 |  |  | (1 | ) |  | 16 |  |  | 0 |  |  | 0 |  |  | 0 |
Balance, December 31, 2016 |  | 0 |  |  | (25 | ) |  | 3,481 |  |  | 0 |  |  | 1 |  |  | 557 |
Amortization for the period |  | 0 |  |  | 3 |  |  | (191 | ) |  | 0 |  |  | 0 |  |  | (36 | )
Deferrals for the period |  | 0 |  |  | 0 |  |  | 323 |  |  | 0 |  |  | 9 |  |  | (179 | )
Impact of foreign currency changes and other |  | 0 |  |  | 0 |  |  | (2 | ) |  | 0 |  |  | 0 |  |  | 2 |
Balance, December 31, 2017 |  | $ | 0 |  |  | $ | (22 | ) |  | $ | 3,611 |  |  | $ | 0 |  |  | $ | 10 |  |  | $ | 344 |
Amounts in AOCI to be recognized in next year | The amounts included in AOCI expected to be recognized as components of net periodic (benefit) cost in 2018 are as follows:
|  | Pension Benefits |  | Other Postretirement Benefits
|  | (in millions)
Amortization of prior service cost |  | $ | (4 | ) |  | $ | 1 |
Amortization of actuarial (gain) loss, net |  | 214 |  |  | 17 |
Total |  | $ | 210 |  |  | $ | 18 |
Schedule of Assumptions Used | The Company’s assumptions related to the calculation of the domestic benefit obligation (end of period) and the determination of net periodic (benefit) cost (beginning of period) are presented in the table below:
|  | Pension Benefits |  | Other Postretirement Benefits
|  | 2017 |  | 2016 |  | 2015 |  | 2017 |  | 2016 |  | 2015
Weighted average assumptions |  |  |  |  |  |  |  |  |  |  |  |
Discount rate (beginning of period) |  | 4.15 | % |  | 4.50 | % |  | 4.10 | % |  | 4.05 | % |  | 4.35 | % |  | 3.95 | %
Discount rate (end of period) |  | 3.65 | % |  | 4.15 | % |  | 4.50 | % |  | 3.60 | % |  | 4.05 | % |  | 4.35 | %
Rate of increase in compensation levels (beginning of period) |  | 4.50 | % |  | 4.50 | % |  | 4.50 | % |  | N/A |  |  | N/A |  |  | N/A |
Rate of increase in compensation levels (end of period) |  | 4.50 | % |  | 4.50 | % |  | 4.50 | % |  | N/A |  |  | N/A |  |  | N/A |
Expected return on plan assets (beginning of period) |  | 6.25 | % |  | 6.25 | % |  | 6.25 | % |  | 7.00 | % |  | 7.00 | % |  | 7.00 | %
Health care cost trend rates (beginning of period) |  | N/A |  |  | N/A |  |  | N/A |  |  | 6.60 | % |  | 7.00 | % |  | 6.66 | %
Health care cost trend rates (end of period) |  | N/A |  |  | N/A |  |  | N/A |  |  | 6.20 | % |  | 6.60 | % |  | 7.00 | %
For 2017, 2016 and 2015, the ultimate health care cost trend rate after gradual decrease until: 2021, 2021, 2019, (beginning of period) |  | N/A |  |  | N/A |  |  | N/A |  |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
For 2017, 2016 and 2015, the ultimate health care cost trend rate after gradual decrease until: 2024, 2021, 2021 (end of period) |  | N/A |  |  | N/A |  |  | N/A |  |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point increase and decrease in assumed health care cost trend rates would have the following effects:
|  | Other Postretirement Benefits
|  | (in millions)
One percentage point increase |  |
Increase in total service and interest costs |  | $ | 7 |
Increase in postretirement benefit obligation |  | 130 |
One percentage point decrease |  |
Decrease in total service and interest costs |  | $ | 5 |
Decrease in postretirement benefit obligation |  | 98 |
Schedule of Plans Assets-Fair Value and Allocation % (Target/Actual) | Asset allocation targets as of December 31, 2017 are as follows:
|  | Pension |  | Postretirement
|  | Minimum |  | Maximum |  | Minimum |  | Maximum
Asset Category |  |  |  |  |  |  |  |
U.S. Equities |  | 2 | % |  | 16 | % |  | 29 | % |  | 66 | %
International Equities |  | 2 | % |  | 17 | % |  | 2 | % |  | 24 | %
Fixed Maturities |  | 48 | % |  | 67 | % |  | 4 | % |  | 51 | %
Short-term Investments |  | 0 | % |  | 15 | % |  | 0 | % |  | 39 | %
Real Estate |  | 2 | % |  | 16 | % |  | 0 | % |  | 0 | %
Other |  | 0 | % |  | 17 | % |  | 0 | % |  | 0 | %
Pension plan asset allocations in accordance with the investment guidelines are as follows:
|  | As of December 31, 2017
|  | Level 1 |  | Level 2 |  | Level 3 |  | NAV Practical Expedient |  | Total
|  | (in millions)
U.S. Equities: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts(1) |  | $ | 0 |  |  | $ | 552 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 552 |
Common/collective trusts(1) |  | 0 |  |  | 79 |  |  | 0 |  |  | 0 |  |  | 79 |
Subtotal |  |  |  |  |  |  |  |  |  | 631 |
International Equities: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts(2) |  | 0 |  |  | 365 |  |  | 0 |  |  | 0 |  |  | 365 |
Common/collective trusts(3) |  | 0 |  |  | 315 |  |  | 0 |  |  | 0 |  |  | 315 |
United Kingdom insurance pooled funds(4) |  | 0 |  |  | 56 |  |  | 0 |  |  | 0 |  |  | 56 |
Subtotal |  |  |  |  |  |  |  |  |  | 736 |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts(5) |  | 0 |  |  | 1,319 |  |  | 38 |  |  | 0 |  |  | 1,357 |
Common/collective trusts(6) |  | 0 |  |  | 509 |  |  | 0 |  |  | 0 |  |  | 509 |
U.S. government securities (federal): |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 1 |
Other U.S. government securities |  | 0 |  |  | 1,402 |  |  | 0 |  |  | 0 |  |  | 1,402 |
U.S. government securities (state & other) |  | 0 |  |  | 556 |  |  | 0 |  |  | 0 |  |  | 556 |
Non-U.S. government securities |  | 0 |  |  | 10 |  |  | 0 |  |  | 0 |  |  | 10 |
United Kingdom insurance pooled funds(7) |  | 0 |  |  | 324 |  |  | 0 |  |  | 0 |  |  | 324 |
Corporate Debt: |  |  |  |  |  |  |  |  |  |
Corporate bonds(8) |  | 0 |  |  | 3,621 |  |  | 1 |  |  | 0 |  |  | 3,622 |
Asset-backed |  | 0 |  |  | 5 |  |  | 0 |  |  | 0 |  |  | 5 |
Collateralized Mortgage Obligations(9) |  | 0 |  |  | 492 |  |  | 0 |  |  | 0 |  |  | 492 |
Interest rate swaps (Notional amount: $1,498) |  | 0 |  |  | 12 |  |  | 0 |  |  | 0 |  |  | 12 |
Guaranteed investment contract |  | 0 |  |  | 47 |  |  | 0 |  |  | 0 |  |  | 47 |
Other(10) |  | 578 |  |  | 1 |  |  | 39 |  |  | 0 |  |  | 618 |
Unrealized gain (loss) on investment of securities |  |  |  |  |  |  |  |  |  |
lending collateral(11) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Subtotal |  |  |  |  |  |  |  |  |  | 8,955 |
Short-term Investments: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts |  | 0 |  |  | 56 |  |  | 0 |  |  | 0 |  |  | 56 |
United Kingdom insurance pooled funds |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 1 |
Subtotal |  |  |  |  |  |  |  |  |  | 57 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts(12) |  | 0 |  |  | 0 |  |  | 714 |  |  | 0 |  |  | 714 |
Partnerships |  | 0 |  |  | 0 |  |  | 0 |  |  | 435 |  |  | 435 |
Subtotal |  |  |  |  |  |  |  |  |  | 1,149 |
Other: |  |  |  |  |  |  |  |  |  |
Partnerships |  | 0 |  |  | 0 |  |  | 0 |  |  | 706 |  |  | 706 |
Hedge funds |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,421 |  |  | 1,421 |
Subtotal |  |  |  |  |  |  |  |  |  | 2,127 |
Total |  | $ | 578 |  |  | $ | 9,723 |  |  | $ | 792 |  |  | $ | 2,562 |  |  | $ | 13,655 |
|  | As of December 31, 2016
|  | Level 1 |  | Level 2 |  | Level 3 |  | NAV Practical Expedient |  | Total
|  | (in millions)
U.S. Equities: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts(1) |  | $ | 0 |  |  | $ | 472 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 472 |
Common/collective trusts(1) |  | 0 |  |  | 66 |  |  | 0 |  |  | 0 |  |  | 66 |
Subtotal |  |  |  |  |  |  |  |  |  | 538 |
International Equities: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts(2) |  | 0 |  |  | 269 |  |  | 0 |  |  | 0 |  |  | 269 |
Common/collective trusts(3) |  | 0 |  |  | 219 |  |  | 0 |  |  | 0 |  |  | 219 |
United Kingdom insurance pooled funds(4) |  | 0 |  |  | 49 |  |  | 0 |  |  | 0 |  |  | 49 |
Subtotal |  |  |  |  |  |  |  |  |  | 537 |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts(5) |  | 0 |  |  | 1,247 |  |  | 36 |  |  | 0 |  |  | 1,283 |
Common/collective trusts(6) |  | 0 |  |  | 441 |  |  | 0 |  |  | 0 |  |  | 441 |
U.S. government securities (federal): |  |  |  |  |  |  |  |  |  |
Mortgage-backed |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 1 |
Other U.S. government securities |  | 0 |  |  | 993 |  |  | 0 |  |  | 0 |  |  | 993 |
U.S. government securities (state & other) |  | 0 |  |  | 521 |  |  | 0 |  |  | 0 |  |  | 521 |
Non-U.S. government securities |  | 0 |  |  | 14 |  |  | 0 |  |  | 0 |  |  | 14 |
United Kingdom insurance pooled funds(7) |  | 0 |  |  | 305 |  |  | 0 |  |  | 0 |  |  | 305 |
Corporate Debt: |  |  |  |  |  |  |  |  |  |
Corporate bonds(8) |  | 0 |  |  | 4,039 |  |  | 0 |  |  | 0 |  |  | 4,039 |
Asset-backed |  | 0 |  |  | 7 |  |  | 0 |  |  | 0 |  |  | 7 |
Collateralized Mortgage Obligations(9) |  | 0 |  |  | 506 |  |  | 0 |  |  | 0 |  |  | 506 |
Interest rate swaps (Notional amount: $2,595) |  | 0 |  |  | 9 |  |  | 0 |  |  | 0 |  |  | 9 |
Guaranteed investment contract |  | 0 |  |  | 39 |  |  | 0 |  |  | 0 |  |  | 39 |
Other(10) |  | 533 |  |  | 7 |  |  | 49 |  |  | 0 |  |  | 589 |
Unrealized gain (loss) on investment of securities |  |  |  |  |  |  |  |  |  |
lending collateral(11) |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Subtotal |  |  |  |  |  |  |  |  |  | 8,747 |
Short-term Investments: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts |  | 0 |  |  | 55 |  |  | 0 |  |  | 0 |  |  | 55 |
United Kingdom insurance pooled funds |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 1 |
Subtotal |  |  |  |  |  |  |  |  |  | 56 |
Real Estate: |  |  |  |  |  |  |  |  |  |
Pooled separate accounts(12) |  | 0 |  |  | 0 |  |  | 666 |  |  | 0 |  |  | 666 |
Partnerships |  | 0 |  |  | 0 |  |  | 0 |  |  | 371 |  |  | 371 |
Subtotal |  |  |  |  |  |  |  |  |  | 1,037 |
Other: |  |  |  |  |  |  |  |  |  |
Partnerships |  | 0 |  |  | 0 |  |  | 0 |  |  | 551 |  |  | 551 |
Hedge funds |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,395 |  |  | 1,395 |
Subtotal |  |  |  |  |  |  |  |  |  | 1,946 |
Total |  | $ | 533 |  |  | $ | 9,260 |  |  | $ | 751 |  |  | $ | 2,317 |  |  | $ | 12,861 |
__________
(1) | These categories invest in U.S. equity funds whose objective is to track or outperform various indexes.
(2) | This category invests in a large cap international equity funds whose objective is to track an index.
(3) | This category invests in international equity funds, primarily large cap, whose objective is to outperform various indexes. This category also includes a global equity fund, primarily focused on new market leaders with sustainable competitive advantage.
(4) | This category invests in an international equity fund whose objective is to track an index.
(5) | This category invests in bond funds, primarily highly rated private placement securities.
(6) | This category invests in bond funds, primarily highly rated public securities whose objective is to outperform an index.
(7) | This category invests in bond funds, primarily highly rated corporate securities.
(8) | This category invests in highly rated corporate securities.
(9) | This category invests in highly rated Collateralized Mortgage Obligations.
(10) | Primarily cash and cash equivalents, short-term investments, payables and receivables, and open future contract positions (including fixed income collateral).
(11) | The contractual net value of the investment of securities lending collateral invested primarily in short-term bond funds is $411 million and $627 million and the liability for securities lending collateral is $411 million and $627 million for the years ended December 31, 2017 and 2016, respectively.
(12) | This category invests in commercial real estate and real estate securities funds, whose objective is to outperform an index.
Postretirement plan asset allocations in accordance with the investment guidelines are as follows:
|  | As of December 31, 2017
|  | Level 1 |  | Level 2 |  | Level 3 |  | NAV Practical Expedient |  | Total
|  | (in millions)
U.S. Equities: |  |  |  |  |  |  |  |  |  |
Variable Life Insurance Policies(1) |  | $ | 0 |  |  | $ | 605 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 605 |
Common trusts(2) |  | 0 |  |  | 182 |  |  | 0 |  |  | 0 |  |  | 182 |
Equities |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 2 |
Subtotal |  |  |  |  |  |  |  |  |  | 789 |
International Equities: |  |  |  |  |  |  |  |  |  |
Variable Life Insurance Policies(3) |  | 0 |  |  | 106 |  |  | 0 |  |  | 0 |  |  | 106 |
Common trusts(4) |  | 0 |  |  | 110 |  |  | 0 |  |  | 0 |  |  | 110 |
Subtotal |  |  |  |  |  |  |  |  |  | 216 |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |
Variable Life Insurance Policies(5) |  | 0 |  |  | 163 |  |  | 0 |  |  | 0 |  |  | 163 |
Common trusts(5) |  | 0 |  |  | 52 |  |  | 0 |  |  | 0 |  |  | 52 |
U.S. government securities (federal): |  |  |  |  |  |  |  |  |  |
Other U.S. government securities |  | 0 |  |  | 87 |  |  | 0 |  |  | 0 |  |  | 87 |
Non-U.S. government securities |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 2 |
Corporate Debt: |  |  |  |  |  |  |  |  |  |
Corporate bonds(6) |  | 0 |  |  | 151 |  |  | 0 |  |  | 0 |  |  | 151 |
Asset-backed |  | 0 |  |  | 28 |  |  | 0 |  |  | 0 |  |  | 28 |
Collateralized Mortgage Obligations(7) |  | 0 |  |  | 27 |  |  | 2 |  |  | 0 |  |  | 29 |
Collateralized Loan Obligations(8) |  | 0 |  |  | 28 |  |  | 2 |  |  | 0 |  |  | 30 |
Other(9) |  | 6 |  |  | 0 |  |  | 5 |  |  | 0 |  |  | 11 |
Subtotal |  |  |  |  |  |  |  |  |  | 553 |
Short-term Investments: |  |  |  |  |  |  |  |  |  |
Registered investment companies |  | 57 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 57 |
Subtotal |  |  |  |  |  |  |  |  |  | 57 |
Total |  | $ | 63 |  |  | $ | 1,543 |  |  | $ | 9 |  |  | $ | 0 |  |  | $ | 1,615 |
|  | As of December 31, 2016
|  | Level 1 |  | Level 2 |  | Level 3 |  | NAV Practical Expedient |  | Total
|  | (in millions)
U.S. Equities: |  |  |  |  |  |  |  |  |  |
Variable Life Insurance Policies(1) |  | $ | 0 |  |  | $ | 506 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 506 |
Common trusts(2) |  | 0 |  |  | 170 |  |  | 0 |  |  | 0 |  |  | 170 |
Subtotal |  |  |  |  |  |  |  |  |  | 676 |
International Equities: |  |  |  |  |  |  |  |  |  |
Variable Life Insurance Policies(3) |  | 0 |  |  | 90 |  |  | 0 |  |  | 0 |  |  | 90 |
Common trusts(4) |  | 0 |  |  | 96 |  |  | 0 |  |  | 0 |  |  | 96 |
Subtotal |  |  |  |  |  |  |  |  |  | 186 |
Fixed Maturities: |  |  |  |  |  |  |  |  |  |
Variable Life Insurance Policies(5) |  | 0 |  |  | 157 |  |  | 0 |  |  | 0 |  |  | 157 |
Common trusts(5) |  | 0 |  |  | 59 |  |  | 0 |  |  | 0 |  |  | 59 |
U.S. government securities (federal): |  |  |  |  |  |  |  |  |  |
Other U.S. government securities |  | 0 |  |  | 78 |  |  | 0 |  |  | 0 |  |  | 78 |
Non-U.S. government securities |  | 0 |  |  | 2 |  |  | 0 |  |  | 0 |  |  | 2 |
Corporate Debt: |  |  |  |  |  |  |  |  |  |
Corporate bonds(6) |  | 0 |  |  | 176 |  |  | 0 |  |  | 0 |  |  | 176 |
Asset-backed |  | 0 |  |  | 48 |  |  | 1 |  |  | 0 |  |  | 49 |
Collateralized Mortgage Obligations(7) |  | 0 |  |  | 22 |  |  | 5 |  |  | 0 |  |  | 27 |
Interest rate swaps (Notional amount: $271) |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |  |  | 1 |
Other(9) |  | 1 |  |  | 0 |  |  | 5 |  |  | 0 |  |  | 6 |
Subtotal |  |  |  |  |  |  |  |  |  | 555 |
Short-term Investments: |  |  |  |  |  |  |  |  |  |
Registered investment companies |  | 114 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 114 |
Subtotal |  |  |  |  |  |  |  |  |  | 114 |
Total |  | $ | 115 |  |  | $ | 1,405 |  |  | $ | 11 |  |  | $ | 0 |  |  | $ | 1,531 |
__________
(1) | This category invests in U.S. equity funds, primarily large cap equities whose objective is to track an index via pooled separate accounts and registered investment companies.
(2) | This category invests in U.S. equity funds, primarily large cap equities.
(3) | This category invests in international equity funds, primarily large cap international equities whose objective is to track an index.
(4) | This category fund invests in large cap international equity fund whose objective is to outperform an index.
(5) | This category invests in U.S. government and corporate bond funds.
(6) | This category invests in highly rated corporate bonds.
(7) | This category invests in highly rated Collateralized Mortgage Obligations.
(8) | This category invests in highly rated Collateralized Loan Obligations.
(9) | Cash and cash equivalents, short-term investments, payables and receivables and open future contract positions (including fixed income collateral).
A summary of pension and postretirement plan asset allocation as of the year ended December 31, are as follows:
|  | Pension Percentage of Plan Assets |  | Postretirement Percentage of Plan Assets
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Asset Category |  |  |  |  |  |  |  |
U.S. Equities |  | 5 | % |  | 4 | % |  | 49 | % |  | 44 | %
International Equities |  | 5 |  |  | 4 |  |  | 13 |  |  | 12 |
Fixed Maturities |  | 66 |  |  | 68 |  |  | 34 |  |  | 36 |
Short-term Investments |  | 0 |  |  | 0 |  |  | 4 |  |  | 8 |
Real Estate |  | 8 |  |  | 8 |  |  | 0 |  |  | 0 |
Other |  | 16 |  |  | 16 |  |  | 0 |  |  | 0 |
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets |
|  | Year Ended December 31, 2017
|  | Fixed Maturities– Corporate Debt– Asset-backed |  | Fixed Maturities– Corporate Debt– Collateralized Mortgage Obligations |  | Fixed Maturities– Corporate Debt– Collateralized Loan Obligations |  | Fixed Maturities– Other
|  | (in millions)
Fair Value, beginning of period |  | $ | 1 |  |  | $ | 5 |  |  | $ | 0 |  |  | $ | 5 |
Actual Return on Assets: |  |  |  |  |  |  |  |
Relating to assets still held at the reporting date |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Relating to assets sold during the period |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Purchases, sales and settlements |  | 0 |  |  | (3 | ) |  | 2 |  |  | 0 |
Transfers in and/or out of Level 3(1) |  | (1 | ) |  | 0 |  |  | 0 |  |  | 0 |
Fair Value, end of period |  | $ | 0 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 5 |
|  | Year Ended December 31, 2016
|  | Fixed Maturities– Corporate Debt– Asset-backed |  | Fixed Maturities– Corporate Debt– Collateralized Mortgage Obligations |  | Fixed Maturities– Other
|  | (in millions)
Fair Value, beginning of period |  | $ | 0 |  |  | $ | 0 |  |  | $ | 3 |
Actual Return on Assets: |  |  |  |  |  |
Relating to assets still held at the reporting date |  | 0 |  |  | 0 |  |  | 0 |
Relating to assets sold during the period |  | 0 |  |  | 0 |  |  | 0 |
Purchases, sales and settlements |  | 1 |  |  | 5 |  |  | 2 |
Transfers in and/or out of Level 3 |  | 0 |  |  | 0 |  |  | 0 |
Fair Value, end of period |  | $ | 1 |  |  | $ | 5 |  |  | $ | 5 |
__________
(1) | The transfers from level 3 to level 2 are due to the availability of external pricing sources.
|  | Year Ended December 31, 2017
|  | Fixed Maturities– Pooled Separate Accounts |  | Fixed Maturities– Corporate Debt– Corporate Bonds |  | Fixed Maturities– Other |  | Real Estate– Pooled Separate Accounts
|  | (in millions)
Fair Value, beginning of period |  | $ | 36 |  |  | $ | 0 |  |  | $ | 49 |  |  | $ | 666 |
Actual Return on Assets: |  |  |  |  |  |  |  |
Relating to assets still held at the reporting date |  | 2 |  |  | 0 |  |  | 0 |  |  | 50 |
Relating to assets sold during the period |  | 0 |  |  | 0 |  |  | 0 |  |  | 6 |
Purchases, sales and settlements |  | 0 |  |  | 0 |  |  | (10 | ) |  | (8 | )
Transfers in and/or out of Level 3 |  | 0 |  |  | 1 |  |  | 0 |  |  | 0 |
Fair Value, end of period |  | $ | 38 |  |  | $ | 1 |  |  | $ | 39 |  |  | $ | 714 |
|  | Year Ended December 31, 2016
|  | Fixed Maturities– Pooled Separate Accounts |  | Fixed Maturities– Other |  | Real Estate– Pooled Separate Accounts
|  | (in millions)
Fair Value, beginning of period |  | $ | 35 |  |  | $ | 93 |  |  | $ | 607 |
Actual Return on Assets: |  |  |  |  |  |
Relating to assets still held at the reporting date |  | 1 |  |  | 0 |  |  | 61 |
Relating to assets sold during the period |  | 0 |  |  | 0 |  |  | 6 |
Purchases, sales and settlements |  | 0 |  |  | (44 | ) |  | (8 | )
Transfers in and/or out of Level 3 |  | 0 |  |  | 0 |  |  | 0 |
Fair Value, end of period |  | $ | 36 |  |  | $ | 49 |  |  | $ | 666 |
Schedule of Expected Benefit Payments | The expected benefit payments for the Company’s pension and postretirement plans, as well as the expected Medicare Part D subsidy receipts related to the Company’s postretirement plan, for the years indicated are as follows:
|  | Pension Benefit Payments |  | Other Postretirement Benefit Payments |  | Other Postretirement Benefits– Medicare Part D Subsidy Receipts
|  | (in millions)
2018 |  | $ | 789 |  |  | $ | 149 |  |  | $ | 10 |
2019 |  | 849 |  |  | 152 |  |  | 10 |
2020 |  | 803 |  |  | 154 |  |  | 10 |
2021 |  | 827 |  |  | 155 |  |  | 11 |
2022 |  | 866 |  |  | 155 |  |  | 11 |
2023-2027 |  | 4,534 |  |  | 766 |  |  | 59 |
Total |  | $ | 8,668 |  |  | $ | 1,531 |  |  | $ | 111 |

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