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EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2013
EMPLOYEE RETIREMENT PLANS |
Schedule of changes in the projected benefit obligation and fair value of the plan assets, and the funded status of the Company's defined-benefit pension plans | Changes in the projected benefit obligation and fair value of plan assets, and the funded status of the Company's defined-benefit pension plans were as follows, in millions:
|  | 2013 |  | 2012 |
--- | --- | --- | --- | --- | ---
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Changes in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at January 1 |  | $ | 1,056 |  | $ | 181 |  | $ | 943 |  | $ | 174 |
Service cost |  |  | 3 |  |  | — |  |  | 2 |  |  | — |
Interest cost |  |  | 40 |  |  | 6 |  |  | 42 |  |  | 7 |
Actuarial (gain) loss, net |  |  | (81 | ) |  | (13 | ) |  | 100 |  |  | 11 |
Foreign currency exchange |  |  | 7 |  |  | — |  |  | 9 |  |  | — |
Benefit payments |  |  | (42 | ) |  | (11 | ) |  | (40 | ) |  | (11 | )
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Projected benefit obligation at December 31 |  | $ | 983 |  | $ | 163 |  | $ | 1,056 |  | $ | 181 |
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Changes in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at January 1 |  | $ | 594 |  | $ | — |  | $ | 504 |  | $ | — |
Actual return on plan assets |  |  | 65 |  |  | — |  |  | 75 |  |  | — |
Foreign currency exchange |  |  | 2 |  |  | — |  |  | 4 |  |  | — |
Company contributions |  |  | 44 |  |  | 11 |  |  | 55 |  |  | 11 |
Expenses, other |  |  | (4 | ) |  | — |  |  | (4 | ) |  | — |
Benefit payments |  |  | (42 | ) |  | (11 | ) |  | (40 | ) |  | (11 | )
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Fair value of plan assets at December 31 |  | $ | 659 |  | $ | — |  | $ | 594 |  | $ | — |
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Funded status at December 31: |  | $ | (324 | ) | $ | (163 | ) | $ | (462 | ) | $ | (181 | )
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Schedule of amounts in the Company's consolidated balance sheets | Amounts in the Company's consolidated balance sheets were as follows, in millions:
|  | At December 31, 2013 |  | At December 31, 2012 |
--- | --- | --- | --- | --- | ---
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Accrued liabilities |  | $ | (3 | ) | $ | (12 | ) | $ | (3 | ) | $ | (12 | )
Deferred income taxes and other |  |  | (321 | ) |  | (151 | ) |  | (459 | ) |  | (169 | )
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Total net liability |  | $ | (324 | ) | $ | (163 | ) | $ | (462 | ) | $ | (181 | )
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Schedule of unrealized loss included in accumulated other comprehensive income before income taxes | Unrealized loss included in accumulated other comprehensive income before income taxes were as follows, in millions:
|  | At December 31, 2013 |  | At December 31, 2012 |
--- | --- | --- | --- | --- | ---
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Net loss |  | $ | 344 |  | $ | 38 |  | $ | 467 |  | $ | 53 |
Net transition obligation |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Net prior service cost |  |  | 2 |  |  | — |  |  | 2 |  |  | — |
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Total |  | $ | 347 |  | $ | 38 |  | $ | 470 |  | $ | 53 |
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Schedule of information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets | Information for defined-benefit pension plans with an accumulated benefit obligation in excess of plan assets was as follows, in millions:
|  | At December 31 |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Projected benefit obligation |  | $ | 983 |  | $ | 163 |  | $ | 1,056 |  | $ | 181 |
Accumulated benefit obligation |  | $ | 982 |  | $ | 163 |  | $ | 1,054 |  | $ | 181 |
Fair value of plan assets |  | $ | 659 |  | $ | — |  | $ | 594 |  | $ | — |
Schedule of net periodic pension cost for the Company's defined-benefit pension plans | Net periodic pension cost for the Company's defined-benefit pension plans was as follows, in millions:
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
|  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |  | Qualified |  | Non-Qualified |
Service cost |  | $ | 3 |  | $ | — |  | $ | 2 |  | $ | — |  | $ | 2 |  | $ | — |
Interest cost |  |  | 44 |  |  | 6 |  |  | 46 |  |  | 7 |  |  | 47 |  |  | 8 |
Expected return on plan assets |  |  | (40 | ) |  | — |  |  | (35 | ) |  | — |  |  | (36 | ) |  | — |
Recognized prior service cost |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recognized net loss |  |  | 16 |  |  | 2 |  |  | 14 |  |  | 2 |  |  | 10 |  |  | 1 |
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Net periodic pension cost |  | $ | 23 |  | $ | 8 |  | $ | 27 |  | $ | 9 |  | $ | 23 |  | $ | 9 |
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Schedule of the Company's qualified defined-benefit pension plan weighted average asset allocation |
|  | At December 31 |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
Equity securities |  |  | 47 | % |  | 44 | %
Debt securities |  |  | 35 | % |  | 41 | %
Other |  |  | 18 | % |  | 15 | %
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Total |  |  | 100 | % |  | 100 | %
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Schedule of qualified defined-benefit pension plan assets at fair value | The following table sets forth by level, within the fair value hierarchy, the qualified defined-benefit pension plan assets at fair value as of December 31, 2013 and 2012, in millions.
|  | Assets at Fair Value as of December 31, 2013 |
--- | --- | --- | ---
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Common and Preferred Stocks: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 143 |  | $ | 107 |  | $ | — |  | $ | 250 |
International |  |  | 46 |  |  | 16 |  |  | — |  |  | 62 |
Private Equity and Hedge Funds |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | — |  |  | — |  |  | 52 |  |  | 52 |
International |  |  | — |  |  | — |  |  | 24 |  |  | 24 |
Corporate Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 15 |  |  | 25 |  |  | — |  |  | 40 |
International |  |  | — |  |  | 61 |  |  | — |  |  | 61 |
Government and Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 79 |  |  | 1 |  |  | — |  |  | 80 |
International |  |  | 23 |  |  | 27 |  |  | — |  |  | 50 |
Common Collective Trust Fund – United States |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Short-Term and Other Investments |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 2 |  |  | 2 |  |  | — |  |  | 4 |
International |  |  | 10 |  |  | 6 |  |  | 17 |  |  | 33 |
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Total Assets at Fair Value |  | $ | 318 |  | $ | 248 |  | $ | 93 |  | $ | 659 |
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|  | Assets at Fair Value as of December 31, 2012 |
--- | --- | --- | ---
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Common and Preferred Stocks: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 127 |  | $ | 61 |  | $ | — |  | $ | 188 |
International |  |  | 61 |  |  | 10 |  |  | — |  |  | 71 |
Private Equity and Hedge Funds |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | — |  |  | — |  |  | 52 |  |  | 52 |
International |  |  | — |  |  | — |  |  | 11 |  |  | 11 |
Corporate Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | — |  |  | 25 |  |  | — |  |  | 25 |
International |  |  | — |  |  | 73 |  |  | — |  |  | 73 |
Government and Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 51 |  |  | 42 |  |  | — |  |  | 93 |
International |  |  | 24 |  |  | 29 |  |  | — |  |  | 53 |
Common Collective Trust Fund – United States |  |  | — |  |  | 12 |  |  | — |  |  | 12 |
Short-Term and Other Investments |  |  |  |  |  |  |  |  |  |  |  |  |
United States |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
International |  |  | — |  |  | — |  |  | 15 |  |  | 15 |
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Total Assets at Fair Value |  | $ | 264 |  | $ | 252 |  | $ | 78 |  | $ | 594 |
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Schedule of changes in the fair value of the qualified defined-benefit pension plan level 3 assets | Changes in the fair value of the qualified defined-benefit pension plan level 3 assets, were as follows, in millions:
|  | Year Ended December 31, 2013 |  | Year Ended December 31, 2012 |
--- | --- | --- | --- | --- | ---
Fair Value, January 1 |  | $ | 78 |  | $ | 72 |
Purchases |  |  | 25 |  |  | 9 |
Sales |  |  | (14 | ) |  | (8 | )
Transfers from Level 2 to Level 3 |  |  | — |  |  | — |
Unrealized gains (losses) |  |  | 4 |  |  | 5 |
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Fair Value, December 31 |  | $ | 93 |  | $ | 78 |
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Schedule of major assumptions used in accounting for the Company's defined-benefit pension plans |
|  | December 31 |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
Discount rate for obligations |  |  | 4.40 | % |  | 3.80 | % |  | 4.40 | %
Expected return on plan assets |  |  | 7.25 | % |  | 7.25 | % |  | 7.25 | %
Rate of compensation increase |  |  | — | % |  | — | % |  | — | %
Discount rate for net periodic pension cost |  |  | 3.80 | % |  | 4.40 | % |  | 5.30 | %
Schedule of benefits expected to be paid relating to the Company's defined-benefit pension plans | At December 31, 2013, the benefits expected to be paid in each of the next five years, and in aggregate for the five years thereafter, relating to the Company's defined-benefit pension plans, were as follows, in millions:
|  | Qualified Plans |  | Non-Qualified Plans |
--- | --- | --- | --- | --- | ---
2014 |  | $ | 45 |  | $ | 12 |
2015 |  | $ | 47 |  | $ | 12 |
2016 |  | $ | 48 |  | $ | 12 |
2017 |  | $ | 49 |  | $ | 12 |
2018 |  | $ | 50 |  | $ | 12 |
2019 - 2023 |  | $ | 273 |  | $ | 59 |

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