v2.4.1.9
Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block]
We use a measurement date of December 31 to develop the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the consolidated balance sheets at December 31 for our defined benefit pension and retiree health benefit plans, which were as follows:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
  
2014
 
2013
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
9,976.4

 
$
10,423.8

 
$
1,757.2

 
$
2,337.7

Service cost
240.9

 
287.1

 
33.0

 
49.9

Interest cost
472.6

 
437.2

 
85.6

 
98.1

Actuarial (gain) loss
1,996.3

 
(792.2
)
 
293.5

 
(642.5
)
Benefits paid
(421.2
)
 
(402.3
)
 
(76.1
)
 
(79.6
)
Plan amendments
(2.4
)
 
(0.1
)
 
(533.6
)
 
(4.1
)
Foreign currency exchange rate changes and other adjustments
(250.2
)
 
22.9

 
(6.1
)
 
(2.3
)
Benefit obligation at end of year
12,012.4

 
9,976.4

 
1,553.5

 
1,757.2

  
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
9,481.7

 
8,286.6

 
1,879.6

 
1,518.0

Actual return on plan assets
813.6

 
1,144.6

 
157.4

 
365.7

Employer contribution
127.2

 
428.9

 
(42.2
)
 
75.5

Benefits paid
(421.2
)
 
(402.3
)
 
(76.1
)
 
(79.6
)
Foreign currency exchange rate changes and other adjustments
(165.6
)
 
23.9

 
—

 
—

Fair value of plan assets at end of year
9,835.7

 
9,481.7

 
1,918.7

 
1,879.6

  
Schedule of Net Funded Status [Table Text Block]
Funded status
(2,176.7
)
 
(494.7
)
 
365.2

 
122.4

Unrecognized net actuarial loss
5,114.9

 
3,546.3

 
439.5

 
178.1

Unrecognized prior service (benefit) cost
43.5

 
50.7

 
(666.7
)
 
(171.5
)
Net amount recognized
$
2,981.7

 
$
3,102.3

 
$
138.0

 
$
129.0

  
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
Amounts recognized in the consolidated balance sheet consisted of:
 
 
 
 
 
 
 
Sundry
$
211.2

 
$
881.2

 
$
609.4

 
$
366.4

Other current liabilities
(62.3
)
 
(62.8
)
 
(6.9
)
 
(7.7
)
Accrued retirement benefits
(2,325.6
)
 
(1,313.1
)
 
(237.3
)
 
(236.3
)
Accumulated other comprehensive (income) loss before income taxes
5,158.4

 
3,597.0

 
(227.2
)
 
6.6

Net amount recognized
$
2,981.7

 
$
3,102.3

 
$
138.0

 
$
129.0

  
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]
During 2015, we expect the following components of accumulated other comprehensive loss to be recognized as components of net periodic benefit cost:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
Unrecognized net actuarial loss
$
387.4

 
$
37.9

Unrecognized prior service (benefit) cost
10.3

 
(92.1
)
Total
$
397.7

 
$
(54.2
)
  
Schedule of Assumptions Used [Table Text Block]
The following represents our weighted-average assumptions as of December 31:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
(Percents)
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate for benefit obligation
4.0
 
4.9
 
4.3
 
4.1
 
5.0
 
4.3
Discount rate for net benefit costs
4.9
 
4.3
 
5.0
 
5.0
 
4.3
 
5.1
Rate of compensation increase for benefit obligation
3.4
 
3.4
 
3.4
 
 
 
 
 
 
Rate of compensation increase for net benefit costs
3.4
 
3.4
 
3.7
 
 
 
 
 
 
Expected return on plan assets for net benefit costs
8.1
 
8.4
 
8.4
 
8.5
 
8.8
 
8.8
  
Schedule of Expected Benefit Payments [Table Text Block]
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as follows:
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020-2024
Defined benefit pension plans
$
428.7

 
$
439.3

 
$
452.3

 
$
467.9

 
$
487.7

 
$
2,783.6

 
 
 
 
 
 
 
 
 
 
 
 
Retiree health benefit plans-gross
$
91.6

 
$
75.6

 
$
77.2

 
$
79.3

 
$
81.2

 
$
430.3

Medicare rebates
(6.5
)
 
(2.1
)
 
(0.7
)
 
(0.7
)
 
(0.8
)
 
(4.9
)
Retiree health benefit plans-net
$
85.1

 
$
73.5

 
$
76.5

 
$
78.6

 
$
80.4

 
$
425.4

  
Schedule of Net Benefit Costs [Table Text Block]
Net pension and retiree health benefit expense included the following components:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
  
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Components of net periodic benefit cost:
 
 
 
 
 
 
 
 
 
 
 
Service cost
$
240.9

 
$
287.1

 
$
253.1

 
$
33.0

 
$
49.9

 
$
63.3

Interest cost
472.6

 
437.2

 
455.1

 
85.6

 
98.1

 
114.9

Expected return on plan assets
(756.6
)
 
(701.9
)
 
(684.8
)
 
(146.4
)
 
(130.7
)
 
(127.2
)
Amortization of prior service (benefit) cost
3.6

 
3.7

 
4.2

 
(37.6
)
 
(35.6
)
 
(39.8
)
Recognized actuarial loss
282.3

 
414.7

 
285.7

 
20.7

 
100.5

 
98.4

Net periodic benefit cost
$
242.8

 
$
440.8

 
$
313.3

 
$
(44.7
)
 
$
82.2

 
$
109.6

  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The following represents the amounts recognized in other comprehensive income (loss) for the year ended December 31, 2014:
 
Defined Benefit
Pension Plans
 
Retiree Health
Benefit Plans
Actuarial loss arising during period
$
(1,939.3
)
 
$
(282.9
)
Plan amendments during period
2.4

 
533.6

Amortization of prior service (benefit) cost included in net income
3.6

 
(37.6
)
Amortization of net actuarial loss included in net income
282.3

 
20.7

Foreign currency exchange rate changes and other
89.6

 
—

Total other comprehensive income during period
$
(1,561.4
)
 
$
233.8

 
Reclassifications Out of Accumulated Other Comprehensive Loss
 
Details about Accumulated Other
Comprehensive Loss Components
Year Ended December 31,
Affected Line Item in the Consolidated Statements of Operations
2014
 
2013
Amortization of defined benefit items:
 
 
 
 
Prior service benefits, net
$
(34.0
)
 
$
(31.9
)
(1) 
Actuarial losses
303.0

 
515.2

(1) 
Total before tax
269.0

 
483.3

 
Tax benefit
(83.4
)
 
(164.3
)
Income taxes
Net of tax
185.6

 
319.0

 
 
 
 
 
 
Unrealized gains/losses on available-for-sale securities:
 
 
 
 
Realized gains, net
(324.1
)
 
(12.0
)
Other—net, (income) expense
Impairment losses
—

 
2.4

Other—net, (income) expense
Total before tax
(324.1
)
 
(9.6
)
 
Tax expense
113.4

 
3.4

Income taxes
Net of tax
(210.7
)
 
(6.2
)
 
 
 
 
 
 
Other, net of tax
5.9

 
5.9

Other—net, (income) expense
Total reclassifications for the period (net of tax)
$
(19.2
)
 
$
318.7

 

1
These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 14).
  
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2014 by asset category are as follows:
 
 
 
Fair Value Measurements Using
Asset Class
Total
 
Quoted Prices in Active Markets for
Identical Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
Defined Benefit Pension Plans
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
U.S.
$
411.4

 
$
183.8

 
$
227.6

 
$
—

International
2,337.8

 
999.7

 
1,338.1

 
—

Fixed income:
 
 
 
 
 
 
 
Developed markets
1,230.7

 
112.2

 
1,118.5

 
—

Emerging markets
374.7

 
8.7

 
364.2

 
1.8

Private alternative investments:
 
 
 
 
 
 
 
Hedge funds
3,277.6

 
—

 
1,694.5

 
1,583.1

Equity-like funds
1,146.6

 
—

 
75.2

 
1,071.4

Real estate
569.0

 
403.1

 
—

 
165.9

Other
487.9

 
229.8

 
258.1

 
—

Total
$
9,835.7

 
$
1,937.3

 
$
5,076.2

 
$
2,822.2

Retiree Health Benefit Plans
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
U.S.
$
39.2

 
$
17.2

 
$
22.0

 
$
—

International
158.9

 
58.8

 
100.1

 
—

Fixed income:
 
 
 
 
 
 
 
Developed markets
61.8

 
—

 
61.8

 
—

Emerging markets
35.5

 
—

 
35.3

 
0.2

Private alternative investments:
 
 
 
 
 
 
 
Hedge funds
282.7

 
—

 
158.7

 
124.0

Equity-like funds
92.3

 
—

 
—

 
92.3

Cash value of trust owned insurance contract
1,189.2

 
—

 
1,189.2

 
—

Real estate
39.0

 
39.0

 
—

 
—

Other
20.1

 
7.6

 
12.5

 
—

Total
$
1,918.7

 
$
122.6

 
$
1,579.6

 
$
216.5
The fair values of our defined benefit pension plan and retiree health plan assets as of December 31, 2013 by asset category are as follows:
 
 
 
Fair Value Measurements Using
Asset Class
Total
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
Defined Benefit Pension Plans
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
U.S.
$
400.3

 
$
189.2

 
$
211.1

 
$
—

International
2,483.8

 
1,045.8

 
1,438.0

 
—

Fixed income:
 
 
 
 
 
 
 
Developed markets
1,036.1

 
170.2

 
850.0

 
15.9

Emerging markets
382.6

 
—

 
382.6

 
—

Private alternative investments:
 
 
 
 
 
 
 
Hedge funds
2,902.3

 
—

 
1,461.9

 
1,440.4

Equity-like funds
1,069.9

 
—

 
76.4

 
993.5

Real estate
521.4

 
368.0

 
—

 
153.4

Other
685.3

 
245.2

 
440.1

 
—

Total
$
9,481.7

 
$
2,018.4

 
$
4,860.1

 
$
2,603.2

Retiree Health Benefit Plans
 
 
 
 
 
 
 
Public equity securities:
 
 
 
 
 
 
 
U.S.
$
39.4

 
$
18.3

 
$
21.1

 
$
—

International
167.2

 
61.6

 
105.6

 
—

Fixed income:
 
 
 
 
 
 
 
Developed markets
54.7

 
—

 
53.1

 
1.6

Emerging markets
38.2

 
—

 
38.2

 
—

Private alternative investments:
 
 
 
 
 
 
 
Hedge funds
266.4

 
—

 
145.8

 
120.6

Equity-like funds
88.9

 
—

 
—

 
88.9

Cash value of trust owned insurance contract
1,136.8

 
—

 
1,136.8

 
—

Real estate
36.7

 
36.7

 
—

 
—

Other
51.3

 
18.0

 
33.3

 
—

Total
$
1,879.6

 
$
134.6

 
$
1,533.9

 
$
211.1
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The activity in the Level 3 investments during the year ended December 31, 2014 was as follows:
 
Fixed Income: Developed Markets
 
Fixed Income: Emerging Markets
 
Hedge
Funds
 
Equity-like
Funds
 
Real
Estate
 
Total
Defined Benefit Pension Plans
 
 
 
 
 
 
 
 
 
 
 
Beginning balance at January 1, 2014
$
15.9

 
$
—

 
$
1,440.4

 
$
993.5

 
$
153.4

 
$
2,603.2

Actual return on plan assets, including changes in foreign exchange rates:
 
 
 
 
 
 
 
 
 
 
 
Relating to assets still held at the reporting date
(0.4
)
 
0.1

 
44.6

 
108.2

 
0.2

 
152.7

Relating to assets sold during the period
(0.8
)
 
—

 
—

 
—

 
—

 
(0.8
)
Purchases, sales, and settlements, net
(3.3
)
 
1.7

 
98.1

 
(30.3
)
 
12.3

 
78.5

Transfers into (out of) Level 3
(11.4
)
 
—

 
—

 
—

 
—

 
(11.4
)
Ending balance at December 31, 2014
$
—

 
$
1.8

 
$
1,583.1

 
$
1,071.4

 
$
165.9

 
$
2,822.2

Retiree Health Benefit Plans
 
 
 
 
 
 
 
 
 
 
 
Beginning balance at January 1, 2014
$
1.6

 
$
—

 
$
120.6

 
$
88.9

 
$
—

 
$
211.1

Actual return on plan assets, including changes in foreign exchange rates:
 
 
 
 
 
 
 
 
 
 
 
Relating to assets still held at the reporting date
(0.1
)
 
—

 
1.2

 
6.0

 
—

 
7.1

Relating to assets sold during the period
(0.1
)
 
—

 
—

 
—

 
—

 
(0.1
)
Purchases, sales, and settlements, net
(0.3
)
 
0.2

 
2.2

 
(2.6
)
 
—

 
(0.5
)
Transfers into (out of) Level 3
(1.1
)
 
—

 
—

 
—

 
—

 
(1.1
)
Ending balance at December 31, 2014
$
—

 
$
0.2

 
$
124.0

 
$
92.3

 
$
—

 
$
216.5
The activity in the Level 3 investments during the year ended December 31, 2013 was as follows:
 
Fixed Income: Developed Markets
 
Hedge
Funds
 
Equity-like
Funds
 
Real
Estate
 
Total
Defined Benefit Pension Plans
 
 
 
 
 
 
 
 
 
Beginning balance at January 1, 2013
$
3.7

 
$
1,218.1

 
$
910.5

 
$
142.6

 
$
2,274.9

Actual return on plan assets, including changes in foreign exchange rates:
 
 
 
 
 
 
 
 
 
Relating to assets still held at the reporting date
(3.0
)
 
123.4

 
155.7

 
8.5

 
284.6

Relating to assets sold during the period
—

 
—

 
—

 
—

 
—

Purchases, sales, and settlements, net
3.7

 
98.9

 
(72.7
)
 
2.3

 
32.2

Transfers into (out of) Level 3
11.5

 
—

 
—

 
—

 
11.5

Ending balance at December 31, 2013
$
15.9

 
$
1,440.4

 
$
993.5

 
$
153.4

 
$
2,603.2

Retiree Health Benefit Plans
 
 
 
 
 
 
 
 
 
Beginning balance at January 1, 2013
$
0.4

 
$
99.9

 
$
81.9

 
$
—

 
$
182.2

Actual return on plan assets, including changes in foreign exchange rates:
 
 
 
 
 
 
 
 
 
Relating to assets still held at the reporting date
(0.3
)
 
10.3

 
13.9

 
—

 
23.9

Relating to assets sold during the period
—

 
—

 
—

 
—

 
—

Purchases, sales, and settlements, net
0.4

 
10.4

 
(6.9
)
 
—

 
3.9

Transfers into (out of) Level 3
1.1

 
—

 
—

 
—

 
1.1

Ending balance at December 31, 2013
$
1.6

 
$
120.6

 
$
88.9

 
$
—

 
$
211.1
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
Amounts relating to defined benefit plans with projected benefit obligations in excess of plan assets were as follows at December 31:
 
2014
 
2013
Projected benefit obligation
$
10,537.2

 
$
1,773.6

Fair value of plan assets
8,149.2

 
395.4

  
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
Amounts relating to defined benefit plans with accumulated benefit obligations in excess of plan assets were as follows at December 31:
 
2014
 
2013
Accumulated benefit obligation
$
2,179.8

 
$
1,384.6

Fair value of plan assets
700.9

 
181.8