Pension and Postretirement Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Defined Benefit Plans and Other Postretirement Benefit Plans |
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| Reconciliation of the beginning and ending balances of the benefit obligation and the fair value of plan assets |
| | | | | | | | | | | | | | | | | | | | | | Qualified and Non-qualified | | | | | | | | | | Pension Benefits | | Postretirement | | | | United States | | International | | Benefits | | (Millions) | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | Change in benefit obligation | | | | | | | | | | | | | | | | | | | | Benefit obligation at beginning of year | | $ | 15,948 | | $ | 17,360 | | $ | 6,965 | | $ | 7,502 | | $ | 2,175 | | $ | 2,410 | | Acquisitions/Transfers | | | — | | | — | | | 9 | | | (11) | | | — | | | — | | Service cost | | | 251 | | | 288 | | | 131 | | | 143 | | | 43 | | | 52 | | Interest cost | | | 620 | | | 563 | | | 156 | | | 157 | | | 82 | | | 79 | | Participant contributions | | | — | | | — | | | 7 | | | 9 | | | — | | | — | | Foreign exchange rate changes | | | — | | | — | | | 55 | | | (387) | | | — | | | (13) | | Plan amendments | | | — | | | — | | | 3 | | | 7 | | | (171) | | | — | | Actuarial (gain) loss | | | 2,209 | | | (1,226) | | | 906 | | | (144) | | | 225 | | | (244) | | Benefit payments | | | (1,128) | | | (1,034) | | | (302) | | | (304) | | | (112) | | | (109) | | Settlements, curtailments, special termination benefits and other | | | 35 | | | (3) | | | 1 | | | (7) | | | — | | | — | | Benefit obligation at end of year | | $ | 17,935 | | $ | 15,948 | | $ | 7,931 | | $ | 6,965 | | $ | 2,242 | | $ | 2,175 | | Change in plan assets | | | | | | | | | | | | | | | | | | | | Fair value of plan assets at beginning of year | | $ | 14,803 | | $ | 15,686 | | $ | 6,170 | | $ | 6,737 | | $ | 1,260 | | $ | 1,397 | | Acquisitions/Transfers | | | — | | | (4) | | | 4 | | | — | | | — | | | — | | Actual return on plan assets | | | 2,323 | | | (95) | | | 858 | | | (38) | | | 187 | | | (32) | | Company contributions | | | 101 | | | 254 | | | 106 | | | 112 | | | 3 | | | 4 | | Participant contributions | | | — | | | — | | | 7 | | | 9 | | | — | | | — | | Foreign exchange rate changes | | | — | | | — | | | 80 | | | (346) | | | — | | | — | | Benefit payments | | | (1,128) | | | (1,034) | | | (302) | | | (304) | | | (112) | | | (109) | | Settlements, curtailments, special termination benefits and other | | | — | | | (4) | | | — | | | — | | | — | | | — | | Fair value of plan assets at end of year | | $ | 16,099 | | $ | 14,803 | | $ | 6,923 | | $ | 6,170 | | $ | 1,338 | | $ | 1,260 | | Funded status at end of year | | $ | (1,836) | | $ | (1,145) | | $ | (1,008) | | $ | (795) | | $ | (904) | | $ | (915) | |
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| Amounts recognized in the Consolidated Balance Sheet |
| | | | | | | | | | | | | | | | | | | | | | Qualified and Non-qualified | | | | | | | | | | Pension Benefits | | Postretirement | | | | United States | | International | | Benefits | | (Millions) | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | Amounts recognized in the Consolidated Balance Sheet as of Dec. 31, | | | | | | | | | | | | | | | | | | | | Non-current assets | | $ | — | | $ | — | | $ | 230 | | $ | 208 | | $ | — | | $ | — | | Accrued benefit cost | | | | | | | | | | | | | | | | | | | | Current liabilities | | | (48) | | | (60) | | | (15) | | | (13) | | | (4) | | | (3) | | Non-current liabilities | | | (1,788) | | | (1,085) | | | (1,223) | | | (990) | | | (900) | | | (912) | | Ending balance | | $ | (1,836) | | $ | (1,145) | | $ | (1,008) | | $ | (795) | | $ | (904) | | $ | (915) | |
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| Amounts recognized in accumulated other comprehensive income |
| | | | | | | | | | | | | | | | | | | | | | Qualified and Non-qualified | | | | | | | | | | Pension Benefits | | Postretirement | | | | United States | | International | | Benefits | | (Millions) | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | Amounts recognized in accumulated other comprehensive income as of Dec. 31, | | | | | | | | | | | | | | | | | | | | Net transition obligation (asset) | | $ | — | | $ | — | | $ | 10 | | $ | — | | $ | — | | $ | — | | Net actuarial loss (gain) | | | 5,899 | | | 5,374 | | | 1,967 | | | 1,713 | | | 663 | | | 584 | | Prior service cost (credit) | | | (128) | | | (152) | | | (5) | | | (20) | | | (262) | | | (123) | | Ending balance | | $ | 5,771 | | $ | 5,222 | | $ | 1,972 | | $ | 1,693 | | $ | 401 | | $ | 461 | |
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| Amounts relating to pension plans with accumulated benefit obligations in excess of plan assets |
The following amounts relate to pension plans with accumulated benefit obligations in excess of plan assets as of December 31: | | | | | | | | | | | | | | | | Qualified and Non-qualified Pension Plans | | | | United States | | International | | (Millions) | | 2019 | | 2018 | | 2019 | | 2018 | | Projected benefit obligation | | $ | 17,935 | | $ | 593 | | $ | 2,986 | | $ | 2,613 | | Accumulated benefit obligation | | | 17,125 | | | 521 | | | 2,752 | | | 2,415 | | Fair value of plan assets | | | 16,099 | | | 9 | | | 1,778 | | | 1,633 | |
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| Components of net periodic benefit cost (benefit) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Qualified and Non-qualified | | | | | | | | | | | | | Pension Benefits | | Postretirement | | | | United States | | International | | Benefits | | (Millions) | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | Net periodic benefit cost (benefit) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Operating expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Service cost | | $ | 251 | | $ | 288 | | $ | 268 | | $ | 131 | | $ | 143 | | $ | 142 | | $ | 43 | | $ | 52 | | $ | 52 | | Non-operating expense | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest cost | | | 620 | | | 563 | | | 565 | | | 156 | | | 157 | | | 157 | | | 82 | | | 79 | | | 80 | | Expected return on plan assets | | | (1,040) | | | (1,087) | | | (1,035) | | | (299) | | | (307) | | | (292) | | | (81) | | | (84) | | | (86) | | Amortization of prior service benefit | | | (24) | | | (23) | | | (23) | | | (12) | | | (13) | | | (13) | | | (33) | | | (40) | | | (53) | | Amortization of net actuarial loss | | | 366 | | | 503 | | | 388 | | | 78 | | | 114 | | | 126 | | | 34 | | | 61 | | | 56 | | Settlements, curtailments, special termination benefits and other | | | 70 | | | — | | | 2 | | | 10 | | | 4 | | | 4 | | | 5 | | | — | | | (4) | | Total non-operating expense (benefit) | | | (8) | | | (44) | | | (103) | | | (67) | | | (45) | | | (18) | | | 7 | | | 16 | | | (7) | | Total net periodic benefit cost (benefit) | | $ | 243 | | $ | 244 | | $ | 165 | | $ | 64 | | $ | 98 | | $ | 124 | | $ | 50 | | $ | 68 | | $ | 45 | | Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Prior service cost (benefit) | | $ | — | | $ | — | | $ | — | | $ | 3 | | $ | 7 | | $ | 6 | | $ | (171) | | $ | — | | $ | (1) | | Amortization of prior service benefit | | | 24 | | | 23 | | | 23 | | | 12 | | | 13 | | | 13 | | | 33 | | | 40 | | | 53 | | Net actuarial (gain) loss | | | 926 | | | (44) | | | 607 | | | 344 | | | 194 | | | (244) | | | 119 | | | (127) | | | 69 | | Amortization of net actuarial loss | | | (366) | | | (503) | | | (388) | | | (78) | | | (114) | | | (126) | | | (34) | | | (61) | | | (56) | | Foreign currency | | | — | | | — | | | — | | | 7 | | | (83) | | | 167 | | | (1) | | | (2) | | | — | | Settlements and curtailments | | | (35) | | | — | | | (2) | | | (8) | | | (4) | | | (4) | | | (5) | | | — | | | — | | Total recognized in other comprehensive (income) loss | | $ | 549 | | $ | (524) | | $ | 240 | | $ | 280 | | $ | 13 | | $ | (188) | | $ | (59) | | $ | (150) | | $ | 65 | | Total recognized in net periodic benefit cost (benefit) and other comprehensive (income) loss | | $ | 792 | | $ | (280) | | $ | 405 | | $ | 344 | | $ | 111 | | $ | (64) | | $ | (9) | | $ | (82) | | $ | 110 | |
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| Weighted-average assumptions used to determine benefit obligations and net cost |
Weighted-average assumptions used to determine benefit obligations as of December 31 | | | | | | | | | | | | | | | | | | | | | | Qualified and Non-qualified Pension Benefits | | Postretirement | | | | United States | | International | | Benefits | | | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | | | | | | | | | | | | | | | | | | | | | Discount rate | | 3.25 | % | 4.36 | % | 3.68 | % | 1.81 | % | 2.50 | % | 2.41 | % | 3.27 | % | 4.41 | % | 3.79 | % | Compensation rate increase | | 3.21 | % | 4.10 | % | 4.10 | % | 2.88 | % | 2.89 | % | 2.89 | % | N/A | | N/A | | N/A | |
Weighted-average assumptions used to determine net cost for years ended December 31 | | | | | | | | | | | | | | | | | | | | | | Qualified and Non-qualified Pension Benefits | | Postretirement | | | | United States | | International | | Benefits | | | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | | | | | | | | | | | | | | | | | | | | | | Discount rate - service cost | | 4.44 | % | 3.78 | % | 4.42 | % | 2.39 | % | 2.27 | % | 2.32 | % | 4.53 | % | 3.86 | % | 4.50 | % | Discount rate - interest cost | | 4.02 | % | 3.35 | % | 3.61 | % | 2.26 | % | 2.14 | % | 2.25 | % | 4.15 | % | 3.52 | % | 3.80 | % | Expected return on assets | | 7.00 | % | 7.25 | % | 7.25 | % | 4.90 | % | 5.02 | % | 5.16 | % | 6.43 | % | 6.53 | % | 6.48 | % | Compensation rate increase | | 4.10 | % | 4.10 | % | 4.10 | % | 2.89 | % | 2.89 | % | 2.90 | % | N/A | | N/A | | N/A | |
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| Estimated future pension and postretirement benefit payments |
Future Pension and Postretirement Benefit Payments The following table provides the estimated pension and postretirement benefit payments that are payable from the plans to participants. | | | | | | | | | | | | | Qualified and Non-qualified | | | | | | | Pension Benefits | | Postretirement | | (Millions) | | United States | | International | | Benefits | | 2020 Benefit Payments | | $ | 1,103 | | $ | 246 | | $ | 121 | | 2021 Benefit Payments | | | 1,096 | | | 253 | | | 128 | | 2022 Benefit Payments | | | 1,104 | | | 272 | | | 136 | | 2023 Benefit Payments | | | 1,106 | | | 284 | | | 142 | | 2024 Benefit Payments | | | 1,111 | | | 302 | | | 148 | | Next five years | | | 5,521 | | | 1,656 | | | 789 | |
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| Qualified and Non-qualified Pension Benefits | United States |
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| Defined Benefit Plans and Other Postretirement Benefit Plans |
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| Fair values of the assets held by the plans by asset category |
The fair values of the assets held by the U.S. pension plans by asset class are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Inputs Considered as | | Fair Value at | | (Millions) | | Level 1 | | Level 2 | | Level 3 | | Dec. 31, | | Asset Class | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | Equities | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. equities | | $ | 1,575 | | $ | 1,369 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 1,575 | | $ | 1,369 | | Non-U.S. equities | | | 1,585 | | | 1,234 | | | — | | | — | | | — | | | — | | | 1,585 | | | 1,234 | | Index and long/short equity funds* | | | | | | | | | | | | | | | | | | | | | 417 | | | 372 | | Total Equities | | $ | 3,160 | | $ | 2,603 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 3,577 | | $ | 2,975 | | Fixed Income | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government securities | | $ | 2,346 | | $ | 1,889 | | $ | 916 | | $ | 732 | | $ | — | | $ | — | | $ | 3,262 | | $ | 2,621 | | Non-U.S. government securities | | | — | | | — | | | 61 | | | 44 | | | — | | | — | | | 61 | | | 44 | | Preferred and convertible securities | | | — | | | — | | | 52 | | | 44 | | | — | | | — | | | 52 | | | 44 | | U.S. corporate bonds | | | 10 | | | 9 | | | 3,566 | | | 2,941 | | | — | | | — | | | 3,576 | | | 2,950 | | Non-U.S. corporate bonds | | | — | | | — | | | 759 | | | 475 | | | — | | | — | | | 759 | | | 475 | | Derivative instruments | | | (5) | | | 2 | | | 109 | | | 111 | | | — | | | — | | | 104 | | | 113 | | Other* | | | | | | | | | | | | | | | | | | | | | — | | | 9 | | Total Fixed Income | | $ | 2,351 | | $ | 1,900 | | $ | 5,463 | | $ | 4,347 | | $ | — | | $ | — | | $ | 7,814 | | $ | 6,256 | | Private Equity | | | | | | | | | | | | | | | | | | | | | | | | | | Growth equity | | $ | 80 | | $ | 45 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 80 | | $ | 45 | | Partnership investments* | | | | | | | | | | | | | | | | | | | | | 1,865 | | | 2,064 | | Total Private Equity | | $ | 80 | | $ | 45 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 1,945 | | $ | 2,109 | | Absolute Return | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed income and other | | $ | 1 | | $ | 28 | | $ | 117 | | $ | 114 | | $ | — | | $ | — | | $ | 118 | | $ | 142 | | Hedge fund/fund of funds* | | | | | | | | | | | | | | | | | | | | | 2,010 | | | 1,866 | | Partnership investments* | | | | | | | | | | | | | | | | | | | | | 589 | | | 429 | | Total Absolute Return | | $ | 1 | | $ | 28 | | $ | 117 | | $ | 114 | | $ | — | | $ | — | | $ | 2,717 | | $ | 2,437 | | Cash and Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 20 | | $ | 412 | | $ | 5 | | $ | 4 | | $ | — | | $ | — | | $ | 25 | | $ | 416 | | Repurchase agreements and derivative margin activity | | | — | | | — | | | (1) | | | (1) | | | — | | | — | | | (1) | | | (1) | | Cash and cash equivalents, valued at net asset value* | | | | | | | | | | | | | | | | | | | | | 480 | | | 870 | | Total Cash and Cash Equivalents | | $ | 20 | | $ | 412 | | $ | 4 | | $ | 3 | | $ | — | | $ | — | | $ | 504 | | $ | 1,285 | | Total | | $ | 5,612 | | $ | 4,988 | | $ | 5,584 | | $ | 4,464 | | $ | — | | $ | — | | $ | 16,557 | | $ | 15,062 | | Other items to reconcile to fair value of plan assets | | | | | | | | | | | | | | | | | | | | $ | (458) | | $ | (259) | | Fair value of plan assets | | | | | | | | | | | | | | | | | | | | $ | 16,099 | | $ | 14,803 | |
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| Qualified and Non-qualified Pension Benefits | International |
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| Defined Benefit Plans and Other Postretirement Benefit Plans |
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| Fair values of the assets held by the plans by asset category |
The fair values of the assets held by the international pension plans by asset class are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Inputs Considered as | | Fair Value at | | (Millions) | | Level 1 | | Level 2 | | Level 3 | | Dec. 31, | | Asset Class | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | Equities | | | | | | | | | | | | | | | | | | | | | | | | | | Growth equities | | $ | 638 | | $ | 460 | | $ | 796 | | $ | 248 | | $ | — | | $ | — | | $ | 1,434 | | $ | 708 | | Value equities | | | 696 | | | 446 | | | 10 | | | 42 | | | — | | | — | | | 706 | | | 488 | | Core equities | | | 61 | | | 55 | | | 88 | | | 742 | | | 5 | | | 5 | | | 154 | | | 802 | | Equities, valued at net asset value* | | | | | | | | | | | | | | | | | | | | | 18 | | | 16 | | Total Equities | | $ | 1,395 | | $ | 961 | | $ | 894 | | $ | 1,032 | | $ | 5 | | $ | 5 | | $ | 2,312 | | $ | 2,014 | | Fixed Income | | | | | | | | | | | | | | | | | | | | | | | | | | Domestic government | | $ | 353 | | $ | 334 | | $ | 433 | | $ | 351 | | $ | 4 | | $ | 5 | | $ | 790 | | $ | 690 | | Foreign government | | | 22 | | | 150 | | | 603 | | | 321 | | | — | | | — | | | 625 | | | 471 | | Corporate debt securities | | | 3 | | | 56 | | | 1,599 | | | 993 | | | 9 | | | 9 | | | 1,611 | | | 1,058 | | Fixed income securities, valued at net asset value* | | | | | | | | | | | | | | | | | | | | | 449 | | | 961 | | Total Fixed Income | | $ | 378 | | $ | 540 | | $ | 2,635 | | $ | 1,665 | | $ | 13 | | $ | 14 | | $ | 3,475 | | $ | 3,180 | | Private Equity | | | | | | | | | | | | | | | | | | | | | | | | | | Real estate | | $ | 6 | | $ | 5 | | $ | 207 | | $ | 75 | | $ | 4 | | $ | 4 | | $ | 217 | | $ | 84 | | Real estate, valued at net asset value* | | | | | | | | | | | | | | | | | | | | | 36 | | | 37 | | Partnership investments* | | | | | | | | | | | | | | | | | | | | | 85 | | | 89 | | Total Private Equity | | $ | 6 | | $ | 5 | | $ | 207 | | $ | 75 | | $ | 4 | | $ | 4 | | $ | 338 | | $ | 210 | | Absolute Return | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives | | $ | — | | $ | 1 | | $ | 3 | | $ | 1 | | $ | — | | $ | — | | $ | 3 | | $ | 2 | | Insurance | | | — | | | — | | | — | | | — | | | 513 | | | 496 | | | 513 | | | 496 | | Other | | | — | | | — | | | — | | | 33 | | | 5 | | | 8 | | | 5 | | | 41 | | Other, valued at net asset value* | | | | | | | | | | | | | | | | | | | | | 1 | | | — | | Hedge funds* | | | | | | | | | | | | | | | | | | | | | 195 | | | 186 | | Total Absolute Return | | $ | — | | $ | 1 | | $ | 3 | | $ | 34 | | $ | 518 | | $ | 504 | | $ | 717 | | $ | 725 | | Cash and Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 94 | | $ | 71 | | $ | 39 | | $ | 22 | | $ | — | | $ | — | | $ | 133 | | $ | 93 | | Cash and cash equivalents, valued at net asset value* | | | | | | | | | | | | | | | | | | | | | 1 | | | 1 | | Total Cash and Cash Equivalents | | $ | 94 | | $ | 71 | | $ | 39 | | $ | 22 | | $ | — | | $ | — | | $ | 134 | | $ | 94 | | Total | | $ | 1,873 | | $ | 1,578 | | $ | 3,778 | | $ | 2,828 | | $ | 540 | | $ | 527 | | $ | 6,976 | | $ | 6,223 | | Other items to reconcile to fair value of plan assets | | | | | | | | | | | | | | | | | | | | $ | (53) | | $ | (53) | | Fair value of plan assets | | | | | | | | | | | | | | | | | | | | $ | 6,923 | | $ | 6,170 | |
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| Postretirement Benefits |
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| Defined Benefit Plans and Other Postretirement Benefit Plans |
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| Fair values of the assets held by the plans by asset category |
The fair values of the assets held by the postretirement benefit plans by asset class are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Inputs Considered as | | Fair Value at | | (Millions) | | Level 1 | | Level 2 | | Level 3 | | Dec. 31, | | Asset Class | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | 2019 | | 2018 | | Equities | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. equities | | $ | 337 | | $ | 356 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 337 | | $ | 356 | | Non-U.S. equities | | | 77 | | | 58 | | | — | | | — | | | — | | | — | | | 77 | | | 58 | | Index and long/short equity funds* | | | | | | | | | | | | | | | | | | | | | 33 | | | 34 | | Total Equities | | $ | 414 | | $ | 414 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 447 | | $ | 448 | | Fixed Income | | | | | | | | | | | | | | | | | | | | | | | | | | U.S. government securities | | $ | 136 | | $ | 112 | | $ | 242 | | $ | 213 | | $ | — | | $ | — | | $ | 378 | | $ | 325 | | Non-U.S. government securities | | | — | | | — | | | 6 | | | 4 | | | — | | | — | | | 6 | | | 4 | | U.S. corporate bonds | | | — | | | — | | | 203 | | | 162 | | | — | | | — | | | 203 | | | 162 | | Non-U.S. corporate bonds | | | — | | | — | | | 46 | | | 32 | | | — | | | — | | | 46 | | | 32 | | Derivative instruments | | | — | | | — | | | 5 | | | 5 | | | — | | | — | | | 5 | | | 5 | | Total Fixed Income | | $ | 136 | | $ | 112 | | $ | 502 | | $ | 416 | | $ | — | | $ | — | | $ | 638 | | $ | 528 | | Private Equity | | | | | | | | | | | | | | | | | | | | | | | | | | Growth equity | | $ | 4 | | $ | 2 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 4 | | $ | 2 | | Partnership investments* | | | | | | | | | | | | | | | | | | | | | 92 | | | 101 | | Total Private Equity | | $ | 4 | | $ | 2 | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 96 | | $ | 103 | | Absolute Return | | | | | | | | | | | | | | | | | | | | | | | | | | Fixed income and other | | $ | — | | $ | 1 | | $ | 5 | | $ | 5 | | $ | — | | $ | — | | $ | 5 | | $ | 6 | | Hedge fund/fund of funds* | | | | | | | | | | | | | | | | | | | | | 92 | | | 80 | | Partnership investments* | | | | | | | | | | | | | | | | | | | | | 27 | | | 18 | | Total Absolute Return | | $ | — | | $ | 1 | | $ | 5 | | $ | 5 | | $ | — | | $ | — | | $ | 124 | | $ | 104 | | Cash and Cash Equivalents | | | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 33 | | $ | 47 | | $ | 1 | | $ | 5 | | $ | — | | $ | — | | $ | 34 | | $ | 52 | | Repurchase agreements and derivative margin activity | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Cash and cash equivalents, valued at net asset value* | | | | | | | | | | | | | | | | | | | | | 22 | | | 37 | | Total Cash and Cash Equivalents | | $ | 33 | | $ | 47 | | $ | 1 | | $ | 5 | | $ | — | | $ | — | | $ | 56 | | $ | 89 | | Total | | $ | 587 | | $ | 576 | | $ | 508 | | $ | 426 | | $ | — | | $ | — | | $ | 1,361 | | $ | 1,272 | | Other items to reconcile to fair value of plan assets | | | | | | | | | | | | | | | | | | | | $ | (23) | | $ | (12) | | Fair value of plan assets | | | | | | | | | | | | | | | | | | | | $ | 1,338 | | $ | 1,260 | |
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