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Pension plans |
Welfare plans |
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Dollars in millions |
2013 |
2012 |
2013 |
2012 |
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Change in plan assets |
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Fair value of plan assets, January 1, |
$ | 837 | $ | 754 | $ | 77 | $ | 67 | ||||||||
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Actual return on plan assets |
134 | 101 | 16 | 10 | ||||||||||||
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Employee contributions |
- | - | 3 | 1 | ||||||||||||
|
Employer contributions |
1 | 42 | 19 | 17 | ||||||||||||
|
Benefits paid |
(65 | ) | (59 | ) | (23 | ) | (19 | ) | ||||||||
|
Medicare Part D reimbursements |
- | - | 1 | 1 | ||||||||||||
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Plan curtailment and settlements |
- | (1 | ) | - | - | |||||||||||
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Fair value of plan assets, December 31, |
$ | 907 | $ | 837 | $ | 93 | $ | 77 | ||||||||
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Change in benefit obligation |
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Benefit obligation, January 1, |
$ | 1,046 | $ | 968 | $ | 354 | $ | 397 | ||||||||
|
Service cost |
29 | 28 | 3 | 4 | ||||||||||||
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Interest cost |
43 | 44 | 14 | 17 | ||||||||||||
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Actuarial loss (gain) |
(93 | ) | 66 | (26 | ) | (22 | ) | |||||||||
|
Plan amendments |
- | - | - | (25 | ) | |||||||||||
|
Medicare Part D reimbursements |
- | - | 1 | 1 | ||||||||||||
|
Benefits paid |
(65 | ) | (59 | ) | (23 | ) | (19 | ) | ||||||||
|
Employee contributions |
- | - | 3 | 1 | ||||||||||||
|
Plan curtailment and settlements |
- | (1 | ) | - | - | |||||||||||
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Benefit obligation, December 31, |
$ | 960 | $ | 1,046 | $ | 326 | $ | 354 | ||||||||
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Funded status at end of year |
$ | (53 | ) | $ | (209 | ) | $ | (233 | ) | $ | (277 | ) | ||||
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Amounts recognized in the Consolidated Statements of Financial Position consist of |
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Long-term asset |
$ | 117 | $ | 33 | $ | - | $ | - | ||||||||
|
Current liability |
(2 | ) | (2 | ) | - | (12 | ) | |||||||||
|
Long-term liability |
(168 | ) | (240 | ) | (233 | ) | (265 | ) | ||||||||
|
Total liability at December 31, |
$ | (53 | ) | $ | (209 | ) | $ | (233 | ) | $ | (277 | ) | ||||
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Accumulated benefit obligation (1) |
$ | 902 | $ | 983 |
n/a |
n/a |
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Assumptions used to determine benefit obligations |
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Discount rate |
5.0 | % | 4.2 | % | 4.7 | % | 4.0 | % | ||||||||
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Rate of compensation increase |
3.7 | % | 3.7 | % | 3.7 | % | 3.7 | % | ||||||||
|
Pension band increase (2) |
2.0 | % | 2.0 | % |
n/a |
n/a |
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