|
Employee Benefit Plans (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Components of Net Periodic Benefit Cost |
The following
table provides the components of net periodic benefit cost for the
respective years:
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Defined Benefit Pension
Plans |
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| (in $ millions) |
|
Year Ended
December 31,
2013 |
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|
Year Ended
December 31,
2012 |
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|
Year Ended
December 31,
2011 |
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Interest cost
|
|
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24 |
|
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|
25 |
|
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|
27 |
|
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Expected return on plan
assets
|
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|
(34 |
) |
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|
(31 |
) |
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|
(31 |
) |
|
Recognized net actuarial
loss
|
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|
14 |
|
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|
13 |
|
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|
5 |
|
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Net periodic benefit
cost
|
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|
4 |
|
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|
7 |
|
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|
1 |
|
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Post-Retirement Benefit
Plans |
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| (in $ millions) |
|
Year Ended
December 31,
2013 |
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Year Ended
December 31,
2012 |
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Year Ended
December 31,
2011 |
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Interest cost
|
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|
— |
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— |
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|
1 |
|
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Amortization of prior
service cost
|
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|
— |
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— |
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(4 |
) |
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Recognized net actuarial
gain
|
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|
(1 |
) |
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(4 |
) |
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|
(1 |
) |
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Net periodic benefit
gain
|
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|
(1 |
) |
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|
(4 |
) |
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(4 |
) |
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| Weighted Average Assumptions to Measure Benefit Obligation |
The Company has
utilized the following weighted average assumptions to measure the
benefit obligation for the defined benefit pension plans and
post-retirement benefit plans as of December 31, 2013 and
2012:
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December 31,
2013 |
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|
December 31,
2012 |
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Defined Benefit Pension
Plans
|
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Discount rate
|
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|
4.8 |
% |
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|
3.6 |
% |
|
Expected long-term return
on plan assets
|
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|
7.0 |
% |
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|
7.2 |
% |
|
Post-Retirement Benefit
Plans
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Discount rate
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5.3 |
% |
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3.8 |
% |
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| Fair Values of Company's Pension Plan Assets |
The fair values
of the Company’s pension plan assets by asset category as of
December 31, 2013 are as follows:
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Pension Plan Assets
|
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| ($ in
millions) |
|
Level 1 |
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|
Level 2 |
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Total |
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|
Common &
commingled trust funds (1)
|
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|
— |
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|
414 |
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|
414 |
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Mutual funds
(2)
|
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|
98 |
|
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|
— |
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|
98 |
|
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Cash equivalents
(3)
|
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|
11 |
|
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|
— |
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|
11 |
|
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Total
|
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|
109 |
|
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|
414 |
|
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|
523 |
|
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The fair values
of the Company’s pension plan assets by asset category as of
December 31, 2012 are as follows:
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Pension Plan Assets |
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| ($ in
millions) |
|
Level 1 |
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|
Level 2 |
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Total |
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Common &
commingled trust funds (1)
|
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|
— |
|
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|
438 |
|
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|
438 |
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Mutual funds
(2)
|
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|
47 |
|
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|
— |
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|
47 |
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Cash equivalents
(3)
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|
12 |
|
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|
— |
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12 |
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Total
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|
59 |
|
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|
438 |
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|
497 |
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| (1) |
The underlying investments
held in common & commingled trust funds are actively
managed equity securities and fixed income investment vehicles that
are valued at the net asset value per share provided by the fund
administrator multiplied by the number of units held as of the
measurement date. |
| (2) |
Values of units are based
on the closing price reported on the major market on which the
investments are traded and provided by the fund
administrator. |
| (3) |
Cash equivalents comprise
of money market funds. |
|
| Future Benefit Payments of Defined Benefit Pension and Other Post-Retirement Benefit Plans |
The Company
estimates its defined benefit pension and other post-retirement
benefit plans will pay benefits to participants as
follows:
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| (in $
millions) |
|
Defined Benefit
Pension Plans |
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|
Post-Retirement
Benefit Plans |
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|
2014
|
|
|
29 |
|
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|
— |
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|
2015
|
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|
32 |
|
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|
— |
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2016
|
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|
34 |
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|
— |
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2017
|
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|
37 |
|
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|
1 |
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2018
|
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|
42 |
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|
1 |
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Five years
thereafter
|
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|
299 |
|
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|
1 |
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Defined Benefit Pension Plans [Member]
|
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| Summary of Changes in Benefit Obligation and Fair Value of Assets |
The Company
uses a December 31 measurement date for its defined benefit
pension and other post-retirement benefit plans. For such plans,
the following tables provide a statement of funded status as of
December 31, 2013 and 2012, and summaries of the changes in
the benefit obligation and fair value of assets for the years then
ended:
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|
Defined Benefit Pension Plans |
|
| (in $
millions) |
|
Year Ended
December 31,
2013 |
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|
Year Ended
December 31,
2012 |
|
|
Benefit obligation,
beginning of year
|
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|
663 |
|
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|
614 |
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Interest cost
|
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|
24 |
|
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|
25 |
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|
Actuarial (gain)
loss
|
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|
(83 |
) |
|
|
44 |
|
|
Benefits paid
|
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|
(24 |
) |
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|
(24 |
) |
|
Currency translation
adjustment
|
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|
1 |
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|
4 |
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|
Benefit obligation, end of
year
|
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|
581 |
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|
663 |
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Fair value of plan assets,
beginning of year
|
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|
497 |
|
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|
440 |
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Return on plan
assets
|
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|
46 |
|
|
|
51 |
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|
Employer
contribution
|
|
|
3 |
|
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|
26 |
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|
Benefits paid
|
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|
(24 |
) |
|
|
(24 |
) |
|
Currency translation
adjustment
|
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|
1 |
|
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|
4 |
|
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Fair value of plan assets,
end of year
|
|
|
523 |
|
|
|
497 |
|
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|
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Funded status
|
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|
(58 |
) |
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|
(166 |
) |
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Post-Retirement Benefit Plans [Member]
|
|
| Summary of Changes in Benefit Obligation and Fair Value of Assets |
The amount
included in accumulated other comprehensive income (loss) that has
not been recognized as a component of net periodic benefit expense
relating to unrecognized actuarial losses was $76 million (net of
deferred tax credit of $1 million) and $184 million as of
December 31, 2013 and 2012, respectively.
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Post-Retirement Benefit
Plans |
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| (in $
millions) |
|
Year Ended
December 31,
2013 |
|
|
Year Ended
December 31,
2012 |
|
|
Benefit obligation,
beginning of year
|
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|
8 |
|
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|
9 |
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Actuarial gains
|
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|
(1 |
) |
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|
— |
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|
Benefits paid
|
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|
— |
|
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|
(1 |
) |
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Benefits obligation, end of
year
|
|
|
7 |
|
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|
8 |
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Fair value of plan assets,
beginning of year
|
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|
— |
|
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|
— |
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Employer
contribution
|
|
|
— |
|
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|
1 |
|
|
Benefits paid
|
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|
— |
|
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|
(1 |
) |
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Fair value of plan assets,
end of year
|
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|
— |
|
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|
— |
|
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Funded status
|
|
|
(7 |
) |
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|
(8 |
) |
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