Annual report pursuant to Section 13 and 15(d)

EMPLOYEE BENEFIT PLANS (Tables)

v2.4.1.9
EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2014
DEFINED BENEFIT AND OTHER POSTRETIREMENT BENEFIT PLANS  
Schedule of funded status of the plans and the amounts recognized in the consolidated balance sheets

        The following table sets forth the funded status of the plans for us and Huntsman International and the amounts recognized in our consolidated balance sheets at December 31, 2014 and 2013 (dollars in millions):

                                                                                                                                                                                    

 

 

Defined Benefit Plans

 

Other Postretirement
Benefit Plans

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

U.S.
Plans

 

Non-U.S.
Plans

 

U.S.
Plans

 

Non-U.S.
Plans

 

U.S.
Plans

 

Non-U.S.
Plans

 

U.S.
Plans

 

Non-U.S.
Plans

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

877

 

$

2,859

 

$

958

 

$

2,755

 

$

105

 

$

5

 

$

136

 

$

7

 

Service cost

 

 

27

 

 

32

 

 

31

 

 

38

 

 

3

 

 

 

 

4

 

 

 

Interest cost

 

 

45

 

 

102

 

 

40

 

 

90

 

 

5

 

 

 

 

5

 

 

 

Participant contributions

 

 

 

 

7

 

 

 

 

9

 

 

3

 

 

 

 

5

 

 

 

Plan amendments

 

 

 

 

(6

)

 

 

 

1

 

 

 

 

 

 

(22

)

 

 

Acquisitions/divestitures

 

 

9

 

 

333

 

 

 

 

 

 

3

 

 

 

 

 

 

 

Foreign currency exchange rate changes

 

 

 

 

(294

)

 

 

 

92

 

 

 

 

 

 

 

 

(1

)

Curtailments

 

 

 

 

(1

)

 

 

 

(5

)

 

 

 

 

 

 

 

 

Special termination benefits

 

 

 

 

3

 

 

 

 

9

 

 

 

 

 

 

 

 

 

Actuarial loss (gain)

 

 

129

 

 

458

 

 

(100

)

 

39

 

 

30

 

 

1

 

 

(9

)

 

 

Benefits paid

 

 

(86

)

 

(176

)

 

(52

)

 

(169

)

 

(12

)

 

 

 

(14

)

 

(1

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Benefit obligation at end of year

 

$

1,001

 

$

3,317

 

$

877

 

$

2,859

 

$

137

 

$

6

 

$

105

 

$

5

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

755

 

$

2,443

 

$

636

 

$

2,237

 

$

 

$

 

$

 

$

 

Actual return on plan assets

 

 

41

 

 

337

 

 

99

 

 

198

 

 

 

 

 

 

 

 

 

Foreign currency exchange rate changes

 

 

 

 

(235

)

 

 

 

79

 

 

 

 

 

 

 

 

 

Participant contributions

 

 

 

 

7

 

 

 

 

9

 

 

3

 

 

 

 

5

 

 

 

Acquisitions/divestitures

 

 

6

 

 

106

 

 

 

 

 

 

 

 

 

 

 

 

 

Company contributions

 

 

45

 

 

105

 

 

72

 

 

89

 

 

9

 

 

 

 

9

 

 

1

 

Benefits paid

 

 

(86

)

 

(176

)

 

(52

)

 

(169

)

 

(12

)

 

 

 

(14

)

 

(1

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Fair value of plan assets at end of year

 

$

761

 

$

2,587

 

$

755

 

$

2,443

 

$

 

$

 

$

 

$

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Funded status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets

 

$

761

 

$

2,587

 

$

755

 

$

2,443

 

$

 

$

 

$

 

$

 

Benefit obligation

 

 

1,001

 

 

3,317

 

 

877

 

 

2,859

 

 

137

 

 

6

 

 

105

 

 

5

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Accrued benefit cost

 

$

(240

)

$

(730

)

$

(122

)

$

(416

)

$

(137

)

$

(6

)

$

(105

)

$

(5

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Amounts recognized in balance sheet:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent asset

 

$

 

$

8

 

$

 

$

20

 

$

 

$

 

$

 

$

 

Current liability

 

 

(6

)

 

(7

)

 

(6

)

 

(6

)

 

(9

)

 

 

 

(9

)

 

 

Noncurrent liability

 

 

(234

)

 

(731

)

 

(116

)

 

(430

)

 

(128

)

 

(6

)

 

(96

)

 

(5

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

$

(240

)

$

(730

)

$

(122

)

$

(416

)

$

(137

)

$

(6

)

$

(105

)

$

(5

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of amounts recognized in accumulated other comprehensive loss (income)

 

 

 

Defined Benefit Plans

 

Other Postretirement
Benefit Plans

 

 

 

2014

 

2013

 

2014

 

2013

 

 

 

U.S.
Plans

 

Non-U.S.
Plans

 

U.S.
Plans

 

Non-U.S.
Plans

 

U.S.
Plans

 

Non-U.S.
Plans

 

U.S.
Plans

 

Non-U.S.
Plans

 

Amounts recognized in accumulated other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

$

390

 

$

916

 

$

264

 

$

705

 

$

50

 

$

1

 

$

21

 

$

 

Prior service cost

 

 

(29

)

 

(2

)

 

(35

)

 

5

 

 

(23

)

 

 

 

(27

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

$

361

 

$

914

 

$

229

 

$

710

 

$

27

 

$

1

 

$

(6

)

$

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year

       The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic benefit cost during the next fiscal year are as follows (dollars in millions):

                                                                                                                                                                                    

 

 

Defined Benefit Plans

 

Other Postretirement
Benefit Plans

 

 

 

U.S. Plans

 

Non-U.S.
Plans

 

U.S. Plans

 

Non-U.S.
Plans

 

Actuarial loss

 

$

31

 

$

45

 

$

3

 

$

 

Prior service cost

 

 

(6

)

 

 

 

(3

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

Total

 

$

25

 

$

45

 

$

 

$

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Components of the net periodic benefit costs

        Components of net periodic benefit costs for the years ended December 31, 2014, 2013 and 2012 were as follows (dollars in millions):

                                                                                                                                                                                    

 

 

Defined Benefit Plans

 

 

 

U.S. plans

 

Non-U.S. plans

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Service cost

 

$

27

 

$

31

 

$

26

 

$

32

 

$

38

 

$

32

 

Interest cost

 

 

45

 

 

40

 

 

42

 

 

102

 

 

90

 

 

102

 

Expected return on plan assets

 

 

(56

)

 

(50

)

 

(48

)

 

(138

)

 

(124

)

 

(133

)

Amortization of prior service cost

 

 

(6

)

 

(7

)

 

(6

)

 

 

 

1

 

 

(1

)

Amortization of actuarial loss

 

 

19

 

 

35

 

 

21

 

 

34

 

 

43

 

 

23

 

Settlement loss

 

 

 

 

 

 

 

 

13

 

 

12

 

 

13

 

Special termination benefits

 

 

 

 

 

 

 

 

3

 

 

9

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net periodic benefit cost

 

$

29

 

$

49

 

$

35

 

$

46

 

$

69

 

$

36

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

Other Postretirement Benefit Plans

 

 

 

U.S. plans

 

Non-U.S. plans

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Service cost

 

$

3

 

$

4

 

$

4

 

$

 

$

 

$

 

Interest cost

 

 

5

 

 

5

 

 

7

 

 

 

 

 

 

1

 

Amortization of prior service cost

 

 

(4

)

 

(2

)

 

(3

)

 

 

 

 

 

 

Amortization of actuarial loss

 

 

1

 

 

2

 

 

2

 

 

 

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net periodic benefit cost

 

$

5

 

$

9

 

$

10

 

$

 

$

 

$

1

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of amounts recognized in net periodic benefit cost and other comprehensive loss (income)

        The amounts recognized in net periodic benefit cost and other comprehensive income (loss) as of December 31, 2014, 2013 and 2012 were as follows (dollars in millions):

                                                                                                                                                                                    

 

 

Defined Benefit Plans

 

 

 

U.S. plans

 

Non-U.S. plans

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Current year actuarial loss (gain)

 

$

144

 

$

(149

)

$

103

 

$

257

 

$

(40

)

$

272

 

Amortization of actuarial loss

 

 

(19

)

 

(35

)

 

(21

)

 

(34

)

 

(43

)

 

(23

)

Current year prior service (credits) cost

 

 

 

 

 

 

(26

)

 

(6

)

 

1

 

 

 

Amortization of prior service cost (credits)

 

 

6

 

 

7

 

 

6

 

 

 

 

(1

)

 

1

 

Settlements

 

 

 

 

 

 

 

 

(13

)

 

(12

)

 

(13

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total recognized in other comprehensive loss (income)

 

 

131

 

 

(177

)

 

62

 

 

204

 

 

(95

)

 

237

 

Net periodic benefit cost

 

 

29

 

 

49

 

 

35

 

 

46

 

 

69

 

 

36

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total recognized in net periodic benefit cost and other comprehensive (loss) income

 

$

160

 

$

(128

)

$

97

 

$

250

 

$

(26

)

$

273

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

Other Postretirement Benefit Plans

 

 

 

U.S. plans

 

Non-U.S. plans

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Current year actuarial loss (gain)

 

$

30

 

$

(8

)

$

9

 

$

1

 

$

(1

)

$

 

Amortization of actuarial loss

 

 

(1

)

 

(2

)

 

(2

)

 

 

 

 

 

 

Current year prior service credit

 

 

 

 

(22

)

 

 

 

 

 

 

 

 

Amortization of prior service cost

 

 

4

 

 

2

 

 

3

 

 

 

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total recognized in other comprehensive loss (income)

 

 

33

 

 

(30

)

 

10

 

 

1

 

 

(1

)

 

 

Net periodic benefit cost

 

 

5

 

 

9

 

 

10

 

 

 

 

 

 

1

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total recognized in net periodic benefit cost and other comprehensive (loss) income

 

$

38

 

$

(21

)

$

20

 

$

1

 

$

(1

)

$

1

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of weighted-average assumptions used to determine the projected benefit obligation and the net periodic pension cost

                                                                                                                                                                                    

 

 

Defined Benefit Plans

 

 

 

U.S. plans

 

Non-U.S. plans

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Projected benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.25 

%

 

5.13 

%

 

4.18 

%

 

2.48 

%

 

3.62 

%

 

3.38 

%

Rate of compensation increase

 

 

4.16 

%

 

4.17 

%

 

4.19 

%

 

3.23 

%

 

3.37 

%

 

3.34 

%

Net periodic pension cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.13 

%

 

4.18 

%

 

5.30 

%

 

3.62 

%

 

3.38 

%

 

4.39 

%

Rate of compensation increase

 

 

4.17 

%

 

4.19 

%

 

3.88 

%

 

3.37 

%

 

3.34 

%

 

3.44 

%

Expected return on plan assets

 

 

7.75 

%

 

7.75 

%

 

8.00 

%

 

5.82 

%

 

5.75 

%

 

6.52 

%

 

                                                                                                                                                                                    

 

 

Other Postretirement Benefit Plans

 

 

 

U.S. plans

 

Non-U.S. plans

 

 

 

2014

 

2013

 

2012

 

2014

 

2013

 

2012

 

Projected benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.17 

%

 

4.79 

%

 

3.89 

%

 

6.44 

%

 

6.49 

%

 

5.79 

%

Net periodic pension cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.79 

%

 

3.89 

%

 

5.09 

%

 

6.49 

%

 

5.79 

%

 

6.09 

%

 

Schedule of effect on one-percent-point change in assumed health care cost trend rates

A one-percent point change in assumed health care cost trend rates would have the following effects (dollars in millions):

                                                                                                                                                                                    

 

 

Increase

 

Decrease

 

Asset category

 

 

 

 

 

 

 

Effect on total of service and interest cost

 

$

1

 

$

(1

)

Effect on postretirement benefit obligation

 

 

7

 

 

(5

)

 

Schedule of projected benefit obligation and fair value of plan assets for the defined benefit plans with projected benefit obligations in excess of fair value of plan assets

        The projected benefit obligation and fair value of plan assets for the defined benefit plans with projected benefit obligations in excess of plan assets as of December 31, 2014 and 2013 were as follows (dollars in millions):

                                                                                                                                                                                    

 

 

U.S. plans

 

Non-U.S. plans

 

 

 

2014

 

2013

 

2014

 

2013

 

Projected benefit obligation in excess of plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation

 

$

1,002 

 

$

871 

 

$

2,945 

 

$

2,234 

 

Fair value of plan assets

 

 

761 

 

 

749 

 

 

2,206 

 

 

1,797 

 

 

Schedule of defined benefit plans with an accumulated benefit obligation in excess of fair value of plan assets

        The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the defined benefit plans with an accumulated benefit obligation in excess of plan assets as of December 31, 2014 and 2013 were as follows (dollars in millions):

                                                                                                                                                                                    

 

 

U.S. plans

 

Non-U.S. plans

 

 

 

2014

 

2013

 

2014

 

2013

 

Accumulated benefit obligation in excess of plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation

 

$

1,002 

 

$

871 

 

$

2,253 

 

$

1,868 

 

Accumulated benefit obligation

 

 

980 

 

 

853 

 

 

2,108 

 

 

1,732 

 

Fair value of plan assets

 

 

761 

 

 

749 

 

 

1,554 

 

 

1,451 

 

 

Schedule of expected future contributions and benefit payments

        Expected future contributions and benefit payments are as follows (dollars in millions):

                                                                                                                                                                                    

 

 

U.S. Plans

 

Non-U.S. Plans

 

 

 

Defined
Benefit
Plans

 

Other
Postretirement
Benefit
Plans

 

Defined
Benefit
Plans

 

Other
Postretirement
Benefit
Plans

 

2015 expected employer contributions

 

 

 

 

 

 

 

 

 

 

 

 

 

To plan trusts

 

$

17 

 

$

 

$

75 

 

$

 

Expected benefit payments

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

63 

 

 

10 

 

 

140 

 

 

 

2016

 

 

67 

 

 

10 

 

 

119 

 

 

 

2017

 

 

60 

 

 

10 

 

 

121 

 

 

 

2018

 

 

61 

 

 

10 

 

 

126 

 

 

 

2019

 

 

64 

 

 

10 

 

 

130 

 

 

 

2020 - 2024

 

 

342 

 

 

45 

 

 

698 

 

 

 

 

Schedule of plan assets measured at fair value on a recurring basis

        The fair value of plan assets for the pension plans was $3.3 billion and $3.2 billion at December 31, 2014 and 2013, respectively. The following plan assets are measured at fair value on a recurring basis (dollars in millions):

                                                                                                                                                                                    

 

 

 

 

Fair Value Amounts Using

 

Asset category

 

December 31,
2014

 

Quoted prices in
active markets
for identical
assets (Level 1)

 

Significant other
observable
inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

U.S. pension plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

$

454 

 

$

268 

 

$

186 

 

$

 

Fixed income

 

 

216 

 

 

83 

 

 

133 

 

 

 

Real estate/other

 

 

85 

 

 

34 

 

 

 

 

51 

 

Cash

 

 

 

 

 

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

Total U.S. pension plan assets

 

$

761 

 

$

391 

 

$

319 

 

$

51 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Non-U.S. pension plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

$

933 

 

$

487 

 

$

446 

 

$

 

Fixed income

 

 

1,207 

 

 

821 

 

 

386 

 

 

 

Real estate/other

 

 

383 

 

 

28 

 

 

310 

 

 

45 

 

Cash

 

 

64 

 

 

59 

 

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

Total Non-U.S. pension plan assets

 

$

2,587 

 

$

1,395 

 

$

1,147 

 

$

45 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

 

 

Fair Value Amounts Using

 

Asset category

 

December 31,
2013

 

Quoted prices in
active markets
for identical
assets (Level 1)

 

Significant other
observable
inputs
(Level 2)

 

Significant
unobservable
inputs
(Level 3)

 

U.S. pension plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

$

428 

 

$

245 

 

$

183 

 

$

 

Fixed income

 

 

208 

 

 

88 

 

 

120 

 

 

 

Real estate/other

 

 

92 

 

 

45 

 

 

 

 

47 

 

Cash

 

 

27 

 

 

27 

 

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

Total U.S. pension plan assets

 

$

755 

 

$

405 

 

$

303 

 

$

47 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Non-U.S. pension plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Equities

 

$

1,053 

 

$

580 

 

$

473 

 

$

 

Fixed income

 

 

908 

 

 

668 

 

 

240 

 

 

 

Real estate/other

 

 

400 

 

 

30 

 

 

341 

 

 

29 

 

Cash

 

 

82 

 

 

80 

 

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

Total Non-U.S. pension plan assets

 

$

2,443 

 

$

1,358 

 

$

1,056 

 

$

29 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Reconciliation of the beginning and ending balances of plan assets measured at fair value using unobservable inputs (level 3)

       The following table reconciles the beginning and ending balances of plan assets measured at fair value using unobservable inputs (Level 3) (dollars in millions):

                                                                                                                                                                                    

 

 

Real Estate/Other

 

Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs (Level 3)

 

Year ended
December 31,
2014

 

Year ended
December 31,
2013

 

Balance at beginning of period

 

$

76 

 

$

68 

 

Return on pension plan assets

 

 

 

 

 

Purchases, sales and settlements

 

 

 

 

 

Transfers (out of) into Level 3

 

 

 

 

 

Acquisition date fair value of pension plan assets acquired

 

 

 

 

—  

 

​  

​  

​  

​  

Balance at end of period

 

$

96 

 

$

76 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of asset allocation for pension plans and the target allocation, by asset category

                                                                                                                                                                                    

Asset category

 

Target
Allocation
2015

 

Allocation at
December 31,
2014

 

Allocation at
December 31,
2013

 

U.S. pension plans: