Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 30, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | |
Class A Common Stock | Class B Common Stock | |||
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'UPS | ' | ' | ' |
Entity Registrant Name | 'UNITED PARCEL SERVICE INC | ' | ' | ' |
Entity Central Index Key | '0001090727 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Entity Public Float | ' | $62,370,776,544 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 211,459,496 | 711,448,882 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $4,665 | $7,327 |
Marketable securities | 580 | 597 |
Accounts receivable, net | 6,502 | 6,111 |
Deferred income tax assets | 684 | 583 |
Other current assets | 956 | 973 |
Total Current Assets | 13,387 | 15,591 |
Property, Plant and Equipment, Net | 17,961 | 17,894 |
Goodwill | 2,190 | 2,173 |
Intangible Assets, Net | 775 | 603 |
Investments and Restricted Cash | 444 | 307 |
Derivative Assets | 323 | 535 |
Deferred Income Tax Assets | 110 | 684 |
Other Non-Current Assets | 1,022 | 1,076 |
Total Assets | 36,212 | 38,863 |
Current Liabilities: | ' | ' |
Current maturities of long-term debt and commercial paper | 48 | 1,781 |
Accounts payable | 2,478 | 2,278 |
Accrued wages and withholdings | 2,325 | 1,927 |
Self-insurance reserves | 719 | 763 |
Other current liabilities | 1,561 | 1,641 |
Total Current Liabilities | 7,131 | 8,390 |
Long-Term Debt | 10,824 | 11,089 |
Pension and Postretirement Benefit Obligations | 7,051 | 11,068 |
Deferred Income Tax Liabilities | 1,244 | 48 |
Self-Insurance Reserves | 2,059 | 1,980 |
Other Non-Current Liabilities | 1,415 | 1,555 |
Shareowners' Equity: | ' | ' |
Additional paid-in capital | 0 | 0 |
Retained earnings | 6,925 | 7,997 |
Accumulated other comprehensive loss | -460 | -3,354 |
Deferred compensation obligations | 69 | 78 |
Less: Treasury stock (1 share in 2013 and 2012) | -69 | -78 |
Total Equity for Controlling Interests | 6,474 | 4,653 |
Noncontrolling Interests | 14 | 80 |
Total Shareownersb Equity | 6,488 | 4,733 |
Total Liabilities and Shareownersb Equity | 36,212 | 38,863 |
Class A Common Stock | ' | ' |
Shareowners' Equity: | ' | ' |
Common stock | 2 | 3 |
Class B Common Stock | ' | ' |
Shareowners' Equity: | ' | ' |
Common stock | $7 | $7 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Treasury stock, shares | 1 | 1 |
Class A Common Stock | ' | ' |
Common stock, shares issued | 212 | 225 |
Class B Common Stock | ' | ' |
Common stock, shares issued | 712 | 729 |
STATEMENTS_OF_CONSOLIDATED_INC
STATEMENTS OF CONSOLIDATED INCOME (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue | $55,438 | $54,127 | $53,105 |
Operating Expenses: | ' | ' | ' |
Compensation and benefits | 28,557 | 33,102 | 27,575 |
Repairs and maintenance | 1,240 | 1,228 | 1,286 |
Depreciation and amortization | 1,867 | 1,858 | 1,782 |
Purchased transportation | 7,486 | 7,354 | 7,232 |
Fuel | 4,027 | 4,090 | 4,046 |
Other occupancy | 950 | 902 | 943 |
Other expenses | 4,277 | 4,250 | 4,161 |
Total Operating Expenses | 48,404 | 52,784 | 47,025 |
Operating Profit | 7,034 | 1,343 | 6,080 |
Other Income and (Expense): | ' | ' | ' |
Investment income | 20 | 24 | 44 |
Interest expense | -380 | -393 | -348 |
Total Other Income and (Expense) | -360 | -369 | -304 |
Income Before Income Taxes | 6,674 | 974 | 5,776 |
Income Tax Expense | 2,302 | 167 | 1,972 |
Net Income | $4,372 | $807 | $3,804 |
Basic Earnings Per Share (in dollars per share) | $4.65 | $0.84 | $3.88 |
Diluted Earnings Per Share (in dollars per share) | $4.61 | $0.83 | $3.84 |
STATEMENTS_OF_CONSOLIDATED_COM
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $4,372 | $807 | $3,804 |
Change in foreign currency translation adjustment, net of tax | -260 | 294 | -92 |
Change in unrealized gain (loss) on marketable securities, net of tax | -7 | 0 | -6 |
Change in unrealized gain (loss) on cash flow hedges, net of tax | 67 | -82 | 35 |
Change in unrecognized pension and postretirement benefit costs, net of tax | 3,094 | -463 | -405 |
Comprehensive income | $7,266 | $556 | $3,336 |
STATEMENTS_OF_CONSOLIDATED_CAS
STATEMENTS OF CONSOLIDATED CASH FLOWS (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $4,372 | $807 | $3,804 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' | ' |
Depreciation and amortization | 1,867 | 1,858 | 1,782 |
Pension and postretirement benefit expense | 1,115 | 5,753 | 1,660 |
Pension and postretirement benefit contributions | -212 | -917 | -1,436 |
Self-insurance reserves | 34 | 156 | 53 |
Deferred tax expense | -246 | -2,083 | 314 |
Stock compensation expense | 513 | 547 | 524 |
Other (gains) losses | 35 | 1,082 | 245 |
Changes in assets and liabilities, net of effect of acquisitions: | ' | ' | ' |
Accounts receivable | -515 | -124 | -657 |
Other current assets | -13 | 10 | 107 |
Accounts payable | 218 | -58 | 249 |
Accrued wages and withholdings | 416 | 98 | 339 |
Other current liabilities | -140 | 206 | 186 |
Other operating activities | -140 | -119 | -97 |
Net cash from operating activities | 7,304 | 7,216 | 7,073 |
Cash Flows From Investing Activities: | ' | ' | ' |
Capital expenditures | -2,065 | -2,153 | -2,005 |
Proceeds from disposals of property, plant and equipment | 104 | 95 | 27 |
Purchases of marketable securities | -2,948 | -2,357 | -4,903 |
Sales and maturities of marketable securities | 2,957 | 2,985 | 4,490 |
Net decrease in finance receivables | 39 | 101 | 184 |
Cash received (paid) for business acquisitions and dispositions | -22 | -100 | -73 |
Other investing activities | -179 | 94 | -257 |
Net cash used in investing activities | -2,114 | -1,335 | -2,537 |
Cash Flows From Financing Activities: | ' | ' | ' |
Net change in short-term debt | 0 | 0 | -183 |
Proceeds from long-term borrowings | 100 | 1,745 | 279 |
Repayments of long-term borrowings | -1,875 | -16 | -191 |
Purchases of common stock | -3,838 | -1,621 | -2,665 |
Issuances of common stock | 491 | 301 | 290 |
Dividends | -2,260 | -2,130 | -1,997 |
Other financing activities | -425 | -96 | -395 |
Net cash used in financing activities | -7,807 | -1,817 | -4,862 |
Effect Of Exchange Rate Changes On Cash And Cash Equivalents | -45 | 229 | -10 |
Net Increase (Decrease) In Cash And Cash Equivalents | -2,662 | 4,293 | -336 |
Cash And Cash Equivalents: | ' | ' | ' |
Beginning of period | 7,327 | 3,034 | 3,370 |
End of period | 4,665 | 7,327 | 3,034 |
Cash Paid During The Period For: | ' | ' | ' |
Interest (net of amount capitalized) | 409 | 381 | 248 |
Income taxes | $2,712 | $1,988 | $1,527 |
SUMMARY_OF_ACCOUNTING_POLICIES
SUMMARY OF ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF ACCOUNTING POLICIES | ' |
SUMMARY OF ACCOUNTING POLICIES | |
Basis of Financial Statements and Business Activities | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), and include the accounts of United Parcel Service, Inc., and all of its consolidated subsidiaries (collectively “UPS” or the “Company”). All intercompany balances and transactions have been eliminated. | |
UPS concentrates its operations in the field of transportation services, primarily domestic and international letter and package delivery. Through our Supply Chain & Freight subsidiaries, we are also a global provider of specialized transportation, logistics, and financial services. | |
Use of Estimates | |
The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingencies. Estimates have been prepared on the basis of the most current and best information, and actual results could differ materially from those estimates. | |
Revenue Recognition | |
U.S. Domestic and International Package Operations—Revenue is recognized upon delivery of a letter or package. | |
Forwarding and Logistics—Freight forwarding revenue and the expense related to the transportation of freight are recognized at the time the services are performed. Material management and distribution revenue is recognized upon performance of the service provided. Customs brokerage revenue is recognized upon completing documents necessary for customs entry purposes. | |
Freight—Revenue is recognized upon delivery of a less-than-truckload (“LTL”) or truckload (“TL”) shipment. | |
We utilize independent contractors and third-party carriers in the performance of some transportation services. In situations where we act as principal party to the transaction, we recognize revenue on a gross basis; in circumstances where we act as an agent, we recognize revenue net of the cost of the purchased transportation. | |
Financial Services—Income on loans and direct finance leases is recognized on the effective interest method. Accrual of interest income is suspended at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days delinquent. Income on operating leases is recognized on the straight-line method over the terms of the underlying leases. | |
Cash and Cash Equivalents | |
Cash and cash equivalents consist of highly liquid investments that are readily convertible into cash. We consider securities with maturities of three months or less, when purchased, to be cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments. | |
Investments | |
Marketable securities are classified as available-for-sale and are carried at fair value, with related unrealized gains and losses reported, net of tax, as accumulated other comprehensive income (“AOCI”), a separate component of shareowners’ equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in investment income, along with interest and dividends. The cost of securities sold is based on the specific identification method; realized gains and losses resulting from such sales are included in investment income. | |
We periodically review our investments for indications of other than temporary impairment considering many factors, including the extent and duration to which a security’s fair value has been less than its cost, overall economic and market conditions and the financial condition and specific prospects for the issuer. Impairment of investment securities results in a charge to income when a market decline below cost is other than temporary. | |
Accounts Receivable | |
Losses on accounts receivable are recognized when they are incurred, which requires us to make our best estimate of the probable losses inherent in our customer receivables at each balance sheet date. These estimates require consideration of historical loss experience, adjusted for current conditions, trends in customer payment frequency, and judgments about the probable effects of relevant observable data, including present economic conditions and the financial health of specific customers and market sectors. Our risk management process includes standards and policies for reviewing major account exposures and concentrations of risk. | |
Our total allowance for doubtful accounts as of December 31, 2013 and 2012 was $122 and $127 million, respectively. Our total provision for doubtful accounts charged to expense during the years ended December 31, 2013, 2012 and 2011 was $129, $155 and $147 million, respectively. | |
Inventories | |
Jet fuel, diesel, and unleaded gasoline inventories are valued at the lower of average cost or market. Fuel and other materials and supplies inventories are recognized as inventory when purchased, and then charged to expense when used in our operations. Total inventories were $403 and $393 million as of December 31, 2013 and 2012, respectively, and are included in “other current assets” on the consolidated balance sheet. | |
Property, Plant and Equipment | |
Property, plant and equipment are carried at cost. Depreciation and amortization are provided by the straight-line method over the estimated useful lives of the assets, which are as follows: Vehicles—6 to 15 years; Aircraft—12 to 30 years; Buildings—20 to 40 years; Leasehold Improvements—lesser of asset useful life or lease term; Plant Equipment—6 to 8.25 years; Technology Equipment—3 to 5 years. The costs of major airframe and engine overhauls, as well as routine maintenance and repairs, are charged to expense as incurred. | |
Interest incurred during the construction period of certain property, plant and equipment is capitalized until the underlying assets are placed in service, at which time amortization of the capitalized interest begins, straight-line, over the estimated useful lives of the related assets. Capitalized interest was $14, $18 and $17 million for 2013, 2012, and 2011, respectively. | |
We review long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable based on the undiscounted future cash flows of the asset. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows, or external appraisals, as applicable. We review long-lived assets for impairment at the individual asset or the asset group level for which the lowest level of independent cash flows can be identified. | |
Goodwill and Intangible Assets | |
Costs of purchased businesses in excess of net identifiable assets acquired (goodwill), and indefinite-lived intangible assets are tested for impairment at least annually, unless changes in circumstances indicate an impairment may have occurred sooner. We are required to test goodwill on a “reporting unit” basis. A reporting unit is the operating segment unless, for businesses within that operating segment, discrete financial information is prepared and regularly reviewed by management, in which case such a component business is the reporting unit. | |
In assessing goodwill for impairment, we initially evaluate qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We consider several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing for recoverability of a significant asset group within a reporting unit. If this qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. | |
If the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then we utilize a two-step process to test goodwill for impairment. First, a comparison of the fair value of the applicable reporting unit with the aggregate carrying value, including goodwill, is performed. If the carrying amount of a reporting unit exceeds its calculated fair value, then the second step is performed, and an impairment charge is recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. We primarily determine the fair value of our reporting units using a discounted cash flow model, and supplement this with observable valuation multiples for comparable companies, as applicable. | |
Finite-lived intangible assets, including trademarks, licenses, patents, customer lists, non-compete agreements and franchise rights are amortized on a straight-line basis over the estimated useful lives of the assets, which range from 2 to 22 years. Capitalized software is amortized over 5 years. | |
Self-Insurance Accruals | |
We self-insure costs associated with workers’ compensation claims, automotive liability, health and welfare, and general business liabilities, up to certain limits. Insurance reserves are established for estimates of the loss that we will ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. Recorded balances are based on reserve levels, which incorporate historical loss experience and judgments about the present and expected levels of cost per claim. | |
Pension and Postretirement Benefits | |
We incur certain employment-related expenses associated with pension and postretirement medical benefits. These pension and postretirement medical benefit costs for company-sponsored benefit plans are calculated using various actuarial assumptions and methodologies, including discount rates, expected returns on plan assets, health care cost trend rates, inflation, compensation increase rates, mortality rates, and other factors. Actuarial assumptions are reviewed on an annual basis, unless circumstances require an interim remeasurement date for any of our plans. | |
We recognize changes in the fair value of plan assets and net actuarial gains or losses in excess of a corridor (defined as 10% of the greater of the fair value of plan assets or the plans' projected benefit obligations) in pension expense annually at December 31st each year. The remaining components of pension expense, primarily service and interest costs and the expected return on plan assets, are recorded on a quarterly basis. | |
We participate in a number of trustee-managed multiemployer pension and health and welfare plans for employees covered under collective bargaining agreements. Our contributions to these plans are determined in accordance with the respective collective bargaining agreements. We recognize expense for the contractually required contribution for each period, and we recognize a liability for any contributions due and unpaid (included in “other current liabilities”). | |
Income Taxes | |
Income taxes are accounted for on an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. In estimating future tax consequences, we generally consider all expected future events other than proposed changes in the tax law or rates. Valuation allowances are provided if it is more likely than not that a deferred tax asset will not be realized. | |
We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. Once it is determined that the position meets the recognition threshold, the second step requires us to estimate and measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We reevaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an additional charge to the tax provision. | |
Foreign Currency Translation | |
We translate the results of operations of our foreign subsidiaries using average exchange rates during each period, whereas balance sheet accounts are translated using exchange rates at the end of each period. Balance sheet currency translation adjustments are recorded in AOCI. Currency transaction gains and losses, net of hedging, included in other operating expenses were pre-tax gains (losses) of $76, $10 and $(1) million in 2013, 2012 and 2011, respectively. | |
Stock-Based Compensation | |
All share-based awards to employees are measured based on their fair values and expensed over the period during which an employee is required to provide service in exchange for the award (the vesting period). We issue employee share-based awards under the UPS Incentive Compensation Plan that are subject to specific vesting conditions; generally, the awards cliff vest or vest ratably over a three or five year period, “the nominal vesting period,” or at the date the employee retires (as defined by the plan), if earlier. Compensation cost is recognized immediately for awards granted to retirement-eligible employees, or over the period from the grant date to the date retirement eligibility is achieved, if that is expected to occur during the nominal vesting period. | |
Fair Value Measurements | |
Our financial assets and liabilities measured at fair value on a recurring basis have been categorized based upon a fair value hierarchy. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Level 2 inputs are based on other observable market data, such as quoted prices for similar assets and liabilities, and inputs other than quoted prices that are observable, such as interest rates and yield curves. Level 3 inputs are developed from unobservable data reflecting our own assumptions, and include situations where there is little or no market activity for the asset or liability. | |
Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis, including property, plant, and equipment, goodwill and intangible assets. These assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment. A general description of the valuation methodologies used for assets and liabilities measured at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy, is included in each footnote with fair value measurements present. | |
Derivative Instruments | |
All financial derivative instruments are recorded on our consolidated balance sheets at fair value. Derivatives not designated as hedges must be adjusted to fair value through income. If a derivative is designated as a hedge, depending on the nature of the hedge, changes in its fair value that are considered to be effective, as defined, either offset the change in fair value of the hedged assets, liabilities or firm commitments through income, or are recorded in AOCI until the hedged item is recorded in income. Any portion of a change in a hedge’s fair value that is considered to be ineffective, or is excluded from the measurement of effectiveness, is recorded immediately in income. | |
Recently Adopted Accounting Standards | |
In May 2011, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update to disclosure requirements for fair value measurement. These amendments, which became effective for us in the first quarter of 2012, result in a common definition of fair value and common measurement and disclosure requirements between U.S. GAAP and IFRS. Consequently, the amendments change some fair value measurement principles and disclosure requirements. The implementation of this amended accounting guidance had an immaterial impact on our consolidated financial position and results of operations. | |
In June 2011, the FASB issued an Accounting Standards Update that increases the prominence of items reported in other comprehensive income in the financial statements. This update requires companies to present comprehensive income in a single statement below net income or in a separate statement of comprehensive income immediately following the income statement. This requirement became effective for us beginning with the first quarter of 2012, and we have included the required presentation in all applicable filings since that date. | |
In December 2011, the FASB issued an Accounting Standards Update that required entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to a master netting arrangement. In addition, the update requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. This requirement became effective for us beginning with the first quarter of 2013. This update did not have a material effect on our consolidated financial position or results of operations, and we have included the required disclosures in all applicable filings since implementation. | |
In July 2012, the FASB issued an Accounting Standards Update that added an optional qualitative assessment for determining whether an indefinite-lived intangible asset is impaired. The objective of this update is to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by allowing an entity the option to make a qualitative evaluation about the likelihood of an intangible impairment to determine whether it should calculate the fair value of the asset. This accounting standards update also amends existing guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. We adopted this accounting standard update and applied its provisions to certain of our intangible assets for our annual impairment testing as of October 1, 2012. | |
In February 2013, the FASB issued an accounting standards update that adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. This update requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related note for additional information (e.g., the pension note). We adopted this accounting standard update in the first quarter of 2013 and have included the required presentation in all applicable filings since that date (see note 9). | |
Other accounting pronouncements adopted during the periods covered by the consolidated financial statements had an immaterial impact on our consolidated financial position and results of operations. | |
Accounting Standards Issued But Not Yet Effective | |
Accounting pronouncements issued, but not effective until after December 31, 2013, are not expected to have a significant impact on our consolidated financial position or results of operations. | |
Changes in Presentation | |
Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on our financial position or results of operations. |
CASH_AND_INVESTMENTS
CASH AND INVESTMENTS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments and Cash [Abstract] | ' | |||||||||||||||||||||||
CASH AND INVESTMENTS | ' | |||||||||||||||||||||||
CASH AND INVESTMENTS | ||||||||||||||||||||||||
The following is a summary of marketable securities classified as available-for-sale at December 31, 2013 and 2012 (in millions): | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Gains | Losses | Fair Value | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Current marketable securities: | ||||||||||||||||||||||||
U.S. government and agency debt securities | $ | 355 | $ | — | $ | (1 | ) | $ | 354 | |||||||||||||||
Mortgage and asset-backed debt securities | 76 | 1 | (2 | ) | 75 | |||||||||||||||||||
Corporate debt securities | 146 | 1 | (1 | ) | 146 | |||||||||||||||||||
U.S. state and local municipal debt securities | 2 | — | — | 2 | ||||||||||||||||||||
Other debt and equity securities | 3 | — | — | 3 | ||||||||||||||||||||
Total marketable securities | $ | 582 | $ | 2 | $ | (4 | ) | $ | 580 | |||||||||||||||
Cost | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Gains | Losses | Fair Value | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
Current marketable securities: | ||||||||||||||||||||||||
U.S. government and agency debt securities | $ | 236 | $ | 2 | $ | — | $ | 238 | ||||||||||||||||
Mortgage and asset-backed debt securities | 171 | 3 | — | 174 | ||||||||||||||||||||
Corporate debt securities | 158 | 5 | — | 163 | ||||||||||||||||||||
U.S. state and local municipal debt securities | 15 | — | — | 15 | ||||||||||||||||||||
Other debt and equity securities | 7 | — | — | 7 | ||||||||||||||||||||
Total marketable securities | $ | 587 | $ | 10 | $ | — | $ | 597 | ||||||||||||||||
The gross realized gains on sales of marketable securities totaled $11, $15 and $49 million in 2013, 2012, and 2011, respectively. The gross realized losses totaled $6, $6 and $20 million in 2013, 2012, and 2011, respectively. There were no impairment losses recognized on marketable securities during 2013, 2012 or 2011. | ||||||||||||||||||||||||
Investment Other-Than-Temporary Impairments | ||||||||||||||||||||||||
We have concluded that no other-than-temporary impairment losses existed as of December 31, 2013. In making this determination, we considered the financial condition and prospects of the issuer, the magnitude of the losses compared with the investments’ cost, the probability that we will be unable to collect all amounts due according to the contractual terms of the security, the credit rating of the security and our ability and intent to hold these investments until the anticipated recovery in market value occurs. | ||||||||||||||||||||||||
Unrealized Losses | ||||||||||||||||||||||||
The following table presents the age of gross unrealized losses and fair value by investment category for all securities in a loss position as of December 31, 2013 (in millions): | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. government and agency debt securities | $ | 183 | $ | (1 | ) | $ | — | $ | — | $ | 183 | $ | (1 | ) | ||||||||||
Mortgage and asset-backed debt securities | 50 | (2 | ) | 4 | — | 54 | (2 | ) | ||||||||||||||||
Corporate debt securities | 47 | (1 | ) | — | — | 47 | (1 | ) | ||||||||||||||||
U.S. state and local municipal debt securities | — | — | — | — | — | — | ||||||||||||||||||
Other debt and equity securities | — | — | — | — | — | — | ||||||||||||||||||
Total marketable securities | $ | 280 | $ | (4 | ) | $ | 4 | $ | — | $ | 284 | $ | (4 | ) | ||||||||||
The unrealized losses for the U.S. government and agency debt securities, mortgage and asset-backed debt securities, corporate debt securities and other debt securities primarily relate to holdings of various fixed income securities, and are primarily due to changes in market interest rates. We have both the intent and ability to hold the securities contained in the previous table for a time necessary to recover the cost basis. | ||||||||||||||||||||||||
Maturity Information | ||||||||||||||||||||||||
The amortized cost and estimated fair value of marketable securities at December 31, 2013, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. | ||||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Due in one year or less | $ | 33 | $ | 33 | ||||||||||||||||||||
Due after one year through three years | 432 | 432 | ||||||||||||||||||||||
Due after three years through five years | 21 | 21 | ||||||||||||||||||||||
Due after five years | 93 | 91 | ||||||||||||||||||||||
579 | 577 | |||||||||||||||||||||||
Equity securities | 3 | 3 | ||||||||||||||||||||||
$ | 582 | $ | 580 | |||||||||||||||||||||
Non-Current Investments and Restricted Cash | ||||||||||||||||||||||||
Restricted cash is associated with our self-insurance requirements. We entered into an escrow agreement with an insurance carrier to guarantee our self-insurance obligations. This agreement requires us to provide cash collateral to the insurance carrier, which is reported in “Investments and Restricted Cash” on our consolidated balance sheets. Additional cash collateral provided is reflected in other investing activities in the statements of consolidated cash flows. This restricted cash is invested in money market funds and similar cash equivalent type assets. As of December 31, 2013 and 2012, we had $425 and $288 million in restricted cash, respectively. | ||||||||||||||||||||||||
We held a $19 million investment in a variable life insurance policy to fund benefits for the UPS Excess Coordinating Benefit Plan at December 31, 2013 and 2012. This investment is classified as “Investments and Restricted Cash” in the consolidated balance sheets with the quarterly change in investment value recognized in investment income on the statements of consolidated income. | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
Marketable securities utilizing Level 1 inputs include active exchange-traded equity securities and equity index funds, and most U.S. Government debt securities, as these securities all have quoted prices in active markets. Marketable securities utilizing Level 2 inputs include non-auction rate asset-backed securities, corporate bonds and municipal bonds. These securities are valued using market corroborated pricing, matrix pricing or other models that utilize observable inputs such as yield curves. | ||||||||||||||||||||||||
We maintain holdings in certain investment partnerships that are measured at fair value utilizing Level 3 inputs (classified as “other investments” in the tables below, and as “Other Non-Current Assets” in the consolidated balance sheets). These partnership holdings do not have quoted prices, nor can they be valued using inputs based on observable market data. These investments are valued internally using a discounted cash flow model with two significant inputs: (1) the after-tax cash flow projections for each partnership, and (2) a risk-adjusted discount rate consistent with the duration of the expected cash flows for each partnership. The weighted-average discount rates used to value these investments were 8.65% and 7.75% as of December 31, 2013 and 2012, respectively. These inputs and the resulting fair values are updated on a quarterly basis. | ||||||||||||||||||||||||
The following table presents information about our investments measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions): | ||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||||||||||
Active Markets | Other Observable | Unobservable | ||||||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||
U.S. government and agency debt securities | $ | 353 | $ | 1 | $ | — | $ | 354 | ||||||||||||||||
Mortgage and asset-backed debt securities | — | 75 | — | 75 | ||||||||||||||||||||
Corporate debt securities | — | 146 | — | 146 | ||||||||||||||||||||
U.S. state and local municipal debt securities | — | 2 | — | 2 | ||||||||||||||||||||
Other debt and equity securities | — | 3 | — | 3 | ||||||||||||||||||||
Total marketable securities | 353 | 227 | — | 580 | ||||||||||||||||||||
Other investments | 19 | — | 110 | 129 | ||||||||||||||||||||
Total | $ | 372 | $ | 227 | $ | 110 | $ | 709 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||||||
for Identical | (Level 2) | Inputs | ||||||||||||||||||||||
Assets | (Level 3) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||
U.S. government and agency debt securities | $ | 237 | $ | 1 | $ | — | $ | 238 | ||||||||||||||||
Mortgage and asset-backed debt securities | — | 174 | — | 174 | ||||||||||||||||||||
Corporate debt securities | — | 163 | — | 163 | ||||||||||||||||||||
U.S. state and local municipal debt securities | — | 15 | — | 15 | ||||||||||||||||||||
Other debt and equity securities | — | 7 | — | 7 | ||||||||||||||||||||
Total marketable securities | 237 | 360 | — | 597 | ||||||||||||||||||||
Other investments | 19 | — | 163 | 182 | ||||||||||||||||||||
Total | $ | 256 | $ | 360 | $ | 163 | $ | 779 | ||||||||||||||||
The following table presents the changes in the above Level 3 instruments measured on a recurring basis for the years ended December 31, 2013 and 2012 (in millions). | ||||||||||||||||||||||||
Marketable | Other | Total | ||||||||||||||||||||||
Securities | Investments | |||||||||||||||||||||||
Balance on January 1, 2012 | $ | — | $ | 217 | $ | 217 | ||||||||||||||||||
Transfers into (out of) Level 3 | — | — | — | |||||||||||||||||||||
Net realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings (in investment income) | — | (54 | ) | (54 | ) | |||||||||||||||||||
Included in accumulated other comprehensive income (pre-tax) | — | — | — | |||||||||||||||||||||
Purchases | — | — | — | |||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||
Balance on December 31, 2012 | $ | — | $ | 163 | $ | 163 | ||||||||||||||||||
Transfers into (out of) Level 3 | — | — | — | |||||||||||||||||||||
Net realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings (in investment income) | — | (53 | ) | (53 | ) | |||||||||||||||||||
Included in accumulated other comprehensive income (pre-tax) | — | — | — | |||||||||||||||||||||
Purchases | — | — | — | |||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||
Balance on December 31, 2013 | $ | — | $ | 110 | $ | 110 | ||||||||||||||||||
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||
PROPERTY, PLANT AND EQUIPMENT | ||||||||
Property, plant and equipment, including both owned assets as well as assets subject to capital leases, consists of the following as of December 31 (in millions): | ||||||||
2013 | 2012 | |||||||
Vehicles | $ | 6,762 | $ | 6,344 | ||||
Aircraft | 15,772 | 15,164 | ||||||
Land | 1,163 | 1,122 | ||||||
Buildings | 3,260 | 3,138 | ||||||
Building and leasehold improvements | 3,116 | 3,049 | ||||||
Plant equipment | 7,221 | 7,010 | ||||||
Technology equipment | 1,569 | 1,675 | ||||||
Equipment under operating leases | 44 | 69 | ||||||
Construction-in-progress | 244 | 470 | ||||||
39,151 | 38,041 | |||||||
Less: Accumulated depreciation and amortization | (21,190 | ) | (20,147 | ) | ||||
$ | 17,961 | $ | 17,894 | |||||
We continually monitor our aircraft fleet utilization in light of current and projected volume levels, aircraft fuel prices and other factors. Additionally, we monitor our other property, plant and equipment categories for any indicators that the carrying value of the assets may not be recoverable. In 2013, 2012 and 2011, there were no indicators of impairment in our property, plant and equipment, and no impairment charges were recorded in any period presented. |
COMPANYSPONSORED_EMPLOYEE_BENE
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||||||||||||||||||||||
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||||||||||||||
We sponsor various retirement and pension plans, including defined benefit and defined contribution plans which cover our employees worldwide. | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | ||||||||||||||||||||||||||||||||||||
In the U.S. we maintain the following single-employer defined benefit pension plans: UPS Retirement Plan, UPS Pension Plan, UPS IBT Pension Plan and the UPS Excess Coordinating Benefit Plan, a non-qualified plan. | ||||||||||||||||||||||||||||||||||||
The UPS Retirement Plan is noncontributory and includes substantially all eligible employees of participating domestic subsidiaries who are not members of a collective bargaining unit, as well as certain employees covered by a collective bargaining agreement. This plan generally provides for retirement benefits based on average compensation levels earned by employees prior to retirement. Benefits payable under this plan are subject to maximum compensation limits and the annual benefit limits for a tax qualified defined benefit plan as prescribed by the Internal Revenue Service (“IRS”). | ||||||||||||||||||||||||||||||||||||
The UPS Excess Coordinating Benefit Plan is a non-qualified plan that provides benefits to certain participants in the UPS Retirement Plan for amounts that exceed the benefit limits described above. | ||||||||||||||||||||||||||||||||||||
The UPS Pension Plan is noncontributory and includes certain eligible employees of participating domestic subsidiaries and members of collective bargaining units that elect to participate in the plan. This plan generally provides for retirement benefits based on service credits earned by employees prior to retirement. | ||||||||||||||||||||||||||||||||||||
The UPS IBT Pension Plan is noncontributory and includes employees that were previously members of the Central States, Southeast and Southwest Areas Pension Fund (“Central States Pension Fund”), a multiemployer pension plan, in addition to other eligible employees who are covered under certain collective bargaining agreements. This plan generally provides for retirement benefits based on service credits earned by employees prior to retirement. | ||||||||||||||||||||||||||||||||||||
U.S. Postretirement Medical Benefits | ||||||||||||||||||||||||||||||||||||
We also sponsor postretirement medical plans in the U.S. that provide health care benefits to our retirees who meet certain eligibility requirements and who are not otherwise covered by multiemployer plans. Generally, this includes employees with at least 10 years of service who have reached age 55 and employees who are eligible for postretirement medical benefits from a Company-sponsored plan pursuant to collective bargaining agreements. We have the right to modify or terminate certain of these plans. These benefits have been provided to certain retirees on a noncontributory basis; however, in many cases, retirees are required to contribute all or a portion of the total cost of the coverage. | ||||||||||||||||||||||||||||||||||||
International Pension Benefits | ||||||||||||||||||||||||||||||||||||
We also sponsor various defined benefit plans covering certain of our international employees. The majority of our international obligations are for defined benefit plans in Canada and the United Kingdom. In addition, many of our international employees are covered by government-sponsored retirement and pension plans. We are not directly responsible for providing benefits to participants of government-sponsored plans. | ||||||||||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||||||||
We also sponsor several defined contribution plans for all employees not covered under collective bargaining agreements, and for certain employees covered under collective bargaining agreements. The Company matches, in shares of UPS common stock or cash, a portion of the participating employees’ contributions. Matching contributions charged to expense were $90, $83 and $80 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||||||
Contributions are also made to defined contribution money purchase plans under certain collective bargaining agreements. Amounts charged to expense were $80, $80 and $76 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||||||
Information about net periodic benefit cost for the company-sponsored pension and postretirement benefit plans is as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Net Periodic Cost: | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 1,349 | $ | 998 | $ | 870 | $ | 103 | $ | 89 | $ | 89 | $ | 47 | $ | 41 | $ | 34 | ||||||||||||||||||
Interest cost | 1,449 | 1,410 | 1,309 | 185 | 208 | 207 | 44 | 41 | 39 | |||||||||||||||||||||||||||
Expected return on assets | (2,147 | ) | (1,970 | ) | (1,835 | ) | (33 | ) | (18 | ) | (16 | ) | (55 | ) | (47 | ) | (43 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Transition obligation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Prior service cost | 172 | 173 | 171 | 4 | 5 | 7 | 2 | 2 | 1 | |||||||||||||||||||||||||||
Actuarial (gain) loss | — | 4,388 | 736 | — | 374 | — | — | 69 | 91 | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (5 | ) | (10 | ) | — | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 823 | $ | 4,999 | $ | 1,251 | $ | 259 | $ | 658 | $ | 287 | $ | 33 | $ | 96 | $ | 122 | ||||||||||||||||||
Actuarial Assumptions | ||||||||||||||||||||||||||||||||||||
The table below provides the weighted-average actuarial assumptions used to determine the net periodic benefit cost. | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4.42 | % | 5.64 | % | 5.98 | % | 4.21 | % | 5.47 | % | 5.77 | % | 4 | % | 4.63 | % | 5.36 | % | ||||||||||||||||||
Rate of compensation increase | 4.16 | % | 4.5 | % | 4.5 | % | N/A | N/A | N/A | 3.03 | % | 3.58 | % | 3.57 | % | |||||||||||||||||||||
Expected return on assets | 8.75 | % | 8.75 | % | 8.75 | % | 8.75 | % | 8.75 | % | 8.75 | % | 6.9 | % | 7.2 | % | 7.31 | % | ||||||||||||||||||
The table below provides the weighted-average actuarial assumptions used to determine the benefit obligations of our plans. | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Discount rate | 5.32 | % | 4.42 | % | 5.14 | % | 4.21 | % | 4.4 | % | 4 | % | ||||||||||||||||||||||||
Rate of compensation increase | 4.29 | % | 4.16 | % | N/A | N/A | 3.3 | % | 3.03 | % | ||||||||||||||||||||||||||
A discount rate is used to determine the present value of our future benefit obligations. To determine our discount rate for our U.S. pension and postretirement benefit plans, we use a bond matching approach to select specific bonds that would satisfy our projected benefit payments. We believe the bond matching approach reflects the process we would employ to settle our pension and postretirement benefit obligations. For our international plans, the discount rate is determined by matching the expected cash flows of a sample plan of similar duration to a yield curve based on long-term, high quality fixed income debt instruments available as of the measurement date. These assumptions are updated each measurement date, which is typically annually. | ||||||||||||||||||||||||||||||||||||
As of December 31, 2013, the impact of each basis point change in the discount rate on the projected benefit obligation of the pension and postretirement medical benefit plans are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Increase (Decrease) in the Projected Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement Medical Benefits | |||||||||||||||||||||||||||||||||||
One basis point increase in discount rate | $ | (46 | ) | $ | (4 | ) | ||||||||||||||||||||||||||||||
One basis point decrease in discount rate | $ | 49 | $ | 4 | ||||||||||||||||||||||||||||||||
An assumption for expected return on plan assets is used to determine a component of net periodic benefit cost for the fiscal year. This assumption for our U.S. plans was developed using a long-term projection of returns for each asset class, and taking into consideration our target asset allocation. The expected return for each asset class is a function of passive, long-term capital market assumptions and excess returns generated from active management. The capital market assumptions used are provided by independent investment advisors, while excess return assumptions are supported by historical performance, fund mandates and investment expectations. In addition, we compare the expected return on asset assumption with the average historical rate of return these plans have been able to generate. | ||||||||||||||||||||||||||||||||||||
For plans outside the U.S., consideration is given to local market expectations of long-term returns. Strategic asset allocations are determined by plan, based on the nature of liabilities and considering the demographic composition of the plan participants. | ||||||||||||||||||||||||||||||||||||
Health care cost trends are used to project future postretirement benefits payable from our plans. For year-end 2013 U.S. plan obligations, future postretirement medical benefit costs were forecasted assuming an initial annual increase of 7.0%, decreasing to 5.0% by the year 2018 and with consistent annual increases at those ultimate levels thereafter. | ||||||||||||||||||||||||||||||||||||
Assumed health care cost trends can have a significant effect on the amounts reported for our postretirement medical plans. A one-percent change in assumed health care cost trend rates would have had the following effects on 2013 results (in millions): | ||||||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||||||||||||||
Effect on total of service cost and interest cost | $ | 3 | $ | (3 | ) | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 50 | $ | (64 | ) | |||||||||||||||||||||||||||||||
Funded Status | ||||||||||||||||||||||||||||||||||||
The following table discloses the funded status of our plans and the amounts recognized in our balance sheet as of December 31 (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Funded Status: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 26,224 | $ | 24,941 | $ | 355 | $ | 460 | $ | 931 | $ | 801 | ||||||||||||||||||||||||
Benefit obligation | (29,508 | ) | (31,868 | ) | (4,046 | ) | (4,412 | ) | (1,076 | ) | (1,089 | ) | ||||||||||||||||||||||||
Funded status recognized at December 31 | $ | (3,284 | ) | $ | (6,927 | ) | $ | (3,691 | ) | $ | (3,952 | ) | $ | (145 | ) | $ | (288 | ) | ||||||||||||||||||
Funded Status Amounts Recognized in our Balance Sheet: | ||||||||||||||||||||||||||||||||||||
Other non-current assets | $ | — | $ | — | $ | — | $ | — | $ | 47 | $ | 26 | ||||||||||||||||||||||||
Other current liabilities | (16 | ) | (14 | ) | (97 | ) | (108 | ) | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Pension and postretirement benefit obligations | (3,268 | ) | (6,913 | ) | (3,594 | ) | (3,844 | ) | (189 | ) | (311 | ) | ||||||||||||||||||||||||
Net liability at December 31 | $ | (3,284 | ) | $ | (6,927 | ) | $ | (3,691 | ) | $ | (3,952 | ) | $ | (145 | ) | $ | (288 | ) | ||||||||||||||||||
Amounts Recognized in AOCI: | ||||||||||||||||||||||||||||||||||||
Unrecognized net prior service cost | $ | (1,286 | ) | $ | (1,318 | ) | $ | (79 | ) | $ | (79 | ) | $ | (9 | ) | $ | (13 | ) | ||||||||||||||||||
Unrecognized net actuarial gain (loss) | 1,233 | (3,187 | ) | (29 | ) | (441 | ) | (7 | ) | (86 | ) | |||||||||||||||||||||||||
Gross unrecognized cost at December 31 | (53 | ) | (4,505 | ) | (108 | ) | (520 | ) | (16 | ) | (99 | ) | ||||||||||||||||||||||||
Deferred tax asset at December 31 | 20 | 1,694 | 41 | 196 | 2 | 26 | ||||||||||||||||||||||||||||||
Net unrecognized cost at December 31 | $ | (33 | ) | $ | (2,811 | ) | $ | (67 | ) | $ | (324 | ) | $ | (14 | ) | $ | (73 | ) | ||||||||||||||||||
The accumulated benefit obligation for our pension plans as of the measurement dates in 2013 and 2012 was $28.586 and $30.350 billion, respectively. | ||||||||||||||||||||||||||||||||||||
Benefit payments under the pension plans include $16 million paid from employer assets in both 2013 and 2012. Benefit payments (net of participant contributions) under the postretirement medical benefit plans include $108 and $110 million paid from employer assets in 2013 and 2012, respectively. Such benefit payments from employer assets are also categorized as employer contributions. | ||||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets for pension plans with benefit obligations in excess of plan assets were as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Projected Benefit Obligation | Accumulated Benefit Obligation | |||||||||||||||||||||||||||||||||||
Exceeds the Fair Value of Plan | Exceeds the Fair Value of Plan | |||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
U.S. Pension Benefits | ||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 29,508 | $ | 31,868 | $ | 29,508 | $ | 31,868 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 27,623 | 29,382 | 27,623 | 29,382 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 26,224 | 24,941 | 26,224 | 24,941 | ||||||||||||||||||||||||||||||||
International Pension Benefits | ||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 764 | $ | 1,028 | $ | 361 | $ | 678 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 658 | 917 | 301 | 606 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 580 | 723 | 184 | 388 | ||||||||||||||||||||||||||||||||
The accumulated postretirement benefit obligation exceeds plan assets for all of our U.S. postretirement medical benefit plans. | ||||||||||||||||||||||||||||||||||||
Benefit Obligations and Fair Value of Plan Assets | ||||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the changes in the plans’ benefit obligations and fair value of plan assets as of the respective measurement dates in each year (in millions). | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Benefit Obligations: | ||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 31,868 | $ | 24,386 | $ | 4,412 | $ | 3,836 | $ | 1,089 | $ | 841 | ||||||||||||||||||||||||
Service cost | 1,349 | 998 | 103 | 89 | 47 | 41 | ||||||||||||||||||||||||||||||
Interest cost | 1,449 | 1,410 | 185 | 208 | 44 | 41 | ||||||||||||||||||||||||||||||
Gross benefits paid | (813 | ) | (774 | ) | (258 | ) | (233 | ) | (21 | ) | (20 | ) | ||||||||||||||||||||||||
Plan participants’ contributions | — | — | 17 | 16 | 4 | 4 | ||||||||||||||||||||||||||||||
Plan amendments | 140 | (2 | ) | 4 | 1 | — | — | |||||||||||||||||||||||||||||
Actuarial (gain)/loss | (4,485 | ) | 5,850 | (417 | ) | 495 | (55 | ) | 112 | |||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | — | — | (26 | ) | 24 | |||||||||||||||||||||||||||||
Curtailments and settlements | — | — | — | — | (6 | ) | (5 | ) | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | 51 | ||||||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 29,508 | $ | 31,868 | $ | 4,046 | $ | 4,412 | $ | 1,076 | $ | 1,089 | ||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Fair Value of Plan Assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 24,941 | $ | 22,663 | $ | 460 | $ | 174 | $ | 801 | $ | 613 | ||||||||||||||||||||||||
Actual return on plan assets | 2,082 | 2,684 | 28 | 19 | 81 | 56 | ||||||||||||||||||||||||||||||
Employer contributions | 14 | 368 | 108 | 475 | 90 | 74 | ||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 17 | 16 | 1 | 1 | ||||||||||||||||||||||||||||||
Gross benefits paid | (813 | ) | (774 | ) | (258 | ) | (233 | ) | (21 | ) | (20 | ) | ||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | — | — | (20 | ) | 20 | |||||||||||||||||||||||||||||
Curtailments and settlements | — | — | — | — | (1 | ) | (4 | ) | ||||||||||||||||||||||||||||
Other | — | — | — | 9 | — | 61 | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 26,224 | $ | 24,941 | $ | 355 | $ | 460 | $ | 931 | $ | 801 | ||||||||||||||||||||||||
Pension and Postretirement Plan Assets | ||||||||||||||||||||||||||||||||||||
The applicable benefit plan committees establish investment guidelines and strategies, and regularly monitor the performance of the funds and portfolio managers. Our investment guidelines address the following items: governance, general investment beliefs and principles, investment objectives, specific investment goals, process for determining/maintaining the asset allocation policy, long-term asset allocation, rebalancing, investment restrictions/prohibited transactions, portfolio manager structure and diversification (which addresses limits on the amount of investments held by any one manager to minimize risk), portfolio manager selection criteria, plan evaluation, portfolio manager performance review and evaluation and risk management (including various measures used to evaluate risk tolerance). | ||||||||||||||||||||||||||||||||||||
Our investment strategy with respect to pension assets is to invest the assets in accordance with applicable laws and regulations. The long-term primary objectives for our pension assets are to: (1) provide for a reasonable amount of long-term growth of capital, with prudent exposure to risk; and protect the assets from erosion of purchasing power; (2) provide investment results that meet or exceed the plans’ expected long-term rate of return; and (3) match the duration of the liabilities and assets of the plans to reduce the potential risk of large employer contributions being necessary in the future. The plans strive to meet these objectives by employing portfolio managers to actively manage assets within the guidelines and strategies set forth by the benefit plan committees. These managers are evaluated by comparing their performance to applicable benchmarks. | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
Pension assets utilizing Level 1 inputs include fair values of equity investments, corporate debt instruments, and U.S. government securities that were determined by closing prices for those securities traded on national stock exchanges, while securities traded in the over-the-counter market and listed securities for which no sale was reported on the valuation date are valued at the mean between the last reported bid and asked prices. | ||||||||||||||||||||||||||||||||||||
Level 2 assets include certain bonds that are valued based on yields currently available on comparable securities of other issues with similar credit ratings, mortgage-backed securities that are valued based on cash flow and yield models using acceptable modeling and pricing conventions, and certain investments that are pooled with other investments held by the trustee in a commingled employee benefit trust fund. The investments in the commingled funds are valued by taking the percentage owned by the respective plan in the underlying net asset value of the trust fund, which was determined in accordance with the paragraph above. | ||||||||||||||||||||||||||||||||||||
Certain investments’ estimated fair value is based on unobservable inputs that are not corroborated by observable market data and are thus classified as Level 3. These investments include commingled funds comprised of corporate and government bonds, hedge funds, real estate investments and private equity funds. The fair values may, due to the inherent uncertainty of valuation for those alternative investments, differ significantly from the values that would have been used had a ready market for the alternative investments existed, and the differences could be material. These investments are described further below: | ||||||||||||||||||||||||||||||||||||
• | Commingled Stock Funds: We maintain plan assets invested in commingled stock funds, which hold U.S. and international public market securities. These commingled funds are valued using net asset values, adjusted, as appropriate, for investment fund specific inputs determined to be significant to the valuation. Our plans maintain the right to liquidate positions in these commingled stock funds at any time, subject only to a brief notification period. No unfunded commitments existed with respect to these commingled stock funds at December 31, 2013. | |||||||||||||||||||||||||||||||||||
• | Hedge Funds: We maintain plan assets invested in hedge funds that pursue multiple strategies to diversify risk and reduce volatility. Investments in hedge funds are valued using reported net asset values as of December 31. These assets are primarily invested in a portfolio of diversified, direct investments and funds of hedge funds. Most of these funds allow redemptions either quarterly or semi-annually after a two to three month notice period, while other funds allow for redemption after only a brief notification period with no restriction on redemption frequency. No unfunded commitments existed with respect to these hedge funds as of December 31, 2013. | |||||||||||||||||||||||||||||||||||
• | Real Estate and Private Equity Funds: We maintain plan assets invested in limited partnership interests in various private equity and real estate funds. These private equity and real estate investment funds are valued using fair values per the most recent partnership audited financial reports, adjusted as appropriate for any lag between the date of the financial reports and December 31. The real estate investments consist of U.S. and non-U.S. real estate investments and are broadly diversified. Limited provision exists for the redemption of these interests by the general partners that invest in these funds until the end of the term of the partnerships, typically ranging between 12 and 18 years from the date of inception. An active secondary market exists for similar partnership interests, although no particular value (discount or premium) can be guaranteed. At December 31, 2013, unfunded commitments to such limited partnerships totaling approximately $858 million are expected to be contributed over the remaining investment period, typically ranging between three and six years. | |||||||||||||||||||||||||||||||||||
The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2013 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations. | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Percentage of | Target | |||||||||||||||||||||||||||||||
Assets | Plan Assets - | Allocation | ||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||
Asset Category (U.S. Plans): | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 112 | $ | 514 | $ | — | $ | 626 | 2.3 | % | 0-5 | |||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | 2,264 | 1,948 | — | 4,212 | ||||||||||||||||||||||||||||||||
U.S. Small Cap | 457 | 50 | — | 507 | ||||||||||||||||||||||||||||||||
Emerging Markets | 1,247 | 120 | — | 1,367 | ||||||||||||||||||||||||||||||||
Global Equity | 2,154 | — | — | 2,154 | ||||||||||||||||||||||||||||||||
International Equity | 1,397 | 825 | — | 2,222 | ||||||||||||||||||||||||||||||||
Total Equity Securities | 7,519 | 2,943 | — | 10,462 | 39.4 | 25-55 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Government Securities | 3,746 | 615 | — | 4,361 | ||||||||||||||||||||||||||||||||
Corporate Bonds | 7 | 2,550 | 223 | 2,780 | ||||||||||||||||||||||||||||||||
Global Bonds | — | 681 | — | 681 | ||||||||||||||||||||||||||||||||
Municipal Bonds | — | 55 | — | 55 | ||||||||||||||||||||||||||||||||
Total Fixed Income Securities | 3,753 | 3,901 | 223 | 7,877 | 29.6 | 15-35 | ||||||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||||||
Hedge Funds | — | — | 3,738 | 3,738 | 14.1 | 15-Aug | ||||||||||||||||||||||||||||||
Private Equity | — | — | 1,397 | 1,397 | 5.3 | 10-Mar | ||||||||||||||||||||||||||||||
Real Estate | 285 | 21 | 1,091 | 1,397 | 5.3 | 10-Mar | ||||||||||||||||||||||||||||||
Structured Products(1) | — | 326 | — | 326 | 1.2 | 0-5 | ||||||||||||||||||||||||||||||
Other(2) | — | — | 756 | 756 | 2.8 | 10-Jan | ||||||||||||||||||||||||||||||
Total U.S. Plan Assets | $ | 11,669 | $ | 7,705 | $ | 7,205 | $ | 26,579 | 100 | % | ||||||||||||||||||||||||||
Asset Category (International Plans): | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11 | $ | 17 | $ | — | 28 | 3 | 0-5 | |||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
Local Markets Equity | 122 | 97 | — | 219 | ||||||||||||||||||||||||||||||||
U.S. Equity | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||
Emerging Markets | 19 | — | — | 19 | ||||||||||||||||||||||||||||||||
International / Global Equity | 88 | 79 | — | 167 | ||||||||||||||||||||||||||||||||
Total Equity Securities | 246 | 176 | — | 422 | 45.3 | 50-65 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
Local Government Bonds | 68 | — | — | 68 | ||||||||||||||||||||||||||||||||
Corporate Bonds | 86 | 85 | — | 171 | ||||||||||||||||||||||||||||||||
Total Fixed Income Securities | 154 | 85 | — | 239 | 25.7 | 15-35 | ||||||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||||||
Real Estate | — | 63 | — | 63 | 6.8 | 0-17 | ||||||||||||||||||||||||||||||
Structured Products(1) | — | — | 55 | 55 | 5.9 | 0-10 | ||||||||||||||||||||||||||||||
Other | — | 124 | — | 124 | 13.3 | 0-20 | ||||||||||||||||||||||||||||||
Total International Plan Assets | $ | 411 | $ | 465 | $ | 55 | $ | 931 | 100 | % | ||||||||||||||||||||||||||
Total Plan Assets | $ | 12,080 | $ | 8,170 | $ | 7,260 | $ | 27,510 | ||||||||||||||||||||||||||||
(1) Represents mortgage and asset-backed securities. | ||||||||||||||||||||||||||||||||||||
(2) Represents global balanced-risk commingled funds, consisting primarily of equity, bonds, and some currencies and commodities. | ||||||||||||||||||||||||||||||||||||
The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2012 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations. This table has been revised from our 2012 Form 10-K filing to include international plan assets in conformity with the 2013 presentation of international plan assets. | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Percentage of | Target | |||||||||||||||||||||||||||||||
Assets | Plan Assets - | Allocation | ||||||||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||||||||
Asset Category (U.S. Plans): | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 103 | $ | 139 | $ | — | $ | 242 | 0.9 | % | 0-5 | |||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | 2,548 | 2,162 | — | 4,710 | ||||||||||||||||||||||||||||||||
U.S. Small Cap | 450 | 31 | — | 481 | ||||||||||||||||||||||||||||||||
Emerging Markets | 1,160 | 123 | — | 1,283 | ||||||||||||||||||||||||||||||||
Global Equity | 2,242 | — | — | 2,242 | ||||||||||||||||||||||||||||||||
International Equity | 442 | 694 | — | 1,136 | ||||||||||||||||||||||||||||||||
Total Equity Securities | 6,842 | 3,010 | — | 9,852 | 38.8 | 35-55 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Government Securities | 4,008 | 443 | — | 4,451 | ||||||||||||||||||||||||||||||||
Corporate Bonds | 9 | 3,113 | 138 | 3,260 | ||||||||||||||||||||||||||||||||
Global Bonds | — | 457 | — | 457 | ||||||||||||||||||||||||||||||||
Municipal Bonds | — | 83 | — | 83 | ||||||||||||||||||||||||||||||||
Total Fixed Income Securities | 4,017 | 4,096 | 138 | 8,251 | 32.5 | 25-35 | ||||||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||||||
Hedge Funds | — | — | 2,829 | 2,829 | 11.1 | 15-May | ||||||||||||||||||||||||||||||
Private Equity | — | — | 1,416 | 1,416 | 5.6 | 10-Jan | ||||||||||||||||||||||||||||||
Real Estate | 177 | 23 | 1,039 | 1,239 | 4.9 | 10-Jan | ||||||||||||||||||||||||||||||
Structured Products(1) | — | 210 | — | 210 | 0.8 | 0-5 | ||||||||||||||||||||||||||||||
Other(2) | — | — | 1,362 | 1,362 | 5.4 | 10-Jan | ||||||||||||||||||||||||||||||
Total U.S. Plan Assets | $ | 11,139 | $ | 7,478 | $ | 6,784 | $ | 25,401 | 100 | % | ||||||||||||||||||||||||||
Asset Category (International Plans): | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 17 | $ | — | 22 | 2.8 | 0-5 | |||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
Local Markets Equity | 118 | 79 | — | 197 | ||||||||||||||||||||||||||||||||
U.S. Equity | 14 | — | — | 14 | ||||||||||||||||||||||||||||||||
International / Global Equity | 71 | 59 | — | 130 | ||||||||||||||||||||||||||||||||
Total Equity Securities | 203 | 138 | — | 341 | 42.6 | 50-65 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
Local Government Bonds | 64 | — | — | 64 | ||||||||||||||||||||||||||||||||
Corporate Bonds | 85 | 70 | — | 155 | ||||||||||||||||||||||||||||||||
Total Fixed Income Securities | 149 | 70 | — | 219 | 27.3 | 15-35 | ||||||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||||||
Real Estate | — | 46 | — | 46 | 5.7 | 0-17 | ||||||||||||||||||||||||||||||
Structured Products(1) | — | — | 49 | 49 | 6.1 | 0-10 | ||||||||||||||||||||||||||||||
Other | — | 124 | — | 124 | 15.5 | 0-20 | ||||||||||||||||||||||||||||||
Total International Plan Assets | $ | 357 | $ | 395 | $ | 49 | $ | 801 | 100 | % | ||||||||||||||||||||||||||
Total Plan Assets | $ | 11,496 | $ | 7,873 | $ | 6,833 | $ | 26,202 | ||||||||||||||||||||||||||||
(1) Represents mortgage and asset-backed securities. | ||||||||||||||||||||||||||||||||||||
(2) Represents global balanced-risk commingled funds, consisting primarily of equity, bonds, and some currencies and commodities. | ||||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 instruments measured on a recurring basis for the years ended December 31, 2013 and 2012 (in millions). The information presented for 2012 has been revised to include international plan assets in conformity with the 2013 presentation of international plan assets. | ||||||||||||||||||||||||||||||||||||
Corporate | Hedge | Real | Private | Other | Total | |||||||||||||||||||||||||||||||
Bonds | Funds | Estate | Equity | |||||||||||||||||||||||||||||||||
Balance on January 1, 2012 | $ | 80 | $ | 2,132 | $ | 948 | $ | 1,354 | $ | 644 | $ | 5,158 | ||||||||||||||||||||||||
Actual Return on Assets: | ||||||||||||||||||||||||||||||||||||
Assets Held at End of Year | 1 | 59 | 85 | 163 | 159 | 467 | ||||||||||||||||||||||||||||||
Assets Sold During the Year | (3 | ) | 5 | 4 | — | — | 6 | |||||||||||||||||||||||||||||
Purchases | 71 | 1,300 | 144 | 184 | 608 | 2,307 | ||||||||||||||||||||||||||||||
Sales | (11 | ) | (667 | ) | (142 | ) | (285 | ) | — | (1,105 | ) | |||||||||||||||||||||||||
Settlements | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Transfers Into (Out of) Level 3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Balance on December 31, 2012 | $ | 138 | $ | 2,829 | $ | 1,039 | $ | 1,416 | $ | 1,411 | $ | 6,833 | ||||||||||||||||||||||||
Actual Return on Assets: | ||||||||||||||||||||||||||||||||||||
Assets Held at End of Year | (1 | ) | 229 | 81 | 71 | (93 | ) | 287 | ||||||||||||||||||||||||||||
Assets Sold During the Year | — | 5 | 54 | 153 | 54 | 266 | ||||||||||||||||||||||||||||||
Purchases | 165 | 1,676 | 145 | 143 | 1 | 2,130 | ||||||||||||||||||||||||||||||
Sales | (79 | ) | (1,001 | ) | (228 | ) | (386 | ) | (562 | ) | (2,256 | ) | ||||||||||||||||||||||||
Settlements | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Transfers Into (Out of) Level 3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Balance on December 31, 2013 | $ | 223 | $ | 3,738 | $ | 1,091 | $ | 1,397 | $ | 811 | $ | 7,260 | ||||||||||||||||||||||||
There were no UPS class A or B shares of common stock directly held in plan assets as of December 31, 2013 or December 31, 2012. | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||||||||||||||||||
The estimated amounts of prior service cost in AOCI expected to be amortized and recognized as a component of net periodic benefit cost in 2014 are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International Pension | ||||||||||||||||||||||||||||||||||
Medical Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Prior service cost / (benefit) | $ | 169 | $ | 4 | $ | 1 | ||||||||||||||||||||||||||||||
Expected Cash Flows | ||||||||||||||||||||||||||||||||||||
Information about expected cash flows for the pension and postretirement benefit plans is as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. | U.S. Postretirement | International Pension | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | Benefits | ||||||||||||||||||||||||||||||||||
Employer Contributions: | ||||||||||||||||||||||||||||||||||||
2014 (expected) to plan trusts | $ | — | $ | — | $ | 77 | ||||||||||||||||||||||||||||||
2014 (expected) to plan participants | 16 | 100 | 3 | |||||||||||||||||||||||||||||||||
Expected Benefit Payments: | ||||||||||||||||||||||||||||||||||||
2014 | $ | 885 | $ | 239 | $ | 24 | ||||||||||||||||||||||||||||||
2015 | 981 | 253 | 26 | |||||||||||||||||||||||||||||||||
2016 | 1,081 | 270 | 27 | |||||||||||||||||||||||||||||||||
2017 | 1,188 | 286 | 30 | |||||||||||||||||||||||||||||||||
2018 | 1,306 | 300 | 32 | |||||||||||||||||||||||||||||||||
2019 - 2023 | 8,502 | 1,610 | 199 | |||||||||||||||||||||||||||||||||
Our funding policy for U.S. plans is to contribute amounts annually that are at least equal to the amounts required by applicable laws and regulations, or to directly fund payments to plan participants, as applicable. International plans will be funded in accordance with local regulations. Additional discretionary contributions may be made when deemed appropriate to meet the long-term obligations of the plans. Expected benefit payments for pensions will be primarily paid from plan trusts. Expected benefit payments for postretirement medical benefits will be paid from plan trusts and corporate assets. |
MULTIEMPLOYER_EMPLOYEE_BENEFIT
MULTIEMPLOYER EMPLOYEE BENEFIT PLANS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Multiemployer Plans [Abstract] | ' | |||||||||||||||||||||
MULTIEMPLOYER EMPLOYEE BENEFIT PLANS | ' | |||||||||||||||||||||
MULTIEMPLOYER EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||
We contribute to a number of multiemployer defined benefit plans under the terms of collective bargaining agreements that cover our union-represented employees. These plans generally provide for retirement, death and/or termination benefits for eligible employees within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods and benefit formulas. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: | ||||||||||||||||||||||
• | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||||||
• | If a participating employer stops contributing to the multiemployer plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||||||||
• | If we choose to stop participating in some of our multiemployer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. However, cessation of participation in a multiemployer plan and subsequent payment of any withdrawal liability is subject to the collective bargaining process. | |||||||||||||||||||||
The discussion that follows sets forth the financial impact on our results of operations and cash flows for the years ended December 31, 2013, 2012 and 2011 from our participation in multiemployer benefit plans. Several factors could cause us to make significantly higher future contributions to these plans, including unfavorable investment performance, changes in demographics and increased benefits to participants. However, all surcharges are subject to the collective bargaining process. At this time, we are unable to determine the amount of additional future contributions, if any, or whether any material adverse effect on our financial condition, results of operations or liquidity would result from our participation in these plans. | ||||||||||||||||||||||
The number of employees covered by our multiemployer plans has remained consistent over the past three years, and there have been no significant changes that affect the comparability of 2013, 2012 and 2011 contributions. We recognize expense for the contractually-required contribution for each period, and we recognize a liability for any contributions due and unpaid at the end of a reporting period. | ||||||||||||||||||||||
Multiemployer Pension Plans | ||||||||||||||||||||||
The following table outlines our participation in multiemployer pension plans for the periods ended December 31, 2013, 2012 and 2011, and sets forth our calendar year contributions into each plan. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act zone status available in 2013 and 2012 relates to the plans’ two most recent fiscal year-ends. The zone status is based on information that we received from the plans’ administrators and is certified by each plan’s actuary. Among other factors, plans certified in the red zone are generally less than 65% funded, plans certified in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans certified in the yellow zone are less than 80% funded, and plans certified in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan (“FIP”) for yellow/orange zone plans, or a rehabilitation plan (“RP”) for red zone plans, is either pending or has been implemented. As of December 31, 2013, all plans that have either a FIP or RP requirement have had the respective FIP or RP implemented. | ||||||||||||||||||||||
Our collectively-bargained contributions satisfy the requirements of all implemented FIPs and RPs and do not currently require the payment of any surcharges. In addition, minimum contributions outside of the agreed upon contractual rate are not required. For the plans detailed in the following table, the expiration date of the associated collective bargaining agreements was July 31, 2013 (see Note 16), with the exception of the Automotive Industries Pension Plan and the IAM National Pension Fund / National Pension Plan which both have a July 31, 2014 expiration date. For those plans covered by the collective bargaining agreement that expired on July 31, 2013, we have accrued a liability for the estimated contributions (which are included in the following table) under our new collective bargaining agreement that has been approved, but not yet ratified (see note 16). For all plans detailed in the following table, we provided more than 5% of the total plan contributions from all employers for 2013, 2012 and 2011 (as disclosed in the Form 5500 for each respective plan). | ||||||||||||||||||||||
Certain plans have been aggregated in the “All Other Multiemployer Pension Plans” line in the following table, as the contributions to each of these individual plans are not material. | ||||||||||||||||||||||
EIN / Pension | Pension | FIP/RP Status | (in millions) | Surcharge | ||||||||||||||||||
Plan | Protection Act | Pending/ | UPS Contributions and Accruals | |||||||||||||||||||
Zone Status | ||||||||||||||||||||||
Pension Fund | Number | 2013 | 2012 | Implemented | 2013 | 2012 | 2011 | Imposed | ||||||||||||||
Alaska Teamster-Employer Pension Plan | 92-6003463-024 | Red | Red | Yes/Implemented | $ | 5 | $ | 4 | $ | 4 | No | |||||||||||
Automotive Industries Pension Plan | 94-1133245-001 | Red | Red | Yes/Implemented | 4 | 4 | 4 | No | ||||||||||||||
Central Pennsylvania Teamsters Defined Benefit Plan | 23-6262789-001 | Green | Yellow | Yes/Implemented | 30 | 29 | 27 | No | ||||||||||||||
Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund | 55-6021850-001 | Green | Green | No | 9 | 9 | 8 | No | ||||||||||||||
Hagerstown Motor Carriers and Teamsters Pension Fund | 52-6045424-001 | Red | Red | Yes/Implemented | 5 | 5 | 5 | No | ||||||||||||||
I.A.M. National Pension Fund / National Pension Plan | 51-6031295-002 | Green | Green | No | 27 | 24 | 25 | No | ||||||||||||||
International Brotherhood of Teamsters Union Local No. 710 Pension Fund | 36-2377656-001 | Green | Green | No | 88 | 75 | 74 | No | ||||||||||||||
Local 705, International Brotherhood of Teamsters Pension Plan | 36-6492502-001 | Red | Red | Yes/Implemented | 68 | 46 | 58 | No | ||||||||||||||
Local 804 I.B.T. & Local 447 I.A.M.—UPS Multiemployer Retirement Plan | 51-6117726-001 | Red | Red | Yes/Implemented | 88 | 87 | 84 | No | ||||||||||||||
Milwaukee Drivers Pension Trust Fund | 39-6045229-001 | Green | Green | No | 29 | 26 | 26 | No | ||||||||||||||
New England Teamsters & Trucking Industry Pension Fund | 04-6372430-001 | Red | Red | Yes/Implemented | 102 | 124 | 124 | No | ||||||||||||||
New York State Teamsters Conference Pension and Retirement Fund | 16-6063585-074 | Red | Red | Yes/Implemented | 72 | 65 | 57 | No | ||||||||||||||
Teamster Pension Fund of Philadelphia and Vicinity | 23-1511735-001 | Yellow | Yellow | Yes/Implemented | 46 | 44 | 41 | No | ||||||||||||||
Teamsters Joint Council No. 83 of Virginia Pension Fund | 54-6097996-001 | Yellow | Yellow | Yes/Implemented | 49 | 44 | 41 | No | ||||||||||||||
Teamsters Local 639—Employers Pension Trust | 53-0237142-001 | Green | Green | No | 41 | 36 | 33 | No | ||||||||||||||
Teamsters Negotiated Pension Plan | 43-6196083-001 | Yellow | Red | Yes/Implemented | 26 | 24 | 22 | No | ||||||||||||||
Truck Drivers and Helpers Local Union No. 355 Retirement Pension Plan | 52-6043608-001 | Yellow | Yellow | Yes/Implemented | 14 | 14 | 12 | No | ||||||||||||||
United Parcel Service, Inc.—Local 177, I.B.T. Multiemployer Retirement Plan | 13-1426500-419 | Red | Red | Yes/Implemented | 68 | 62 | 57 | No | ||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047-001 | Green | Green | No | 553 | 520 | 476 | No | ||||||||||||||
Western Pennsylvania Teamsters and Employers Pension Fund | 25-6029946-001 | Red | Red | Yes/Implemented | 23 | 24 | 21 | No | ||||||||||||||
All Other Multiemployer Pension Plans | 49 | 59 | 44 | |||||||||||||||||||
Total Contributions | $ | 1,396 | $ | 1,325 | $ | 1,243 | ||||||||||||||||
In 2012, we reached an agreement with the New England Teamsters and Trucking Industry Pension Fund ("NETTI Fund"), a multiemployer pension plan in which UPS is a participant, to restructure the pension liabilities for approximately 10,200 UPS employees represented by the Teamsters. The agreement reflected a decision by the NETTI Fund's trustees to restructure the NETTI Fund through plan amendments to utilize a "two pool approach", which effectively subdivided the plan assets and liabilities between two groups of beneficiaries. As part of this agreement, UPS agreed to withdraw from the original pool of the NETTI Fund, of which it had historically been a participant, and reenter the NETTI Fund's newly-established pool as a new employer. | ||||||||||||||||||||||
Upon ratification of the agreement by the Teamsters in September 2012, we withdrew from the original pool of the NETTI Fund and incurred an undiscounted withdrawal liability of $2.162 billion to be paid in equal monthly installments over 50 years. The undiscounted withdrawal liability was calculated by independent actuaries employed by the NETTI Fund, in accordance with the governing plan documents and the applicable requirements of the Employee Retirement Income Security Act of 1974. In 2012, we recorded a charge to expense to establish an $896 million withdrawal liability on our consolidated balance sheet, which represents the present value of the $2.162 billion future payment obligation discounted at a 4.25% interest rate. This discount rate represents the estimated credit-adjusted market rate of interest at which we could obtain financing of a similar maturity and seniority. As this agreement is not a contribution to the plan, the amounts reflected in the previous table do not include this $896 million non-cash transaction. | ||||||||||||||||||||||
The $896 million charge to expense recorded in 2012 is included in "compensation and benefits" expense in the statements of consolidated income, while the corresponding withdrawal liability is included in "other non-current liabilities" on the consolidated balance sheet. We impute interest on the withdrawal liability using the 4.25% discount rate, while the monthly payments made to the NETTI Fund reduce the remaining balance of the withdrawal liability. | ||||||||||||||||||||||
Our status in the newly-established pool of the NETTI Fund is accounted for as the participation in a new multiemployer pension plan, and therefore we recognize expense based on the contractually-required contribution for each period, and we recognize a liability for any contributions due and unpaid at the end of a reporting period. | ||||||||||||||||||||||
Based on the borrowing rates currently available to the Company for long-term financing of a similar maturity, the fair value of the NETTI withdrawal liability as of December 31, 2013 was $783 million. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability. | ||||||||||||||||||||||
Multiemployer Health and Welfare Plans | ||||||||||||||||||||||
We also contribute to several multiemployer health and welfare plans that cover both active and retired employees. Health care benefits are provided to participants who meet certain eligibility requirements as covered under the applicable collective bargaining unit. The following table sets forth our calendar year plan contributions and accruals. For those plans covered by the collective bargaining agreement that expired on July 31, 2013, we have accrued a liability for the estimated contributions (which are included in the following table) under our new collective bargaining agreement that has been approved, but not yet ratified (see note 16). Certain plans have been aggregated in the “All Other Multiemployer Health and Welfare Plans” line in the table, as the contributions to each of these individual plans are not material. | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||
UPS Contributions and Accruals | ||||||||||||||||||||||
Health and Welfare Fund | 2013 | 2012 | 2011 | |||||||||||||||||||
Bay Area Delivery Drivers | $ | 29 | $ | 28 | $ | 27 | ||||||||||||||||
Central Pennsylvania Teamsters Health & Pension Fund | 20 | 19 | 18 | |||||||||||||||||||
Central States, South East & South West Areas Health and Welfare Fund | 505 | 471 | 452 | |||||||||||||||||||
Delta Health Systems—East Bay Drayage Drivers | 24 | 24 | 17 | |||||||||||||||||||
Employer—Teamster Local Nos. 175 & 505 | 9 | 8 | 8 | |||||||||||||||||||
Joint Council #83 Health & Welfare Fund | 24 | 25 | 25 | |||||||||||||||||||
Local 191 Teamsters Health Fund | 9 | 9 | 9 | |||||||||||||||||||
Local 401 Teamsters Health & Welfare Fund | 6 | 6 | 6 | |||||||||||||||||||
Local 804 Welfare Trust Fund | 67 | 62 | 58 | |||||||||||||||||||
Milwaukee Drivers Pension Trust Fund—Milwaukee Drivers Health and Welfare Trust Fund | 31 | 29 | 28 | |||||||||||||||||||
Montana Teamster Employers Trust | 6 | 6 | 6 | |||||||||||||||||||
New York State Teamsters Health & Hospital Fund | 46 | 44 | 41 | |||||||||||||||||||
North Coast Benefit Trust | 8 | 7 | 7 | |||||||||||||||||||
Northern California General Teamsters (DELTA) | 84 | 75 | 73 | |||||||||||||||||||
Northern New England Benefit Trust | 35 | 33 | 32 | |||||||||||||||||||
Oregon / Teamster Employers Trust | 28 | 27 | 27 | |||||||||||||||||||
Teamsters 170 Health & Welfare Fund | 12 | 12 | 12 | |||||||||||||||||||
Teamsters Benefit Trust | 38 | 32 | 29 | |||||||||||||||||||
Teamsters Local 251 Health & Insurance Plan | 11 | 10 | 10 | |||||||||||||||||||
Teamsters Local 404 Health & Insurance Plan | 6 | 6 | 6 | |||||||||||||||||||
Teamsters Local 638 Health Fund | 32 | 29 | 28 | |||||||||||||||||||
Teamsters Local 639—Employers Health & Pension Trust Funds | 24 | 22 | 22 | |||||||||||||||||||
Teamsters Local 671 Health Services & Insurance Plan | 13 | 12 | 13 | |||||||||||||||||||
Teamsters Union 25 Health Services & Insurance Plan | 37 | 36 | 34 | |||||||||||||||||||
Teamsters Union Local 677 Health Services & Insurance Plan | 8 | 8 | 8 | |||||||||||||||||||
Truck Drivers and Helpers Local 355 Baltimore Area Health & Welfare Fund | 13 | 13 | 12 | |||||||||||||||||||
Utah-Idaho Teamsters Security Fund | 18 | 16 | 15 | |||||||||||||||||||
Washington Teamsters Welfare Trust | 35 | 32 | 30 | |||||||||||||||||||
All Other Multiemployer Health and Welfare Plans | 44 | 55 | 50 | |||||||||||||||||||
Total Contributions | $ | 1,222 | $ | 1,156 | $ | 1,103 | ||||||||||||||||
BUSINESS_ACQUISITIONS_GOODWILL
BUSINESS ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
BUSINESS ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS | ' | |||||||||||||||
BUSINESS ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||
The following table indicates the allocation of goodwill by reportable segment (in millions): | ||||||||||||||||
U.S. Domestic | International | Supply Chain & | Consolidated | |||||||||||||
Package | Package | Freight | ||||||||||||||
Balance on January 1, 2012 | $ | — | $ | 361 | $ | 1,740 | $ | 2,101 | ||||||||
Acquired | — | 67 | — | 67 | ||||||||||||
Currency / Other | — | 2 | 3 | 5 | ||||||||||||
Balance on December 31, 2012 | $ | — | $ | 430 | $ | 1,743 | $ | 2,173 | ||||||||
Acquired | — | 3 | 20 | 23 | ||||||||||||
Currency / Other | — | (13 | ) | 7 | (6 | ) | ||||||||||
Balance on December 31, 2013 | $ | — | $ | 420 | $ | 1,770 | $ | 2,190 | ||||||||
Business Acquisitions | ||||||||||||||||
2013 Acquisitions: | ||||||||||||||||
The goodwill acquired in the Supply Chain & Freight segment was related to our July 2013 acquisition of Cemelog Ltd. (“Cemelog”), a Hungary-based medical logistics provider that operates in Central and Eastern Europe. The goodwill acquired in the International Package segment was largely related to our October 2013 acquisition of the assets and operations of two Costa Rican-based companies: (1) Union Pak de Costa Rica, S.A., a small package delivery company, and (2) SEISA Brokerage, a customs brokerage company. Both companies have long-standing relationships with UPS as authorized service contractors. | ||||||||||||||||
2012 Acquisitions: | ||||||||||||||||
The goodwill acquired in the International Package segment was related to our February 2012 acquisition of Kiala S.A. (“Kiala”), a Belgium-based developer of a platform that enables e-commerce retailers to offer their shoppers the option of having goods delivered to a convenient retail location. Kiala currently operates in Belgium, France, Luxembourg, the Netherlands and Spain. | ||||||||||||||||
Pro forma results of operations have not been presented for these acquisitions in 2013 and 2012, because the effects of these transactions were not material in either period. The results of operations of these acquired companies have been included in our statements of consolidated income from the date of acquisition. | ||||||||||||||||
The remaining change in goodwill for both the International Package and Supply Chain & Freight segments was due to the impact of changes in the value of the U.S. Dollar on the translation of non-U.S. Dollar goodwill balances. | ||||||||||||||||
Goodwill Impairment | ||||||||||||||||
We test our goodwill for impairment annually, as of October 1st, on a reporting unit basis. Our reporting units are comprised of the Europe, Asia, and Americas reporting units in the International Package reporting segment, and the Forwarding, Logistics, UPS Freight, MBE / The UPS Store, and UPS Capital reporting units in the Supply Chain & Freight reporting segment. | ||||||||||||||||
In assessing our goodwill for impairment, we initially evaluate qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then we utilize a two-step process to test goodwill for impairment. First, a comparison of the fair value of the applicable reporting unit with the aggregate carrying value, including goodwill, is performed. We primarily determine the fair value of our reporting units using a discounted cash flow model, and supplement this with observable valuation multiples for comparable companies, as applicable. If the carrying amount of a reporting unit exceeds the reporting unit’s fair value, we perform the second step of the goodwill impairment test to determine the amount of impairment loss. The second step includes comparing the implied fair value of the affected reporting unit’s goodwill with the carrying value of that goodwill. | ||||||||||||||||
In 2013, we utilized a qualitative assessment to determine that it was more likely than not that the reporting unit fair value exceeded the carrying value for our Europe, Asia, Americas and MBE / The UPS Store reporting units. For the remaining reporting units, we utilized the two-step process to test goodwill for impairment. We did not have any goodwill impairment charges in 2013, 2012 or 2011. Cumulatively, our Supply Chain & Freight reporting segment has recorded goodwill impairment charges of $622 million, while our International and U.S. Domestic Package segments have not recorded any impairment charges. | ||||||||||||||||
Intangible Assets | ||||||||||||||||
The following is a summary of intangible assets at December 31, 2013 and 2012 (in millions): | ||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted- | |||||||||||||
Amount | Amortization | Value | Average | |||||||||||||
Amortization | ||||||||||||||||
Period | ||||||||||||||||
(in years) | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Trademarks, licenses, patents, and other | $ | 257 | $ | (108 | ) | $ | 149 | 6.2 | ||||||||
Customer lists | 118 | (62 | ) | 56 | 12.8 | |||||||||||
Franchise rights | 117 | (70 | ) | 47 | 20 | |||||||||||
Capitalized software | 2,420 | (1,897 | ) | 523 | 5 | |||||||||||
Total Intangible Assets, Net | $ | 2,912 | $ | (2,137 | ) | $ | 775 | 6 | ||||||||
December 31, 2012 | ||||||||||||||||
Trademarks, licenses, patents, and other | $ | 163 | $ | (80 | ) | $ | 83 | |||||||||
Customer lists | 131 | (79 | ) | 52 | ||||||||||||
Franchise rights | 117 | (64 | ) | 53 | ||||||||||||
Capitalized software | 2,197 | (1,782 | ) | 415 | ||||||||||||
Total Intangible Assets, Net | $ | 2,608 | $ | (2,005 | ) | $ | 603 | |||||||||
Licenses with a carrying value of $5 million as of December 31, 2013 are deemed to be indefinite-lived intangibles, and therefore are not amortized. Impairment tests for indefinite-lived intangibles are performed on an annual basis. All of our other recorded intangible assets are deemed to be finite-lived intangibles, and are thus amortized over their estimated useful lives. Impairment tests for these intangible assets are only performed when a triggering event occurs that indicates that the carrying value of the intangible may not be recoverable. We incurred impairment charges on intangible assets of $13 million during 2013, while there were no impairments of any finite-lived or indefinite-lived intangible assets in 2012 or 2011. | ||||||||||||||||
Amortization of intangible assets was $185, $244 and $228 million during 2013, 2012 or 2011, respectively. Expected amortization of finite-lived intangible assets recorded as of December 31, 2013 for the next five years is as follows (in millions): 2014—$239; 2015—$196; 2016—$140; 2017—$90; 2018—$46. Amortization expense in future periods will be affected by business acquisitions, software development, licensing agreements, sponsorships and other factors. |
DEBT_AND_FINANCING_ARRANGEMENT
DEBT AND FINANCING ARRANGEMENTS | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
DEBT AND FINANCING ARRANGEMENTS | ' | |||||||||||||||
DEBT AND FINANCING ARRANGEMENTS | ||||||||||||||||
The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our debt obligations, as of December 31, 2013 and 2012 (in millions). The carrying value of these debt obligations can differ from the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest rate swap hedging relationships. | ||||||||||||||||
Principal | Carrying Value | |||||||||||||||
Amount | Maturity | 2013 | 2012 | |||||||||||||
Commercial paper | $ | — | $ | — | $ | — | ||||||||||
Fixed-rate senior notes: | ||||||||||||||||
4.50% senior notes | 1,750 | 2013 | — | 1,751 | ||||||||||||
3.875% senior notes | 1,000 | 2014 | 1,007 | 1,033 | ||||||||||||
1.125% senior notes | 375 | 2017 | 367 | 373 | ||||||||||||
5.50% senior notes | 750 | 2018 | 821 | 851 | ||||||||||||
5.125% senior notes | 1,000 | 2019 | 1,079 | 1,140 | ||||||||||||
3.125% senior notes | 1,500 | 2021 | 1,579 | 1,655 | ||||||||||||
2.45% senior notes | 1,000 | 2022 | 913 | 996 | ||||||||||||
6.20% senior notes | 1,500 | 2038 | 1,481 | 1,480 | ||||||||||||
4.875% senior notes | 500 | 2040 | 489 | 489 | ||||||||||||
3.625% senior notes | 375 | 2042 | 367 | 367 | ||||||||||||
8.375% Debentures: | ||||||||||||||||
8.375% debentures | 424 | 2020 | 479 | 512 | ||||||||||||
8.375% debentures | 276 | 2030 | 283 | 284 | ||||||||||||
Pound Sterling Notes: | ||||||||||||||||
5.50% notes | 110 | 2031 | 105 | 103 | ||||||||||||
5.125% notes | 750 | 2050 | 714 | 699 | ||||||||||||
Floating rate senior notes | 374 | 2049 – 2053 | 370 | 374 | ||||||||||||
Capital lease obligations | 473 | 2014 – 3004 | 473 | 440 | ||||||||||||
Facility notes and bonds | 320 | 2015 – 2036 | 320 | 320 | ||||||||||||
Other debt | 25 | 2014 - 2022 | 25 | 3 | ||||||||||||
Total debt | $ | 12,502 | 10,872 | 12,870 | ||||||||||||
Less: current maturities | (48 | ) | (1,781 | ) | ||||||||||||
Long-term debt | $ | 10,824 | $ | 11,089 | ||||||||||||
Commercial Paper | ||||||||||||||||
We are authorized to borrow up to $10.0 billion under our U.S. commercial paper program. We also maintain a European commercial paper program under which we are authorized to borrow up to €5.0 billion in a variety of currencies. No amounts were outstanding under these programs as of December 31, 2013. The amount of commercial paper outstanding under these programs in 2014 is expected to fluctuate. | ||||||||||||||||
Fixed Rate Senior Notes | ||||||||||||||||
We have completed several offerings of fixed rate senior notes. All of the notes pay interest semiannually, and allow for redemption of the notes by UPS at any time by paying the greater of the principal amount or a “make-whole” amount, plus accrued interest. We subsequently entered into interest rate swaps on several of these notes, which effectively converted the fixed interest rates on the notes to variable LIBOR-based interest rates. The average interest rate payable on these notes, including the impact of the interest rate swaps, for 2013 and 2012, respectively, were as follows: | ||||||||||||||||
Principal | Average Effective Interest Rate | |||||||||||||||
Value | Maturity | 2013 | 2012 | |||||||||||||
4.50% senior notes | 1,750 | 2013 | 2.43 | % | 2.51 | % | ||||||||||
3.875% senior notes | 1,000 | 2014 | 0.97 | % | 1.14 | % | ||||||||||
1.125% senior notes | 375 | 2017 | 0.64 | % | 0.57 | % | ||||||||||
5.50% senior notes | 750 | 2018 | 2.53 | % | 2.71 | % | ||||||||||
5.125% senior notes | 1,000 | 2019 | 2.01 | % | 2.2 | % | ||||||||||
3.125% senior notes | 1,500 | 2021 | 1.11 | % | 1.28 | % | ||||||||||
2.45% senior notes | 1,000 | 2022 | 0.86 | % | 0.86 | % | ||||||||||
On January 15, 2013, our $1.75 billion 4.50% senior notes matured and were repaid in full. We have classified our 3.875% senior notes with a principal balance of $1.0 billion due in April 2014 as a long-term liability, based on our intent and ability to refinance the debt as of December 31, 2013. | ||||||||||||||||
8.375% Debentures | ||||||||||||||||
The 8.375% debentures consist of two separate tranches, as follows: | ||||||||||||||||
• | $276 million of the debentures have a maturity of April 1, 2030. These debentures have an 8.375% interest rate until April 1, 2020, and, thereafter, the interest rate will be 7.62% for the final 10 years. These debentures are redeemable in whole or in part at our option at any time. The redemption price is equal to the greater of 100% of the principal amount and accrued interest or the sum of the present values of the remaining scheduled payout of principal and interest thereon discounted to the date of redemption at a benchmark treasury yield plus five basis points plus accrued interest. | |||||||||||||||
• | $424 million of the debentures have a maturity of April 1, 2020. These debentures are not subject to redemption prior to maturity. | |||||||||||||||
Interest is payable semiannually on the first of April and October for both debentures and neither debenture is subject to sinking fund requirements. We subsequently entered into interest rate swaps on the 2020 notes, which effectively converted the fixed interest rates on the notes to variable LIBOR-based interest rates. The average interest rate payable on the 2020 notes, including the impact of the interest rate swaps, for 2013 and 2012 was 5.03% and 5.73%, respectively. | ||||||||||||||||
Floating Rate Senior Notes | ||||||||||||||||
The floating rate senior notes bear interest at one-month LIBOR less 45 basis points. The average interest rate for 2013 and 2012 was 0.00% for both years. These notes are callable at various times after 30 years at a stated percentage of par value, and putable by the note holders at various times after 10 years at a stated percentage of par value. The notes have maturities ranging from 2049 through 2053. In 2013 and 2012, we redeemed notes with a principal value of $4 and $2 million, respectively, after put options were exercised by the note holders. | ||||||||||||||||
Capital Lease Obligations | ||||||||||||||||
We have certain property, plant and equipment subject to capital leases. Some of the obligations associated with these capital leases have been legally defeased. The recorded value of our property, plant and equipment subject to capital leases is as follows as of December 31 (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Vehicles | $ | 49 | $ | 63 | ||||||||||||
Aircraft | 2,289 | 2,282 | ||||||||||||||
Buildings | 181 | 65 | ||||||||||||||
Plant Equipment | 2 | 2 | ||||||||||||||
Technology Equipment | — | 3 | ||||||||||||||
Accumulated amortization | (727 | ) | (611 | ) | ||||||||||||
$ | 1,794 | $ | 1,804 | |||||||||||||
These capital lease obligations have principal payments due at various dates from 2014 through 3004. | ||||||||||||||||
Facility Notes and Bonds | ||||||||||||||||
We have entered into agreements with certain municipalities to finance the construction of, or improvements to, facilities that support our U.S. Domestic Package and Supply Chain & Freight operations in the United States. These facilities are located around airport properties in Louisville, Kentucky; Dallas, Texas; and Philadelphia, Pennsylvania. Under these arrangements, we enter into a lease or loan agreement that covers the debt service obligations on the bonds issued by the municipalities, as follows: | ||||||||||||||||
• | Bonds with a principal balance of $149 million issued by the Louisville Regional Airport Authority associated with our Worldport facility in Louisville, Kentucky. The bonds, which are due in January 2029, bear interest at a variable rate, and the average interest rates for 2013 and 2012 were 0.09% and 0.15%, respectively. | |||||||||||||||
• | Bonds with a principal balance of $42 million and due in November 2036 issued by the Louisville Regional Airport Authority associated with our air freight facility in Louisville, Kentucky. The bonds bear interest at a variable rate, and the average interest rates for 2013 and 2012 were 0.08% and 0.15%, respectively. | |||||||||||||||
• | Bonds with a principal balance of $29 million issued by the Dallas / Fort Worth International Airport Facility Improvement Corporation associated with our Dallas, Texas airport facilities. The bonds are due in May 2032 and bear interest at a variable rate, however the variable cash flows on the obligation have been swapped to a fixed 5.11%. | |||||||||||||||
• | Bonds with a principal balance of $100 million issued by the Delaware County, Pennsylvania Industrial Development Authority associated with our Philadelphia, Pennsylvania airport facilities. The bonds, which are due in December 2015, bear interest at a variable rate, and the average interest rates for 2013 and 2012 were 0.07% and 0.13%, respectively. | |||||||||||||||
Pound Sterling Notes | ||||||||||||||||
The Pound Sterling notes consist of two separate tranches, as follows: | ||||||||||||||||
• | Notes with a principal amount of £66 million accrue interest at a 5.50% fixed rate, and are due in February 2031. These notes are not callable. | |||||||||||||||
• | Notes with a principal amount of £455 million accrue interest at a 5.125% fixed rate, and are due in February 2050. These notes are callable at our option at a redemption price equal to the greater of 100% of the principal amount and accrued interest, or the sum of the present values of the remaining scheduled payout of principal and interest thereon discounted to the date of redemption at a benchmark U.K. government bond yield plus 15 basis points and accrued interest. | |||||||||||||||
We maintain cross-currency interest rate swaps to hedge the foreign currency risk associated with the bond cash flows for both tranches of these bonds. The average fixed interest rate payable on the swaps is 5.79%. | ||||||||||||||||
Contractual Commitments | ||||||||||||||||
We lease certain aircraft, facilities, land, equipment and vehicles under operating leases, which expire at various dates through 2038. Certain of the leases contain escalation clauses and renewal or purchase options. Rent expense related to our operating leases was $575, $619 and $629 million for 2013, 2012 and 2011, respectively. | ||||||||||||||||
The following table sets forth the aggregate minimum lease payments under capital and operating leases, the aggregate annual principal payments due under our long-term debt, and the aggregate amounts expected to be spent for purchase commitments (in millions). | ||||||||||||||||
Year | Capital | Operating | Debt | Purchase | ||||||||||||
Leases | Leases | Principal | Commitments | |||||||||||||
2014 | $ | 67 | $ | 310 | $ | 1,009 | $ | 333 | ||||||||
2015 | 65 | 239 | 107 | 100 | ||||||||||||
2016 | 58 | 180 | 6 | 50 | ||||||||||||
2017 | 58 | 146 | 377 | 11 | ||||||||||||
2018 | 53 | 99 | 750 | — | ||||||||||||
After 2018 | 422 | 242 | 8,030 | — | ||||||||||||
Total | 723 | $ | 1,216 | $ | 10,279 | $ | 494 | |||||||||
Less: imputed interest | (250 | ) | ||||||||||||||
Present value of minimum capitalized lease payments | 473 | |||||||||||||||
Less: current portion | (39 | ) | ||||||||||||||
Long-term capitalized lease obligations | $ | 434 | ||||||||||||||
As of December 31, 2013, we had outstanding letters of credit totaling approximately $1.023 billion issued in connection with our self-insurance reserves and other routine business requirements. We also issue surety bonds as an alternative to letters of credit in certain instances, and as of December 31, 2013, we had $627 million of surety bonds written. | ||||||||||||||||
Available Credit | ||||||||||||||||
We maintain two credit agreements with a consortium of banks. One of these agreements provides revolving credit facilities of $1.5 billion, and expires on March 28, 2014. Generally, amounts outstanding under this facility bear interest at a periodic fixed rate equal to LIBOR for the applicable interest period and currency denomination, plus an applicable margin. Alternatively, a fluctuating rate of interest equal to the highest of (1) JPMorgan Chase Bank’s publicly announced prime rate, (2) the Federal Funds effective rate plus 0.50%, and (3) LIBOR for a one month interest period plus 1.00% , plus an applicable margin, may be used at our discretion. In each case, the applicable margin for advances bearing interest based on LIBOR is a percentage determined by quotations from Markit Group Ltd. for our 1-year credit default swap spread, subject to a minimum rate of 0.10% and a maximum rate of 0.75%. The applicable margin for advances bearing interest based on the prime rate is 1.00% below the applicable margin for LIBOR advances (but not lower than 0.00%). We are also able to request advances under this facility based on competitive bids for the applicable interest rate. There were no amounts outstanding under this facility as of December 31, 2013. | ||||||||||||||||
The second agreement provides revolving credit facilities of $1.0 billion, and expires on March 29, 2018. Generally, amounts outstanding under this facility bear interest at a periodic fixed rate equal to LIBOR for the applicable interest period and currency denomination, plus an applicable margin. Alternatively, a fluctuating rate of interest equal to the highest of (1) JPMorgan Chase Bank’s publicly announced prime rate, (2) the Federal Funds effective rate plus 0.50%, and (3) LIBOR for a one month interest period plus 1.00%, plus an applicable margin, may be used at our discretion. In each case, the applicable margin for advances bearing interest based on LIBOR is a percentage determined by quotations from Markit Group Ltd. for our credit default swap spread, interpolated for a period from the date of determination of such credit default swap spread in connection with a new interest period until the latest maturity date of this facility then in effect (but not less than a period of one year). The applicable margin is subject to certain minimum rates and maximum rates based on our public debt ratings from Standard & Poor’s Rating Service and Moody’s Investors Service. The minimum applicable margin rates range from 0.100% to 0.375%, and the maximum applicable margin rates range from 0.750% to 1.250% per annum. The applicable margin for advances bearing interest based on the prime rate is 1.00% below the applicable margin for LIBOR advances (but not less than 0.00%). We are also able to request advances under this facility based on competitive bids. There were no amounts outstanding under this facility as of December 31, 2013. | ||||||||||||||||
Debt Covenants | ||||||||||||||||
Our existing debt instruments and credit facilities subject us to certain financial covenants. As of December 31, 2013 and for all prior periods presented, we have satisfied these financial covenants. These covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions, to 10% of net tangible assets. As of December 31, 2013, 10% of net tangible assets is equivalent to $2.612 billion; however, we have no covered sale-leaseback transactions or secured indebtedness outstanding. We do not expect these covenants to have a material impact on our financial condition or liquidity. | ||||||||||||||||
Fair Value of Debt | ||||||||||||||||
Based on the borrowing rates currently available to the Company for long-term debt with similar terms and maturities, the fair value of long-term debt, including current maturities, is approximately $11.756 and $14.658 billion as of December 31, 2013 and 2012, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of all of our debt instruments. |
LEGAL_PROCEEDINGS_AND_CONTINGE
LEGAL PROCEEDINGS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
LEGAL PROCEEDINGS AND CONTINGENCIES | ' |
LEGAL PROCEEDINGS AND CONTINGENCIES | |
We are involved in a number of judicial proceedings and other matters arising from the conduct of our business activities. | |
Although there can be no assurance as to the ultimate outcome, we have generally denied, or believe we have a meritorious defense and will deny, liability in all litigation pending against us, including (except as otherwise noted herein) the matters described below, and we intend to defend vigorously each case. We have accrued for legal claims when, and to the extent that, amounts associated with the claims become probable and can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. | |
For those matters as to which we are not able to estimate a possible loss or range of loss, we are not able to determine whether the loss will have a material adverse effect on our business, financial condition or results of operations or liquidity. For matters in this category, we have indicated in the descriptions that follow the reasons that we are unable to estimate the possible loss or range of loss. | |
Judicial Proceedings | |
We are a defendant in a number of lawsuits filed in state and federal courts containing various class action allegations under state wage-and-hour laws. At this time, we do not believe that any loss associated with these matters would have a material adverse effect on our financial condition, results of operations or liquidity. | |
UPS and our subsidiary Mail Boxes Etc., Inc. are defendants in a lawsuit in California Superior Court about the rebranding of The UPS Store franchises. In the Morgate case, the plaintiffs are (1) 125 individual franchisees who did not rebrand to The UPS Store and (2) a certified class of all franchisees who did rebrand. With respect to the 125 individual franchisees described in (1) above, the trial court entered judgment against a bellwether individual plaintiff, which was affirmed in January 2012. In March 2013, we reached a settlement in principle with the remaining individual plaintiffs who did not rebrand. We believe this settlement will not have a material adverse effect on our financial condition, results of operations or liquidity. The trial court granted our motion for summary judgment against the certified class described in (2) above, which was reversed in January 2012. We have not reached a settlement with this class of franchisees, and the claims of the class remain pending. | |
There are multiple factors that prevent us from being able to estimate the amount of loss, if any, that may result from the remaining aspects of this case, including: (1) we are vigorously defending ourselves and believe we have a number of meritorious legal defenses; and (2) it remains uncertain what evidence of damages, if any, plaintiffs will be able to present. Accordingly, at this time, we are not able to estimate a possible loss or range of loss that may result from this matter or to determine whether such loss, if any, would have a material adverse effect on our financial condition, results of operations or liquidity. | |
In AFMS LLC v. UPS and FedEx Corporation, a lawsuit filed in federal court in the Central District of California in August 2010, the plaintiff asserts that UPS and FedEx violated U.S. antitrust law by conspiring to refuse to negotiate with third-party negotiators retained by shippers and by individually imposing policies that prevent shippers from using such negotiators. UPS and FedEx have moved for summary judgment. There has been no ruling on those motions. The case does not have a trial date scheduled. The Antitrust Division of the U.S. Department of Justice (“DOJ”) has an ongoing civil investigation of our policies and practices for dealing with third-party negotiators. We are cooperating with this investigation. We deny any liability with respect to these matters and intend to vigorously defend ourselves. There are multiple factors that prevent us from being able to estimate the amount of loss, if any, that may result from these matters including: (1) we believe that we have a number of meritorious defenses; (2) the Court has not ruled on the pending dispositive motions; and (3) the DOJ investigation is pending. Accordingly, at this time, we are not able to estimate a possible loss or range of loss that may result from these matters or to determine whether such loss, if any, would have a material adverse effect on our financial condition, results of operations or liquidity. | |
In Canada, four purported class-action cases were filed against us in British Columbia (2006); Ontario (2007) and Québec (2006 and 2013). The cases each allege inadequate disclosure concerning the existence and cost of brokerage services provided by us under applicable provincial consumer protection legislation and infringement of interest restriction provisions under the Criminal Code of Canada. The British Columbia class action was declared inappropriate for certification and dismissed by the trial judge. That decision was upheld by the British Columbia Court of Appeal in March 2010, which ended the case in our favor. The Ontario class action was certified in September 2011. Partial summary judgment was granted to us and the plaintiffs by the Ontario motions court. The complaint under the Criminal Code was dismissed. No appeal is being taken from that decision. The allegations of inadequate disclosure were granted and we are appealing that decision. The motion to authorize the 2006 Québec litigation as a class action was dismissed by the motions judge in October 2012; there was no appeal, which ended that case in our favor. The 2013 Québec litigation also has been dismissed. We deny all liability and are vigorously defending the one outstanding case in Ontario. There are multiple factors that prevent us from being able to estimate the amount of loss, if any, that may result from this matter, including: (1) we are vigorously defending ourselves and believe that we have a number of meritorious legal defenses; and (2) there are unresolved questions of law and fact that could be important to the ultimate resolution of this matter. Accordingly, at this time, we are not able to estimate a possible loss or range of loss that may result from this matter or to determine whether such loss, if any, would have a material adverse effect on our financial condition, results of operations or liquidity. | |
Other Matters | |
On March 29, 2013, we entered into a Non-Prosecution Agreement (“NPA”) with the United States Attorney's Office in the Northern District of California in connection with an investigation by the Drug Enforcement Administration of shipments by illicit online pharmacies. Under the NPA, we forfeited $40 million to the government, admitted to a Statement of Facts describing the conduct leading to the agreement, and agreed to implement an online pharmacy compliance program. The term of the NPA is two years, although we can petition the government to shorten that term in its discretion to one year. The NPA did not have a material impact on our financial condition, results of operations or liquidity in 2013. | |
In August 2010, competition authorities in Brazil opened an administrative proceeding to investigate alleged anticompetitive behavior in the freight forwarding industry. Approximately 45 freight forwarding companies and individuals are named in the proceeding, including UPS, UPS SCS Transportes (Brasil) S.A., and a former employee in Brazil. UPS will have an opportunity to respond to these allegations. In November 2012, the Commerce Commission of Singapore initiated an investigation with respect to similar matters. | |
We are cooperating with each of these investigations, and intend to continue to vigorously defend ourselves. There are multiple factors that prevent us from being able to estimate the amount of loss, if any, that may result from these matters including: (1) we are vigorously defending each matter and believe that we have a number of meritorious legal defenses; (2) there are unresolved questions of law that could be of importance to the ultimate resolutions of these matters, including the calculation of any potential fine; and (3) there is uncertainty about the time period that is the subject of the investigations. Accordingly, at this time, we are not able to estimate a possible loss or range of loss that may result from these matters or to determine whether such loss, if any, would have a material adverse effect on our financial condition, results of operations or liquidity. | |
In January 2008, a class action complaint was filed in the United States District Court for the Eastern District of New York alleging price-fixing activities relating to the provision of freight forwarding services. UPS was not named in this case. In July 2009, the plaintiffs filed a First Amended Complaint naming numerous global freight forwarders as defendants. UPS and UPS Supply Chain Solutions are among the 60 defendants named in the amended complaint. The plaintiffs filed a Second Amended Complaint in October 2010, which we moved to dismiss. In August 2012, the Court granted our motion to dismiss all claims relevant to UPS in the Second Amended Complaint, with leave to amend. The plaintiffs filed a Third Amended Complaint in November 2012. We filed another motion to dismiss. On September 20, 2013, the Magistrate Judge recommended to the Court that UPS be dismissed from one of the claims in the Third Amended Complaint, with prejudice, but recommended that UPS's motion to dismiss with respect to other claims in the Third Amended Complaint be denied. UPS and other defendants filed objections to the recommendations of the Magistrate Judge to the extent they recommended denial of UPS's motion to dismiss. Those objections are currently pending before the Court. There are multiple factors that prevent us from being able to estimate the amount of loss, if any, that may result from these matters including: (1) the Court's pending review of the adequacy of the Third Amended Complaint; (2) the scope and size of the proposed class is ill-defined; (3) there are significant legal questions about the adequacy and standing of the putative class representatives; and (4) we believe that we have a number of meritorious legal defenses. Accordingly, at this time, we are not able to estimate a possible loss or range of loss that may result from these matters or to determine whether such loss, if any, would have a material adverse effect on our financial condition, results of operations or liquidity. | |
We are a defendant in various other lawsuits that arose in the normal course of business. We do not believe that the eventual resolution of these other lawsuits (either individually or in the aggregate), including any reasonably possible losses in excess of current accruals, will have a material adverse effect on our financial condition, results of operations or liquidity. | |
Tax Matters | |
In June 2011, we received an IRS Revenue Agent Report ("RAR") covering excise taxes for tax years 2003 through 2007, in addition to the income tax matters described in note 12 to the consolidated financial statements. The excise tax RAR proposed two alternate theories for asserting additional excise tax on transportation of property by air. We disagreed with these proposed excise tax theories and related adjustments. We filed protests and, in the third quarter of 2011, the IRS responded to our protests and forwarded the case to IRS Appeals. | |
Beginning in the third quarter of 2012 and continuing through the first quarter of 2013, we had settlement discussions with the Appeals team. In the first quarter of 2013, we reached settlement terms for a complete resolution of all excise tax matters and correlative income tax refund claims for the 2003 through 2007 tax years. The final resolution of these matters did not materially impact our financial condition, results of operations or liquidity. |
SHAREOWNERS_EQUITY
SHAREOWNERS' EQUITY | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
SHAREOWNERS' EQUITY | ' | ||||||||||||||||||||
SHAREOWNERS’ EQUITY | |||||||||||||||||||||
Capital Stock, Additional Paid-In Capital, and Retained Earnings | |||||||||||||||||||||
We maintain two classes of common stock, which are distinguished from each other by their respective voting rights. Class A shares of UPS are entitled to 10 votes per share, whereas class B shares are entitled to one vote per share. Class A shares are primarily held by UPS employees and retirees, as well as trusts and descendants of the Company’s founders, and these shares are fully convertible into class B shares at any time. Class B shares are publicly traded on the New York Stock Exchange (“NYSE”) under the symbol “UPS.” Class A and B shares both have a $0.01 par value, and as of December 31, 2013, there were 4.6 billion class A shares and 5.6 billion class B shares authorized to be issued. Additionally, there are 200 million preferred shares authorized to be issued, with a par value of $0.01 per share; as of December 31, 2013, no preferred shares had been issued. | |||||||||||||||||||||
The following is a rollforward of our common stock, additional paid-in capital, and retained earnings accounts (in millions, except per share amounts): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||||||||||
Class A Common Stock | |||||||||||||||||||||
Balance at beginning of year | 225 | $ | 3 | 240 | $ | 3 | 258 | $ | 3 | ||||||||||||
Common stock purchases | (8 | ) | (1 | ) | (9 | ) | — | (7 | ) | — | |||||||||||
Stock award plans | 9 | — | 8 | — | 7 | — | |||||||||||||||
Common stock issuances | 4 | — | 3 | — | 3 | — | |||||||||||||||
Conversions of class A to class B common stock | (18 | ) | — | (17 | ) | — | (21 | ) | — | ||||||||||||
Class A shares issued at end of year | 212 | $ | 2 | 225 | $ | 3 | 240 | $ | 3 | ||||||||||||
Class B Common Stock | |||||||||||||||||||||
Balance at beginning of year | 729 | $ | 7 | 725 | $ | 7 | 735 | $ | 7 | ||||||||||||
Common stock purchases | (35 | ) | — | (13 | ) | — | (31 | ) | — | ||||||||||||
Conversions of class A to class B common stock | 18 | — | 17 | — | 21 | — | |||||||||||||||
Class B shares issued at end of year | 712 | $ | 7 | 729 | $ | 7 | 725 | $ | 7 | ||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||
Balance at beginning of year | $ | — | $ | — | $ | — | |||||||||||||||
Stock award plans | 554 | 444 | 388 | ||||||||||||||||||
Common stock purchases | (768 | ) | (943 | ) | (475 | ) | |||||||||||||||
Common stock issuances | 307 | 293 | 287 | ||||||||||||||||||
Option Premiums Received (Paid) | (93 | ) | 206 | (200 | ) | ||||||||||||||||
Balance at end of year | $ | — | $ | — | $ | — | |||||||||||||||
Retained Earnings | |||||||||||||||||||||
Balance at beginning of year | $ | 7,997 | $ | 10,128 | $ | 10,604 | |||||||||||||||
Net income attributable to controlling interests | 4,372 | 807 | 3,804 | ||||||||||||||||||
Dividends ($2.48, $2.28 and $2.08 per share) | (2,367 | ) | (2,243 | ) | (2,086 | ) | |||||||||||||||
Common stock purchases | (3,077 | ) | (695 | ) | (2,194 | ) | |||||||||||||||
Balance at end of year | $ | 6,925 | $ | 7,997 | $ | 10,128 | |||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, we repurchased a total of 43.2, 21.8 and 38.7 million shares of class A and class B common stock for $3.846 billion, $1.638 billion and $2.669 billion, respectively. On February 14, 2013, the Board of Directors approved a new share repurchase authorization of $10.0 billion, which replaced the 2012 authorization. This new share repurchase authorization has no expiration date. As of December 31, 2013, we had $6.814 billion of this share repurchase authorization remaining. | |||||||||||||||||||||
From time to time, we enter into share repurchase programs with large financial institutions to assist in our buyback of company stock. These programs allow us to repurchase our shares at a price below the weighted average UPS share price for a given period. During the fourth quarter of 2013, we entered into an accelerated share repurchase program, which allowed us to repurchase $600 million of shares (5.9 million shares). The program was completed in December 2013. | |||||||||||||||||||||
In order to lower the average cost of acquiring shares in our ongoing share repurchase program, we periodically enter into structured repurchase agreements involving the use of capped call options for the purchase of UPS class B shares. We pay a fixed sum of cash upon execution of each agreement in exchange for the right to receive either a pre-determined amount of cash or stock. Upon expiration of each agreement, if the closing market price of our common stock is above the pre-determined price, we will have our initial investment returned with a premium in either cash or shares (at our election). If the closing market price of our common stock is at or below the pre-determined price, we will receive the number of shares specified in the agreement. As of December 31, 2013, we paid net premiums of $100 million on options for the purchase of 1.1 million shares with a strike price of $88.54 per share that will settle in the first quarter of 2014. During 2013, we settled options that resulted in $7 million in premiums (in excess of our initial investment). During 2012, we did not pay premiums on options for the purchase of shares; however, we received $206 million in premiums for options that were entered into during 2011 that expired during 2012. | |||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||
We incur activity in AOCI for unrealized holding gains and losses on available-for-sale securities, foreign currency translation adjustments, unrealized gains and losses from derivatives that qualify as hedges of cash flows and unrecognized pension and postretirement benefit costs. The activity in AOCI is as follows (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Foreign currency translation gain (loss): | |||||||||||||||||||||
Balance at beginning of year | $ | 134 | $ | (160 | ) | $ | (68 | ) | |||||||||||||
Reclassification to earnings (no tax impact in either period) | (161 | ) | — | — | |||||||||||||||||
Translation adjustment (net of tax effect of $(5), $(9) and $11) | (99 | ) | 294 | (92 | ) | ||||||||||||||||
Balance at end of year | (126 | ) | 134 | (160 | ) | ||||||||||||||||
Unrealized gain (loss) on marketable securities, net of tax: | |||||||||||||||||||||
Balance at beginning of year | 6 | 6 | 12 | ||||||||||||||||||
Current period changes in fair value (net of tax effect of $(3), $4 and $11) | (4 | ) | 6 | 18 | |||||||||||||||||
Reclassification to earnings (net of tax effect of $(2), $(3) and $(14)) | (3 | ) | (6 | ) | (24 | ) | |||||||||||||||
Balance at end of year | (1 | ) | 6 | 6 | |||||||||||||||||
Unrealized gain (loss) on cash flow hedges, net of tax: | |||||||||||||||||||||
Balance at beginning of year | (286 | ) | (204 | ) | (239 | ) | |||||||||||||||
Current period changes in fair value (net of tax effect of $1, $(25) and $(16)) | 1 | (43 | ) | (26 | ) | ||||||||||||||||
Reclassification to earnings (net of tax effect of $39, $(24) and $37) | 66 | (39 | ) | 61 | |||||||||||||||||
Balance at end of year | (219 | ) | (286 | ) | (204 | ) | |||||||||||||||
Unrecognized pension and postretirement benefit costs, net of tax: | |||||||||||||||||||||
Balance at beginning of year | (3,208 | ) | (2,745 | ) | (2,340 | ) | |||||||||||||||
Reclassification to earnings (net of tax effect of $67, $1,876 and $378) | 111 | 3,135 | 628 | ||||||||||||||||||
Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $1,786, $(2,151) and $(622)) | 2,983 | (3,598 | ) | (1,033 | ) | ||||||||||||||||
Balance at end of year | (114 | ) | (3,208 | ) | (2,745 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) at end of year | $ | (460 | ) | $ | (3,354 | ) | $ | (3,103 | ) | ||||||||||||
Detail of the gains (losses) reclassified from AOCI to the statements of consolidated income for the years ended December 31, 2013, 2012 and 2011 is as follows (in millions): | |||||||||||||||||||||
2013 Amount Reclassified from AOCI | 2012 Amount Reclassified from AOCI | 2011 Amount Reclassified from AOCI | Affected Line Item in the Income Statement | ||||||||||||||||||
Foreign currency translation gain (loss): | |||||||||||||||||||||
Liquidation of foreign subsidiary | $ | 161 | $ | — | $ | — | Other expenses | ||||||||||||||
Income tax (expense) benefit | — | — | — | Income tax expense | |||||||||||||||||
Impact on net income | 161 | — | — | Net income | |||||||||||||||||
Unrealized gain (loss) on marketable securities: | |||||||||||||||||||||
Realized gain (loss) on sale of securities | 5 | 9 | 38 | Investment income | |||||||||||||||||
Income tax (expense) benefit | (2 | ) | (3 | ) | (14 | ) | Income tax expense | ||||||||||||||
Impact on net income | 3 | 6 | 24 | Net income | |||||||||||||||||
Unrealized gain (loss) on cash flow hedges: | |||||||||||||||||||||
Interest rate contracts | (22 | ) | (22 | ) | (19 | ) | Interest expense | ||||||||||||||
Foreign exchange contracts | 18 | 24 | 13 | Interest expense | |||||||||||||||||
Foreign exchange contracts | (53 | ) | 61 | (101 | ) | Revenue | |||||||||||||||
Commodity contracts | (48 | ) | — | 9 | Fuel expense | ||||||||||||||||
Income tax (expense) benefit | 39 | (24 | ) | 37 | Income tax expense | ||||||||||||||||
Impact on net income | (66 | ) | 39 | (61 | ) | Net income | |||||||||||||||
Unrecognized pension and postretirement benefit costs: | |||||||||||||||||||||
Prior service costs | (178 | ) | (5,011 | ) | (1,006 | ) | Compensation and benefits | ||||||||||||||
Income tax (expense) benefit | 67 | 1,876 | 378 | Income tax expense | |||||||||||||||||
Impact on net income | (111 | ) | (3,135 | ) | (628 | ) | Net income | ||||||||||||||
Total amount reclassified for the period | $ | (13 | ) | $ | (3,090 | ) | $ | (665 | ) | Net income | |||||||||||
Deferred Compensation Obligations and Treasury Stock | |||||||||||||||||||||
We maintain a deferred compensation plan whereby certain employees were previously able to elect to defer the gains on stock option exercises by deferring the shares received upon exercise into a rabbi trust. The shares held in this trust are classified as treasury stock, and the liability to participating employees is classified as “deferred compensation obligations” in the shareowners’ equity section of the consolidated balance sheets. The number of shares needed to settle the liability for deferred compensation obligations is included in the denominator in both the basic and diluted earnings per share calculations. Employees are generally no longer able to defer the gains from stock options exercised subsequent to December 31, 2004. Activity in the deferred compensation program for the years ended December 31, 2013, 2012 and 2011 is as follows (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||||||||||
Deferred Compensation Obligations | |||||||||||||||||||||
Balance at beginning of year | $ | 78 | $ | 88 | $ | 103 | |||||||||||||||
Reinvested dividends | 4 | 3 | 4 | ||||||||||||||||||
Options exercise deferrals | — | — | — | ||||||||||||||||||
Benefit payments | (13 | ) | (13 | ) | (19 | ) | |||||||||||||||
Balance at end of year | $ | 69 | $ | 78 | $ | 88 | |||||||||||||||
Treasury Stock | |||||||||||||||||||||
Balance at beginning of year | (1 | ) | $ | (78 | ) | (2 | ) | $ | (88 | ) | (2 | ) | $ | (103 | ) | ||||||
Reinvested dividends | — | (4 | ) | — | (3 | ) | — | (4 | ) | ||||||||||||
Options exercise deferrals | — | — | — | — | — | — | |||||||||||||||
Benefit payments | — | 13 | 1 | 13 | — | 19 | |||||||||||||||
Balance at end of year | (1 | ) | $ | (69 | ) | (1 | ) | $ | (78 | ) | (2 | ) | $ | (88 | ) | ||||||
Noncontrolling Interests | |||||||||||||||||||||
We have noncontrolling interests in certain consolidated subsidiaries in our International Package and Supply Chain & Freight segments, primarily in international locations. The activity related to our noncontrolling interests is presented below (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Balance at beginning of period | $ | 80 | $ | 73 | $ | 68 | |||||||||||||||
Purchase of noncontrolling interests | (66 | ) | 7 | 5 | |||||||||||||||||
Dividends attributable to noncontrolling interests | — | — | — | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | ||||||||||||||||||
Balance at end of period | $ | 14 | $ | 80 | $ | 73 | |||||||||||||||
In January 2013, we repurchased the noncontrolling interest in our joint venture that operates in the Middle East, Turkey, and portions of the Central Asia region for $70 million. After this transaction, we own 100% of this entity. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ' | |||||||||||||||
STOCK-BASED COMPENSATION | ||||||||||||||||
The UPS Incentive Compensation Plan permits the grant of nonqualified and incentive stock options, stock appreciation rights, restricted stock and stock units, and restricted performance shares and units, to eligible employees. The number of shares reserved for issuance under the Incentive Compensation Plan is 27 million. Each share issued pursuant to an option and each share issued subject to the exercised portion of a stock appreciation right will reduce the share reserve by one share. Each share issued pursuant to restricted stock and stock units, and restricted performance shares and units, will reduce the share reserve by one share. As of December 31, 2013, stock options, restricted performance units and restricted stock units had been granted under the Incentive Compensation Plan. We had 22 million shares available to be issued under the Incentive Compensation Plan as of December 31, 2013. | ||||||||||||||||
There are three primary awards granted to eligible employees under the UPS Incentive Compensation program, including the Management Incentive Award, Long-Term Incentive Performance Award and Non-Qualified Stock Option Award. These awards are discussed in the following paragraphs. The total expense recognized in our income statement under all stock compensation award programs was $513, $547 and $524 million during 2013, 2012 and 2011, respectively. The associated income tax benefit recognized in our income statement was $190, $201 and $192 million during 2013, 2012 and 2011, respectively. The cash income tax benefit received from the exercise of stock options and the lapsing of restricted units was $286, $265 and $235 million during 2013, 2012 and 2011, respectively. | ||||||||||||||||
Management Incentive Award | ||||||||||||||||
Non-executive management earning the right to receive Management Incentive Awards are determined annually by the Salary Committee, which is comprised of executive officers of the Company. Awards granted to executive officers are determined annually by the Compensation Committee of the UPS Board of Directors. Our Management Incentive Awards program provides, with certain exceptions, that one-half to two-thirds of the annual Management Incentive Award will be made in Restricted Units (depending upon the level of management involved), which generally vest over a five-year period. The other one-third to one-half of the award is in the form of cash or unrestricted shares of class A common stock, and is fully vested at the time of grant. | ||||||||||||||||
Upon vesting, Restricted Units result in the issuance of the equivalent number of UPS class A common shares after required tax withholdings. Except in the case of death, disability, or retirement, Restricted Units granted for our Management Incentive Awards and previous Long-Term Incentive Program generally vest over a five year period with approximately 20% of the award vesting at each anniversary date of the grant. The entire grant is expensed on a straight-line basis over the requisite service period. All Restricted Units granted are subject to earlier cancellation or vesting under certain conditions. Dividends earned on Restricted Units are reinvested in additional Restricted Units at each dividend payable date. | ||||||||||||||||
Long-Term Incentive Performance Award | ||||||||||||||||
We also award Restricted Units in conjunction with our Long-Term Incentive Performance Awards program to certain eligible employees. The Restricted Units ultimately granted under the Long-Term Incentive Performance Awards program will be based upon the achievement of certain performance measures, including growth in consolidated revenue and operating return on invested capital, each year during the performance award cycle, and other measures, including growth in consolidated earnings per share, over the entire three year performance award cycle. The Restricted Units granted under this program vest at the end of the three year performance award cycle. | ||||||||||||||||
As of December 31, 2013, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our Management Incentive Award and Long-Term Incentive Performance Award: | ||||||||||||||||
Shares | Weighted | Weighted Average Remaining | Aggregate Intrinsic | |||||||||||||
(in thousands) | Average | Contractual Term | Value (in millions) | |||||||||||||
Grant Date | (in years) | |||||||||||||||
Fair Value | ||||||||||||||||
Nonvested at January 1, 2013 | 14,644 | $ | 68.71 | |||||||||||||
Vested | (7,577 | ) | 64.73 | |||||||||||||
Granted | 5,461 | 80.18 | ||||||||||||||
Reinvested Dividends | 437 | N/A | ||||||||||||||
Forfeited / Expired | (217 | ) | 72.12 | |||||||||||||
Nonvested at December 31, 2013 | 12,748 | $ | 74.6 | 1.47 | $ | 1,340 | ||||||||||
Restricted Units Expected to Vest | 12,330 | $ | 74.57 | 1.45 | $ | 1,296 | ||||||||||
The fair value of each Restricted Unit is the NYSE closing price of class B common stock on the date of grant. The weighted-average grant date fair value of Restricted Units granted during 2013, 2012 and 2011 was $80.18, and $77.21 and $69.53, respectively. The total fair value of Restricted Units vested was $510, $627 and $557 million in 2013, 2012 and 2011, respectively. As of December 31, 2013, there was $506 million of total unrecognized compensation cost related to nonvested Restricted Units. That cost is expected to be recognized over a weighted average period of three years. | ||||||||||||||||
Nonqualified Stock Options | ||||||||||||||||
We maintain fixed stock option plans, under which options are granted to purchase shares of UPS class A common stock. Stock options granted in connection with the Incentive Compensation Plan must have an exercise price at least equal to the NYSE closing price of UPS class B common stock on the date the option is granted. | ||||||||||||||||
Executive officers and certain senior managers annually receive non-qualified stock options of which the value is determined as a percentage of salary. Options granted generally vest over a five year period with approximately 20% of the award vesting at each anniversary date of the grant. All options granted are subject to earlier cancellation or vesting under certain conditions. Option holders may exercise their options via the tender of cash or class A common stock, and new class A shares are issued upon exercise. Options granted to eligible employees will be granted annually during the first quarter of each year. | ||||||||||||||||
The following is an analysis of options to purchase shares of class A common stock issued and outstanding: | ||||||||||||||||
Shares | Weighted | Weighted Average Remaining | Aggregate Intrinsic | |||||||||||||
(in thousands) | Average | Contractual Term | Value (in millions) | |||||||||||||
Exercise | (in years) | |||||||||||||||
Price | ||||||||||||||||
Outstanding at January 1, 2013 | 10,595 | $ | 72.04 | |||||||||||||
Exercised | (5,524 | ) | 70.85 | |||||||||||||
Granted | 178 | 82.93 | ||||||||||||||
Forfeited / Expired | (37 | ) | 63.34 | |||||||||||||
Outstanding at December 31, 2013 | 5,212 | $ | 73.73 | 3 | $ | 163 | ||||||||||
Options Vested and Expected to Vest | 5,212 | $ | 73.73 | 3 | $ | 163 | ||||||||||
Exercisable at December 31, 2013 | 4,759 | $ | 73.52 | 2.53 | $ | 150 | ||||||||||
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted average assumptions used, by year, and the calculated weighted average fair values of options, are as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Expected dividend yield | 2.75 | % | 2.77 | % | 2.77 | % | ||||||||||
Risk-free interest rate | 1.38 | % | 1.63 | % | 2.9 | % | ||||||||||
Expected life in years | 7.5 | 7.5 | 7.5 | |||||||||||||
Expected volatility | 24.85 | % | 25.06 | % | 24.26 | % | ||||||||||
Weighted average fair value of options granted | $ | 15.5 | $ | 14.88 | $ | 15.92 | ||||||||||
Expected volatilities are based on the historical returns on our stock and the implied volatility of our publicly-traded options. The expected dividend yield is based on the recent historical dividend yields for our stock, taking into account changes in dividend policy. The risk-free interest rate is based on the term structure of interest rates at the time of the option grant. The expected life represents an estimate of the period of time options are expected to remain outstanding, and we have relied upon a combination of the observed exercise behavior of our prior grants with similar characteristics, the vesting schedule of the grants, and an index of peer companies with similar grant characteristics in estimating this variable. | ||||||||||||||||
We received cash of $292, $122 and $92 million during 2013, 2012 and 2011, respectively, from option holders resulting from the exercise of stock options. The total intrinsic value of options exercised during 2013, 2012 and 2011 was $92, $39 and $31 million, respectively. As of December 31, 2013, there was $2 million of total unrecognized compensation cost related to nonvested options. That cost is expected to be recognized over a weighted average period of 3 years and 4 months. | ||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Price Range | Shares | Average Life | Average | Shares | Average | |||||||||||
(in thousands) | (in years) | Exercise | (in thousands) | Exercise | ||||||||||||
Price | Price | |||||||||||||||
$50.01 - $60.00 | 185 | 5.35 | $ | 55.83 | 150 | $ | 55.83 | |||||||||
$60.01 - $70.00 | 144 | 6.35 | 67.18 | 97 | 67.18 | |||||||||||
$70.01 - $80.00 | 3,380 | 2.68 | 71.7 | 3,170 | 71.43 | |||||||||||
$80.01 - $90.00 | 1,503 | 3.1 | 81.13 | 1,342 | 80.91 | |||||||||||
5,212 | 3 | $ | 73.73 | 4,759 | $ | 73.52 | ||||||||||
Discounted Employee Stock Purchase Plan | ||||||||||||||||
We maintain an employee stock purchase plan for all eligible employees. Under this plan, shares of UPS class A common stock may be purchased at quarterly intervals at 95% of the NYSE closing price of UPS class B common stock on the last day of each quarterly period. Employees purchased 1.1, 1.2 and 1.3 million shares at average prices of $79.74, $72.17 and $66.86 per share during 2013, 2012 and 2011, respectively. This plan is not considered to be compensatory, and therefore no compensation cost is measured for the employees’ purchase rights. |
SEGMENT_AND_GEOGRAPHIC_INFORMA
SEGMENT AND GEOGRAPHIC INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | |||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ||||||||||||
We report our operations in three segments: U.S. Domestic Package operations, International Package operations and Supply Chain & Freight operations. Package operations represent our most significant business and are broken down into regional operations around the world. Regional operations managers are responsible for both domestic and export operations within their geographic area. | ||||||||||||
U.S. Domestic Package | ||||||||||||
Domestic Package operations include the time-definite delivery of letters, documents and packages throughout the United States. | ||||||||||||
International Package | ||||||||||||
International Package operations include delivery to more than 220 countries and territories worldwide, including shipments wholly outside the United States, as well as shipments with either origin or destination outside the United States. Our International Package reporting segment includes the operations of our Europe, Asia and Americas operating segments. | ||||||||||||
Supply Chain & Freight | ||||||||||||
Supply Chain & Freight includes our forwarding and logistics operations, UPS Freight and other aggregated business units. Our forwarding and logistics business provides services in more than 195 countries and territories worldwide, and includes supply chain design and management, freight distribution, customs brokerage, mail and consulting services. UPS Freight offers a variety of LTL and TL services to customers in North America. Other aggregated business units within this segment include Mail Boxes Etc. (the franchisor of Mail Boxes Etc. and The UPS Store) and UPS Capital. | ||||||||||||
In evaluating financial performance, we focus on operating profit as a segment’s measure of profit or loss. Operating profit is before investment income, interest expense and income taxes. The accounting policies of the reportable segments are the same as those described in the summary of accounting policies (see note 1), with certain expenses allocated between the segments using activity-based costing methods. Unallocated assets are comprised primarily of cash, marketable securities, and certain investment partnerships. | ||||||||||||
Segment information as of, and for the years ended, December 31 is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue: | ||||||||||||
U.S. Domestic Package | $ | 34,074 | $ | 32,856 | $ | 31,717 | ||||||
International Package | 12,429 | 12,124 | 12,249 | |||||||||
Supply Chain & Freight | 8,935 | 9,147 | 9,139 | |||||||||
Consolidated | $ | 55,438 | $ | 54,127 | $ | 53,105 | ||||||
Operating Profit: | ||||||||||||
U.S. Domestic Package | $ | 4,603 | $ | 459 | $ | 3,764 | ||||||
International Package | 1,757 | 869 | 1,709 | |||||||||
Supply Chain & Freight | 674 | 15 | 607 | |||||||||
Consolidated | $ | 7,034 | $ | 1,343 | $ | 6,080 | ||||||
Assets: | ||||||||||||
U.S. Domestic Package | $ | 19,648 | $ | 19,934 | $ | 19,300 | ||||||
International Package | 8,463 | 11,248 | 6,729 | |||||||||
Supply Chain & Freight | 6,624 | 6,610 | 6,588 | |||||||||
Unallocated | 1,477 | 1,071 | 2,084 | |||||||||
Consolidated | $ | 36,212 | $ | 38,863 | $ | 34,701 | ||||||
Depreciation and Amortization Expense: | ||||||||||||
U.S. Domestic Package | $ | 1,229 | $ | 1,220 | $ | 1,154 | ||||||
International Package | 473 | 475 | 474 | |||||||||
Supply Chain & Freight | 165 | 163 | 154 | |||||||||
Consolidated | $ | 1,867 | $ | 1,858 | $ | 1,782 | ||||||
Revenue by product type for the years ended December 31 is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. Domestic Package: | ||||||||||||
Next Day Air | $ | 6,443 | $ | 6,412 | $ | 6,229 | ||||||
Deferred | 3,437 | 3,392 | 3,299 | |||||||||
Ground | 24,194 | 23,052 | 22,189 | |||||||||
Total U.S. Domestic Package | 34,074 | 32,856 | 31,717 | |||||||||
International Package: | ||||||||||||
Domestic | 2,667 | 2,531 | 2,628 | |||||||||
Export | 9,166 | 9,033 | 9,056 | |||||||||
Cargo | 596 | 560 | 565 | |||||||||
Total International Package | 12,429 | 12,124 | 12,249 | |||||||||
Supply Chain & Freight: | ||||||||||||
Forwarding and Logistics | 5,492 | 5,977 | 6,103 | |||||||||
Freight | 2,882 | 2,640 | 2,563 | |||||||||
Other | 561 | 530 | 473 | |||||||||
Total Supply Chain & Freight | 8,935 | 9,147 | 9,139 | |||||||||
Consolidated | $ | 55,438 | $ | 54,127 | $ | 53,105 | ||||||
Geographic information as of, and for the years ended, December 31 is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States: | ||||||||||||
Revenue | $ | 41,772 | $ | 40,428 | $ | 39,347 | ||||||
Long-lived assets | $ | 15,651 | $ | 16,262 | $ | 16,085 | ||||||
International: | ||||||||||||
Revenue | $ | 13,666 | $ | 13,699 | $ | 13,758 | ||||||
Long-lived assets | $ | 6,297 | $ | 5,312 | $ | 5,220 | ||||||
Consolidated: | ||||||||||||
Revenue | $ | 55,438 | $ | 54,127 | $ | 53,105 | ||||||
Long-lived assets | $ | 21,948 | $ | 21,574 | $ | 21,305 | ||||||
Long-lived assets include property, plant and equipment, pension and postretirement benefit assets, long-term investments, goodwill, and intangible assets. | ||||||||||||
No countries outside of the United States, nor any individual customers, provided 10% or more of consolidated revenue for the years ended December 31, 2013, 2012 or 2011. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
INCOME TAXES | ' | |||||||||||
INCOME TAXES | ||||||||||||
The income tax expense (benefit) for the years ended December 31 consists of the following (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
U.S. Federal | $ | 2,181 | $ | 1,901 | $ | 1,371 | ||||||
U.S. State and Local | 205 | 182 | 121 | |||||||||
Non-U.S. | 162 | 167 | 166 | |||||||||
Total Current | 2,548 | 2,250 | 1,658 | |||||||||
Deferred: | ||||||||||||
U.S. Federal | (242 | ) | (1,871 | ) | 262 | |||||||
U.S. State and Local | (22 | ) | (201 | ) | 44 | |||||||
Non-U.S. | 18 | (11 | ) | 8 | ||||||||
Total Deferred | (246 | ) | (2,083 | ) | 314 | |||||||
Total | $ | 2,302 | $ | 167 | $ | 1,972 | ||||||
Income before income taxes includes the following components (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 6,040 | $ | 384 | $ | 5,309 | ||||||
Non-U.S. | 634 | 590 | 467 | |||||||||
$ | 6,674 | $ | 974 | $ | 5,776 | |||||||
A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31 consists of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
U.S. state and local income taxes (net of federal benefit) | 2.1 | — | 2 | |||||||||
Non-U.S. tax rate differential | (1.3 | ) | (6.1 | ) | (0.4 | ) | ||||||
Nondeductible/nontaxable items | (0.2 | ) | (0.4 | ) | (0.1 | ) | ||||||
U.S. federal tax credits | (1.2 | ) | (7.4 | ) | (1.7 | ) | ||||||
Other | 0.1 | (4.0 | ) | (0.7 | ) | |||||||
Effective income tax rate | 34.5 | % | 17.1 | % | 34.1 | % | ||||||
Our effective tax rate increased to 34.5% in 2013, compared with 17.1% in 2012, primarily due to an increase in total pre-tax income and the decrease in U.S. Federal and state tax credits relative to total pre-tax income. The impact of these factors was partially offset by a portion of the gain from liquidating a foreign subsidiary in early 2013 not being taxable (see note 15). | ||||||||||||
Beginning in 2012, we were granted a tax incentive for certain of our non-U.S. operations, which is effective through December 31, 2017 and may be extended through December 31, 2022 if additional requirements are satisfied. The tax incentive is conditional upon our meeting specific employment and investment thresholds. The impact of this tax incentive decreased non-U.S. tax expense by $20 million ($0.02 per share) and $22 million ($0.02 per share) for 2013 and 2012, respectively. | ||||||||||||
Deferred tax liabilities and assets are comprised of the following at December 31 (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Property, plant and equipment | $ | (3,613 | ) | $ | (3,624 | ) | ||||||
Goodwill and intangible assets | (1,116 | ) | (1,035 | ) | ||||||||
Other | (651 | ) | (617 | ) | ||||||||
Deferred tax liabilities | (5,380 | ) | (5,276 | ) | ||||||||
Pension and postretirement benefits | 3,086 | 4,608 | ||||||||||
Loss and credit carryforwards (non-U.S. and state) | 279 | 258 | ||||||||||
Insurance reserves | 765 | 737 | ||||||||||
Vacation pay accrual | 224 | 209 | ||||||||||
Stock compensation | 70 | 159 | ||||||||||
Other | 709 | 708 | ||||||||||
Deferred tax assets | 5,133 | 6,679 | ||||||||||
Deferred tax assets valuation allowance | (251 | ) | (220 | ) | ||||||||
Deferred tax asset (net of valuation allowance) | 4,882 | 6,459 | ||||||||||
Net deferred tax asset (liability) | $ | (498 | ) | $ | 1,183 | |||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||
Current deferred tax assets | $ | 684 | $ | 583 | ||||||||
Current deferred tax liabilities (included in other current liabilities) | (48 | ) | (36 | ) | ||||||||
Non-current deferred tax assets | 110 | 684 | ||||||||||
Non-current deferred tax liabilities | (1,244 | ) | (48 | ) | ||||||||
Net deferred tax asset (liability) | $ | (498 | ) | $ | 1,183 | |||||||
The valuation allowance increased by $31, $15 and $2 million during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
We have U.S. state and local operating loss and credit carryforwards as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
U.S. state and local operating loss carryforwards | $ | 546 | $ | 608 | ||||||||
U.S. state and local credit carryforwards | $ | 42 | $ | 61 | ||||||||
The operating loss carryforwards expire at varying dates through 2033. The state credits can be carried forward for periods ranging from three years to indefinitely. | ||||||||||||
We also have non-U.S. loss carryforwards of approximately $956 million as of December 31, 2013, the majority of which may be carried forward indefinitely. As indicated in the table above, we have established a valuation allowance for certain non-U.S. and state carryforwards, due to the uncertainty resulting from a lack of previous taxable income within the applicable tax jurisdictions. | ||||||||||||
Undistributed earnings of foreign subsidiaries amounted to approximately $4.130 billion at December 31, 2013. Those earnings are considered to be indefinitely reinvested and, accordingly, no deferred income taxes have been provided thereon. Upon distribution of those earnings in the form of dividends or otherwise, we would be subject to income taxes and withholding taxes payable in various jurisdictions, which could potentially be offset by foreign tax credits. Determination of the amount of unrecognized deferred income tax liability is not practicable because of the complexities associated with its hypothetical calculation. | ||||||||||||
The following table summarizes the activity related to our unrecognized tax benefits (in millions): | ||||||||||||
Tax | Interest | Penalties | ||||||||||
Balance at January 1, 2011 | $ | 284 | $ | 95 | $ | 7 | ||||||
Additions for tax positions of the current year | 13 | — | — | |||||||||
Additions for tax positions of prior years | 17 | 6 | — | |||||||||
Reductions for tax positions of prior years for: | ||||||||||||
Changes based on facts and circumstances | (50 | ) | (9 | ) | (2 | ) | ||||||
Settlements during the period | (11 | ) | (19 | ) | (1 | ) | ||||||
Lapses of applicable statute of limitations | (1 | ) | — | (1 | ) | |||||||
Balance at December 31, 2011 | 252 | 73 | 3 | |||||||||
Additions for tax positions of the current year | 13 | — | — | |||||||||
Additions for tax positions of prior years | 7 | 9 | 1 | |||||||||
Reductions for tax positions of prior years for: | ||||||||||||
Changes based on facts and circumstances | (22 | ) | (18 | ) | — | |||||||
Settlements during the period | (3 | ) | (7 | ) | — | |||||||
Lapses of applicable statute of limitations | (15 | ) | (4 | ) | — | |||||||
Balance at December 31, 2012 | 232 | 53 | 4 | |||||||||
Additions for tax positions of the current year | 15 | — | — | |||||||||
Additions for tax positions of prior years | 20 | 9 | 2 | |||||||||
Reductions for tax positions of prior years for: | ||||||||||||
Changes based on facts and circumstances | (67 | ) | (23 | ) | (1 | ) | ||||||
Settlements during the period | (8 | ) | 1 | — | ||||||||
Lapses of applicable statute of limitations | (1 | ) | — | (1 | ) | |||||||
Balance at December 31, 2013 | $ | 191 | $ | 40 | $ | 4 | ||||||
The total amount of gross unrecognized tax benefits as of December 31, 2013, 2012 and 2011 that, if recognized, would affect the effective tax rate was $185, $224 and $247 million, respectively. We also had gross recognized tax benefits of $281, $280 and $291 million recorded as of December 31, 2013, 2012 and 2011, respectively, associated with outstanding refund claims for prior tax years. Therefore, we had a net receivable recorded with respect to prior years’ income tax matters in the accompanying consolidated balance sheets. Additionally, we have recognized a receivable for interest of $25, $23 and $27 million for the recognized tax benefits associated with outstanding refund claims as of December 31, 2013, 2012 and 2011, respectively. Our continuing practice is to recognize interest and penalties associated with income tax matters as a component of income tax expense. | ||||||||||||
We file income tax returns in the U.S. federal jurisdiction, most U.S. state and local jurisdictions, and many non-U.S. jurisdictions. We have substantially resolved all U.S. federal income tax matters for tax years prior to 2005. | ||||||||||||
In June 2011, we received an IRS Revenue Agent Report (RAR) covering income taxes for tax years 2005 through 2007, in addition to the excise tax matters described in note 8. The income tax RAR proposed adjustments related to the value of acquired software and intangibles, research credit expenditures, and the amount of deductible costs associated with our British Pound Sterling Notes exchange offer completed in May 2007. Receipt of the RAR represents only the conclusion of the examination process. We disagree with some of the proposed adjustments related to these matters. Therefore, we filed protests and, in the third quarter of 2011, the IRS responded to our protests and forwarded the case to IRS Appeals. | ||||||||||||
In July 2013, we began resolution discussions with IRS Appeals on the income tax matters. We expect the resolution discussions to be concluded within the next twelve months. It should be noted, however, that the ultimate resolution of these matters will result in a refund to UPS, even according to the adjustments proposed by the IRS. | ||||||||||||
At this time, we do not believe the ultimate resolution of these income tax matters will have a material effect on our financial condition, results of operations, or liquidity. | ||||||||||||
A number of years may elapse before an uncertain tax position is audited and ultimately settled. It is difficult to predict the ultimate outcome or the timing of resolution for uncertain tax positions. It is reasonably possible that the amount of unrecognized tax benefits could significantly increase or decrease within the next twelve months. Items that may cause changes to unrecognized tax benefits include the timing of interest deductions and the allocation of income and expense between tax jurisdictions. These changes could result from the settlement of ongoing litigation, the completion of ongoing examinations, the expiration of the statute of limitations or other unforeseen circumstances. At this time, an estimate of the range of the reasonably possible change cannot be made. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
EARNINGS PER SHARE | ' | |||||||||||
EARNINGS PER SHARE | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income attributable to common shareowners | $ | 4,372 | $ | 807 | $ | 3,804 | ||||||
Denominator: | ||||||||||||
Weighted average shares | 937 | 957 | 977 | |||||||||
Deferred compensation obligations | 1 | 1 | 2 | |||||||||
Vested portion of restricted shares | 2 | 2 | 2 | |||||||||
Denominator for basic earnings per share | 940 | 960 | 981 | |||||||||
Effect of dilutive securities: | ||||||||||||
Restricted performance units | 7 | 8 | 9 | |||||||||
Stock options | 1 | 1 | 1 | |||||||||
Denominator for diluted earnings per share | 948 | 969 | 991 | |||||||||
Basic earnings per share | $ | 4.65 | $ | 0.84 | $ | 3.88 | ||||||
Diluted earnings per share | $ | 4.61 | $ | 0.83 | $ | 3.84 | ||||||
Diluted earnings per share for the years ended December 31, 2013, 2012, and 2011 exclude the effect of 0.1, 2.6 and 7.4 million shares, respectively, of common stock that may be issued upon the exercise of employee stock options because such effect would be antidilutive. |
DERIVATIVE_INSTRUMENTS_AND_RIS
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT | ' | ||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT | |||||||||||||||||||||||
Risk Management Policies | |||||||||||||||||||||||
We are exposed to market risk, primarily related to foreign exchange rates, commodity prices and interest rates. These exposures are actively monitored by management. To manage the volatility relating to certain of these exposures, we enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency rates, commodity prices and interest rates. It is our policy and practice to use derivative financial instruments only to the extent necessary to manage exposures. As we use price sensitive instruments to hedge a certain portion of our existing and anticipated transactions, we expect that any loss in value for those instruments generally would be offset by increases in the value of those hedged transactions. We do not hold or issue derivative financial instruments for trading or speculative purposes. | |||||||||||||||||||||||
Credit Risk Management | |||||||||||||||||||||||
The forward contracts, swaps and options discussed below contain an element of risk that the counterparties may be unable to meet the terms of the agreements. However, we minimize such risk exposures for these instruments by limiting the counterparties to banks and financial institutions that meet established credit guidelines, and monitoring counterparty credit risk to prevent concentrations of credit risk with any single counterparty. | |||||||||||||||||||||||
We have agreements with all of our active counterparties (covering the majority of our derivative positions) containing early termination rights and/or zero threshold bilateral collateral provisions whereby cash is required based on the net fair value of derivatives associated with those counterparties. Events such as a counterparty credit rating downgrade (depending on the ultimate rating level) could also allow us to take additional protective measures such as the early termination of trades. At December 31, 2013, we held cash collateral of $161 million under these agreements. | |||||||||||||||||||||||
In connection with the agreements described above, we could also be required to provide additional collateral or terminate transactions with certain counterparties in the event of a downgrade of our debt rating. The amount of collateral required would be determined by the net fair value of the associated derivatives with each counterparty. At December 31, 2013, we were required to post $35 million in collateral with our counterparties. At December 31, 2013, there were no instruments in a net liability position that were not covered by the zero threshold bilateral collateral provisions. | |||||||||||||||||||||||
We have not historically incurred, and do not expect to incur in the future, any losses as a result of counterparty default. | |||||||||||||||||||||||
Accounting Policy for Derivative Instruments | |||||||||||||||||||||||
We recognize all derivative instruments as assets or liabilities in the consolidated balance sheets at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the derivative, based upon the exposure being hedged, as a cash flow hedge, a fair value hedge or a hedge of a net investment in a foreign operation. | |||||||||||||||||||||||
A cash flow hedge refers to hedging the exposure to variability in expected future cash flows that is attributable to a particular risk. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI, and reclassified into earnings in the same period during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, or hedge components excluded from the assessment of effectiveness, are recognized in the statements of consolidated income during the current period. | |||||||||||||||||||||||
A fair value hedge refers to hedging the exposure to changes in the fair value of an existing asset or liability on the consolidated balance sheets that is attributable to a particular risk. For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument is recognized in the statements of consolidated income during the current period, as well as the offsetting gain or loss on the hedged item. | |||||||||||||||||||||||
A net investment hedge refers to the use of cross currency swaps, forward contracts or foreign currency denominated debt to hedge portions of our net investments in foreign operations. For hedges that meet the effectiveness requirements, the net gains or losses attributable to changes in spot exchange rates are recorded in the cumulative translation adjustment within AOCI. The remainder of the change in value of such instruments is recorded in earnings. | |||||||||||||||||||||||
Types of Hedges | |||||||||||||||||||||||
Commodity Risk Management | |||||||||||||||||||||||
Currently, the fuel surcharges that we apply to our domestic and international package and LTL services are the primary means of reducing the risk of adverse fuel price changes on our business. We periodically enter into option contracts on energy commodity products to manage the price risk associated with forecasted transactions involving refined fuels, principally jet-A, diesel and unleaded gasoline. The objective of the hedges is to reduce the variability of cash flows, due to changing fuel prices, associated with the forecasted transactions involving those products. We designate and account for these contracts as cash flow hedges of the underlying forecasted transactions involving these fuel products and, therefore, the resulting gains and losses from these hedges are recognized as a component of fuel expense or revenue when the underlying transactions occur. | |||||||||||||||||||||||
Foreign Currency Risk Management | |||||||||||||||||||||||
To protect against the reduction in value of forecasted foreign currency cash flows from our international package business, we maintain a foreign currency cash flow hedging program. Our most significant foreign currency exposures relate to the Euro, British Pound Sterling, Canadian Dollar, Chinese Renminbi and Hong Kong Dollar. We hedge portions of our forecasted revenue denominated in foreign currencies with option contracts. We have designated and account for these contracts as cash flow hedges of anticipated foreign currency denominated revenue and, therefore, the resulting gains and losses from these hedges are recognized as a component of international package revenue when the underlying sales transactions occur. | |||||||||||||||||||||||
We also hedge portions of our anticipated cash settlements of intercompany transactions subject to foreign currency remeasurement using foreign currency forward contracts. We have designated and account for these contracts as cash flow hedges of forecasted foreign currency denominated transactions, and therefore the resulting gains and losses from these hedges are recognized as a component of other operating expense when the underlying transactions are subject to currency remeasurement. | |||||||||||||||||||||||
We have foreign currency denominated debt obligations and capital lease obligations associated with our aircraft. For some of these debt obligations and leases, we hedge the foreign currency denominated contractual payments using cross-currency interest rate swaps, which effectively convert the foreign currency denominated contractual payments into U.S. Dollar denominated payments. We have designated and account for these swaps as cash flow hedges of the forecasted contractual payments and, therefore, the resulting gains and losses from these hedges are recognized in the statements of consolidated income when the currency remeasurement gains and losses on the underlying debt obligations and leases are incurred. | |||||||||||||||||||||||
Interest Rate Risk Management | |||||||||||||||||||||||
Our indebtedness under our various financing arrangements creates interest rate risk. We use a combination of derivative instruments, including interest rate swaps and cross-currency interest rate swaps, as part of our program to manage the fixed and floating interest rate mix of our total debt portfolio and related overall cost of borrowing. The notional amount, interest payment and maturity dates of the swaps match the terms of the associated debt being hedged. Interest rate swaps allow us to maintain a target range of floating rate debt within our capital structure. | |||||||||||||||||||||||
We have designated and account for interest rate swaps that convert fixed rate interest payments into floating rate interest payments as hedges of the fair value of the associated debt instruments. Therefore, the gains and losses resulting from fair value adjustments to the interest rate swaps and fair value adjustments to the associated debt instruments are recorded to interest expense in the period in which the gains and losses occur. We have designated and account for interest rate swaps that convert floating rate interest payments into fixed rate interest payments as cash flow hedges of the forecasted payment obligations. The gains and losses resulting from fair value adjustments to the interest rate swap are recorded to AOCI. | |||||||||||||||||||||||
We periodically hedge the forecasted fixed-coupon interest payments associated with anticipated debt offerings, using forward starting interest rate swaps, interest rate locks or similar derivatives. These agreements effectively lock a portion of our interest rate exposure between the time the agreement is entered into and the date when the debt offering is completed, thereby mitigating the impact of interest rate changes on future interest expense. These derivatives are settled commensurate with the issuance of the debt, and any gain or loss upon settlement is amortized as an adjustment to the effective interest yield on the debt. | |||||||||||||||||||||||
Outstanding Positions | |||||||||||||||||||||||
The notional amounts of our outstanding derivative positions were as follows as of December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Currency Hedges: | |||||||||||||||||||||||
Euro | EUR | 2,637 | 1,783 | ||||||||||||||||||||
British Pound Sterling | GBP | 1,097 | 797 | ||||||||||||||||||||
Canadian Dollar | CAD | 218 | 341 | ||||||||||||||||||||
United Arab Emirates Dirham | AED | — | 551 | ||||||||||||||||||||
Malaysian Ringgit | MYR | — | 500 | ||||||||||||||||||||
Mexican Peso | MXN | 583 | — | ||||||||||||||||||||
Interest Rate Hedges: | |||||||||||||||||||||||
Fixed to Floating Interest Rate Swaps | USD | 6,799 | 7,274 | ||||||||||||||||||||
Floating to Fixed Interest Rate Swaps | USD | 780 | 781 | ||||||||||||||||||||
Interest Rate Basis Swaps | USD | 2,500 | 2,500 | ||||||||||||||||||||
As of December 31, 2013, we had no outstanding commodity hedge positions. The maximum term over which we are hedging exposures to the variability of cash flow is 36 years. | |||||||||||||||||||||||
Balance Sheet Recognition | |||||||||||||||||||||||
The following table indicates the location on the balance sheet in which our derivative assets and liabilities have been recognized, and the related fair values of those derivatives as of December 31, 2013 and 2012 (in millions). The table is segregated between those derivative instruments that qualify and are designated as hedging instruments and those that are not, as well as by type of contract and whether the derivative is in an asset or liability position. | |||||||||||||||||||||||
We have master netting arrangements with substantially all of our counterparties giving us the right of offset for our derivative positions. However, we have not elected to offset the fair value positions of our derivative contracts recorded on our consolidated balance sheets. The columns labeled "Net Amounts if Right of Offset had been Applied" indicate the potential net fair value positions by type of contract and location on the consolidated balance sheets had we elected to apply the right of offset. | |||||||||||||||||||||||
Gross Amounts Presented in | Net Amounts if Right of | ||||||||||||||||||||||
Consolidated Balance Sheets | Offset had been Applied | ||||||||||||||||||||||
Asset Derivatives | Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 10 | $ | 27 | $ | 4 | $ | 27 | ||||||||||||||
Interest rate contracts | Other current assets | 7 | 1 | 7 | 1 | ||||||||||||||||||
Foreign exchange contracts | Other non-current assets | 59 | 14 | 59 | 12 | ||||||||||||||||||
Interest rate contracts | Other non-current assets | 204 | 420 | 110 | 406 | ||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Other current assets | 7 | 3 | 5 | 3 | ||||||||||||||||||
Interest rate contracts | Other non-current assets | 60 | 101 | 57 | 91 | ||||||||||||||||||
Total Asset Derivatives | $ | 347 | $ | 566 | $ | 242 | $ | 540 | |||||||||||||||
Gross Amounts Presented in | Net Amounts if Right of | ||||||||||||||||||||||
Consolidated Balance Sheets | Offset had been Applied | ||||||||||||||||||||||
Liability Derivatives | Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Other current liabilities | $ | 6 | $ | — | $ | — | $ | — | ||||||||||||||
Foreign exchange contracts | Other non-current liabilities | — | 103 | — | 101 | ||||||||||||||||||
Interest rate contracts | Other non-current liabilities | 104 | 14 | 10 | — | ||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Other current liabilities | 7 | 1 | 5 | 1 | ||||||||||||||||||
Interest rate contracts | Other current liabilities | 1 | — | 1 | — | ||||||||||||||||||
Interest rate contracts | Other non-current liabilities | 3 | 41 | — | 31 | ||||||||||||||||||
Total Liability Derivatives | $ | 121 | $ | 159 | $ | 16 | $ | 133 | |||||||||||||||
Income Statement and Other Comprehensive Income Recognition | |||||||||||||||||||||||
The following table indicates the amount of gains and losses that have been recognized in other comprehensive income for the years ended December 31, 2013 and 2012 for those derivatives designated as cash flow hedges (in millions): | |||||||||||||||||||||||
Derivative Instruments in Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in OCI on | ||||||||||||||||||||||
Derivative (Effective Portion) | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Interest rate contracts | $ | 6 | $ | (71 | ) | ||||||||||||||||||
Foreign exchange contracts | 44 | 3 | |||||||||||||||||||||
Commodity contracts | (48 | ) | — | ||||||||||||||||||||
Total | $ | 2 | $ | (68 | ) | ||||||||||||||||||
As of December 31, 2013, $83 million of pre-tax losses related to cash flow hedges that are currently deferred in AOCI are expected to be reclassified to income over the 12 month period ended December 31, 2014. The actual amounts that will be reclassified to income over the next 12 months will vary from this amount as a result of changes in market conditions. | |||||||||||||||||||||||
The amount of ineffectiveness recognized in income on derivative instruments designated in cash flow hedging relationships was immaterial for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||
The following table indicates the amount and location in the statements of consolidated income in which derivative gains and losses, as well as the associated gains and losses on the underlying exposure, have been recognized for those derivatives designated as fair value hedges for the years ended December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||||
Derivative Instruments | Location of | Amount of Gain (Loss) | Hedged Items in | Location of | Amount of Gain (Loss) | ||||||||||||||||||
in Fair Value Hedging | Gain (Loss) | Recognized in Income | Fair Value Hedging | Gain (Loss) | Recognized in Income | ||||||||||||||||||
Relationships | Recognized in | Relationships | Recognized in | ||||||||||||||||||||
Income | 2013 | 2012 | Income | 2013 | 2012 | ||||||||||||||||||
Interest rate contracts | Interest Expense | $ | (306 | ) | $ | 20 | Fixed-Rate Debt | Interest Expense | $ | 306 | $ | (20 | ) | ||||||||||
and Capital Leases | |||||||||||||||||||||||
Additionally, we maintain some foreign exchange forward and interest rate swap contracts that are not designated as hedges. These foreign exchange forward contracts are intended to provide an economic offset to foreign currency remeasurement risks for certain assets and liabilities in our consolidated balance sheets. These interest rate swap contracts are intended to provide an economic hedge of a portfolio of interest bearing receivables. The income statement impact of these hedges was not material for any period presented. | |||||||||||||||||||||||
We also periodically terminate interest rate swaps and foreign currency options by entering into offsetting swap and foreign currency positions with different counterparties. As part of this process, we de-designate our original swap and foreign currency contracts. These transactions provide an economic offset that effectively eliminates the effects of changes in market valuation. | |||||||||||||||||||||||
We have entered into several interest rate basis swaps, which effectively convert cash flows based on variable LIBOR-based interest rates to cash flows based on the prevailing federal funds interest rate. These swaps are not designated as hedges, and all amounts related to fair value changes and settlements are recorded to interest expense in the statements of consolidated income. | |||||||||||||||||||||||
The following is a summary of the amounts recorded in the statements of consolidated income related to fair value changes and settlements of these foreign currency forward and interest rate swap contracts not designated as hedges for the years ended December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||||
Derivative Instruments Not Designated in | Location of Gain | Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||||
Hedging Relationships | (Loss) Recognized | ||||||||||||||||||||||
in Income | 2013 | 2012 | |||||||||||||||||||||
Foreign exchange contracts | Revenue | $ | — | $ | 2 | ||||||||||||||||||
Foreign exchange contracts | Other Operating Expenses | 72 | 19 | ||||||||||||||||||||
Foreign exchange contracts | Investment Income | (5 | ) | (22 | ) | ||||||||||||||||||
Interest rate contracts | Interest Expense | (4 | ) | (12 | ) | ||||||||||||||||||
Total | $ | 63 | $ | (13 | ) | ||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||
Our foreign currency, interest rate and energy derivatives are largely comprised of over-the-counter derivatives, which are primarily valued using pricing models that rely on market observable inputs such as yield curves, currency exchange rates and commodity forward prices, and therefore are classified as Level 2. The fair values of our derivative assets and liabilities as of December 31, 2013 and 2012 by hedge type are as follows (in millions): | |||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Foreign Exchange Contracts | $ | — | $ | 76 | $ | — | $ | 76 | |||||||||||||||
Interest Rate Contracts | — | 271 | — | 271 | |||||||||||||||||||
Total | $ | — | $ | 347 | $ | — | $ | 347 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Foreign Exchange Contracts | $ | — | $ | 13 | $ | — | $ | 13 | |||||||||||||||
Interest Rate Contracts | — | 108 | — | 108 | |||||||||||||||||||
Total | $ | — | $ | 121 | $ | — | $ | 121 | |||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Foreign Exchange Contracts | $ | — | $ | 44 | $ | — | $ | 44 | |||||||||||||||
Interest Rate Contracts | — | 522 | — | 522 | |||||||||||||||||||
Total | $ | — | $ | 566 | $ | — | $ | 566 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Foreign Exchange Contracts | $ | — | $ | 104 | $ | — | $ | 104 | |||||||||||||||
Interest Rate Contracts | — | 55 | — | 55 | |||||||||||||||||||
Total | $ | — | $ | 159 | $ | — | $ | 159 | |||||||||||||||
TERMINATION_of_TNT_TRANSACTION
TERMINATION of TNT TRANSACTION | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Termination of TNT Transaction Disclosure [Text Block] [Text Block] | ' |
TNT Termination Fee and Related Costs | |
On January 30, 2013, the European Commission issued a formal decision prohibiting our proposed acquisition of TNT Express N.V. (“TNT Express”). As a result of the prohibition by the European Commission, the condition of our offer requiring European Union competition clearance was not fulfilled, and our proposed acquisition of TNT Express could not be completed. Given this outcome, UPS and TNT Express entered a separate agreement to terminate the merger protocol, and we withdrew our formal offer for TNT Express. We paid a termination fee to TNT Express of €200 million ($268 million) under this agreement, and also incurred transaction-related expenses of $16 million during the first quarter of 2013. The combination of these items resulted in a pre-tax charge of $284 million ($177 million after-tax), which impacted our International Package segment. | |
Gain upon the Liquidation of a Foreign Subsidiary | |
Subsequent to the termination of the merger protocol, we liquidated a foreign subsidiary that would have been used to acquire the outstanding shares of TNT Express in connection with the proposed acquisition. Upon the liquidation of this subsidiary in the first quarter of 2013, we realized a pre-tax foreign currency gain of $245 million ($213 million after-tax), which impacted our International Package segment. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
Collective Bargaining Agreement Status | |
As of December 31, 2013, we had approximately 253,000 employees employed under a national master agreement and various supplemental agreements with local unions affiliated with the International Brotherhood of Teamsters (“Teamsters”). In April 2013, we reached a tentative agreement with the Teamsters on two new national master agreements in the U.S. Domestic Package and UPS Freight business units, both of which are retroactive to August 1, 2013 and will remain effective through July 31, 2018. Before expiration of the existing national master agreements, the Company and the Teamsters agreed to extensions of both existing five-year national master agreements and all supplemental agreements. The extensions are open-ended and can be terminated by either party on thirty days' notice. | |
UPS Teamster-represented employees in the U.S. Domestic Package business unit subsequently voted to approve the new national master agreement in June 2013, while several local U.S. Domestic Package supplemental agreements require additional negotiation and approval before ratification occurs. As of February 2014, there were a total of six supplemental agreements that still have to be approved before ratification. We anticipate that the remaining agreements will be voted upon in the coming months. | |
The UPS Freight business unit ratified its national master agreement in January 2014. | |
We have approximately 2,600 pilots who are employed under a collective bargaining agreement with the Independent Pilots Association (“IPA”), which became amendable at the end of 2011. In February 2014, UPS and the IPA requested mediation by the National Mediation Board for the ongoing contract negotiations. | |
As of the date of this filing, there can be no assurance that our efforts to obtain ratification will be successful or that the ultimate resolution of these matters will not adversely affect our business, financial position, results of operations or liquidity. | |
Business Acquisitions | |
In February 2014, we completed the purchase of U.K.-based Polar Speed, a provider of temperature-sensitive pharmaceutical supply chain solutions in the U.K. The acquisition expands our healthcare logistics network in Europe, providing healthcare companies access to a single source for logistics solutions across the continent. The acquisition was not material to our results of operations or financial position. |
QUARTERLY_INFORMATION_unaudite
QUARTERLY INFORMATION (unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
QUARTERLY INFORMATION (unaudited) | ' | |||||||||||||||||||||||||||||||
QUARTERLY INFORMATION (unaudited) | ||||||||||||||||||||||||||||||||
Our revenue, segment operating profit, net income, basic and diluted earnings per share on a quarterly basis are presented below (in millions, except per share amounts): | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 8,271 | $ | 8,004 | $ | 8,241 | $ | 8,058 | $ | 8,254 | $ | 7,861 | $ | 9,308 | $ | 8,933 | ||||||||||||||||
International Package | 2,978 | 2,966 | 3,062 | 3,014 | 3,017 | 2,943 | 3,372 | 3,201 | ||||||||||||||||||||||||
Supply Chain & Freight | 2,185 | 2,166 | 2,204 | 2,277 | 2,250 | 2,267 | 2,296 | 2,437 | ||||||||||||||||||||||||
Total revenue | 13,434 | 13,136 | 13,507 | 13,349 | 13,521 | 13,071 | 14,976 | 14,571 | ||||||||||||||||||||||||
Operating profit (loss): | ||||||||||||||||||||||||||||||||
U.S. Domestic Package | 1,085 | 995 | 1,132 | 1,134 | 1,186 | 129 | 1,200 | (1,799 | ) | |||||||||||||||||||||||
International Package | 352 | 408 | 451 | 454 | 417 | 449 | 537 | (442 | ) | |||||||||||||||||||||||
Supply Chain & Freight | 143 | 166 | 159 | 202 | 201 | 188 | 171 | (541 | ) | |||||||||||||||||||||||
Total operating profit (loss) | 1,580 | 1,569 | 1,742 | 1,790 | 1,804 | 766 | 1,908 | (2,782 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 1,037 | $ | 970 | $ | 1,071 | $ | 1,116 | $ | 1,097 | $ | 469 | $ | 1,167 | $ | (1,748 | ) | |||||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 1.09 | $ | 1.01 | $ | 1.14 | $ | 1.16 | $ | 1.17 | $ | 0.49 | $ | 1.26 | $ | (1.83 | ) | |||||||||||||||
Diluted | $ | 1.08 | $ | 1 | $ | 1.13 | $ | 1.15 | $ | 1.16 | $ | 0.48 | $ | 1.25 | $ | (1.83 | ) | |||||||||||||||
Operating profit for the quarter ended March 31, 2013 was impacted by two items: (1) The termination fee and transaction-related expenses for our proposed acquisition of TNT Express, and (2) The foreign currency gain realized upon the liquidation of a subsidiary that would have been used to acquire the shares of TNT Express. These two items are discussed further in note 15. The combination of these two items reduced the operating profit for the International Package segment by $39 million, increased net income by $36 million, and increased basic and diluted earnings per share by $0.04. | ||||||||||||||||||||||||||||||||
Operating profit for the quarter ended September 30, 2012 was impacted by a charge for the establishment of a withdrawal liability related to our withdrawal from the New England Teamsters and Trucking Industry Pension Fund, a multiemployer pension plan. This charge reduced the operating profit for the U.S. Domestic Package segment by $896 million, net income by $559 million and basic and diluted earnings per share by $0.58. | ||||||||||||||||||||||||||||||||
Operating profit for the quarter ended December 31, 2012 was impacted by a mark-to-market loss on our pension and postretirement benefit plans related to the remeasurement of plan assets and liabilities recognized outside of a 10% corridor of $4.831 billion (allocated as follows—U.S. Domestic Package $3.177 billion, International Package $941 million, Supply Chain & Freight $713 million). This loss reduced net income by $3.023 billion, and basic and diluted earnings per share by $3.16. |
SUMMARY_OF_ACCOUNTING_POLICIES1
SUMMARY OF ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Financial Statements and Business Activities | ' |
Basis of Financial Statements and Business Activities | |
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), and include the accounts of United Parcel Service, Inc., and all of its consolidated subsidiaries (collectively “UPS” or the “Company”). All intercompany balances and transactions have been eliminated. | |
UPS concentrates its operations in the field of transportation services, primarily domestic and international letter and package delivery. Through our Supply Chain & Freight subsidiaries, we are also a global provider of specialized transportation, logistics, and financial services. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of our consolidated financial statements requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingencies. Estimates have been prepared on the basis of the most current and best information, and actual results could differ materially from those estimates. | |
Revenue Recognition | ' |
Revenue Recognition | |
U.S. Domestic and International Package Operations—Revenue is recognized upon delivery of a letter or package. | |
Forwarding and Logistics—Freight forwarding revenue and the expense related to the transportation of freight are recognized at the time the services are performed. Material management and distribution revenue is recognized upon performance of the service provided. Customs brokerage revenue is recognized upon completing documents necessary for customs entry purposes. | |
Freight—Revenue is recognized upon delivery of a less-than-truckload (“LTL”) or truckload (“TL”) shipment. | |
We utilize independent contractors and third-party carriers in the performance of some transportation services. In situations where we act as principal party to the transaction, we recognize revenue on a gross basis; in circumstances where we act as an agent, we recognize revenue net of the cost of the purchased transportation. | |
Financial Services—Income on loans and direct finance leases is recognized on the effective interest method. Accrual of interest income is suspended at the earlier of the time at which collection of an account becomes doubtful or the account becomes 90 days delinquent. Income on operating leases is recognized on the straight-line method over the terms of the underlying leases. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash and cash equivalents consist of highly liquid investments that are readily convertible into cash. We consider securities with maturities of three months or less, when purchased, to be cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments. | |
Investments | ' |
Investments | |
Marketable securities are classified as available-for-sale and are carried at fair value, with related unrealized gains and losses reported, net of tax, as accumulated other comprehensive income (“AOCI”), a separate component of shareowners’ equity. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in investment income, along with interest and dividends. The cost of securities sold is based on the specific identification method; realized gains and losses resulting from such sales are included in investment income. | |
We periodically review our investments for indications of other than temporary impairment considering many factors, including the extent and duration to which a security’s fair value has been less than its cost, overall economic and market conditions and the financial condition and specific prospects for the issuer. Impairment of investment securities results in a charge to income when a market decline below cost is other than temporary. | |
Accounts Receivable | ' |
Accounts Receivable | |
Losses on accounts receivable are recognized when they are incurred, which requires us to make our best estimate of the probable losses inherent in our customer receivables at each balance sheet date. These estimates require consideration of historical loss experience, adjusted for current conditions, trends in customer payment frequency, and judgments about the probable effects of relevant observable data, including present economic conditions and the financial health of specific customers and market sectors. Our risk management process includes standards and policies for reviewing major account exposures and concentrations of risk. | |
Our total allowance for doubtful accounts as of December 31, 2013 and 2012 was $122 and $127 million, respectively. Our total provision for doubtful accounts charged to expense during the years ended December 31, 2013, 2012 and 2011 was $129, $155 and $147 million, respectively. | |
Inventories | ' |
Inventories | |
Jet fuel, diesel, and unleaded gasoline inventories are valued at the lower of average cost or market. Fuel and other materials and supplies inventories are recognized as inventory when purchased, and then charged to expense when used in our operations. Total inventories were $403 and $393 million as of December 31, 2013 and 2012, respectively, and are included in “other current assets” on the consolidated balance sheet. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are carried at cost. Depreciation and amortization are provided by the straight-line method over the estimated useful lives of the assets, which are as follows: Vehicles—6 to 15 years; Aircraft—12 to 30 years; Buildings—20 to 40 years; Leasehold Improvements—lesser of asset useful life or lease term; Plant Equipment—6 to 8.25 years; Technology Equipment—3 to 5 years. The costs of major airframe and engine overhauls, as well as routine maintenance and repairs, are charged to expense as incurred. | |
Interest incurred during the construction period of certain property, plant and equipment is capitalized until the underlying assets are placed in service, at which time amortization of the capitalized interest begins, straight-line, over the estimated useful lives of the related assets. Capitalized interest was $14, $18 and $17 million for 2013, 2012, and 2011, respectively. | |
We review long-lived assets for impairment when circumstances indicate the carrying amount of an asset may not be recoverable based on the undiscounted future cash flows of the asset. If the carrying amount of the asset is determined not to be recoverable, a write-down to fair value is recorded. Fair values are determined based on quoted market values, discounted cash flows, or external appraisals, as applicable. We review long-lived assets for impairment at the individual asset or the asset group level for which the lowest level of independent cash flows can be identified. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets | |
Costs of purchased businesses in excess of net identifiable assets acquired (goodwill), and indefinite-lived intangible assets are tested for impairment at least annually, unless changes in circumstances indicate an impairment may have occurred sooner. We are required to test goodwill on a “reporting unit” basis. A reporting unit is the operating segment unless, for businesses within that operating segment, discrete financial information is prepared and regularly reviewed by management, in which case such a component business is the reporting unit. | |
In assessing goodwill for impairment, we initially evaluate qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. We consider several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing for recoverability of a significant asset group within a reporting unit. If this qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. | |
If the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then we utilize a two-step process to test goodwill for impairment. First, a comparison of the fair value of the applicable reporting unit with the aggregate carrying value, including goodwill, is performed. If the carrying amount of a reporting unit exceeds its calculated fair value, then the second step is performed, and an impairment charge is recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. We primarily determine the fair value of our reporting units using a discounted cash flow model, and supplement this with observable valuation multiples for comparable companies, as applicable. | |
Finite-lived intangible assets, including trademarks, licenses, patents, customer lists, non-compete agreements and franchise rights are amortized on a straight-line basis over the estimated useful lives of the assets, which range from 2 to 22 years. Capitalized software is amortized over 5 years. | |
Self-Insurance Accruals | ' |
Self-Insurance Accruals | |
We self-insure costs associated with workers’ compensation claims, automotive liability, health and welfare, and general business liabilities, up to certain limits. Insurance reserves are established for estimates of the loss that we will ultimately incur on reported claims, as well as estimates of claims that have been incurred but not yet reported. Recorded balances are based on reserve levels, which incorporate historical loss experience and judgments about the present and expected levels of cost per claim. | |
Pension and Postretirement Benefits | ' |
Pension and Postretirement Benefits | |
We incur certain employment-related expenses associated with pension and postretirement medical benefits. These pension and postretirement medical benefit costs for company-sponsored benefit plans are calculated using various actuarial assumptions and methodologies, including discount rates, expected returns on plan assets, health care cost trend rates, inflation, compensation increase rates, mortality rates, and other factors. Actuarial assumptions are reviewed on an annual basis, unless circumstances require an interim remeasurement date for any of our plans. | |
We recognize changes in the fair value of plan assets and net actuarial gains or losses in excess of a corridor (defined as 10% of the greater of the fair value of plan assets or the plans' projected benefit obligations) in pension expense annually at December 31st each year. The remaining components of pension expense, primarily service and interest costs and the expected return on plan assets, are recorded on a quarterly basis. | |
We participate in a number of trustee-managed multiemployer pension and health and welfare plans for employees covered under collective bargaining agreements. Our contributions to these plans are determined in accordance with the respective collective bargaining agreements. We recognize expense for the contractually required contribution for each period, and we recognize a liability for any contributions due and unpaid (included in “other current liabilities”). | |
Income Taxes | ' |
Income Taxes | |
Income taxes are accounted for on an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in our consolidated financial statements or tax returns. In estimating future tax consequences, we generally consider all expected future events other than proposed changes in the tax law or rates. Valuation allowances are provided if it is more likely than not that a deferred tax asset will not be realized. | |
We recognize liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. Once it is determined that the position meets the recognition threshold, the second step requires us to estimate and measure the tax benefit as the largest amount that is more likely than not to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We reevaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an additional charge to the tax provision. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
We translate the results of operations of our foreign subsidiaries using average exchange rates during each period, whereas balance sheet accounts are translated using exchange rates at the end of each period. Balance sheet currency translation adjustments are recorded in AOCI. Currency transaction gains and losses, net of hedging, included in other operating expenses were pre-tax gains (losses) of $76, $10 and $(1) million in 2013, 2012 and 2011, respectively. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
All share-based awards to employees are measured based on their fair values and expensed over the period during which an employee is required to provide service in exchange for the award (the vesting period). We issue employee share-based awards under the UPS Incentive Compensation Plan that are subject to specific vesting conditions; generally, the awards cliff vest or vest ratably over a three or five year period, “the nominal vesting period,” or at the date the employee retires (as defined by the plan), if earlier. Compensation cost is recognized immediately for awards granted to retirement-eligible employees, or over the period from the grant date to the date retirement eligibility is achieved, if that is expected to occur during the nominal vesting period. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
Our financial assets and liabilities measured at fair value on a recurring basis have been categorized based upon a fair value hierarchy. Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities. Level 2 inputs are based on other observable market data, such as quoted prices for similar assets and liabilities, and inputs other than quoted prices that are observable, such as interest rates and yield curves. Level 3 inputs are developed from unobservable data reflecting our own assumptions, and include situations where there is little or no market activity for the asset or liability. | |
Certain non-financial assets and liabilities are measured at fair value on a nonrecurring basis, including property, plant, and equipment, goodwill and intangible assets. These assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of an impairment. A general description of the valuation methodologies used for assets and liabilities measured at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy, is included in each footnote with fair value measurements present. | |
Derivative Instruments | ' |
Derivative Instruments | |
All financial derivative instruments are recorded on our consolidated balance sheets at fair value. Derivatives not designated as hedges must be adjusted to fair value through income. If a derivative is designated as a hedge, depending on the nature of the hedge, changes in its fair value that are considered to be effective, as defined, either offset the change in fair value of the hedged assets, liabilities or firm commitments through income, or are recorded in AOCI until the hedged item is recorded in income. Any portion of a change in a hedge’s fair value that is considered to be ineffective, or is excluded from the measurement of effectiveness, is recorded immediately in income. | |
Recently Adopted Accounting Standards | ' |
Recently Adopted Accounting Standards | |
In May 2011, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update to disclosure requirements for fair value measurement. These amendments, which became effective for us in the first quarter of 2012, result in a common definition of fair value and common measurement and disclosure requirements between U.S. GAAP and IFRS. Consequently, the amendments change some fair value measurement principles and disclosure requirements. The implementation of this amended accounting guidance had an immaterial impact on our consolidated financial position and results of operations. | |
In June 2011, the FASB issued an Accounting Standards Update that increases the prominence of items reported in other comprehensive income in the financial statements. This update requires companies to present comprehensive income in a single statement below net income or in a separate statement of comprehensive income immediately following the income statement. This requirement became effective for us beginning with the first quarter of 2012, and we have included the required presentation in all applicable filings since that date. | |
In December 2011, the FASB issued an Accounting Standards Update that required entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to a master netting arrangement. In addition, the update requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. This requirement became effective for us beginning with the first quarter of 2013. This update did not have a material effect on our consolidated financial position or results of operations, and we have included the required disclosures in all applicable filings since implementation. | |
In July 2012, the FASB issued an Accounting Standards Update that added an optional qualitative assessment for determining whether an indefinite-lived intangible asset is impaired. The objective of this update is to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by allowing an entity the option to make a qualitative evaluation about the likelihood of an intangible impairment to determine whether it should calculate the fair value of the asset. This accounting standards update also amends existing guidance by expanding upon the examples of events and circumstances that an entity should consider between annual impairment tests in determining whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. We adopted this accounting standard update and applied its provisions to certain of our intangible assets for our annual impairment testing as of October 1, 2012. | |
In February 2013, the FASB issued an accounting standards update that adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. This update requires that companies present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source (e.g., the release due to cash flow hedges from interest rate contracts) and the income statement line items affected by the reclassification (e.g., interest income or interest expense). If a component is not required to be reclassified to net income in its entirety (e.g., the net periodic pension cost), companies would instead cross reference to the related note for additional information (e.g., the pension note). We adopted this accounting standard update in the first quarter of 2013 and have included the required presentation in all applicable filings since that date (see note 9). | |
Other accounting pronouncements adopted during the periods covered by the consolidated financial statements had an immaterial impact on our consolidated financial position and results of operations. | |
Accounting Standards Issued But Not Yet Effective | ' |
Accounting Standards Issued But Not Yet Effective | |
Accounting pronouncements issued, but not effective until after December 31, 2013, are not expected to have a significant impact on our consolidated financial position or results of operations. | |
Changes in Presentation | ' |
Changes in Presentation | |
Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no impact on our financial position or results of operations. |
CASH_AND_INVESTMENTS_Tables
CASH AND INVESTMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments and Cash [Abstract] | ' | |||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | ' | |||||||||||||||||||||||
The following table presents the age of gross unrealized losses and fair value by investment category for all securities in a loss position as of December 31, 2013 (in millions): | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. government and agency debt securities | $ | 183 | $ | (1 | ) | $ | — | $ | — | $ | 183 | $ | (1 | ) | ||||||||||
Mortgage and asset-backed debt securities | 50 | (2 | ) | 4 | — | 54 | (2 | ) | ||||||||||||||||
Corporate debt securities | 47 | (1 | ) | — | — | 47 | (1 | ) | ||||||||||||||||
U.S. state and local municipal debt securities | — | — | — | — | — | — | ||||||||||||||||||
Other debt and equity securities | — | — | — | — | — | — | ||||||||||||||||||
Total marketable securities | $ | 280 | $ | (4 | ) | $ | 4 | $ | — | $ | 284 | $ | (4 | ) | ||||||||||
Summary of Marketable Securities | ' | |||||||||||||||||||||||
The following is a summary of marketable securities classified as available-for-sale at December 31, 2013 and 2012 (in millions): | ||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Gains | Losses | Fair Value | ||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Current marketable securities: | ||||||||||||||||||||||||
U.S. government and agency debt securities | $ | 355 | $ | — | $ | (1 | ) | $ | 354 | |||||||||||||||
Mortgage and asset-backed debt securities | 76 | 1 | (2 | ) | 75 | |||||||||||||||||||
Corporate debt securities | 146 | 1 | (1 | ) | 146 | |||||||||||||||||||
U.S. state and local municipal debt securities | 2 | — | — | 2 | ||||||||||||||||||||
Other debt and equity securities | 3 | — | — | 3 | ||||||||||||||||||||
Total marketable securities | $ | 582 | $ | 2 | $ | (4 | ) | $ | 580 | |||||||||||||||
Cost | Unrealized | Unrealized | Estimated | |||||||||||||||||||||
Gains | Losses | Fair Value | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
Current marketable securities: | ||||||||||||||||||||||||
U.S. government and agency debt securities | $ | 236 | $ | 2 | $ | — | $ | 238 | ||||||||||||||||
Mortgage and asset-backed debt securities | 171 | 3 | — | 174 | ||||||||||||||||||||
Corporate debt securities | 158 | 5 | — | 163 | ||||||||||||||||||||
U.S. state and local municipal debt securities | 15 | — | — | 15 | ||||||||||||||||||||
Other debt and equity securities | 7 | — | — | 7 | ||||||||||||||||||||
Total marketable securities | $ | 587 | $ | 10 | $ | — | $ | 597 | ||||||||||||||||
Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of marketable securities at December 31, 2013, by contractual maturity, are shown below (in millions). Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties. | ||||||||||||||||||||||||
Cost | Estimated | |||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||
Due in one year or less | $ | 33 | $ | 33 | ||||||||||||||||||||
Due after one year through three years | 432 | 432 | ||||||||||||||||||||||
Due after three years through five years | 21 | 21 | ||||||||||||||||||||||
Due after five years | 93 | 91 | ||||||||||||||||||||||
579 | 577 | |||||||||||||||||||||||
Equity securities | 3 | 3 | ||||||||||||||||||||||
$ | 582 | $ | 580 | |||||||||||||||||||||
Investments Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||
The following table presents information about our investments measured at fair value on a recurring basis as of December 31, 2013 and 2012, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value (in millions): | ||||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Total | |||||||||||||||||||||
Active Markets | Other Observable | Unobservable | ||||||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||||||
Assets | (Level 2) | (Level 3) | ||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||
U.S. government and agency debt securities | $ | 353 | $ | 1 | $ | — | $ | 354 | ||||||||||||||||
Mortgage and asset-backed debt securities | — | 75 | — | 75 | ||||||||||||||||||||
Corporate debt securities | — | 146 | — | 146 | ||||||||||||||||||||
U.S. state and local municipal debt securities | — | 2 | — | 2 | ||||||||||||||||||||
Other debt and equity securities | — | 3 | — | 3 | ||||||||||||||||||||
Total marketable securities | 353 | 227 | — | 580 | ||||||||||||||||||||
Other investments | 19 | — | 110 | 129 | ||||||||||||||||||||
Total | $ | 372 | $ | 227 | $ | 110 | $ | 709 | ||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total | |||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | ||||||||||||||||||||||
for Identical | (Level 2) | Inputs | ||||||||||||||||||||||
Assets | (Level 3) | |||||||||||||||||||||||
(Level 1) | ||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||
U.S. government and agency debt securities | $ | 237 | $ | 1 | $ | — | $ | 238 | ||||||||||||||||
Mortgage and asset-backed debt securities | — | 174 | — | 174 | ||||||||||||||||||||
Corporate debt securities | — | 163 | — | 163 | ||||||||||||||||||||
U.S. state and local municipal debt securities | — | 15 | — | 15 | ||||||||||||||||||||
Other debt and equity securities | — | 7 | — | 7 | ||||||||||||||||||||
Total marketable securities | 237 | 360 | — | 597 | ||||||||||||||||||||
Other investments | 19 | — | 163 | 182 | ||||||||||||||||||||
Total | $ | 256 | $ | 360 | $ | 163 | $ | 779 | ||||||||||||||||
Changes in Level 3 Instruments Measured on a Recurring Basis | ' | |||||||||||||||||||||||
The following table presents the changes in the above Level 3 instruments measured on a recurring basis for the years ended December 31, 2013 and 2012 (in millions). | ||||||||||||||||||||||||
Marketable | Other | Total | ||||||||||||||||||||||
Securities | Investments | |||||||||||||||||||||||
Balance on January 1, 2012 | $ | — | $ | 217 | $ | 217 | ||||||||||||||||||
Transfers into (out of) Level 3 | — | — | — | |||||||||||||||||||||
Net realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings (in investment income) | — | (54 | ) | (54 | ) | |||||||||||||||||||
Included in accumulated other comprehensive income (pre-tax) | — | — | — | |||||||||||||||||||||
Purchases | — | — | — | |||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||
Balance on December 31, 2012 | $ | — | $ | 163 | $ | 163 | ||||||||||||||||||
Transfers into (out of) Level 3 | — | — | — | |||||||||||||||||||||
Net realized and unrealized gains (losses): | ||||||||||||||||||||||||
Included in earnings (in investment income) | — | (53 | ) | (53 | ) | |||||||||||||||||||
Included in accumulated other comprehensive income (pre-tax) | — | — | — | |||||||||||||||||||||
Purchases | — | — | — | |||||||||||||||||||||
Settlements | — | — | — | |||||||||||||||||||||
Balance on December 31, 2013 | $ | — | $ | 110 | $ | 110 | ||||||||||||||||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment, including both owned assets as well as assets subject to capital leases, consists of the following as of December 31 (in millions): | ||||||||
2013 | 2012 | |||||||
Vehicles | $ | 6,762 | $ | 6,344 | ||||
Aircraft | 15,772 | 15,164 | ||||||
Land | 1,163 | 1,122 | ||||||
Buildings | 3,260 | 3,138 | ||||||
Building and leasehold improvements | 3,116 | 3,049 | ||||||
Plant equipment | 7,221 | 7,010 | ||||||
Technology equipment | 1,569 | 1,675 | ||||||
Equipment under operating leases | 44 | 69 | ||||||
Construction-in-progress | 244 | 470 | ||||||
39,151 | 38,041 | |||||||
Less: Accumulated depreciation and amortization | (21,190 | ) | (20,147 | ) | ||||
$ | 17,961 | $ | 17,894 | |||||
COMPANYSPONSORED_EMPLOYEE_BENE1
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost for Pension and Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||||||||||
Information about net periodic benefit cost for the company-sponsored pension and postretirement benefit plans is as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Net Periodic Cost: | ||||||||||||||||||||||||||||||||||||
Service cost | $ | 1,349 | $ | 998 | $ | 870 | $ | 103 | $ | 89 | $ | 89 | $ | 47 | $ | 41 | $ | 34 | ||||||||||||||||||
Interest cost | 1,449 | 1,410 | 1,309 | 185 | 208 | 207 | 44 | 41 | 39 | |||||||||||||||||||||||||||
Expected return on assets | (2,147 | ) | (1,970 | ) | (1,835 | ) | (33 | ) | (18 | ) | (16 | ) | (55 | ) | (47 | ) | (43 | ) | ||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||||
Transition obligation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Prior service cost | 172 | 173 | 171 | 4 | 5 | 7 | 2 | 2 | 1 | |||||||||||||||||||||||||||
Actuarial (gain) loss | — | 4,388 | 736 | — | 374 | — | — | 69 | 91 | |||||||||||||||||||||||||||
Other | — | — | — | — | — | — | (5 | ) | (10 | ) | — | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 823 | $ | 4,999 | $ | 1,251 | $ | 259 | $ | 658 | $ | 287 | $ | 33 | $ | 96 | $ | 122 | ||||||||||||||||||
Effects of One Percent Change in Assumed Health Care Cost Trend | ' | |||||||||||||||||||||||||||||||||||
A one-percent change in assumed health care cost trend rates would have had the following effects on 2013 results (in millions): | ||||||||||||||||||||||||||||||||||||
1% Increase | 1% Decrease | |||||||||||||||||||||||||||||||||||
Effect on total of service cost and interest cost | $ | 3 | $ | (3 | ) | |||||||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 50 | $ | (64 | ) | |||||||||||||||||||||||||||||||
Reconciliation of the Changes in the Plans' Benefit Obligations and Fair Value of Plan Assets | ' | |||||||||||||||||||||||||||||||||||
The following table provides a reconciliation of the changes in the plans’ benefit obligations and fair value of plan assets as of the respective measurement dates in each year (in millions). | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Benefit Obligations: | ||||||||||||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 31,868 | $ | 24,386 | $ | 4,412 | $ | 3,836 | $ | 1,089 | $ | 841 | ||||||||||||||||||||||||
Service cost | 1,349 | 998 | 103 | 89 | 47 | 41 | ||||||||||||||||||||||||||||||
Interest cost | 1,449 | 1,410 | 185 | 208 | 44 | 41 | ||||||||||||||||||||||||||||||
Gross benefits paid | (813 | ) | (774 | ) | (258 | ) | (233 | ) | (21 | ) | (20 | ) | ||||||||||||||||||||||||
Plan participants’ contributions | — | — | 17 | 16 | 4 | 4 | ||||||||||||||||||||||||||||||
Plan amendments | 140 | (2 | ) | 4 | 1 | — | — | |||||||||||||||||||||||||||||
Actuarial (gain)/loss | (4,485 | ) | 5,850 | (417 | ) | 495 | (55 | ) | 112 | |||||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | — | — | (26 | ) | 24 | |||||||||||||||||||||||||||||
Curtailments and settlements | — | — | — | — | (6 | ) | (5 | ) | ||||||||||||||||||||||||||||
Other | — | — | — | — | — | 51 | ||||||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 29,508 | $ | 31,868 | $ | 4,046 | $ | 4,412 | $ | 1,076 | $ | 1,089 | ||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Fair Value of Plan Assets: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 24,941 | $ | 22,663 | $ | 460 | $ | 174 | $ | 801 | $ | 613 | ||||||||||||||||||||||||
Actual return on plan assets | 2,082 | 2,684 | 28 | 19 | 81 | 56 | ||||||||||||||||||||||||||||||
Employer contributions | 14 | 368 | 108 | 475 | 90 | 74 | ||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 17 | 16 | 1 | 1 | ||||||||||||||||||||||||||||||
Gross benefits paid | (813 | ) | (774 | ) | (258 | ) | (233 | ) | (21 | ) | (20 | ) | ||||||||||||||||||||||||
Foreign currency exchange rate changes | — | — | — | — | (20 | ) | 20 | |||||||||||||||||||||||||||||
Curtailments and settlements | — | — | — | — | (1 | ) | (4 | ) | ||||||||||||||||||||||||||||
Other | — | — | — | 9 | — | 61 | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 26,224 | $ | 24,941 | $ | 355 | $ | 460 | $ | 931 | $ | 801 | ||||||||||||||||||||||||
Funded Status as of the Respective Measurement Dates in Each Year and the Amounts Recognized in Balance Sheet | ' | |||||||||||||||||||||||||||||||||||
The following table discloses the funded status of our plans and the amounts recognized in our balance sheet as of December 31 (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension | |||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Funded Status: | ||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 26,224 | $ | 24,941 | $ | 355 | $ | 460 | $ | 931 | $ | 801 | ||||||||||||||||||||||||
Benefit obligation | (29,508 | ) | (31,868 | ) | (4,046 | ) | (4,412 | ) | (1,076 | ) | (1,089 | ) | ||||||||||||||||||||||||
Funded status recognized at December 31 | $ | (3,284 | ) | $ | (6,927 | ) | $ | (3,691 | ) | $ | (3,952 | ) | $ | (145 | ) | $ | (288 | ) | ||||||||||||||||||
Funded Status Amounts Recognized in our Balance Sheet: | ||||||||||||||||||||||||||||||||||||
Other non-current assets | $ | — | $ | — | $ | — | $ | — | $ | 47 | $ | 26 | ||||||||||||||||||||||||
Other current liabilities | (16 | ) | (14 | ) | (97 | ) | (108 | ) | (3 | ) | (3 | ) | ||||||||||||||||||||||||
Pension and postretirement benefit obligations | (3,268 | ) | (6,913 | ) | (3,594 | ) | (3,844 | ) | (189 | ) | (311 | ) | ||||||||||||||||||||||||
Net liability at December 31 | $ | (3,284 | ) | $ | (6,927 | ) | $ | (3,691 | ) | $ | (3,952 | ) | $ | (145 | ) | $ | (288 | ) | ||||||||||||||||||
Amounts Recognized in AOCI: | ||||||||||||||||||||||||||||||||||||
Unrecognized net prior service cost | $ | (1,286 | ) | $ | (1,318 | ) | $ | (79 | ) | $ | (79 | ) | $ | (9 | ) | $ | (13 | ) | ||||||||||||||||||
Unrecognized net actuarial gain (loss) | 1,233 | (3,187 | ) | (29 | ) | (441 | ) | (7 | ) | (86 | ) | |||||||||||||||||||||||||
Gross unrecognized cost at December 31 | (53 | ) | (4,505 | ) | (108 | ) | (520 | ) | (16 | ) | (99 | ) | ||||||||||||||||||||||||
Deferred tax asset at December 31 | 20 | 1,694 | 41 | 196 | 2 | 26 | ||||||||||||||||||||||||||||||
Net unrecognized cost at December 31 | $ | (33 | ) | $ | (2,811 | ) | $ | (67 | ) | $ | (324 | ) | $ | (14 | ) | $ | (73 | ) | ||||||||||||||||||
Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets | ' | |||||||||||||||||||||||||||||||||||
At December 31, 2013 and 2012, the projected benefit obligation, the accumulated benefit obligation, and the fair value of plan assets for pension plans with benefit obligations in excess of plan assets were as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Projected Benefit Obligation | Accumulated Benefit Obligation | |||||||||||||||||||||||||||||||||||
Exceeds the Fair Value of Plan | Exceeds the Fair Value of Plan | |||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||
U.S. Pension Benefits | ||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 29,508 | $ | 31,868 | $ | 29,508 | $ | 31,868 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 27,623 | 29,382 | 27,623 | 29,382 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 26,224 | 24,941 | 26,224 | 24,941 | ||||||||||||||||||||||||||||||||
International Pension Benefits | ||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 764 | $ | 1,028 | $ | 361 | $ | 678 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 658 | 917 | 301 | 606 | ||||||||||||||||||||||||||||||||
Fair value of plan assets | 580 | 723 | 184 | 388 | ||||||||||||||||||||||||||||||||
Fair Values of U.S. Pension and Postretirement Benefit Plan Assets by Asset Category as Well as the Percentage That Each Category Comprises of Total Plan Assets and the Respective Target Allocations | ' | |||||||||||||||||||||||||||||||||||
The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2013 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations. | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Percentage of | Target | |||||||||||||||||||||||||||||||
Assets | Plan Assets - | Allocation | ||||||||||||||||||||||||||||||||||
2013 | 2013 | |||||||||||||||||||||||||||||||||||
Asset Category (U.S. Plans): | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 112 | $ | 514 | $ | — | $ | 626 | 2.3 | % | 0-5 | |||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | 2,264 | 1,948 | — | 4,212 | ||||||||||||||||||||||||||||||||
U.S. Small Cap | 457 | 50 | — | 507 | ||||||||||||||||||||||||||||||||
Emerging Markets | 1,247 | 120 | — | 1,367 | ||||||||||||||||||||||||||||||||
Global Equity | 2,154 | — | — | 2,154 | ||||||||||||||||||||||||||||||||
International Equity | 1,397 | 825 | — | 2,222 | ||||||||||||||||||||||||||||||||
Total Equity Securities | 7,519 | 2,943 | — | 10,462 | 39.4 | 25-55 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Government Securities | 3,746 | 615 | — | 4,361 | ||||||||||||||||||||||||||||||||
Corporate Bonds | 7 | 2,550 | 223 | 2,780 | ||||||||||||||||||||||||||||||||
Global Bonds | — | 681 | — | 681 | ||||||||||||||||||||||||||||||||
Municipal Bonds | — | 55 | — | 55 | ||||||||||||||||||||||||||||||||
Total Fixed Income Securities | 3,753 | 3,901 | 223 | 7,877 | 29.6 | 15-35 | ||||||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||||||
Hedge Funds | — | — | 3,738 | 3,738 | 14.1 | 15-Aug | ||||||||||||||||||||||||||||||
Private Equity | — | — | 1,397 | 1,397 | 5.3 | 10-Mar | ||||||||||||||||||||||||||||||
Real Estate | 285 | 21 | 1,091 | 1,397 | 5.3 | 10-Mar | ||||||||||||||||||||||||||||||
Structured Products(1) | — | 326 | — | 326 | 1.2 | 0-5 | ||||||||||||||||||||||||||||||
Other(2) | — | — | 756 | 756 | 2.8 | 10-Jan | ||||||||||||||||||||||||||||||
Total U.S. Plan Assets | $ | 11,669 | $ | 7,705 | $ | 7,205 | $ | 26,579 | 100 | % | ||||||||||||||||||||||||||
Asset Category (International Plans): | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 11 | $ | 17 | $ | — | 28 | 3 | 0-5 | |||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
Local Markets Equity | 122 | 97 | — | 219 | ||||||||||||||||||||||||||||||||
U.S. Equity | 17 | — | — | 17 | ||||||||||||||||||||||||||||||||
Emerging Markets | 19 | — | — | 19 | ||||||||||||||||||||||||||||||||
International / Global Equity | 88 | 79 | — | 167 | ||||||||||||||||||||||||||||||||
Total Equity Securities | 246 | 176 | — | 422 | 45.3 | 50-65 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
Local Government Bonds | 68 | — | — | 68 | ||||||||||||||||||||||||||||||||
Corporate Bonds | 86 | 85 | — | 171 | ||||||||||||||||||||||||||||||||
Total Fixed Income Securities | 154 | 85 | — | 239 | 25.7 | 15-35 | ||||||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||||||
Real Estate | — | 63 | — | 63 | 6.8 | 0-17 | ||||||||||||||||||||||||||||||
Structured Products(1) | — | — | 55 | 55 | 5.9 | 0-10 | ||||||||||||||||||||||||||||||
Other | — | 124 | — | 124 | 13.3 | 0-20 | ||||||||||||||||||||||||||||||
Total International Plan Assets | $ | 411 | $ | 465 | $ | 55 | $ | 931 | 100 | % | ||||||||||||||||||||||||||
Total Plan Assets | $ | 12,080 | $ | 8,170 | $ | 7,260 | $ | 27,510 | ||||||||||||||||||||||||||||
(1) Represents mortgage and asset-backed securities. | ||||||||||||||||||||||||||||||||||||
(2) Represents global balanced-risk commingled funds, consisting primarily of equity, bonds, and some currencies and commodities. | ||||||||||||||||||||||||||||||||||||
The fair values of U.S. and international pension and postretirement benefit plan assets by asset category as of December 31, 2012 are presented below (in millions), as well as the percentage that each category comprises of our total plan assets and the respective target allocations. This table has been revised from our 2012 Form 10-K filing to include international plan assets in conformity with the 2013 presentation of international plan assets. | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Percentage of | Target | |||||||||||||||||||||||||||||||
Assets | Plan Assets - | Allocation | ||||||||||||||||||||||||||||||||||
2012 | 2012 | |||||||||||||||||||||||||||||||||||
Asset Category (U.S. Plans): | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 103 | $ | 139 | $ | — | $ | 242 | 0.9 | % | 0-5 | |||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Large Cap | 2,548 | 2,162 | — | 4,710 | ||||||||||||||||||||||||||||||||
U.S. Small Cap | 450 | 31 | — | 481 | ||||||||||||||||||||||||||||||||
Emerging Markets | 1,160 | 123 | — | 1,283 | ||||||||||||||||||||||||||||||||
Global Equity | 2,242 | — | — | 2,242 | ||||||||||||||||||||||||||||||||
International Equity | 442 | 694 | — | 1,136 | ||||||||||||||||||||||||||||||||
Total Equity Securities | 6,842 | 3,010 | — | 9,852 | 38.8 | 35-55 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
U.S. Government Securities | 4,008 | 443 | — | 4,451 | ||||||||||||||||||||||||||||||||
Corporate Bonds | 9 | 3,113 | 138 | 3,260 | ||||||||||||||||||||||||||||||||
Global Bonds | — | 457 | — | 457 | ||||||||||||||||||||||||||||||||
Municipal Bonds | — | 83 | — | 83 | ||||||||||||||||||||||||||||||||
Total Fixed Income Securities | 4,017 | 4,096 | 138 | 8,251 | 32.5 | 25-35 | ||||||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||||||
Hedge Funds | — | — | 2,829 | 2,829 | 11.1 | 15-May | ||||||||||||||||||||||||||||||
Private Equity | — | — | 1,416 | 1,416 | 5.6 | 10-Jan | ||||||||||||||||||||||||||||||
Real Estate | 177 | 23 | 1,039 | 1,239 | 4.9 | 10-Jan | ||||||||||||||||||||||||||||||
Structured Products(1) | — | 210 | — | 210 | 0.8 | 0-5 | ||||||||||||||||||||||||||||||
Other(2) | — | — | 1,362 | 1,362 | 5.4 | 10-Jan | ||||||||||||||||||||||||||||||
Total U.S. Plan Assets | $ | 11,139 | $ | 7,478 | $ | 6,784 | $ | 25,401 | 100 | % | ||||||||||||||||||||||||||
Asset Category (International Plans): | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5 | $ | 17 | $ | — | 22 | 2.8 | 0-5 | |||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||||||||
Local Markets Equity | 118 | 79 | — | 197 | ||||||||||||||||||||||||||||||||
U.S. Equity | 14 | — | — | 14 | ||||||||||||||||||||||||||||||||
International / Global Equity | 71 | 59 | — | 130 | ||||||||||||||||||||||||||||||||
Total Equity Securities | 203 | 138 | — | 341 | 42.6 | 50-65 | ||||||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||||||||
Local Government Bonds | 64 | — | — | 64 | ||||||||||||||||||||||||||||||||
Corporate Bonds | 85 | 70 | — | 155 | ||||||||||||||||||||||||||||||||
Total Fixed Income Securities | 149 | 70 | — | 219 | 27.3 | 15-35 | ||||||||||||||||||||||||||||||
Other Investments: | ||||||||||||||||||||||||||||||||||||
Real Estate | — | 46 | — | 46 | 5.7 | 0-17 | ||||||||||||||||||||||||||||||
Structured Products(1) | — | — | 49 | 49 | 6.1 | 0-10 | ||||||||||||||||||||||||||||||
Other | — | 124 | — | 124 | 15.5 | 0-20 | ||||||||||||||||||||||||||||||
Total International Plan Assets | $ | 357 | $ | 395 | $ | 49 | $ | 801 | 100 | % | ||||||||||||||||||||||||||
Total Plan Assets | $ | 11,496 | $ | 7,873 | $ | 6,833 | $ | 26,202 | ||||||||||||||||||||||||||||
Fair Value Measurement of Plan Assets Using Significant Unobservable Inputs (Level 3) | ' | |||||||||||||||||||||||||||||||||||
The following table presents the changes in the Level 3 instruments measured on a recurring basis for the years ended December 31, 2013 and 2012 (in millions). The information presented for 2012 has been revised to include international plan assets in conformity with the 2013 presentation of international plan assets. | ||||||||||||||||||||||||||||||||||||
Corporate | Hedge | Real | Private | Other | Total | |||||||||||||||||||||||||||||||
Bonds | Funds | Estate | Equity | |||||||||||||||||||||||||||||||||
Balance on January 1, 2012 | $ | 80 | $ | 2,132 | $ | 948 | $ | 1,354 | $ | 644 | $ | 5,158 | ||||||||||||||||||||||||
Actual Return on Assets: | ||||||||||||||||||||||||||||||||||||
Assets Held at End of Year | 1 | 59 | 85 | 163 | 159 | 467 | ||||||||||||||||||||||||||||||
Assets Sold During the Year | (3 | ) | 5 | 4 | — | — | 6 | |||||||||||||||||||||||||||||
Purchases | 71 | 1,300 | 144 | 184 | 608 | 2,307 | ||||||||||||||||||||||||||||||
Sales | (11 | ) | (667 | ) | (142 | ) | (285 | ) | — | (1,105 | ) | |||||||||||||||||||||||||
Settlements | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Transfers Into (Out of) Level 3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Balance on December 31, 2012 | $ | 138 | $ | 2,829 | $ | 1,039 | $ | 1,416 | $ | 1,411 | $ | 6,833 | ||||||||||||||||||||||||
Actual Return on Assets: | ||||||||||||||||||||||||||||||||||||
Assets Held at End of Year | (1 | ) | 229 | 81 | 71 | (93 | ) | 287 | ||||||||||||||||||||||||||||
Assets Sold During the Year | — | 5 | 54 | 153 | 54 | 266 | ||||||||||||||||||||||||||||||
Purchases | 165 | 1,676 | 145 | 143 | 1 | 2,130 | ||||||||||||||||||||||||||||||
Sales | (79 | ) | (1,001 | ) | (228 | ) | (386 | ) | (562 | ) | (2,256 | ) | ||||||||||||||||||||||||
Settlements | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Transfers Into (Out of) Level 3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||
Balance on December 31, 2013 | $ | 223 | $ | 3,738 | $ | 1,091 | $ | 1,397 | $ | 811 | $ | 7,260 | ||||||||||||||||||||||||
Amounts in AOCI Expected to be Amortized and Recognized as a Component of Net Periodic Benefit Cost | ' | |||||||||||||||||||||||||||||||||||
The estimated amounts of prior service cost in AOCI expected to be amortized and recognized as a component of net periodic benefit cost in 2014 are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International Pension | ||||||||||||||||||||||||||||||||||
Medical Benefits | Benefits | |||||||||||||||||||||||||||||||||||
Prior service cost / (benefit) | $ | 169 | $ | 4 | $ | 1 | ||||||||||||||||||||||||||||||
Expected Cash Flows for Pension and Postretirement Benefit Plans | ' | |||||||||||||||||||||||||||||||||||
Information about expected cash flows for the pension and postretirement benefit plans is as follows (in millions): | ||||||||||||||||||||||||||||||||||||
U.S. | U.S. Postretirement | International Pension | ||||||||||||||||||||||||||||||||||
Pension Benefits | Medical Benefits | Benefits | ||||||||||||||||||||||||||||||||||
Employer Contributions: | ||||||||||||||||||||||||||||||||||||
2014 (expected) to plan trusts | $ | — | $ | — | $ | 77 | ||||||||||||||||||||||||||||||
2014 (expected) to plan participants | 16 | 100 | 3 | |||||||||||||||||||||||||||||||||
Expected Benefit Payments: | ||||||||||||||||||||||||||||||||||||
2014 | $ | 885 | $ | 239 | $ | 24 | ||||||||||||||||||||||||||||||
2015 | 981 | 253 | 26 | |||||||||||||||||||||||||||||||||
2016 | 1,081 | 270 | 27 | |||||||||||||||||||||||||||||||||
2017 | 1,188 | 286 | 30 | |||||||||||||||||||||||||||||||||
2018 | 1,306 | 300 | 32 | |||||||||||||||||||||||||||||||||
2019 - 2023 | 8,502 | 1,610 | 199 | |||||||||||||||||||||||||||||||||
schedule of one basis point change in discount rate on the projected benefit obligation [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||
As of December 31, 2013, the impact of each basis point change in the discount rate on the projected benefit obligation of the pension and postretirement medical benefit plans are as follows (in millions): | ||||||||||||||||||||||||||||||||||||
Increase (Decrease) in the Projected Benefit Obligation | ||||||||||||||||||||||||||||||||||||
Pension Benefits | Postretirement Medical Benefits | |||||||||||||||||||||||||||||||||||
One basis point increase in discount rate | $ | (46 | ) | $ | (4 | ) | ||||||||||||||||||||||||||||||
One basis point decrease in discount rate | $ | 49 | $ | 4 | ||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | ' | |||||||||||||||||||||||||||||||||||
Weighted Average Actuarial Assumptions Used Disclosure | ' | |||||||||||||||||||||||||||||||||||
The table below provides the weighted-average actuarial assumptions used to determine the net periodic benefit cost. | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4.42 | % | 5.64 | % | 5.98 | % | 4.21 | % | 5.47 | % | 5.77 | % | 4 | % | 4.63 | % | 5.36 | % | ||||||||||||||||||
Rate of compensation increase | 4.16 | % | 4.5 | % | 4.5 | % | N/A | N/A | N/A | 3.03 | % | 3.58 | % | 3.57 | % | |||||||||||||||||||||
Expected return on assets | 8.75 | % | 8.75 | % | 8.75 | % | 8.75 | % | 8.75 | % | 8.75 | % | 6.9 | % | 7.2 | % | 7.31 | % | ||||||||||||||||||
Benefit Obligations [Member] | ' | |||||||||||||||||||||||||||||||||||
Weighted Average Actuarial Assumptions Used Disclosure | ' | |||||||||||||||||||||||||||||||||||
The table below provides the weighted-average actuarial assumptions used to determine the benefit obligations of our plans. | ||||||||||||||||||||||||||||||||||||
U.S. Pension Benefits | U.S. Postretirement | International | ||||||||||||||||||||||||||||||||||
Medical Benefits | Pension Benefits | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Discount rate | 5.32 | % | 4.42 | % | 5.14 | % | 4.21 | % | 4.4 | % | 4 | % | ||||||||||||||||||||||||
Rate of compensation increase | 4.29 | % | 4.16 | % | N/A | N/A | 3.3 | % | 3.03 | % | ||||||||||||||||||||||||||
MULTIEMPLOYER_EMPLOYEE_BENEFIT1
MULTIEMPLOYER EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Multiemployer Plans, Pension | ' | |||||||||||||||||||||
Multiemployer Plans | ' | |||||||||||||||||||||
Certain plans have been aggregated in the “All Other Multiemployer Pension Plans” line in the following table, as the contributions to each of these individual plans are not material. | ||||||||||||||||||||||
EIN / Pension | Pension | FIP/RP Status | (in millions) | Surcharge | ||||||||||||||||||
Plan | Protection Act | Pending/ | UPS Contributions and Accruals | |||||||||||||||||||
Zone Status | ||||||||||||||||||||||
Pension Fund | Number | 2013 | 2012 | Implemented | 2013 | 2012 | 2011 | Imposed | ||||||||||||||
Alaska Teamster-Employer Pension Plan | 92-6003463-024 | Red | Red | Yes/Implemented | $ | 5 | $ | 4 | $ | 4 | No | |||||||||||
Automotive Industries Pension Plan | 94-1133245-001 | Red | Red | Yes/Implemented | 4 | 4 | 4 | No | ||||||||||||||
Central Pennsylvania Teamsters Defined Benefit Plan | 23-6262789-001 | Green | Yellow | Yes/Implemented | 30 | 29 | 27 | No | ||||||||||||||
Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund | 55-6021850-001 | Green | Green | No | 9 | 9 | 8 | No | ||||||||||||||
Hagerstown Motor Carriers and Teamsters Pension Fund | 52-6045424-001 | Red | Red | Yes/Implemented | 5 | 5 | 5 | No | ||||||||||||||
I.A.M. National Pension Fund / National Pension Plan | 51-6031295-002 | Green | Green | No | 27 | 24 | 25 | No | ||||||||||||||
International Brotherhood of Teamsters Union Local No. 710 Pension Fund | 36-2377656-001 | Green | Green | No | 88 | 75 | 74 | No | ||||||||||||||
Local 705, International Brotherhood of Teamsters Pension Plan | 36-6492502-001 | Red | Red | Yes/Implemented | 68 | 46 | 58 | No | ||||||||||||||
Local 804 I.B.T. & Local 447 I.A.M.—UPS Multiemployer Retirement Plan | 51-6117726-001 | Red | Red | Yes/Implemented | 88 | 87 | 84 | No | ||||||||||||||
Milwaukee Drivers Pension Trust Fund | 39-6045229-001 | Green | Green | No | 29 | 26 | 26 | No | ||||||||||||||
New England Teamsters & Trucking Industry Pension Fund | 04-6372430-001 | Red | Red | Yes/Implemented | 102 | 124 | 124 | No | ||||||||||||||
New York State Teamsters Conference Pension and Retirement Fund | 16-6063585-074 | Red | Red | Yes/Implemented | 72 | 65 | 57 | No | ||||||||||||||
Teamster Pension Fund of Philadelphia and Vicinity | 23-1511735-001 | Yellow | Yellow | Yes/Implemented | 46 | 44 | 41 | No | ||||||||||||||
Teamsters Joint Council No. 83 of Virginia Pension Fund | 54-6097996-001 | Yellow | Yellow | Yes/Implemented | 49 | 44 | 41 | No | ||||||||||||||
Teamsters Local 639—Employers Pension Trust | 53-0237142-001 | Green | Green | No | 41 | 36 | 33 | No | ||||||||||||||
Teamsters Negotiated Pension Plan | 43-6196083-001 | Yellow | Red | Yes/Implemented | 26 | 24 | 22 | No | ||||||||||||||
Truck Drivers and Helpers Local Union No. 355 Retirement Pension Plan | 52-6043608-001 | Yellow | Yellow | Yes/Implemented | 14 | 14 | 12 | No | ||||||||||||||
United Parcel Service, Inc.—Local 177, I.B.T. Multiemployer Retirement Plan | 13-1426500-419 | Red | Red | Yes/Implemented | 68 | 62 | 57 | No | ||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047-001 | Green | Green | No | 553 | 520 | 476 | No | ||||||||||||||
Western Pennsylvania Teamsters and Employers Pension Fund | 25-6029946-001 | Red | Red | Yes/Implemented | 23 | 24 | 21 | No | ||||||||||||||
All Other Multiemployer Pension Plans | 49 | 59 | 44 | |||||||||||||||||||
Total Contributions | $ | 1,396 | $ | 1,325 | $ | 1,243 | ||||||||||||||||
Health and Welfare Fund | ' | |||||||||||||||||||||
Multiemployer Plans | ' | |||||||||||||||||||||
The following table sets forth our calendar year plan contributions and accruals. For those plans covered by the collective bargaining agreement that expired on July 31, 2013, we have accrued a liability for the estimated contributions (which are included in the following table) under our new collective bargaining agreement that has been approved, but not yet ratified (see note 16). Certain plans have been aggregated in the “All Other Multiemployer Health and Welfare Plans” line in the table, as the contributions to each of these individual plans are not material. | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||
UPS Contributions and Accruals | ||||||||||||||||||||||
Health and Welfare Fund | 2013 | 2012 | 2011 | |||||||||||||||||||
Bay Area Delivery Drivers | $ | 29 | $ | 28 | $ | 27 | ||||||||||||||||
Central Pennsylvania Teamsters Health & Pension Fund | 20 | 19 | 18 | |||||||||||||||||||
Central States, South East & South West Areas Health and Welfare Fund | 505 | 471 | 452 | |||||||||||||||||||
Delta Health Systems—East Bay Drayage Drivers | 24 | 24 | 17 | |||||||||||||||||||
Employer—Teamster Local Nos. 175 & 505 | 9 | 8 | 8 | |||||||||||||||||||
Joint Council #83 Health & Welfare Fund | 24 | 25 | 25 | |||||||||||||||||||
Local 191 Teamsters Health Fund | 9 | 9 | 9 | |||||||||||||||||||
Local 401 Teamsters Health & Welfare Fund | 6 | 6 | 6 | |||||||||||||||||||
Local 804 Welfare Trust Fund | 67 | 62 | 58 | |||||||||||||||||||
Milwaukee Drivers Pension Trust Fund—Milwaukee Drivers Health and Welfare Trust Fund | 31 | 29 | 28 | |||||||||||||||||||
Montana Teamster Employers Trust | 6 | 6 | 6 | |||||||||||||||||||
New York State Teamsters Health & Hospital Fund | 46 | 44 | 41 | |||||||||||||||||||
North Coast Benefit Trust | 8 | 7 | 7 | |||||||||||||||||||
Northern California General Teamsters (DELTA) | 84 | 75 | 73 | |||||||||||||||||||
Northern New England Benefit Trust | 35 | 33 | 32 | |||||||||||||||||||
Oregon / Teamster Employers Trust | 28 | 27 | 27 | |||||||||||||||||||
Teamsters 170 Health & Welfare Fund | 12 | 12 | 12 | |||||||||||||||||||
Teamsters Benefit Trust | 38 | 32 | 29 | |||||||||||||||||||
Teamsters Local 251 Health & Insurance Plan | 11 | 10 | 10 | |||||||||||||||||||
Teamsters Local 404 Health & Insurance Plan | 6 | 6 | 6 | |||||||||||||||||||
Teamsters Local 638 Health Fund | 32 | 29 | 28 | |||||||||||||||||||
Teamsters Local 639—Employers Health & Pension Trust Funds | 24 | 22 | 22 | |||||||||||||||||||
Teamsters Local 671 Health Services & Insurance Plan | 13 | 12 | 13 | |||||||||||||||||||
Teamsters Union 25 Health Services & Insurance Plan | 37 | 36 | 34 | |||||||||||||||||||
Teamsters Union Local 677 Health Services & Insurance Plan | 8 | 8 | 8 | |||||||||||||||||||
Truck Drivers and Helpers Local 355 Baltimore Area Health & Welfare Fund | 13 | 13 | 12 | |||||||||||||||||||
Utah-Idaho Teamsters Security Fund | 18 | 16 | 15 | |||||||||||||||||||
Washington Teamsters Welfare Trust | 35 | 32 | 30 | |||||||||||||||||||
All Other Multiemployer Health and Welfare Plans | 44 | 55 | 50 | |||||||||||||||||||
Total Contributions | $ | 1,222 | $ | 1,156 | $ | 1,103 | ||||||||||||||||
BUSINESS_ACQUISITIONS_GOODWILL1
BUSINESS ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Allocation of Goodwill by Reportable Segment | ' | |||||||||||||||
The following table indicates the allocation of goodwill by reportable segment (in millions): | ||||||||||||||||
U.S. Domestic | International | Supply Chain & | Consolidated | |||||||||||||
Package | Package | Freight | ||||||||||||||
Balance on January 1, 2012 | $ | — | $ | 361 | $ | 1,740 | $ | 2,101 | ||||||||
Acquired | — | 67 | — | 67 | ||||||||||||
Currency / Other | — | 2 | 3 | 5 | ||||||||||||
Balance on December 31, 2012 | $ | — | $ | 430 | $ | 1,743 | $ | 2,173 | ||||||||
Acquired | — | 3 | 20 | 23 | ||||||||||||
Currency / Other | — | (13 | ) | 7 | (6 | ) | ||||||||||
Balance on December 31, 2013 | $ | — | $ | 420 | $ | 1,770 | $ | 2,190 | ||||||||
Summary of Intangible Assets | ' | |||||||||||||||
The following is a summary of intangible assets at December 31, 2013 and 2012 (in millions): | ||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Weighted- | |||||||||||||
Amount | Amortization | Value | Average | |||||||||||||
Amortization | ||||||||||||||||
Period | ||||||||||||||||
(in years) | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Trademarks, licenses, patents, and other | $ | 257 | $ | (108 | ) | $ | 149 | 6.2 | ||||||||
Customer lists | 118 | (62 | ) | 56 | 12.8 | |||||||||||
Franchise rights | 117 | (70 | ) | 47 | 20 | |||||||||||
Capitalized software | 2,420 | (1,897 | ) | 523 | 5 | |||||||||||
Total Intangible Assets, Net | $ | 2,912 | $ | (2,137 | ) | $ | 775 | 6 | ||||||||
December 31, 2012 | ||||||||||||||||
Trademarks, licenses, patents, and other | $ | 163 | $ | (80 | ) | $ | 83 | |||||||||
Customer lists | 131 | (79 | ) | 52 | ||||||||||||
Franchise rights | 117 | (64 | ) | 53 | ||||||||||||
Capitalized software | 2,197 | (1,782 | ) | 415 | ||||||||||||
Total Intangible Assets, Net | $ | 2,608 | $ | (2,005 | ) | $ | 603 | |||||||||
DEBT_AND_FINANCING_ARRANGEMENT1
DEBT AND FINANCING ARRANGEMENTS (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Carrying Value of Debt Obligations | ' | |||||||||||||||
The following table sets forth the principal amount, maturity or range of maturities, as well as the carrying value of our debt obligations, as of December 31, 2013 and 2012 (in millions). The carrying value of these debt obligations can differ from the principal amount due to the impact of unamortized discounts or premiums and valuation adjustments resulting from interest rate swap hedging relationships. | ||||||||||||||||
Principal | Carrying Value | |||||||||||||||
Amount | Maturity | 2013 | 2012 | |||||||||||||
Commercial paper | $ | — | $ | — | $ | — | ||||||||||
Fixed-rate senior notes: | ||||||||||||||||
4.50% senior notes | 1,750 | 2013 | — | 1,751 | ||||||||||||
3.875% senior notes | 1,000 | 2014 | 1,007 | 1,033 | ||||||||||||
1.125% senior notes | 375 | 2017 | 367 | 373 | ||||||||||||
5.50% senior notes | 750 | 2018 | 821 | 851 | ||||||||||||
5.125% senior notes | 1,000 | 2019 | 1,079 | 1,140 | ||||||||||||
3.125% senior notes | 1,500 | 2021 | 1,579 | 1,655 | ||||||||||||
2.45% senior notes | 1,000 | 2022 | 913 | 996 | ||||||||||||
6.20% senior notes | 1,500 | 2038 | 1,481 | 1,480 | ||||||||||||
4.875% senior notes | 500 | 2040 | 489 | 489 | ||||||||||||
3.625% senior notes | 375 | 2042 | 367 | 367 | ||||||||||||
8.375% Debentures: | ||||||||||||||||
8.375% debentures | 424 | 2020 | 479 | 512 | ||||||||||||
8.375% debentures | 276 | 2030 | 283 | 284 | ||||||||||||
Pound Sterling Notes: | ||||||||||||||||
5.50% notes | 110 | 2031 | 105 | 103 | ||||||||||||
5.125% notes | 750 | 2050 | 714 | 699 | ||||||||||||
Floating rate senior notes | 374 | 2049 – 2053 | 370 | 374 | ||||||||||||
Capital lease obligations | 473 | 2014 – 3004 | 473 | 440 | ||||||||||||
Facility notes and bonds | 320 | 2015 – 2036 | 320 | 320 | ||||||||||||
Other debt | 25 | 2014 - 2022 | 25 | 3 | ||||||||||||
Total debt | $ | 12,502 | 10,872 | 12,870 | ||||||||||||
Less: current maturities | (48 | ) | (1,781 | ) | ||||||||||||
Long-term debt | $ | 10,824 | $ | 11,089 | ||||||||||||
Debt Instruments, Average Effective Interest Rate | ' | |||||||||||||||
The average interest rate payable on these notes, including the impact of the interest rate swaps, for 2013 and 2012, respectively, were as follows: | ||||||||||||||||
Principal | Average Effective Interest Rate | |||||||||||||||
Value | Maturity | 2013 | 2012 | |||||||||||||
4.50% senior notes | 1,750 | 2013 | 2.43 | % | 2.51 | % | ||||||||||
3.875% senior notes | 1,000 | 2014 | 0.97 | % | 1.14 | % | ||||||||||
1.125% senior notes | 375 | 2017 | 0.64 | % | 0.57 | % | ||||||||||
5.50% senior notes | 750 | 2018 | 2.53 | % | 2.71 | % | ||||||||||
5.125% senior notes | 1,000 | 2019 | 2.01 | % | 2.2 | % | ||||||||||
3.125% senior notes | 1,500 | 2021 | 1.11 | % | 1.28 | % | ||||||||||
2.45% senior notes | 1,000 | 2022 | 0.86 | % | 0.86 | % | ||||||||||
Recorded Value of Property, Plant and Equipment Subject to Capital Leases | ' | |||||||||||||||
The recorded value of our property, plant and equipment subject to capital leases is as follows as of December 31 (in millions): | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Vehicles | $ | 49 | $ | 63 | ||||||||||||
Aircraft | 2,289 | 2,282 | ||||||||||||||
Buildings | 181 | 65 | ||||||||||||||
Plant Equipment | 2 | 2 | ||||||||||||||
Technology Equipment | — | 3 | ||||||||||||||
Accumulated amortization | (727 | ) | (611 | ) | ||||||||||||
$ | 1,794 | $ | 1,804 | |||||||||||||
Aggregate Minimum Lease Payments, Annual Principal Payments and Amounts Expected to be Spent for Purchase Commitments | ' | |||||||||||||||
The following table sets forth the aggregate minimum lease payments under capital and operating leases, the aggregate annual principal payments due under our long-term debt, and the aggregate amounts expected to be spent for purchase commitments (in millions). | ||||||||||||||||
Year | Capital | Operating | Debt | Purchase | ||||||||||||
Leases | Leases | Principal | Commitments | |||||||||||||
2014 | $ | 67 | $ | 310 | $ | 1,009 | $ | 333 | ||||||||
2015 | 65 | 239 | 107 | 100 | ||||||||||||
2016 | 58 | 180 | 6 | 50 | ||||||||||||
2017 | 58 | 146 | 377 | 11 | ||||||||||||
2018 | 53 | 99 | 750 | — | ||||||||||||
After 2018 | 422 | 242 | 8,030 | — | ||||||||||||
Total | 723 | $ | 1,216 | $ | 10,279 | $ | 494 | |||||||||
Less: imputed interest | (250 | ) | ||||||||||||||
Present value of minimum capitalized lease payments | 473 | |||||||||||||||
Less: current portion | (39 | ) | ||||||||||||||
Long-term capitalized lease obligations | $ | 434 | ||||||||||||||
SHAREOWNERS_EQUITY_Tables
SHAREOWNERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Roll-forward of Common Stock, Additional Paid-in Capital, and Retained Earnings Accounts | ' | ||||||||||||||||||||
The following is a rollforward of our common stock, additional paid-in capital, and retained earnings accounts (in millions, except per share amounts): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||||||||||
Class A Common Stock | |||||||||||||||||||||
Balance at beginning of year | 225 | $ | 3 | 240 | $ | 3 | 258 | $ | 3 | ||||||||||||
Common stock purchases | (8 | ) | (1 | ) | (9 | ) | — | (7 | ) | — | |||||||||||
Stock award plans | 9 | — | 8 | — | 7 | — | |||||||||||||||
Common stock issuances | 4 | — | 3 | — | 3 | — | |||||||||||||||
Conversions of class A to class B common stock | (18 | ) | — | (17 | ) | — | (21 | ) | — | ||||||||||||
Class A shares issued at end of year | 212 | $ | 2 | 225 | $ | 3 | 240 | $ | 3 | ||||||||||||
Class B Common Stock | |||||||||||||||||||||
Balance at beginning of year | 729 | $ | 7 | 725 | $ | 7 | 735 | $ | 7 | ||||||||||||
Common stock purchases | (35 | ) | — | (13 | ) | — | (31 | ) | — | ||||||||||||
Conversions of class A to class B common stock | 18 | — | 17 | — | 21 | — | |||||||||||||||
Class B shares issued at end of year | 712 | $ | 7 | 729 | $ | 7 | 725 | $ | 7 | ||||||||||||
Additional Paid-In Capital | |||||||||||||||||||||
Balance at beginning of year | $ | — | $ | — | $ | — | |||||||||||||||
Stock award plans | 554 | 444 | 388 | ||||||||||||||||||
Common stock purchases | (768 | ) | (943 | ) | (475 | ) | |||||||||||||||
Common stock issuances | 307 | 293 | 287 | ||||||||||||||||||
Option Premiums Received (Paid) | (93 | ) | 206 | (200 | ) | ||||||||||||||||
Balance at end of year | $ | — | $ | — | $ | — | |||||||||||||||
Retained Earnings | |||||||||||||||||||||
Balance at beginning of year | $ | 7,997 | $ | 10,128 | $ | 10,604 | |||||||||||||||
Net income attributable to controlling interests | 4,372 | 807 | 3,804 | ||||||||||||||||||
Dividends ($2.48, $2.28 and $2.08 per share) | (2,367 | ) | (2,243 | ) | (2,086 | ) | |||||||||||||||
Common stock purchases | (3,077 | ) | (695 | ) | (2,194 | ) | |||||||||||||||
Balance at end of year | $ | 6,925 | $ | 7,997 | $ | 10,128 | |||||||||||||||
Activity in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
The activity in AOCI is as follows (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Foreign currency translation gain (loss): | |||||||||||||||||||||
Balance at beginning of year | $ | 134 | $ | (160 | ) | $ | (68 | ) | |||||||||||||
Reclassification to earnings (no tax impact in either period) | (161 | ) | — | — | |||||||||||||||||
Translation adjustment (net of tax effect of $(5), $(9) and $11) | (99 | ) | 294 | (92 | ) | ||||||||||||||||
Balance at end of year | (126 | ) | 134 | (160 | ) | ||||||||||||||||
Unrealized gain (loss) on marketable securities, net of tax: | |||||||||||||||||||||
Balance at beginning of year | 6 | 6 | 12 | ||||||||||||||||||
Current period changes in fair value (net of tax effect of $(3), $4 and $11) | (4 | ) | 6 | 18 | |||||||||||||||||
Reclassification to earnings (net of tax effect of $(2), $(3) and $(14)) | (3 | ) | (6 | ) | (24 | ) | |||||||||||||||
Balance at end of year | (1 | ) | 6 | 6 | |||||||||||||||||
Unrealized gain (loss) on cash flow hedges, net of tax: | |||||||||||||||||||||
Balance at beginning of year | (286 | ) | (204 | ) | (239 | ) | |||||||||||||||
Current period changes in fair value (net of tax effect of $1, $(25) and $(16)) | 1 | (43 | ) | (26 | ) | ||||||||||||||||
Reclassification to earnings (net of tax effect of $39, $(24) and $37) | 66 | (39 | ) | 61 | |||||||||||||||||
Balance at end of year | (219 | ) | (286 | ) | (204 | ) | |||||||||||||||
Unrecognized pension and postretirement benefit costs, net of tax: | |||||||||||||||||||||
Balance at beginning of year | (3,208 | ) | (2,745 | ) | (2,340 | ) | |||||||||||||||
Reclassification to earnings (net of tax effect of $67, $1,876 and $378) | 111 | 3,135 | 628 | ||||||||||||||||||
Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $1,786, $(2,151) and $(622)) | 2,983 | (3,598 | ) | (1,033 | ) | ||||||||||||||||
Balance at end of year | (114 | ) | (3,208 | ) | (2,745 | ) | |||||||||||||||
Accumulated other comprehensive income (loss) at end of year | $ | (460 | ) | $ | (3,354 | ) | $ | (3,103 | ) | ||||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||||||||
Detail of the gains (losses) reclassified from AOCI to the statements of consolidated income for the years ended December 31, 2013, 2012 and 2011 is as follows (in millions): | |||||||||||||||||||||
2013 Amount Reclassified from AOCI | 2012 Amount Reclassified from AOCI | 2011 Amount Reclassified from AOCI | Affected Line Item in the Income Statement | ||||||||||||||||||
Foreign currency translation gain (loss): | |||||||||||||||||||||
Liquidation of foreign subsidiary | $ | 161 | $ | — | $ | — | Other expenses | ||||||||||||||
Income tax (expense) benefit | — | — | — | Income tax expense | |||||||||||||||||
Impact on net income | 161 | — | — | Net income | |||||||||||||||||
Unrealized gain (loss) on marketable securities: | |||||||||||||||||||||
Realized gain (loss) on sale of securities | 5 | 9 | 38 | Investment income | |||||||||||||||||
Income tax (expense) benefit | (2 | ) | (3 | ) | (14 | ) | Income tax expense | ||||||||||||||
Impact on net income | 3 | 6 | 24 | Net income | |||||||||||||||||
Unrealized gain (loss) on cash flow hedges: | |||||||||||||||||||||
Interest rate contracts | (22 | ) | (22 | ) | (19 | ) | Interest expense | ||||||||||||||
Foreign exchange contracts | 18 | 24 | 13 | Interest expense | |||||||||||||||||
Foreign exchange contracts | (53 | ) | 61 | (101 | ) | Revenue | |||||||||||||||
Commodity contracts | (48 | ) | — | 9 | Fuel expense | ||||||||||||||||
Income tax (expense) benefit | 39 | (24 | ) | 37 | Income tax expense | ||||||||||||||||
Impact on net income | (66 | ) | 39 | (61 | ) | Net income | |||||||||||||||
Unrecognized pension and postretirement benefit costs: | |||||||||||||||||||||
Prior service costs | (178 | ) | (5,011 | ) | (1,006 | ) | Compensation and benefits | ||||||||||||||
Income tax (expense) benefit | 67 | 1,876 | 378 | Income tax expense | |||||||||||||||||
Impact on net income | (111 | ) | (3,135 | ) | (628 | ) | Net income | ||||||||||||||
Total amount reclassified for the period | $ | (13 | ) | $ | (3,090 | ) | $ | (665 | ) | Net income | |||||||||||
Activity in Deferred Compensation Program | ' | ||||||||||||||||||||
Activity in the deferred compensation program for the years ended December 31, 2013, 2012 and 2011 is as follows (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | ||||||||||||||||
Deferred Compensation Obligations | |||||||||||||||||||||
Balance at beginning of year | $ | 78 | $ | 88 | $ | 103 | |||||||||||||||
Reinvested dividends | 4 | 3 | 4 | ||||||||||||||||||
Options exercise deferrals | — | — | — | ||||||||||||||||||
Benefit payments | (13 | ) | (13 | ) | (19 | ) | |||||||||||||||
Balance at end of year | $ | 69 | $ | 78 | $ | 88 | |||||||||||||||
Treasury Stock | |||||||||||||||||||||
Balance at beginning of year | (1 | ) | $ | (78 | ) | (2 | ) | $ | (88 | ) | (2 | ) | $ | (103 | ) | ||||||
Reinvested dividends | — | (4 | ) | — | (3 | ) | — | (4 | ) | ||||||||||||
Options exercise deferrals | — | — | — | — | — | — | |||||||||||||||
Benefit payments | — | 13 | 1 | 13 | — | 19 | |||||||||||||||
Balance at end of year | (1 | ) | $ | (69 | ) | (1 | ) | $ | (78 | ) | (2 | ) | $ | (88 | ) | ||||||
Activity Related to Noncontrolling Interests | ' | ||||||||||||||||||||
The activity related to our noncontrolling interests is presented below (in millions): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||
Balance at beginning of period | $ | 80 | $ | 73 | $ | 68 | |||||||||||||||
Purchase of noncontrolling interests | (66 | ) | 7 | 5 | |||||||||||||||||
Dividends attributable to noncontrolling interests | — | — | — | ||||||||||||||||||
Net income attributable to noncontrolling interests | — | — | — | ||||||||||||||||||
Balance at end of period | $ | 14 | $ | 80 | $ | 73 | |||||||||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ' | |||||||||||||||
Restricted Stock Units Outstanding, Including Reinvested Dividends | ' | |||||||||||||||
As of December 31, 2013, we had the following Restricted Units outstanding, including reinvested dividends, that were granted under our Management Incentive Award and Long-Term Incentive Performance Award: | ||||||||||||||||
Shares | Weighted | Weighted Average Remaining | Aggregate Intrinsic | |||||||||||||
(in thousands) | Average | Contractual Term | Value (in millions) | |||||||||||||
Grant Date | (in years) | |||||||||||||||
Fair Value | ||||||||||||||||
Nonvested at January 1, 2013 | 14,644 | $ | 68.71 | |||||||||||||
Vested | (7,577 | ) | 64.73 | |||||||||||||
Granted | 5,461 | 80.18 | ||||||||||||||
Reinvested Dividends | 437 | N/A | ||||||||||||||
Forfeited / Expired | (217 | ) | 72.12 | |||||||||||||
Nonvested at December 31, 2013 | 12,748 | $ | 74.6 | 1.47 | $ | 1,340 | ||||||||||
Restricted Units Expected to Vest | 12,330 | $ | 74.57 | 1.45 | $ | 1,296 | ||||||||||
Options to Purchase Shares of Class A Common Stock Issued and Outstanding | ' | |||||||||||||||
The following is an analysis of options to purchase shares of class A common stock issued and outstanding: | ||||||||||||||||
Shares | Weighted | Weighted Average Remaining | Aggregate Intrinsic | |||||||||||||
(in thousands) | Average | Contractual Term | Value (in millions) | |||||||||||||
Exercise | (in years) | |||||||||||||||
Price | ||||||||||||||||
Outstanding at January 1, 2013 | 10,595 | $ | 72.04 | |||||||||||||
Exercised | (5,524 | ) | 70.85 | |||||||||||||
Granted | 178 | 82.93 | ||||||||||||||
Forfeited / Expired | (37 | ) | 63.34 | |||||||||||||
Outstanding at December 31, 2013 | 5,212 | $ | 73.73 | 3 | $ | 163 | ||||||||||
Options Vested and Expected to Vest | 5,212 | $ | 73.73 | 3 | $ | 163 | ||||||||||
Exercisable at December 31, 2013 | 4,759 | $ | 73.52 | 2.53 | $ | 150 | ||||||||||
Fair Value of Employee Stock Options Granted as Determined by Black-Scholes Valuation Model Assumptions | ' | |||||||||||||||
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted average assumptions used, by year, and the calculated weighted average fair values of options, are as follows: | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Expected dividend yield | 2.75 | % | 2.77 | % | 2.77 | % | ||||||||||
Risk-free interest rate | 1.38 | % | 1.63 | % | 2.9 | % | ||||||||||
Expected life in years | 7.5 | 7.5 | 7.5 | |||||||||||||
Expected volatility | 24.85 | % | 25.06 | % | 24.26 | % | ||||||||||
Weighted average fair value of options granted | $ | 15.5 | $ | 14.88 | $ | 15.92 | ||||||||||
Summarized Information about Stock Options Outstanding and Exercisable | ' | |||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at December 31, 2013: | ||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||
Exercise Price Range | Shares | Average Life | Average | Shares | Average | |||||||||||
(in thousands) | (in years) | Exercise | (in thousands) | Exercise | ||||||||||||
Price | Price | |||||||||||||||
$50.01 - $60.00 | 185 | 5.35 | $ | 55.83 | 150 | $ | 55.83 | |||||||||
$60.01 - $70.00 | 144 | 6.35 | 67.18 | 97 | 67.18 | |||||||||||
$70.01 - $80.00 | 3,380 | 2.68 | 71.7 | 3,170 | 71.43 | |||||||||||
$80.01 - $90.00 | 1,503 | 3.1 | 81.13 | 1,342 | 80.91 | |||||||||||
5,212 | 3 | $ | 73.73 | 4,759 | $ | 73.52 | ||||||||||
SEGMENT_AND_GEOGRAPHIC_INFORMA1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment information as of, and for the years ended, December 31 is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenue: | ||||||||||||
U.S. Domestic Package | $ | 34,074 | $ | 32,856 | $ | 31,717 | ||||||
International Package | 12,429 | 12,124 | 12,249 | |||||||||
Supply Chain & Freight | 8,935 | 9,147 | 9,139 | |||||||||
Consolidated | $ | 55,438 | $ | 54,127 | $ | 53,105 | ||||||
Operating Profit: | ||||||||||||
U.S. Domestic Package | $ | 4,603 | $ | 459 | $ | 3,764 | ||||||
International Package | 1,757 | 869 | 1,709 | |||||||||
Supply Chain & Freight | 674 | 15 | 607 | |||||||||
Consolidated | $ | 7,034 | $ | 1,343 | $ | 6,080 | ||||||
Assets: | ||||||||||||
U.S. Domestic Package | $ | 19,648 | $ | 19,934 | $ | 19,300 | ||||||
International Package | 8,463 | 11,248 | 6,729 | |||||||||
Supply Chain & Freight | 6,624 | 6,610 | 6,588 | |||||||||
Unallocated | 1,477 | 1,071 | 2,084 | |||||||||
Consolidated | $ | 36,212 | $ | 38,863 | $ | 34,701 | ||||||
Depreciation and Amortization Expense: | ||||||||||||
U.S. Domestic Package | $ | 1,229 | $ | 1,220 | $ | 1,154 | ||||||
International Package | 473 | 475 | 474 | |||||||||
Supply Chain & Freight | 165 | 163 | 154 | |||||||||
Consolidated | $ | 1,867 | $ | 1,858 | $ | 1,782 | ||||||
Revenue by Product Type | ' | |||||||||||
Revenue by product type for the years ended December 31 is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
U.S. Domestic Package: | ||||||||||||
Next Day Air | $ | 6,443 | $ | 6,412 | $ | 6,229 | ||||||
Deferred | 3,437 | 3,392 | 3,299 | |||||||||
Ground | 24,194 | 23,052 | 22,189 | |||||||||
Total U.S. Domestic Package | 34,074 | 32,856 | 31,717 | |||||||||
International Package: | ||||||||||||
Domestic | 2,667 | 2,531 | 2,628 | |||||||||
Export | 9,166 | 9,033 | 9,056 | |||||||||
Cargo | 596 | 560 | 565 | |||||||||
Total International Package | 12,429 | 12,124 | 12,249 | |||||||||
Supply Chain & Freight: | ||||||||||||
Forwarding and Logistics | 5,492 | 5,977 | 6,103 | |||||||||
Freight | 2,882 | 2,640 | 2,563 | |||||||||
Other | 561 | 530 | 473 | |||||||||
Total Supply Chain & Freight | 8,935 | 9,147 | 9,139 | |||||||||
Consolidated | $ | 55,438 | $ | 54,127 | $ | 53,105 | ||||||
Geographic Information | ' | |||||||||||
Geographic information as of, and for the years ended, December 31 is as follows (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States: | ||||||||||||
Revenue | $ | 41,772 | $ | 40,428 | $ | 39,347 | ||||||
Long-lived assets | $ | 15,651 | $ | 16,262 | $ | 16,085 | ||||||
International: | ||||||||||||
Revenue | $ | 13,666 | $ | 13,699 | $ | 13,758 | ||||||
Long-lived assets | $ | 6,297 | $ | 5,312 | $ | 5,220 | ||||||
Consolidated: | ||||||||||||
Revenue | $ | 55,438 | $ | 54,127 | $ | 53,105 | ||||||
Long-lived assets | $ | 21,948 | $ | 21,574 | $ | 21,305 | ||||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Tax Expense Benefit | ' | |||||||||||
The income tax expense (benefit) for the years ended December 31 consists of the following (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
U.S. Federal | $ | 2,181 | $ | 1,901 | $ | 1,371 | ||||||
U.S. State and Local | 205 | 182 | 121 | |||||||||
Non-U.S. | 162 | 167 | 166 | |||||||||
Total Current | 2,548 | 2,250 | 1,658 | |||||||||
Deferred: | ||||||||||||
U.S. Federal | (242 | ) | (1,871 | ) | 262 | |||||||
U.S. State and Local | (22 | ) | (201 | ) | 44 | |||||||
Non-U.S. | 18 | (11 | ) | 8 | ||||||||
Total Deferred | (246 | ) | (2,083 | ) | 314 | |||||||
Total | $ | 2,302 | $ | 167 | $ | 1,972 | ||||||
Income Before Income Taxes | ' | |||||||||||
Income before income taxes includes the following components (in millions): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
United States | $ | 6,040 | $ | 384 | $ | 5,309 | ||||||
Non-U.S. | 634 | 590 | 467 | |||||||||
$ | 6,674 | $ | 974 | $ | 5,776 | |||||||
Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate | ' | |||||||||||
A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31 consists of the following: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
U.S. state and local income taxes (net of federal benefit) | 2.1 | — | 2 | |||||||||
Non-U.S. tax rate differential | (1.3 | ) | (6.1 | ) | (0.4 | ) | ||||||
Nondeductible/nontaxable items | (0.2 | ) | (0.4 | ) | (0.1 | ) | ||||||
U.S. federal tax credits | (1.2 | ) | (7.4 | ) | (1.7 | ) | ||||||
Other | 0.1 | (4.0 | ) | (0.7 | ) | |||||||
Effective income tax rate | 34.5 | % | 17.1 | % | 34.1 | % | ||||||
Deferred Tax Liabilities and Assets | ' | |||||||||||
Deferred tax liabilities and assets are comprised of the following at December 31 (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
Property, plant and equipment | $ | (3,613 | ) | $ | (3,624 | ) | ||||||
Goodwill and intangible assets | (1,116 | ) | (1,035 | ) | ||||||||
Other | (651 | ) | (617 | ) | ||||||||
Deferred tax liabilities | (5,380 | ) | (5,276 | ) | ||||||||
Pension and postretirement benefits | 3,086 | 4,608 | ||||||||||
Loss and credit carryforwards (non-U.S. and state) | 279 | 258 | ||||||||||
Insurance reserves | 765 | 737 | ||||||||||
Vacation pay accrual | 224 | 209 | ||||||||||
Stock compensation | 70 | 159 | ||||||||||
Other | 709 | 708 | ||||||||||
Deferred tax assets | 5,133 | 6,679 | ||||||||||
Deferred tax assets valuation allowance | (251 | ) | (220 | ) | ||||||||
Deferred tax asset (net of valuation allowance) | 4,882 | 6,459 | ||||||||||
Net deferred tax asset (liability) | $ | (498 | ) | $ | 1,183 | |||||||
Amounts recognized in the consolidated balance sheets: | ||||||||||||
Current deferred tax assets | $ | 684 | $ | 583 | ||||||||
Current deferred tax liabilities (included in other current liabilities) | (48 | ) | (36 | ) | ||||||||
Non-current deferred tax assets | 110 | 684 | ||||||||||
Non-current deferred tax liabilities | (1,244 | ) | (48 | ) | ||||||||
Net deferred tax asset (liability) | $ | (498 | ) | $ | 1,183 | |||||||
U.S. State and Local Operating Loss and Credit Carryforwards | ' | |||||||||||
We have U.S. state and local operating loss and credit carryforwards as follows (in millions): | ||||||||||||
2013 | 2012 | |||||||||||
U.S. state and local operating loss carryforwards | $ | 546 | $ | 608 | ||||||||
U.S. state and local credit carryforwards | $ | 42 | $ | 61 | ||||||||
Summarized Activity Related to Unrecognized Tax Benefits | ' | |||||||||||
The following table summarizes the activity related to our unrecognized tax benefits (in millions): | ||||||||||||
Tax | Interest | Penalties | ||||||||||
Balance at January 1, 2011 | $ | 284 | $ | 95 | $ | 7 | ||||||
Additions for tax positions of the current year | 13 | — | — | |||||||||
Additions for tax positions of prior years | 17 | 6 | — | |||||||||
Reductions for tax positions of prior years for: | ||||||||||||
Changes based on facts and circumstances | (50 | ) | (9 | ) | (2 | ) | ||||||
Settlements during the period | (11 | ) | (19 | ) | (1 | ) | ||||||
Lapses of applicable statute of limitations | (1 | ) | — | (1 | ) | |||||||
Balance at December 31, 2011 | 252 | 73 | 3 | |||||||||
Additions for tax positions of the current year | 13 | — | — | |||||||||
Additions for tax positions of prior years | 7 | 9 | 1 | |||||||||
Reductions for tax positions of prior years for: | ||||||||||||
Changes based on facts and circumstances | (22 | ) | (18 | ) | — | |||||||
Settlements during the period | (3 | ) | (7 | ) | — | |||||||
Lapses of applicable statute of limitations | (15 | ) | (4 | ) | — | |||||||
Balance at December 31, 2012 | 232 | 53 | 4 | |||||||||
Additions for tax positions of the current year | 15 | — | — | |||||||||
Additions for tax positions of prior years | 20 | 9 | 2 | |||||||||
Reductions for tax positions of prior years for: | ||||||||||||
Changes based on facts and circumstances | (67 | ) | (23 | ) | (1 | ) | ||||||
Settlements during the period | (8 | ) | 1 | — | ||||||||
Lapses of applicable statute of limitations | (1 | ) | — | (1 | ) | |||||||
Balance at December 31, 2013 | $ | 191 | $ | 40 | $ | 4 | ||||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Computation of Basic and Diluted Earnings Per Share | ' | |||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in millions, except per share amounts): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Numerator: | ||||||||||||
Net income attributable to common shareowners | $ | 4,372 | $ | 807 | $ | 3,804 | ||||||
Denominator: | ||||||||||||
Weighted average shares | 937 | 957 | 977 | |||||||||
Deferred compensation obligations | 1 | 1 | 2 | |||||||||
Vested portion of restricted shares | 2 | 2 | 2 | |||||||||
Denominator for basic earnings per share | 940 | 960 | 981 | |||||||||
Effect of dilutive securities: | ||||||||||||
Restricted performance units | 7 | 8 | 9 | |||||||||
Stock options | 1 | 1 | 1 | |||||||||
Denominator for diluted earnings per share | 948 | 969 | 991 | |||||||||
Basic earnings per share | $ | 4.65 | $ | 0.84 | $ | 3.88 | ||||||
Diluted earnings per share | $ | 4.61 | $ | 0.83 | $ | 3.84 | ||||||
DERIVATIVE_INSTRUMENTS_AND_RIS1
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Notional Amounts of Outstanding Derivative Positions | ' | ||||||||||||||||||||||
The notional amounts of our outstanding derivative positions were as follows as of December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Currency Hedges: | |||||||||||||||||||||||
Euro | EUR | 2,637 | 1,783 | ||||||||||||||||||||
British Pound Sterling | GBP | 1,097 | 797 | ||||||||||||||||||||
Canadian Dollar | CAD | 218 | 341 | ||||||||||||||||||||
United Arab Emirates Dirham | AED | — | 551 | ||||||||||||||||||||
Malaysian Ringgit | MYR | — | 500 | ||||||||||||||||||||
Mexican Peso | MXN | 583 | — | ||||||||||||||||||||
Interest Rate Hedges: | |||||||||||||||||||||||
Fixed to Floating Interest Rate Swaps | USD | 6,799 | 7,274 | ||||||||||||||||||||
Floating to Fixed Interest Rate Swaps | USD | 780 | 781 | ||||||||||||||||||||
Interest Rate Basis Swaps | USD | 2,500 | 2,500 | ||||||||||||||||||||
Balance sheet location of derivative assets and liabilities and their related fair values | ' | ||||||||||||||||||||||
The following table indicates the location on the balance sheet in which our derivative assets and liabilities have been recognized, and the related fair values of those derivatives as of December 31, 2013 and 2012 (in millions). The table is segregated between those derivative instruments that qualify and are designated as hedging instruments and those that are not, as well as by type of contract and whether the derivative is in an asset or liability position. | |||||||||||||||||||||||
We have master netting arrangements with substantially all of our counterparties giving us the right of offset for our derivative positions. However, we have not elected to offset the fair value positions of our derivative contracts recorded on our consolidated balance sheets. The columns labeled "Net Amounts if Right of Offset had been Applied" indicate the potential net fair value positions by type of contract and location on the consolidated balance sheets had we elected to apply the right of offset. | |||||||||||||||||||||||
Gross Amounts Presented in | Net Amounts if Right of | ||||||||||||||||||||||
Consolidated Balance Sheets | Offset had been Applied | ||||||||||||||||||||||
Asset Derivatives | Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Other current assets | $ | 10 | $ | 27 | $ | 4 | $ | 27 | ||||||||||||||
Interest rate contracts | Other current assets | 7 | 1 | 7 | 1 | ||||||||||||||||||
Foreign exchange contracts | Other non-current assets | 59 | 14 | 59 | 12 | ||||||||||||||||||
Interest rate contracts | Other non-current assets | 204 | 420 | 110 | 406 | ||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Other current assets | 7 | 3 | 5 | 3 | ||||||||||||||||||
Interest rate contracts | Other non-current assets | 60 | 101 | 57 | 91 | ||||||||||||||||||
Total Asset Derivatives | $ | 347 | $ | 566 | $ | 242 | $ | 540 | |||||||||||||||
Gross Amounts Presented in | Net Amounts if Right of | ||||||||||||||||||||||
Consolidated Balance Sheets | Offset had been Applied | ||||||||||||||||||||||
Liability Derivatives | Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Derivatives designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Other current liabilities | $ | 6 | $ | — | $ | — | $ | — | ||||||||||||||
Foreign exchange contracts | Other non-current liabilities | — | 103 | — | 101 | ||||||||||||||||||
Interest rate contracts | Other non-current liabilities | 104 | 14 | 10 | — | ||||||||||||||||||
Derivatives not designated as hedges: | |||||||||||||||||||||||
Foreign exchange contracts | Other current liabilities | 7 | 1 | 5 | 1 | ||||||||||||||||||
Interest rate contracts | Other current liabilities | 1 | — | 1 | — | ||||||||||||||||||
Interest rate contracts | Other non-current liabilities | 3 | 41 | — | 31 | ||||||||||||||||||
Total Liability Derivatives | $ | 121 | $ | 159 | $ | 16 | $ | 133 | |||||||||||||||
Amount and Location in the Income Statement for Derivatives Designed as Cash Flow Hedges | ' | ||||||||||||||||||||||
The following table indicates the amount of gains and losses that have been recognized in other comprehensive income for the years ended December 31, 2013 and 2012 for those derivatives designated as cash flow hedges (in millions): | |||||||||||||||||||||||
Derivative Instruments in Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in OCI on | ||||||||||||||||||||||
Derivative (Effective Portion) | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Interest rate contracts | $ | 6 | $ | (71 | ) | ||||||||||||||||||
Foreign exchange contracts | 44 | 3 | |||||||||||||||||||||
Commodity contracts | (48 | ) | — | ||||||||||||||||||||
Total | $ | 2 | $ | (68 | ) | ||||||||||||||||||
Fair Values of Derivative Assets and Liabilities by Hedge Type | ' | ||||||||||||||||||||||
The fair values of our derivative assets and liabilities as of December 31, 2013 and 2012 by hedge type are as follows (in millions): | |||||||||||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Foreign Exchange Contracts | $ | — | $ | 76 | $ | — | $ | 76 | |||||||||||||||
Interest Rate Contracts | — | 271 | — | 271 | |||||||||||||||||||
Total | $ | — | $ | 347 | $ | — | $ | 347 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Foreign Exchange Contracts | $ | — | $ | 13 | $ | — | $ | 13 | |||||||||||||||
Interest Rate Contracts | — | 108 | — | 108 | |||||||||||||||||||
Total | $ | — | $ | 121 | $ | — | $ | 121 | |||||||||||||||
Quoted Prices in | Significant | Significant | Total | ||||||||||||||||||||
Active Markets for | Other | Unobservable | |||||||||||||||||||||
Identical Assets | Observable | Inputs | |||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Foreign Exchange Contracts | $ | — | $ | 44 | $ | — | $ | 44 | |||||||||||||||
Interest Rate Contracts | — | 522 | — | 522 | |||||||||||||||||||
Total | $ | — | $ | 566 | $ | — | $ | 566 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Foreign Exchange Contracts | $ | — | $ | 104 | $ | — | $ | 104 | |||||||||||||||
Interest Rate Contracts | — | 55 | — | 55 | |||||||||||||||||||
Total | $ | — | $ | 159 | $ | — | $ | 159 | |||||||||||||||
Designated as Hedging Instrument | ' | ||||||||||||||||||||||
Amount and Location in the Income Statement for Derivatives Designated as Fair Value Hedges | ' | ||||||||||||||||||||||
The following table indicates the amount and location in the statements of consolidated income in which derivative gains and losses, as well as the associated gains and losses on the underlying exposure, have been recognized for those derivatives designated as fair value hedges for the years ended December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||||
Derivative Instruments | Location of | Amount of Gain (Loss) | Hedged Items in | Location of | Amount of Gain (Loss) | ||||||||||||||||||
in Fair Value Hedging | Gain (Loss) | Recognized in Income | Fair Value Hedging | Gain (Loss) | Recognized in Income | ||||||||||||||||||
Relationships | Recognized in | Relationships | Recognized in | ||||||||||||||||||||
Income | 2013 | 2012 | Income | 2013 | 2012 | ||||||||||||||||||
Interest rate contracts | Interest Expense | $ | (306 | ) | $ | 20 | Fixed-Rate Debt | Interest Expense | $ | 306 | $ | (20 | ) | ||||||||||
and Capital Leases | |||||||||||||||||||||||
Not Designated as Hedging Instrument | ' | ||||||||||||||||||||||
Amount and Location in the Income Statement for Derivatives Designated as Fair Value Hedges | ' | ||||||||||||||||||||||
The following is a summary of the amounts recorded in the statements of consolidated income related to fair value changes and settlements of these foreign currency forward and interest rate swap contracts not designated as hedges for the years ended December 31, 2013 and 2012 (in millions): | |||||||||||||||||||||||
Derivative Instruments Not Designated in | Location of Gain | Amount of Gain (Loss) Recognized in Income | |||||||||||||||||||||
Hedging Relationships | (Loss) Recognized | ||||||||||||||||||||||
in Income | 2013 | 2012 | |||||||||||||||||||||
Foreign exchange contracts | Revenue | $ | — | $ | 2 | ||||||||||||||||||
Foreign exchange contracts | Other Operating Expenses | 72 | 19 | ||||||||||||||||||||
Foreign exchange contracts | Investment Income | (5 | ) | (22 | ) | ||||||||||||||||||
Interest rate contracts | Interest Expense | (4 | ) | (12 | ) | ||||||||||||||||||
Total | $ | 63 | $ | (13 | ) | ||||||||||||||||||
QUARTERLY_INFORMATION_unaudite1
QUARTERLY INFORMATION (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Quarterly Information | ' | |||||||||||||||||||||||||||||||
Our revenue, segment operating profit, net income, basic and diluted earnings per share on a quarterly basis are presented below (in millions, except per share amounts): | ||||||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
U.S. Domestic Package | $ | 8,271 | $ | 8,004 | $ | 8,241 | $ | 8,058 | $ | 8,254 | $ | 7,861 | $ | 9,308 | $ | 8,933 | ||||||||||||||||
International Package | 2,978 | 2,966 | 3,062 | 3,014 | 3,017 | 2,943 | 3,372 | 3,201 | ||||||||||||||||||||||||
Supply Chain & Freight | 2,185 | 2,166 | 2,204 | 2,277 | 2,250 | 2,267 | 2,296 | 2,437 | ||||||||||||||||||||||||
Total revenue | 13,434 | 13,136 | 13,507 | 13,349 | 13,521 | 13,071 | 14,976 | 14,571 | ||||||||||||||||||||||||
Operating profit (loss): | ||||||||||||||||||||||||||||||||
U.S. Domestic Package | 1,085 | 995 | 1,132 | 1,134 | 1,186 | 129 | 1,200 | (1,799 | ) | |||||||||||||||||||||||
International Package | 352 | 408 | 451 | 454 | 417 | 449 | 537 | (442 | ) | |||||||||||||||||||||||
Supply Chain & Freight | 143 | 166 | 159 | 202 | 201 | 188 | 171 | (541 | ) | |||||||||||||||||||||||
Total operating profit (loss) | 1,580 | 1,569 | 1,742 | 1,790 | 1,804 | 766 | 1,908 | (2,782 | ) | |||||||||||||||||||||||
Net income (loss) | $ | 1,037 | $ | 970 | $ | 1,071 | $ | 1,116 | $ | 1,097 | $ | 469 | $ | 1,167 | $ | (1,748 | ) | |||||||||||||||
Net income (loss) per share: | ||||||||||||||||||||||||||||||||
Basic | $ | 1.09 | $ | 1.01 | $ | 1.14 | $ | 1.16 | $ | 1.17 | $ | 0.49 | $ | 1.26 | $ | (1.83 | ) | |||||||||||||||
Diluted | $ | 1.08 | $ | 1 | $ | 1.13 | $ | 1.15 | $ | 1.16 | $ | 0.48 | $ | 1.25 | $ | (1.83 | ) | |||||||||||||||
SUMMARY_OF_ACCOUNTING_POLICIES2
SUMMARY OF ACCOUNTING POLICIES - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Allowance for doubtful account | $122 | $127 | ' |
Provision for doubtful accounts expense | 129 | 155 | 147 |
Inventories | 403 | 393 | ' |
Capitalized interest | 14 | 18 | 17 |
Net currency transaction gains and (losses), pre-tax | $76 | $10 | ($1) |
Employee share-based awards, Vesting Period | '5 years | ' | ' |
Change in Assumptions for Pension Plans | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Net actuarial gains or losses in excess of market-related value of plan assets or the plans' projected benefit obligations | 10.00% | ' | ' |
Minimum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Employee share-based awards, Vesting Period | '3 years | ' | ' |
Minimum | Other Intangible Assets | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful lives range, Minimum | '2 years | ' | ' |
Minimum | Capitalized software | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful lives range, Minimum | '5 years | ' | ' |
Minimum | Vehicles | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '6 years | ' | ' |
Minimum | Aircraft | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '12 years | ' | ' |
Minimum | Buildings | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '20 years | ' | ' |
Minimum | Plant Equipment | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '6 years | ' | ' |
Minimum | Technology equipment | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '3 years | ' | ' |
Maximum | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Employee share-based awards, Vesting Period | '5 years | ' | ' |
Maximum | Other Intangible Assets | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful lives range, Minimum | '22 years | ' | ' |
Maximum | Vehicles | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '15 years | ' | ' |
Maximum | Aircraft | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '30 years | ' | ' |
Maximum | Buildings | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '40 years | ' | ' |
Maximum | Plant Equipment | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '8 years 3 months 1 day | ' | ' |
Maximum | Technology equipment | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Property, plant and equipment, estimated useful lives range Minimum | '5 years | ' | ' |
CASH_AND_INVESTMENTS_Summary_o
CASH AND INVESTMENTS - Summary of Marketable Securities (Detail) (USD $) | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | Current marketable securities | ||
U.S. government and agency debt securities | U.S. government and agency debt securities | Mortgage and asset-backed debt securities | Mortgage and asset-backed debt securities | Corporate debt securities | Corporate debt securities | U.S. state and local municipal debt securities | U.S. state and local municipal debt securities | Other debt and equity securities | Other debt and equity securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost | $582 | $582 | $587 | $355 | $236 | $76 | $171 | $146 | $158 | $2 | $15 | $3 | $7 |
Unrealized Gains | ' | 2 | 10 | 0 | 2 | 1 | 3 | 1 | 5 | 0 | 0 | 0 | 0 |
Unrealized Losses | ' | -4 | 0 | -1 | 0 | -2 | 0 | -1 | 0 | 0 | 0 | 0 | 0 |
Estimated Fair Value | ' | $580 | $597 | $354 | $238 | $75 | $174 | $146 | $163 | $2 | $15 | $3 | $7 |
CASH_AND_INVESTMENTS_Additiona
CASH AND INVESTMENTS - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Gross realized gains on sales of marketable securities | $11,000,000 | $15,000,000 | $49,000,000 |
Document Fiscal Year Focus | '2013 | ' | ' |
Gross realized losses on sales of marketable securities | 6,000,000 | 6,000,000 | 20,000,000 |
Impairment charge | 0 | 0 | 0 |
Investments and Restricted Cash | 444,000,000 | 307,000,000 | ' |
Weighted average discount rate | 8.65% | 7.75% | ' |
Self-insurance requirements | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Investments and Restricted Cash | 425,000,000 | 288,000,000 | ' |
Variable life insurance policy | ' | ' | ' |
Gain (Loss) on Investments [Line Items] | ' | ' | ' |
Investments and Restricted Cash | $19,000,000 | ' | ' |
CASH_AND_INVESTMENTS_Age_of_Gr
CASH AND INVESTMENTS - Age of Gross Unrealized Losses and Fair Value by Investment Category (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Gain (Loss) on Investments [Line Items] | ' |
Less Than 12 Months Fair Value | $280 |
Less Than 12 Months Unrealized Losses | 4 |
12 Months or More Fair Value | 4 |
12 Months or More Unrealized Losses | 0 |
Total Fair Value | 284 |
Total Unrealized Losses | 4 |
U.S. government and agency debt securities | ' |
Gain (Loss) on Investments [Line Items] | ' |
Less Than 12 Months Fair Value | 183 |
Less Than 12 Months Unrealized Losses | 1 |
12 Months or More Fair Value | 0 |
12 Months or More Unrealized Losses | 0 |
Total Fair Value | 183 |
Total Unrealized Losses | 1 |
Mortgage and asset-backed debt securities | ' |
Gain (Loss) on Investments [Line Items] | ' |
Less Than 12 Months Fair Value | 50 |
Less Than 12 Months Unrealized Losses | 2 |
12 Months or More Fair Value | 4 |
12 Months or More Unrealized Losses | 0 |
Total Fair Value | 54 |
Total Unrealized Losses | 2 |
Corporate debt securities | ' |
Gain (Loss) on Investments [Line Items] | ' |
Less Than 12 Months Fair Value | 47 |
Less Than 12 Months Unrealized Losses | 1 |
12 Months or More Fair Value | 0 |
12 Months or More Unrealized Losses | 0 |
Total Fair Value | 47 |
Total Unrealized Losses | 1 |
U.S. state and local municipal debt securities | ' |
Gain (Loss) on Investments [Line Items] | ' |
Less Than 12 Months Fair Value | 0 |
Less Than 12 Months Unrealized Losses | 0 |
12 Months or More Fair Value | 0 |
12 Months or More Unrealized Losses | 0 |
Total Fair Value | 0 |
Total Unrealized Losses | 0 |
Other debt securities | ' |
Gain (Loss) on Investments [Line Items] | ' |
Less Than 12 Months Fair Value | 0 |
Less Than 12 Months Unrealized Losses | 0 |
12 Months or More Fair Value | 0 |
12 Months or More Unrealized Losses | 0 |
Total Fair Value | 0 |
Total Unrealized Losses | $0 |
CASH_AND_INVESTMENTS_Amortized
CASH AND INVESTMENTS - Amortized Cost and Estimated Fair Value of Marketable Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Cost | ' | ' |
Due in one year or less | $33 | ' |
Due after one year through three years | 432 | ' |
Due after three years through five years | 21 | ' |
Due after five years | 93 | ' |
Marketable Securities, Debt Maturities, Amortized Cost, Total | 579 | ' |
Equity securities | 3 | ' |
Marketable Securities, Amortized Cost, Total | 582 | ' |
Estimated Fair Value | ' | ' |
Due in one year or less | 33 | ' |
Due after one year through three years | 432 | ' |
Due after three years through five years | 21 | ' |
Due after five years | 91 | ' |
Marketable Securities, Debt Maturities, Fair Value, Total | 577 | ' |
Equity securities | 3 | ' |
Estimated Fair Value | 580 | ' |
Fair Value, Measurements, Recurring | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 709 | 779 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 372 | 256 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 227 | 360 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 110 | 163 |
Marketable securities | Fair Value, Measurements, Recurring | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 580 | 597 |
Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 353 | 237 |
Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 227 | 360 |
Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Other Long-term Investments | Fair Value, Measurements, Recurring | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 129 | 182 |
Other Long-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 19 | 19 |
Other Long-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Other Long-term Investments | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 110 | 163 |
U.S. government and agency debt securities | Marketable securities | Fair Value, Measurements, Recurring | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 354 | 238 |
U.S. government and agency debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 353 | 237 |
U.S. government and agency debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 1 | 1 |
U.S. government and agency debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Mortgage and asset-backed debt securities | Marketable securities | Fair Value, Measurements, Recurring | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 75 | 174 |
Mortgage and asset-backed debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Mortgage and asset-backed debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 75 | 174 |
Mortgage and asset-backed debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Corporate debt securities | Marketable securities | Fair Value, Measurements, Recurring | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 146 | 163 |
Corporate debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Corporate debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 146 | 163 |
Corporate debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
U.S. state and local municipal debt securities | Marketable securities | Fair Value, Measurements, Recurring | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 2 | 15 |
U.S. state and local municipal debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
U.S. state and local municipal debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 2 | 15 |
U.S. state and local municipal debt securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Other debt and equity securities | Marketable securities | Fair Value, Measurements, Recurring | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 3 | 7 |
Other debt and equity securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 0 | 0 |
Other debt and equity securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | 3 | 7 |
Other debt and equity securities | Marketable securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' |
Investments Classified by Contractual Maturity Date [Line Items] | ' | ' |
Investments, Fair Value Disclosure | $0 | $0 |
CASH_AND_INVESTMENTS_Changes_i
CASH AND INVESTMENTS - Changes in Level 3 Instruments Measured on a Recurring Basis (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | $163 | $217 |
Transfers into (out of) Level 3 | 0 | 0 |
Net realized and unrealized gains (losses): | ' | ' |
Included in earnings (in investment income) | -53 | -54 |
Included in accumulated other comprehensive income (pre-tax) | 0 | 0 |
Purchases | 0 | 0 |
Settlements | 0 | 0 |
Ending Balance | 110 | 163 |
Marketable securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 0 | 0 |
Transfers into (out of) Level 3 | 0 | 0 |
Net realized and unrealized gains (losses): | ' | ' |
Included in earnings (in investment income) | 0 | 0 |
Included in accumulated other comprehensive income (pre-tax) | 0 | 0 |
Purchases | 0 | 0 |
Settlements | 0 | 0 |
Ending Balance | 0 | 0 |
Other Long-term Investments | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning Balance | 163 | 217 |
Transfers into (out of) Level 3 | 0 | 0 |
Net realized and unrealized gains (losses): | ' | ' |
Included in earnings (in investment income) | -53 | -54 |
Included in accumulated other comprehensive income (pre-tax) | 0 | 0 |
Purchases | 0 | 0 |
Settlements | 0 | 0 |
Ending Balance | $110 | $163 |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $39,151 | $38,041 |
Less: Accumulated depreciation and amortization | -21,190 | -20,147 |
Property, plant and equipment, net | 17,961 | 17,894 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 6,762 | 6,344 |
Aircraft | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 15,772 | 15,164 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,163 | 1,122 |
Buildings | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 3,260 | 3,138 |
Building and leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 3,116 | 3,049 |
Plant equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 7,221 | 7,010 |
Technology equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 1,569 | 1,675 |
Equipment under operating leases | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 44 | 69 |
Construction-in-progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $244 | $470 |
COMPANYSPONSORED_EMPLOYEE_BENE2
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Document Fiscal Year Focus | '2013 | ' | ' | ||
Health care cost trends, initial annual rate increase | 7.00% | ' | ' | ||
Health care cost trends, an ultimate trend rate | 5.00% | ' | ' | ||
Expected year when ultimate trend rate to be reached | '2018 | ' | ' | ||
Accumulated benefit obligation for pension plans | $28,586 | $30,350 | ' | ||
Employer contributions | 212 | 917 | 1,436 | ||
Fair value of plan assets | 27,510 | 26,202 | ' | ||
Plan assets target allocation | 100.00% | 100.00% | ' | ||
Other Investments [Member] | Private Equity and Real Estate | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Unfunded commitments to limited partnerships | 858 | ' | ' | ||
Other Investments [Member] | Private Equity and Real Estate | Minimum | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Redemption notice period, lower limit | '12 years | ' | ' | ||
Other Investments [Member] | Private Equity and Real Estate | Maximum | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Redemption notice period, upper limit | '18 years | ' | ' | ||
U.S. Postretirement Medical Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 355 | 460 | ' | ||
U.S. Postretirement Medical Benefits | Minimum | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Postretirement medical plans service minimum eligibility year | '10 years | ' | ' | ||
Postretirement medical plans service minimum eligibility age | '55 years | ' | ' | ||
Employee Defined Contribution Plans | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Contributions charged to expense | 90 | 83 | 80 | ||
Defined Contribution Money Purchase Plans | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Contributions charged to expense | 80 | 80 | 76 | ||
Pension Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Employer contributions | ' | 16 | ' | ||
Postretirement Medical Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Employer contributions | 108 | 110 | ' | ||
International Pension Benefits | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 931 | 801 | ' | ||
Domestic | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 26,579 | 25,401 | ' | ||
Domestic | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 5.00% | 5.00% | ' | ||
Fair value of plan assets | 626 | 242 | ' | ||
International [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 931 | 801 | ' | ||
International [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 5.00% | 5.00% | ' | ||
Fair value of plan assets | 28 | 22 | ' | ||
Fixed Income Securities [Member] | Domestic | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 15.00% | 25.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 35.00% | 35.00% | ' | ||
Fair value of plan assets | 7,877 | 8,251 | ' | ||
Fixed Income Securities [Member] | International [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 15.00% | 15.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 35.00% | 35.00% | ' | ||
Fair value of plan assets | 239 | 219 | ' | ||
Equity Securities [Member] | Domestic | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 25.00% | 35.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 55.00% | 55.00% | ' | ||
Fair value of plan assets | 10,462 | 9,852 | ' | ||
Equity Securities [Member] | International [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 50.00% | 50.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 65.00% | 65.00% | ' | ||
Fair value of plan assets | 422 | 341 | ' | ||
Other Investments [Member] | Domestic | Hedge Funds | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 8.00% | 5.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 15.00% | 15.00% | ' | ||
Fair value of plan assets | 3,738 | 2,829 | ' | ||
Other Investments [Member] | Domestic | Other | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 1.00% | [1] | 1.00% | [1] | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | [1] | 10.00% | [1] | ' |
Fair value of plan assets | 756 | [1] | 1,362 | [1] | ' |
Other Investments [Member] | Domestic | Structured Products(1) | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 3.00% | 1.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | 10.00% | ' | ||
Fair value of plan assets | 1,397 | 1,239 | ' | ||
Other Investments [Member] | Domestic | Structured Products [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | [2] | 0.00% | [2] | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 5.00% | [2] | 5.00% | [2] | ' |
Fair value of plan assets | 326 | [2] | ' | ' | |
Other Investments [Member] | International [Member] | Other | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | [1] | 0.00% | [1] | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 20.00% | [1] | 20.00% | [1] | ' |
Fair value of plan assets | 124 | [1] | 124 | [1] | ' |
Other Investments [Member] | International [Member] | Structured Products(1) | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | 0.00% | ' | ||
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 17.00% | 17.00% | ' | ||
Fair value of plan assets | $63 | $46 | ' | ||
Other Investments [Member] | International [Member] | Structured Products [Member] | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Defined Benefit Plan, Actual Plan Asset Allocations | 0.00% | [2] | 0.00% | [2] | ' |
Defined Benefit Plan, Target Plan Asset Allocations Range Maximum | 10.00% | [2] | 10.00% | [2] | ' |
[1] | Represents global balanced-risk commingled funds, consisting primarily of equity, bonds, and some currencies and commodities. | ||||
[2] | Represents mortgage and asset-backed securities. |
COMPANYSPONSORED_EMPLOYEE_BENE3
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Net Periodic Benefit Cost for Company Sponsored Pension and Postretirement Benefit Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
U.S. Pension Benefits | ' | ' | ' |
Net Periodic Cost: | ' | ' | ' |
Service cost | $1,349 | $998 | $870 |
Interest cost | 1,449 | 1,410 | 1,309 |
Expected return on assets | -2,147 | -1,970 | -1,835 |
Amortization of: | ' | ' | ' |
Transition obligation | 0 | 0 | 0 |
Prior service cost | 172 | 173 | 171 |
Actuarial (gain) loss | 0 | 4,388 | 736 |
Other | 0 | 0 | 0 |
Net periodic benefit cost | 823 | 4,999 | 1,251 |
U.S. Postretirement Medical Benefits | ' | ' | ' |
Net Periodic Cost: | ' | ' | ' |
Service cost | 103 | 89 | 89 |
Interest cost | 185 | 208 | 207 |
Expected return on assets | -33 | -18 | -16 |
Amortization of: | ' | ' | ' |
Transition obligation | 0 | 0 | 0 |
Prior service cost | 4 | 5 | 7 |
Actuarial (gain) loss | 0 | 374 | 0 |
Other | 0 | 0 | 0 |
Net periodic benefit cost | 259 | 658 | 287 |
International Pension Benefits | ' | ' | ' |
Net Periodic Cost: | ' | ' | ' |
Service cost | 47 | 41 | 34 |
Interest cost | 44 | 41 | 39 |
Expected return on assets | -55 | -47 | -43 |
Amortization of: | ' | ' | ' |
Transition obligation | 0 | 0 | 0 |
Prior service cost | 2 | 2 | 1 |
Actuarial (gain) loss | 0 | 69 | 91 |
Other | -5 | -10 | 0 |
Net periodic benefit cost | $33 | $96 | $122 |
COMPANYSPONSORED_EMPLOYEE_BENE4
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Weighted Average Actuarial Assumptions Used to Determine the Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
U.S. Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.42% | 5.64% | 5.98% |
Rate of compensation increase | 4.16% | 4.50% | 4.50% |
Expected return on assets | 8.75% | 8.75% | 8.75% |
U.S. Postretirement Medical Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.21% | 5.47% | 5.77% |
Expected return on assets | 8.75% | 8.75% | 8.75% |
International Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.00% | 4.63% | 5.36% |
Rate of compensation increase | 3.03% | 3.58% | 3.57% |
Expected return on assets | 6.90% | 7.20% | 7.31% |
COMPANYSPONSORED_EMPLOYEE_BENE5
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Weighted Average Actuarial Assumptions Used to Determine the Benefit Obligations (Detail) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
U.S. Pension Benefits | U.S. Pension Benefits | U.S. Postretirement Medical Benefits | U.S. Postretirement Medical Benefits | International Pension Benefits | International Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | ' | ' |
Discount rate | ' | 5.32% | 4.42% | 5.14% | 4.21% | 4.40% | 4.00% |
Rate of compensation increase | ' | 4.29% | 4.16% | ' | ' | 3.30% | 3.03% |
COMPANYSPONSORED_EMPLOYEE_BENE6
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Effects of One Percent Change in Assumed Health Care Cost Trend (Detail) (U.S. Postretirement Medical Benefits, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
U.S. Postretirement Medical Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Effect on total of service cost and interest cost, 1% Increase | $3 |
Effect on postretirement benefit obligation, 1% Increase | 50 |
Effect on total of service cost and interest cost, 1% Decrease | -3 |
Effect on postretirement benefit obligation, 1% Decrease | ($64) |
COMPANYSPONSORED_EMPLOYEE_BENE7
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Reconciliation of the Changes in the Plans' Benefit Obligations and Fair Value of Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | $26,202 | ' | ' |
Fair value of plan assets at end of year | 27,510 | ' | ' |
U.S. Pension Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Projected benefit obligation at beginning of year | 31,868 | ' | ' |
Service cost | 1,349 | 998 | 870 |
Interest cost | 1,449 | 1,410 | 1,309 |
Projected benefit obligation at end of year | 29,508 | 31,868 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 24,941 | ' | ' |
Fair value of plan assets at end of year | 26,224 | 24,941 | ' |
U.S. Postretirement Medical Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Projected benefit obligation at beginning of year | 4,412 | ' | ' |
Service cost | 103 | 89 | 89 |
Interest cost | 185 | 208 | 207 |
Projected benefit obligation at end of year | 4,046 | 4,412 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 460 | ' | ' |
Fair value of plan assets at end of year | 355 | 460 | ' |
International Pension Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Projected benefit obligation at beginning of year | 1,089 | ' | ' |
Service cost | 47 | 41 | 34 |
Interest cost | 44 | 41 | 39 |
Projected benefit obligation at end of year | 1,076 | 1,089 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 801 | ' | ' |
Fair value of plan assets at end of year | 931 | 801 | ' |
Benefit Obligations [Member] | U.S. Pension Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Projected benefit obligation at beginning of year | 31,868 | 24,386 | ' |
Service cost | 1,349 | 998 | ' |
Interest cost | 1,449 | 1,410 | ' |
Gross benefits paid | -813 | -774 | ' |
Plan participantsb contributions | 0 | 0 | ' |
Plan amendments | 140 | -2 | ' |
Actuarial (gain)/loss | -4,485 | 5,850 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Curtailments and settlements | 0 | 0 | ' |
Other | 0 | 0 | ' |
Projected benefit obligation at end of year | 29,508 | 31,868 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Plan participantsb contributions | 0 | 0 | ' |
Gross benefits paid | -813 | -774 | ' |
Benefit Obligations [Member] | U.S. Postretirement Medical Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Projected benefit obligation at beginning of year | 4,412 | 3,836 | ' |
Service cost | 103 | 89 | ' |
Interest cost | 185 | 208 | ' |
Gross benefits paid | -258 | -233 | ' |
Plan participantsb contributions | 17 | 16 | ' |
Plan amendments | 4 | 1 | ' |
Actuarial (gain)/loss | -417 | 495 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Curtailments and settlements | 0 | 0 | ' |
Other | 0 | 0 | ' |
Projected benefit obligation at end of year | 4,046 | 4,412 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Plan participantsb contributions | 17 | 16 | ' |
Gross benefits paid | -258 | -233 | ' |
Benefit Obligations [Member] | International Pension Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Projected benefit obligation at beginning of year | 1,089 | 841 | ' |
Service cost | 47 | 41 | ' |
Interest cost | 44 | 41 | ' |
Gross benefits paid | -21 | -20 | ' |
Plan participantsb contributions | 4 | 4 | ' |
Plan amendments | 0 | 0 | ' |
Actuarial (gain)/loss | -55 | 112 | ' |
Foreign currency exchange rate changes | -26 | 24 | ' |
Curtailments and settlements | -6 | -5 | ' |
Other | 0 | 51 | ' |
Projected benefit obligation at end of year | 1,076 | 1,089 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Plan participantsb contributions | 4 | 4 | ' |
Gross benefits paid | -21 | -20 | ' |
Fair Value of Plan Assets [Member] | U.S. Pension Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Gross benefits paid | -813 | -774 | ' |
Plan participantsb contributions | 0 | 0 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 24,941 | 22,663 | ' |
Actual return on plan assets | 2,082 | 2,684 | ' |
Employer contributions | 14 | 368 | ' |
Plan participantsb contributions | 0 | 0 | ' |
Gross benefits paid | -813 | -774 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Curtailments and settlements | 0 | 0 | ' |
Other | 0 | 0 | ' |
Fair value of plan assets at end of year | 26,224 | 24,941 | ' |
Fair Value of Plan Assets [Member] | U.S. Postretirement Medical Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Gross benefits paid | -258 | -233 | ' |
Plan participantsb contributions | 17 | 16 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 460 | 174 | ' |
Actual return on plan assets | 28 | 19 | ' |
Employer contributions | 108 | 475 | ' |
Plan participantsb contributions | 17 | 16 | ' |
Gross benefits paid | -258 | -233 | ' |
Foreign currency exchange rate changes | 0 | 0 | ' |
Curtailments and settlements | 0 | 0 | ' |
Other | 0 | 9 | ' |
Fair value of plan assets at end of year | 355 | 460 | ' |
Fair Value of Plan Assets [Member] | International Pension Benefits | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Gross benefits paid | -21 | -20 | ' |
Plan participantsb contributions | 1 | 1 | ' |
Fair Value of Plan Assets: | ' | ' | ' |
Fair value of plan assets at beginning of year | 801 | 613 | ' |
Actual return on plan assets | 81 | 56 | ' |
Employer contributions | 90 | 74 | ' |
Plan participantsb contributions | 1 | 1 | ' |
Gross benefits paid | -21 | -20 | ' |
Foreign currency exchange rate changes | -20 | 20 | ' |
Curtailments and settlements | -1 | -4 | ' |
Other | 0 | 61 | ' |
Fair value of plan assets at end of year | $931 | $801 | ' |
COMPANYSPONSORED_EMPLOYEE_BENE8
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Funded Status as of the Respective Measurement Dates in Each Year and the Amounts Recognized in Balance Sheet (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Document Fiscal Year Focus | '2013 | ' |
Funded Status: | ' | ' |
Fair value of plan assets | $27,510 | $26,202 |
U.S. Pension Benefits | ' | ' |
Funded Status: | ' | ' |
Fair value of plan assets | 26,224 | 24,941 |
Benefit obligation | -29,508 | -31,868 |
Funded status recognized at December 31 | -3,284 | -6,927 |
Funded Status Amounts Recognized in our Balance Sheet: | ' | ' |
Other non-current assets | 0 | 0 |
Other current liabilities | -16 | -14 |
Pension and postretirement benefit obligations | -3,268 | -6,913 |
Net liability at December 31 | -3,284 | -6,927 |
Amounts Recognized in AOCI: | ' | ' |
Unrecognized net prior service cost | -1,286 | -1,318 |
Unrecognized net actuarial gain (loss) | 1,233 | -3,187 |
Gross unrecognized cost at December 31 | -53 | -4,505 |
Deferred tax asset at December 31 | 20 | 1,694 |
Net unrecognized cost at December 31 | -33 | -2,811 |
U.S. Postretirement Medical Benefits | ' | ' |
Funded Status: | ' | ' |
Fair value of plan assets | 355 | 460 |
Benefit obligation | -4,046 | -4,412 |
Funded status recognized at December 31 | -3,691 | -3,952 |
Funded Status Amounts Recognized in our Balance Sheet: | ' | ' |
Other non-current assets | 0 | 0 |
Other current liabilities | -97 | -108 |
Pension and postretirement benefit obligations | -3,594 | -3,844 |
Net liability at December 31 | -3,691 | -3,952 |
Amounts Recognized in AOCI: | ' | ' |
Unrecognized net prior service cost | -79 | -79 |
Unrecognized net actuarial gain (loss) | -29 | -441 |
Gross unrecognized cost at December 31 | -108 | -520 |
Deferred tax asset at December 31 | 41 | 196 |
Net unrecognized cost at December 31 | -67 | -324 |
International Pension Benefits | ' | ' |
Funded Status: | ' | ' |
Fair value of plan assets | 931 | 801 |
Benefit obligation | -1,076 | -1,089 |
Funded status recognized at December 31 | -145 | -288 |
Funded Status Amounts Recognized in our Balance Sheet: | ' | ' |
Other non-current assets | 47 | 26 |
Other current liabilities | -3 | -3 |
Pension and postretirement benefit obligations | -189 | -311 |
Net liability at December 31 | -145 | -288 |
Amounts Recognized in AOCI: | ' | ' |
Unrecognized net prior service cost | -9 | -13 |
Unrecognized net actuarial gain (loss) | -7 | -86 |
Gross unrecognized cost at December 31 | -16 | -99 |
Deferred tax asset at December 31 | 2 | 26 |
Net unrecognized cost at December 31 | ($14) | ($73) |
COMPANYSPONSORED_EMPLOYEE_BENE9
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Fair value of plan assets | $27,510 | $26,202 | ' |
U.S. Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation, Projected Benefit Obligation Exceeds the Fair Value of the Plan Assets | 29,508 | 31,868 | ' |
Accumulated benefit obligation, Projected Benefit Obligation Exceeds the Fair Value of the Plan Assets | 27,623 | 29,382 | ' |
Fair value of plan assets, Projected Benefit Obligation Exceeds the Fair Value of the Plan Assets | 26,224 | 24,941 | ' |
Projected benefit obligation, Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets | 29,508 | 31,868 | ' |
Accumulated benefit obligation, Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets | 27,623 | 29,382 | ' |
Fair value of plan assets, Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets | 26,224 | 24,941 | ' |
Defined Benefit Plan, Benefit Obligation | 29,508 | 31,868 | ' |
Service cost | 1,349 | 998 | 870 |
Interest cost | 1,449 | 1,410 | 1,309 |
Fair value of plan assets | 26,224 | 24,941 | ' |
U.S. Postretirement Medical Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 4,046 | 4,412 | ' |
Service cost | 103 | 89 | 89 |
Interest cost | 185 | 208 | 207 |
Fair value of plan assets | 355 | 460 | ' |
International Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Projected benefit obligation, Projected Benefit Obligation Exceeds the Fair Value of the Plan Assets | 764 | 1,028 | ' |
Accumulated benefit obligation, Projected Benefit Obligation Exceeds the Fair Value of the Plan Assets | 658 | 917 | ' |
Fair value of plan assets, Projected Benefit Obligation Exceeds the Fair Value of the Plan Assets | 580 | 723 | ' |
Projected benefit obligation, Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets | 361 | 678 | ' |
Accumulated benefit obligation, Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets | 301 | 606 | ' |
Fair value of plan assets, Accumulated Benefit Obligation Exceeds the Fair Value of Plan Assets | 184 | 388 | ' |
Defined Benefit Plan, Benefit Obligation | 1,076 | 1,089 | ' |
Service cost | 47 | 41 | 34 |
Interest cost | 44 | 41 | 39 |
Fair value of plan assets | 931 | 801 | ' |
Benefit Obligations [Member] | U.S. Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 29,508 | 31,868 | 24,386 |
Service cost | 1,349 | 998 | ' |
Interest cost | 1,449 | 1,410 | ' |
Defined Benefit Plan, Benefits Paid | 813 | 774 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Defined Benefit Plan, Plan Amendments | 140 | -2 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 4,485 | -5,850 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | ' |
Defined Benefit Plan, Purchases, Sales, and Settlements | 0 | 0 | ' |
Defined Benefit Plan Other Benefit Obligations | 0 | 0 | ' |
Benefit Obligations [Member] | U.S. Postretirement Medical Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 4,046 | 4,412 | 3,836 |
Service cost | 103 | 89 | ' |
Interest cost | 185 | 208 | ' |
Defined Benefit Plan, Benefits Paid | 258 | 233 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 17 | 16 | ' |
Defined Benefit Plan, Plan Amendments | 4 | 1 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 417 | -495 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0 | ' |
Defined Benefit Plan, Purchases, Sales, and Settlements | 0 | 0 | ' |
Defined Benefit Plan Other Benefit Obligations | 0 | 0 | ' |
Benefit Obligations [Member] | International Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefit Obligation | 1,076 | 1,089 | 841 |
Service cost | 47 | 41 | ' |
Interest cost | 44 | 41 | ' |
Defined Benefit Plan, Benefits Paid | 21 | 20 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 4 | 4 | ' |
Defined Benefit Plan, Plan Amendments | 0 | 0 | ' |
Defined Benefit Plan, Actuarial Gain (Loss) | 55 | -112 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | -26 | 24 | ' |
Defined Benefit Plan, Purchases, Sales, and Settlements | 6 | 5 | ' |
Defined Benefit Plan Other Benefit Obligations | 0 | 51 | ' |
Fair Value of Plan Assets [Member] | U.S. Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | 813 | 774 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 0 | 0 | ' |
Fair value of plan assets | 26,224 | 24,941 | 22,663 |
Defined Benefit Plan, Actual Return on Plan Assets | 2,082 | 2,684 | ' |
Defined Benefit Plan, Contributions by Employer | 14 | 368 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | ' |
Defined Benefit Plan Other Fair Value Of Plan Assets | 0 | 0 | ' |
Fair Value of Plan Assets [Member] | U.S. Postretirement Medical Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | 258 | 233 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 17 | 16 | ' |
Fair value of plan assets | 355 | 460 | 174 |
Defined Benefit Plan, Actual Return on Plan Assets | 28 | 19 | ' |
Defined Benefit Plan, Contributions by Employer | 108 | 475 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | ' |
Defined Benefit Plan, Settlements, Plan Assets | 0 | 0 | ' |
Defined Benefit Plan Other Fair Value Of Plan Assets | 0 | -9 | ' |
Fair Value of Plan Assets [Member] | International Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Benefits Paid | 21 | 20 | ' |
Defined Benefit Plan, Contributions by Plan Participants | 1 | 1 | ' |
Fair value of plan assets | 931 | 801 | 613 |
Defined Benefit Plan, Actual Return on Plan Assets | 81 | 56 | ' |
Defined Benefit Plan, Contributions by Employer | 90 | 74 | ' |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -20 | 20 | ' |
Defined Benefit Plan, Settlements, Plan Assets | 1 | 4 | ' |
Defined Benefit Plan Other Fair Value Of Plan Assets | $0 | ($61) | ' |
Recovered_Sheet1
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Amounts in AOCI Expected to be Amortized and Recognized as a Component of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
U.S. Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost / (benefit) | $169 |
U.S. Postretirement Medical Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost / (benefit) | 4 |
International Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Prior service cost / (benefit) | $1 |
Recovered_Sheet2
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Fair Values of U.S. Pension and Postretirement Benefit Plan Assets by Asset Category as Well as the Percentage That Each Category Comprises of Total Plan Assets and the Respective Target Allocations (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||
Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | U.S. Postretirement Medical Benefits | U.S. Postretirement Medical Benefits | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | Domestic | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | International [Member] | ||||||||||||||||||||||||||
Global Bonds | Global Bonds | Global Bonds | Hedge Funds | Hedge Funds | Hedge Funds | Other(2) | Other(2) | Other(2) | Structured Products(1) | Structured Products(1) | Structured Products(1) | Other | Other | Other | Cash and Cash Equivalents | Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Cash and Cash Equivalents | Cash and Cash Equivalents | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Equity Securities [Member] | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Fixed Income Securities | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | |||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | U.S. Large Cap | U.S. Large Cap | U.S. Small Cap | U.S. Small Cap | Emerging Markets | Emerging Markets | Global Equity | Global Equity | International Equity | International Equity | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Global Equity | Global Equity | U.S. Government Securities | U.S. Government Securities | Global Bonds | Global Bonds | Municipal Bonds | Municipal Bonds | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Hedge Funds | Hedge Funds | Other(2) | Other(2) | Structured Products(1) | Structured Products(1) | Asset-backed Securities [Member] | Structured Products [Member] | Structured Products [Member] | Other | Other | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | local market equity [Domain] | local market equity [Domain] | U.S. Equity [Domain] | U.S. Equity [Domain] | Emerging Markets | International Equity | International Equity | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Foreign Government Debt [Member] | Foreign Government Debt [Member] | Global Bonds | Global Bonds | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Structured Products(1) | Structured Products(1) | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Structured Products [Member] | Structured Products [Member] | Other | Other | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 1 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Large Cap | U.S. Large Cap | U.S. Small Cap | U.S. Small Cap | Emerging Markets | Emerging Markets | Global Equity | Global Equity | International Equity | International Equity | U.S. Large Cap | U.S. Large Cap | U.S. Small Cap | U.S. Small Cap | Emerging Markets | Emerging Markets | Global Equity | Global Equity | International Equity | International Equity | U.S. Large Cap | U.S. Large Cap | U.S. Small Cap | U.S. Small Cap | Emerging Markets | Emerging Markets | Global Equity | Global Equity | International Equity | International Equity | Global Equity | Global Equity | U.S. Government Securities | U.S. Government Securities | Global Bonds | Global Bonds | Municipal Bonds | Municipal Bonds | Global Equity | Global Equity | U.S. Government Securities | U.S. Government Securities | Global Bonds | Global Bonds | Municipal Bonds | Municipal Bonds | Global Equity | Global Equity | U.S. Government Securities | U.S. Government Securities | Global Bonds | Global Bonds | Municipal Bonds | Municipal Bonds | Hedge Funds | Hedge Funds | Other(2) | Other(2) | Structured Products(1) | Structured Products(1) | Asset-backed Securities [Member] | Structured Products [Member] | Other | Other | Hedge Funds | Hedge Funds | Other(2) | Other(2) | Structured Products(1) | Structured Products(1) | Asset-backed Securities [Member] | Structured Products [Member] | Other | Other | Hedge Funds | Hedge Funds | Other(2) | Other(2) | Structured Products(1) | Structured Products(1) | Asset-backed Securities [Member] | Structured Products [Member] | Other | Other | local market equity [Domain] | local market equity [Domain] | U.S. Equity [Domain] | U.S. Equity [Domain] | Emerging Markets | International Equity | International Equity | local market equity [Domain] | local market equity [Domain] | U.S. Equity [Domain] | U.S. Equity [Domain] | Emerging Markets | International Equity | International Equity | local market equity [Domain] | local market equity [Domain] | U.S. Equity [Domain] | U.S. Equity [Domain] | Emerging Markets | International Equity | International Equity | Foreign Government Debt [Member] | Foreign Government Debt [Member] | Global Bonds | Global Bonds | Foreign Government Debt [Member] | Foreign Government Debt [Member] | Global Bonds | Global Bonds | Foreign Government Debt [Member] | Foreign Government Debt [Member] | Global Bonds | Global Bonds | Structured Products(1) | Structured Products(1) | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Other | Other | Structured Products(1) | Structured Products(1) | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Other | Other | Structured Products(1) | Structured Products(1) | Asset-backed Securities [Member] | Asset-backed Securities [Member] | Other | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||
Fair value of plan assets | $27,510 | $26,202 | $12,080 | $11,496 | $8,170 | $7,873 | $7,260 | $6,833 | $5,158 | $223 | $138 | $80 | $3,738 | $2,829 | $2,132 | $1,397 | $1,416 | $1,354 | $1,091 | $1,039 | $948 | $811 | $1,411 | $644 | $355 | $460 | $26,579 | $25,401 | $626 | $242 | $11,669 | $11,139 | $112 | $103 | $7,705 | $7,478 | $514 | $139 | $7,205 | $6,784 | $0 | $0 | $10,462 | $9,852 | $4,212 | $4,710 | $507 | $481 | $1,367 | $1,283 | $2,154 | $2,242 | $2,222 | $1,136 | $7,519 | $6,842 | $2,264 | $2,548 | $457 | $450 | $1,247 | $1,160 | $2,154 | $2,242 | $1,397 | $442 | $2,943 | $3,010 | $1,948 | $2,162 | $50 | $31 | $120 | $123 | $0 | $0 | $825 | $694 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7,877 | $8,251 | $681 | $457 | $4,361 | $4,451 | $2,780 | $3,260 | $55 | $83 | $3,753 | $4,017 | $0 | $0 | $3,746 | $4,008 | $7 | $9 | $0 | $0 | $3,901 | $4,096 | $681 | $457 | $615 | $443 | $2,550 | $3,113 | $55 | $83 | $223 | $138 | $0 | $0 | $0 | $0 | $223 | $138 | $0 | $0 | $3,738 | $2,829 | $1,397 | $1,416 | $1,397 | $1,239 | $210 | $326 | [1] | ' | $756 | [2] | $1,362 | [2] | $0 | $0 | $0 | $0 | $285 | $177 | $0 | $0 | [1] | $0 | [2] | $0 | [2] | $0 | $0 | $0 | $0 | $21 | $23 | $210 | $326 | [1] | $0 | [2] | $0 | [2] | $3,738 | $2,829 | $1,397 | $1,416 | $1,091 | $1,039 | $0 | $0 | [1] | $756 | [2] | $1,362 | [2] | $931 | $801 | $28 | $22 | $411 | $357 | $11 | $5 | $465 | $395 | $17 | $17 | $55 | $49 | $0 | $0 | $422 | $341 | $219 | $197 | $17 | $14 | $19 | $167 | $130 | $246 | $203 | $122 | $118 | $17 | $14 | $19 | $88 | $71 | $176 | $138 | $97 | $79 | $0 | $0 | $0 | $79 | $59 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $239 | $219 | $68 | $64 | $171 | $155 | $154 | $149 | $68 | $64 | $86 | $85 | $85 | $70 | $0 | $0 | $85 | $70 | $0 | $0 | $0 | $0 | $0 | $0 | $63 | $46 | $55 | $49 | ' | ' | $124 | [2] | $124 | [2] | $0 | $0 | $0 | $0 | $0 | [2] | $0 | [2] | $63 | $46 | $0 | $0 | $124 | [2] | $124 | [2] | $0 | $0 | $55 | $49 | $0 | [2] | $0 | [2] | |||
Percentage of Plan Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 2.30% | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.40% | 38.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.60% | 32.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.10% | 11.10% | 5.30% | 5.60% | 5.30% | 4.90% | 0.80% | 1.20% | [1] | ' | 2.80% | [2] | 5.40% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 3.00% | 2.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.30% | 42.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.70% | 27.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.80% | 5.70% | 5.90% | 6.10% | ' | ' | 13.30% | [2] | 15.50% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Plan assets target allocation, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 5.00% | 3.00% | 1.00% | 3.00% | 1.00% | ' | 0.00% | [1] | 0.00% | [1] | 1.00% | [2] | 1.00% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | 0.00% | [1] | 0.00% | [1] | 0.00% | [2] | 0.00% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Plan assets target allocation, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 10.00% | 10.00% | 10.00% | 10.00% | ' | 5.00% | [1] | 5.00% | [1] | 10.00% | [2] | 10.00% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.00% | 17.00% | ' | ' | 10.00% | [1] | 10.00% | [1] | 20.00% | [2] | 20.00% | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||
Plan assets target allocation | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||
[1] | Represents mortgage and asset-backed securities. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Represents global balanced-risk commingled funds, consisting primarily of equity, bonds, and some currencies and commodities. |
Recovered_Sheet3
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Fair Value Measurement of Plan Assets Using Unobservable Inputs (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Actual Return on Assets: | ' | ' |
Fair value of plan assets at end of year | $27,510 | $26,202 |
Fair Value, Inputs, Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 6,833 | 5,158 |
Actual Return on Assets: | ' | ' |
Assets Held at End of Year | 287 | 467 |
Assets Sold During the Year | 266 | 6 |
Purchases | 2,130 | 2,307 |
Sales | -2,256 | -1,105 |
Settlements | 0 | 0 |
Transfers Into (Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | 7,260 | 6,833 |
Fair Value, Inputs, Level 3 | Global Bonds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 138 | 80 |
Actual Return on Assets: | ' | ' |
Assets Held at End of Year | -1 | 1 |
Assets Sold During the Year | 0 | -3 |
Purchases | 165 | 71 |
Sales | -79 | -11 |
Settlements | 0 | 0 |
Transfers Into (Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | 223 | 138 |
Fair Value, Inputs, Level 3 | Hedge Funds | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 2,829 | 2,132 |
Actual Return on Assets: | ' | ' |
Assets Held at End of Year | 229 | 59 |
Assets Sold During the Year | 5 | 5 |
Purchases | 1,676 | 1,300 |
Sales | -1,001 | -667 |
Settlements | 0 | 0 |
Transfers Into (Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | 3,738 | 2,829 |
Fair Value, Inputs, Level 3 | Structured Products(1) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 1,039 | 948 |
Actual Return on Assets: | ' | ' |
Assets Held at End of Year | 81 | 85 |
Assets Sold During the Year | 54 | 4 |
Purchases | 145 | 144 |
Sales | -228 | -142 |
Settlements | 0 | 0 |
Transfers Into (Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | 1,091 | 1,039 |
Fair Value, Inputs, Level 3 | Other(2) | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 1,416 | 1,354 |
Actual Return on Assets: | ' | ' |
Assets Held at End of Year | 71 | 163 |
Assets Sold During the Year | 153 | 0 |
Purchases | 143 | 184 |
Sales | -386 | -285 |
Settlements | 0 | 0 |
Transfers Into (Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | 1,397 | 1,416 |
Fair Value, Inputs, Level 3 | Other | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Fair value of plan assets at beginning of year | 1,411 | 644 |
Actual Return on Assets: | ' | ' |
Assets Held at End of Year | -93 | 159 |
Assets Sold During the Year | 54 | 0 |
Purchases | 1 | 608 |
Sales | -562 | 0 |
Settlements | 0 | 0 |
Transfers Into (Out of) Level 3 | 0 | 0 |
Fair value of plan assets at end of year | $811 | $1,411 |
Recovered_Sheet4
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Expected Cash Flows for Pension and Postretirement Benefit Plans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
In Millions, unless otherwise specified | U.S. Pension Benefits | U.S. Pension Benefits | U.S. Pension Benefits | U.S. Postretirement Medical Benefits | U.S. Postretirement Medical Benefits | U.S. Postretirement Medical Benefits | International Pension Benefits | International Pension Benefits | International Pension Benefits |
2014 (expected) to plan trusts | 2014 (expected) to plan participants | 2014 (expected) to plan trusts | 2014 (expected) to plan participants | 2014 (expected) to plan trusts | 2014 (expected) to plan participants | ||||
Employer Contributions: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Employer Contribution in 2013 | ' | $0 | $16 | ' | $0 | $100 | ' | $77 | $3 |
Expected Benefit Payments: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | 885 | ' | ' | 239 | ' | ' | 24 | ' | ' |
2014 | 981 | ' | ' | 253 | ' | ' | 26 | ' | ' |
2015 | 1,081 | ' | ' | 270 | ' | ' | 27 | ' | ' |
2016 | 1,188 | ' | ' | 286 | ' | ' | 30 | ' | ' |
2017 | 1,306 | ' | ' | 300 | ' | ' | 32 | ' | ' |
2018 - 2022 | $8,502 | ' | ' | $1,610 | ' | ' | $199 | ' | ' |
Recovered_Sheet5
COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS COMPANY-SPONSORED EMPLOYEE BENEFIT PLANS - Effects of One Basis Point Change on Projected Benefit Obligation (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Plan, Defined Benefit [Member] | ' |
effects of one-basis point change one PBO [Line Items] | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Projected Benefit Obligation | ($46) |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Projected Benefit Obligation | 49 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ' |
effects of one-basis point change one PBO [Line Items] | ' |
Defined Benefit Plan, Effect of One Percentage Point Increase on Projected Benefit Obligation | -4 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Projected Benefit Obligation | $4 |
MULTIEMPLOYER_EMPLOYEE_BENEFIT2
MULTIEMPLOYER EMPLOYEE BENEFIT PLANS - UPS's Participation in Multiemployer Plans (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Group | ||||
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | '2013 | ' | ' |
Multiemployer Plans, Pension | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Multiemployer Plans, Period Contributions, Significance of Contributions | ' | 5.00% | ' | ' |
Multiemployer pension plans, maximum term to forecast a funding deficiency in the orange zone | ' | '6 years | ' | ' |
UPS Contribution | ' | $1,396 | $1,325 | $1,243 |
Multiemployer plans, number of beneficiary groups | 2 | ' | ' | ' |
Multiemployer plans, withdrawal liability | 2,162 | ' | ' | ' |
Multiemployer Plans, period to repay withdrawal liability | '50 years | ' | ' | ' |
Multiemployer plans, present value of withdrawal liability | 896 | ' | ' | ' |
Discount rate | 4.25% | ' | ' | ' |
Multi-employer plans, fair value of withdrawal liability | ' | 783 | ' | ' |
Multiemployer Plans, Pension | Alaska Teamster-Employer Pension Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '92-6003463-024 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 5 | 4 | 4 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Automotive Industries Pension Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '94-1133245-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 4 | 4 | 4 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Central Pennsylvania Teamsters Defined Benefit Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '23-6262789-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Green | 'Yellow | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 30 | 29 | 27 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '55-6021850-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | ' | 'No | ' | ' |
UPS Contribution | ' | 9 | 9 | 8 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Hagerstown Motor Carriers and Teamsters Pension Fund | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '52-6045424-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 5 | 5 | 5 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | I.A.M. National Pension Fund / National Pension Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '51-6031295-002 | ' | ' |
Pension Protection Act Zone Status | ' | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | ' | 'No | ' | ' |
UPS Contribution | ' | 27 | 24 | 25 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | International Brotherhood of Teamsters Union Local No. 710 Pension Fund | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '36-2377656-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | ' | 'No | ' | ' |
UPS Contribution | ' | 88 | 75 | 74 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Local 705, International Brotherhood of Teamsters Pension Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '36-6492502-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 68 | 46 | 58 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Local 804 I.B.T. & Local 447 I.A.M.bUPS Multiemployer Retirement Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '51-6117726-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 88 | 87 | 84 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Milwaukee Drivers Pension Trust Fund | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '39-6045229-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | ' | 'No | ' | ' |
UPS Contribution | ' | 29 | 26 | 26 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | New England Teamsters & Trucking Industry Pension Fund | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '04-6372430-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 102 | 124 | 124 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | New York State Teamsters Conference Pension and Retirement Fund | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '16-6063585-074 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 72 | 65 | 57 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Teamster Pension Fund of Philadelphia and Vicinity | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '23-1511735-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Yellow | 'Yellow | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 46 | 44 | 41 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Teamsters Joint Council No. 83 of Virginia Pension Fund | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '54-6097996-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Yellow | 'Yellow | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 49 | 44 | 41 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Teamsters Local 639bEmployers Pension Trust | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '53-0237142-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | ' | 'No | ' | ' |
UPS Contribution | ' | 41 | 36 | 33 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Teamsters Negotiated Pension Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '43-6196083-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Yellow | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 26 | 24 | 22 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Truck Drivers and Helpers Local Union No. 355 Retirement Pension Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '52-6043608-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Yellow | 'Yellow | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 14 | 14 | 12 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | United Parcel Service, Inc.bLocal 177, I.B.T. Multiemployer Retirement Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '13-1426500-419 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 68 | 62 | 57 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Western Conference of Teamsters Pension Plan | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '91-6145047-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | ' | 'No | ' | ' |
UPS Contribution | ' | 553 | 520 | 476 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | Western Pennsylvania Teamsters and Employers Pension Fund | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
EIN / Pension Plan Number | ' | '25-6029946-001 | ' | ' |
Pension Protection Act Zone Status | ' | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | ' | 'Implemented | ' | ' |
UPS Contribution | ' | 23 | 24 | 21 |
Surcharge Imposed | ' | 'No | ' | ' |
Multiemployer Plans, Pension | All Other Multiemployer Pension Plans | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
UPS Contribution | ' | $49 | $59 | $44 |
Multiemployer Plans, Pension | Minimum | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Multiemployer pension plans, percentage of plan funded | ' | 5.00% | 5.00% | 5.00% |
Multiemployer Plans, Pension | Green Zone, At Least 80% Funded [Member] | Minimum | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Multiemployer pension plans, percentage of plan funded | ' | 80.00% | ' | ' |
Multiemployer Plans, Pension | Red Zone, Less than 65% Funded [Member] | Maximum | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Multiemployer pension plans, percentage of plan funded | ' | 65.00% | ' | ' |
Multiemployer Plans, Pension | Otange Zone, Less than 80% and Have an Accumulated Funding Deficiency or Expect to Have a Deficiency Within Six Years [Member] | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Multiemployer pension plans, percentage of plan funded | ' | 80.00% | ' | ' |
Multiemployer Plans, Pension | Yellow Zone, Less than 80% Funded [Member] | Maximum | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Multiemployer pension plans, percentage of plan funded | ' | 80.00% | ' | ' |
Represented by Teamsters [Member] | ' | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' | ' |
Number of employees | 10,200 | ' | ' | ' |
MULTIEMPLOYER_EMPLOYEE_BENEFIT3
MULTIEMPLOYER EMPLOYEE BENEFIT PLANS - Multi-Employer Health and Welfare Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Multiemployer Plans [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Health and Welfare Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | $1,222 | $1,156 | $1,103 |
Health and Welfare Fund | Bay Area Delivery Drivers | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 29 | 28 | 27 |
Health and Welfare Fund | Central Pennsylvania Teamsters Health & Pension Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 20 | 19 | 18 |
Health and Welfare Fund | Central States, South East & South West Areas Health and Welfare Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 505 | 471 | 452 |
Health and Welfare Fund | Delta Health SystemsbEast Bay Drayage Drivers | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 24 | 24 | 17 |
Health and Welfare Fund | EmployerbTeamster Local Nos. 175 & 505 | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 9 | 8 | 8 |
Health and Welfare Fund | Joint Council 83 Health & Welfare Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 24 | 25 | 25 |
Health and Welfare Fund | Local 191 Teamsters Health Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 9 | 9 | 9 |
Health and Welfare Fund | Local 401 Teamsters Health & Welfare Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 6 | 6 | 6 |
Health and Welfare Fund | Local 804 Welfare Trust Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 67 | 62 | 58 |
Health and Welfare Fund | Milwaukee Drivers Pension Trust FundbMilwaukee Drivers Health and Welfare Trust Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 31 | 29 | 28 |
Health and Welfare Fund | Montana Teamster Employers Trust | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 6 | 6 | 6 |
Health and Welfare Fund | New York State Teamsters Health & Hospital Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 46 | 44 | 41 |
Health and Welfare Fund | North Coast Benefit Trust | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 8 | 7 | 7 |
Health and Welfare Fund | Northern California General Teamsters (DELTA) | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 84 | 75 | 73 |
Health and Welfare Fund | Northern New England Benefit Trust | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 35 | 33 | 32 |
Health and Welfare Fund | Oregon / Teamster Employers Trust | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 28 | 27 | 27 |
Health and Welfare Fund | Teamsters 170 Health & Welfare Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 12 | 12 | 12 |
Health and Welfare Fund | Teamsters Benefit Trust | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 38 | 32 | 29 |
Health and Welfare Fund | Teamsters Local 251 Health & Insurance Plan | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 11 | 10 | 10 |
Health and Welfare Fund | Teamsters Local 404 Health & Insurance Plan | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 6 | 6 | 6 |
Health and Welfare Fund | Teamsters Local 638 Health Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 32 | 29 | 28 |
Health and Welfare Fund | Teamsters Local 639bEmployers Health & Pension Trust Funds | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 24 | 22 | 22 |
Health and Welfare Fund | Teamsters Local 671 Health Services & Insurance Plan | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 13 | 12 | 13 |
Health and Welfare Fund | Teamsters Union 25 Health Services & Insurance Plan | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 37 | 36 | 34 |
Health and Welfare Fund | Teamsters Union Local 677 Health Services & Insurance Plan | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 8 | 8 | 8 |
Health and Welfare Fund | Truck Drivers and Helpers Local 355 Baltimore Area Health & Welfare Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 13 | 13 | 12 |
Health and Welfare Fund | Utah-Idaho Teamsters Security Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 18 | 16 | 15 |
Health and Welfare Fund | Washington Teamsters Welfare Trust | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | 35 | 32 | 30 |
Health and Welfare Fund | All Other Multiemployer Health and Welfare Plans | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
UPS Contributions | $44 | $55 | $50 |
BUSINESS_ACQUISITIONS_GOODWILL2
BUSINESS ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS - Allocation of Goodwill by Reportable Segment (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Beginning Balance | $2,173 | $2,101 |
Acquired | 23 | 67 |
Currency / Other | -6 | 5 |
Ending Balance | 2,190 | 2,173 |
U.S. Domestic Package | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 0 | 0 |
Acquired | 0 | 0 |
Currency / Other | 0 | 0 |
Ending Balance | 0 | 0 |
International Package | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 430 | 361 |
Acquired | 3 | 67 |
Currency / Other | -13 | 2 |
Ending Balance | 420 | 430 |
Supply Chain & Freight | ' | ' |
Goodwill [Line Items] | ' | ' |
Beginning Balance | 1,743 | 1,740 |
Acquired | 20 | 0 |
Currency / Other | 7 | 3 |
Ending Balance | $1,770 | $1,743 |
BUSINESS_ACQUISITIONS_GOODWILL3
BUSINESS ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Impairment of intangible assets | $13 | $0 | $0 |
Amortization of intangible assets | 185,000,000 | 244,000,000 | 228,000,000 |
Expected amortization of finite-lived intangible assets for the year 2013 | 239,000,000 | ' | ' |
Expected amortization of finite-lived intangible assets for the year 2014 | 196,000,000 | ' | ' |
Expected amortization of finite-lived intangible assets for the year 2015 | 140,000,000 | ' | ' |
Expected amortization of finite-lived intangible assets for the year 2016 | 90,000,000 | ' | ' |
Expected amortization of finite-lived intangible assets for the year 2017 | 46,000,000 | ' | ' |
Licensing Agreements | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Carrying amount of indefinite intangible assets | 5,000,000 | ' | ' |
Supply Chain & Freight | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Cumulative impairment loss | $622,000,000 | ' | ' |
BUSINESS_ACQUISITIONS_GOODWILL4
BUSINESS ACQUISITIONS, GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Assets by Major Class [Line Items] | ' | ' |
Gross Carrying Amount | $2,912 | $2,608 |
Accumulated Amortization | -2,137 | -2,005 |
Net Carrying Value | 775 | 603 |
Weighted- Average Amortization Period (in years) | '6 years | ' |
Trademarks, licenses, patents, and other | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Gross Carrying Amount | 257 | 163 |
Accumulated Amortization | -108 | -80 |
Net Carrying Value | 149 | 83 |
Weighted- Average Amortization Period (in years) | '6 years 2 months 12 days | ' |
Customer lists | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Gross Carrying Amount | 118 | 131 |
Accumulated Amortization | -62 | -79 |
Net Carrying Value | 56 | 52 |
Weighted- Average Amortization Period (in years) | '12 years 9 months 18 days | ' |
Franchise rights | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Gross Carrying Amount | 117 | 117 |
Accumulated Amortization | -70 | -64 |
Net Carrying Value | 47 | 53 |
Weighted- Average Amortization Period (in years) | '20 years | ' |
Capitalized software | ' | ' |
Intangible Assets by Major Class [Line Items] | ' | ' |
Gross Carrying Amount | 2,420 | 2,197 |
Accumulated Amortization | -1,897 | -1,782 |
Net Carrying Value | $523 | $415 |
Weighted- Average Amortization Period (in years) | '5 years | ' |
DEBT_AND_FINANCING_ARRANGEMENT2
DEBT AND FINANCING ARRANGEMENTS - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 1998 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2001 | Dec. 31, 2013 | 31-May-07 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | USD ($) | USD ($) | Maximum | Commercial paper | Foreign Commercial Paper Program | 8.375% debentures Due 2020 | 8.375% debentures Due 2020 | 8.375% debentures Due 2030 | 8.375% debentures Due 2030 | 8.375% debentures Due 2030 | 8.375% debentures Due 2030 | Floating rate senior notes | Floating rate senior notes | Floating rate senior notes | Floating rate senior notes | Capital lease obligations | Facility Notes and Bonds Worldport Louisville | Facility Notes and Bonds Worldport Louisville | Facility Notes and Bonds Airfreight Louisville | Facility Notes and Bonds Airfreight Louisville | Facility Notes and Bonds International Airport Dallas Fort Worth | Facility Notes and Bonds Delaware Airport Philadelphia | Facility Notes and Bonds Delaware Airport Philadelphia | Facility notes and bonds | 5.50% Pound Sterling Notes | 5.50% Pound Sterling Notes | 5.50% senior notes | 5.13% Pound Sterling Notes | 5.13% Pound Sterling Notes | Revolving credit facility expiring in 2012 | Revolving credit facility expiring in 2014 | Revolving credit facility expiring in 2014 | Revolving credit facility expiring in 2014 | Revolving credit facility expiring In 2015 | Revolving credit facility expiring in 2018 | Revolving credit facility expiring in 2018 | Revolving credit facility expiring in 2018 | Revolving credit facility expiring in 2018 | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | LIBOR [Member] | Citibank base rate [Member] | Citibank base rate [Member] | Citibank base rate [Member] | Citibank base rate [Member] | Commercial paper | Commercial paper | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | |
Tranches | USD ($) | EUR (€) | USD ($) | Until April 1, 2020 | After April 1, 2020 for the Final 10 Years | USD ($) | USD ($) | USD ($) | LIBOR | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | USD ($) | Federal funds effective rate | LIBOR | USD ($) | Federal funds effective rate | LIBOR | Minimum | Revolving credit facility expiring in 2014 | Revolving credit facility expiring in 2014 | Revolving credit facility expiring in 2014 | Revolving credit facility expiring in 2018 | Revolving credit facility expiring in 2018 | Revolving credit facility expiring in 2014 | Revolving credit facility expiring in 2014 | Revolving credit facility expiring in 2018 | Revolving credit facility expiring in 2018 | USD ($) | USD ($) | 4.50% senior notes | 4.50% senior notes | 4.50% senior notes | 5.50% senior notes | 5.50% senior notes | 3.875% senior notes | 3.875% senior notes | 1.125% senior notes | 1.125% senior notes | 5.125% senior notes | 5.125% senior notes | 3.125% senior notes | 3.125% senior notes | 8.375% debentures Due 2020 | 8.375% debentures Due 2020 | 8.375% debentures Due 2030 | 8.375% debentures Due 2030 | Floating rate senior notes | Floating rate senior notes | 2.45% senior notes | 2.45% senior notes | |||||||||||||||||
Credit_Agreements | Tranches | Maximum | Minimum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | $12,502,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $1,750,000,000 | $1,750,000,000 | ' | $750,000,000 | ' | $1,000,000,000 | ' | $375,000,000 | ' | $1,000,000,000 | ' | $1,500,000,000 | ' | $424,000,000 | ' | $276,000,000 | ' | $374,000,000 | ' | $1,000,000,000 | ' |
Commercial paper program, authorized to borrow | ' | ' | ' | ' | 10,000,000,000 | 5,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches in debt instrument | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original debt amount | ' | ' | ' | ' | ' | ' | 276,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | 8.38% | ' | ' | 8.38% | 8.38% | 7.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | 4.50% | ' | 5.50% | ' | 3.88% | ' | 1.13% | ' | 5.13% | ' | 3.13% | ' | ' | ' | ' | ' | ' | ' | 2.45% | ' |
Debt instrument, period that interest rate is reduced to 7.62% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument redemption price | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt not subject to early redemption | ' | ' | ' | ' | ' | ' | 424,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, average swaption interest rate | ' | ' | ' | ' | ' | ' | 5.03% | 5.73% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | ' | 0.09% | 0.15% | 0.08% | 0.15% | ' | 0.07% | 0.13% | ' | ' | ' | ' | ' | 5.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes earliest callable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes earliest putable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal value of redeemed notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | 4,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 149,000,000 | ' | 42,000,000 | ' | 29,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.11% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pound Sterling notes not exchanged | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exchanged Pound Sterling notes principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 455,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'These notes are callable at our option at a redemption price equal to the greater of 100% of the principal amount and accrued interest, or the sum of the present values of the remaining scheduled payout of principal and interest thereon discounted to the date of redemption at a benchmark U.K. government bond yield plus 15 basis points and accrued interest. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average fixed interest rates payable on swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense related to operating leases | 575,000,000 | 619,000,000 | 629,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | 1,023,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surety bonds written | 627,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of credit agreements | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 | ' | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-29 | ' | 30-Nov-36 | ' | 31-May-32 | 31-Dec-15 | ' | ' | ' | 12-Feb-31 | ' | 28-Feb-50 | ' | 28-Mar-14 | 28-Mar-14 | ' | ' | 29-Mar-18 | 29-Mar-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Credit Default Swap Spread, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.45% | ' | ' | 4500.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | 0.50% | 1.00% | ' | 0.75% | 0.10% | ' | 0.75% | 0.10% | 1.00% | 0.00% | 1.25% | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin for base rate below LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions, to percentage of net tangible assets | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenants limit the amount of secured indebtedness that we may incur, and limit the amount of attributable debt in sale-leaseback transactions, net tangible assets amount | 2,612,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt fair value | 11,756,000,000 | 14,658,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity - Minimum Date | ' | ' | ' | ' | 1-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-49 | ' | ' | 1-Jan-14 | ' | ' | ' | ' | ' | ' | ' | 1-Jan-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity - Maximum Date | ' | ' | ' | ' | 1-Jan-14 | ' | 1-Jan-20 | ' | ' | 1-Jan-30 | ' | ' | ' | 1-Jan-53 | ' | ' | 1-Jan-04 | ' | ' | ' | ' | ' | ' | ' | 1-Jan-36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-13 | ' | ' | 1-Jan-18 | ' | 1-Jan-14 | ' | 1-Jan-17 | ' | 1-Jan-19 | ' | 1-Jan-21 | ' | ' | ' | ' | ' | ' | ' | 1-Jan-22 | ' |
Maturity date of newly converted debentures | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating leases, expiration year | ' | ' | ' | '2038 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.43% | ' | 2.51% | 2.53% | 2.71% | 0.97% | 1.14% | 0.64% | 0.57% | 2.01% | 2.20% | 1.11% | 1.28% | ' | ' | ' | ' | ' | ' | 0.86% | 0.86% |
Long-term Debt | $10,279,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | $1,751,000,000 | $821,000,000 | $851,000,000 | $1,007,000,000 | $1,033,000,000 | $367,000,000 | $373,000,000 | $1,079,000,000 | $1,140,000,000 | $1,579,000,000 | $1,655,000,000 | $479,000,000 | $512,000,000 | $283,000,000 | $284,000,000 | $370,000,000 | $374,000,000 | $913,000,000 | $996,000,000 |
DEBT_AND_FINANCING_ARRANGEMENT3
DEBT AND FINANCING ARRANGEMENTS - Carrying Value of Debt Obligations (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2001 | 31-May-07 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 15, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
8.375% debentures Due 2020 | 8.375% debentures Due 2030 | 5.50% Pound Sterling Notes | 5.13% Pound Sterling Notes | Floating rate senior notes | Capital lease obligations | Facility notes and bonds | Other debt | Commercial paper | Commercial paper | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Senior notes | Pound Sterling notes | Pound Sterling notes | Pound Sterling notes | Pound Sterling notes | Capital lease obligations | Capital lease obligations | Facility notes and bonds | Facility notes and bonds | Other debt | Other debt | |||
4.50% senior notes | 4.50% senior notes | 4.50% senior notes | 3.875% senior notes | 3.875% senior notes | 1.125% senior notes | 1.125% senior notes | 5.50% senior notes | 5.50% senior notes | 5.125% senior notes | 5.125% senior notes | 3.125% senior notes | 3.125% senior notes | 2.45% senior notes | 2.45% senior notes | 6.20% senior notes | 6.20% senior notes | 4.875% senior notes | 4.875% senior notes | 3.625% senior notes | 3.625% senior notes | 8.375% debentures Due 2020 | 8.375% debentures Due 2020 | 8.375% debentures Due 2030 | 8.375% debentures Due 2030 | Floating rate senior notes | Floating rate senior notes | 5.50% Pound Sterling Notes | 5.50% Pound Sterling Notes | 5.13% Pound Sterling Notes | 5.13% Pound Sterling Notes | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Amount | $12,502 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $1,750 | $1,750 | ' | $1,000 | ' | $375 | ' | $750 | ' | $1,000 | ' | $1,500 | ' | $1,000 | ' | $1,500 | ' | $500 | ' | $375 | ' | $424 | ' | $276 | ' | $374 | ' | $110 | ' | $750 | ' | $473 | ' | $320 | ' | $25 | ' |
Debt instrument, stated interest rate percentage | ' | ' | 8.38% | 8.38% | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | 4.50% | ' | 3.88% | ' | 1.13% | ' | 5.50% | ' | 5.13% | ' | 3.13% | ' | 2.45% | ' | 6.20% | ' | 4.88% | ' | 3.63% | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | 5.13% | ' | ' | ' | ' | ' | ' | ' |
Maturity - Minimum Date | ' | ' | ' | ' | ' | ' | 1-Jan-49 | 1-Jan-14 | 1-Jan-15 | 1-Jan-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity - Maximum Date | ' | ' | 1-Jan-20 | 1-Jan-30 | ' | ' | 1-Jan-53 | 1-Jan-04 | 1-Jan-36 | 1-Jan-22 | ' | ' | 1-Jan-13 | ' | ' | 1-Jan-14 | ' | 1-Jan-17 | ' | 1-Jan-18 | ' | 1-Jan-19 | ' | 1-Jan-21 | ' | 1-Jan-22 | ' | 1-Jan-38 | ' | 1-Jan-40 | ' | 1-Jan-42 | ' | ' | ' | ' | ' | ' | ' | 1-Jan-31 | ' | 1-Jan-50 | ' | ' | ' | ' | ' | ' | ' |
Maturity | ' | ' | ' | ' | 12-Feb-31 | 28-Feb-50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 10,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 1,751 | 1,007 | 1,033 | 367 | 373 | 821 | 851 | 1,079 | 1,140 | 1,579 | 1,655 | 913 | 996 | 1,481 | 1,480 | 489 | 489 | 367 | 367 | 479 | 512 | 283 | 284 | 370 | 374 | 105 | 103 | 714 | 699 | 473 | 440 | 320 | 320 | 25 | 3 |
Total debt | 10,872 | 12,870 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less current maturities | -48 | -1,781 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-Term Debt | $10,824 | $11,089 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DEBT_AND_FINANCING_ARRANGEMENT4
DEBT AND FINANCING ARRANGEMENTS DEBT AND FINANCING ARRANGEMENTS - Average Interest Rate (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Jan. 15, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Principal Value | $12,502 | ' | ' |
Senior notes | 4.50% senior notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal Value | 1,750 | 1,750 | ' |
Maturity | 1-Jan-13 | ' | ' |
Average Effective Percentage Rate | 2.43% | ' | 2.51% |
Senior notes | 3.875% senior notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal Value | 1,000 | ' | ' |
Maturity | 1-Jan-14 | ' | ' |
Average Effective Percentage Rate | 0.97% | ' | 1.14% |
Senior notes | 1.125% senior notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal Value | 375 | ' | ' |
Maturity | 1-Jan-17 | ' | ' |
Average Effective Percentage Rate | 0.64% | ' | 0.57% |
Senior notes | 5.50% senior notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal Value | 750 | ' | ' |
Maturity | 1-Jan-18 | ' | ' |
Average Effective Percentage Rate | 2.53% | ' | 2.71% |
Senior notes | 5.125% senior notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal Value | 1,000 | ' | ' |
Maturity | 1-Jan-19 | ' | ' |
Average Effective Percentage Rate | 2.01% | ' | 2.20% |
Senior notes | 3.125% senior notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal Value | 1,500 | ' | ' |
Maturity | 1-Jan-21 | ' | ' |
Average Effective Percentage Rate | 1.11% | ' | 1.28% |
Senior notes | 2.45% senior notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Principal Value | $1,000 | ' | ' |
Maturity | 1-Jan-22 | ' | ' |
Average Effective Percentage Rate | 0.86% | ' | 0.86% |
DEBT_AND_FINANCING_ARRANGEMENT5
DEBT AND FINANCING ARRANGEMENTS - Recorded Value of Property, Plant and Equipment Subject To Capital Leases (Detail) (Assets Held under Capital Leases, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets Held under Capital Leases | ' | ' |
Schedule of Capital Lease Obligations [Line Items] | ' | ' |
Vehicles | $49 | $63 |
Aircraft | 2,289 | 2,282 |
Buildings | 181 | 65 |
Plant Equipment | 2 | 2 |
Technology Equipment | 0 | 3 |
Accumulated amortization | -727 | -611 |
Total capital lease obligations, net | $1,794 | $1,804 |
DEBT_AND_FINANCING_ARRANGEMENT6
DEBT AND FINANCING ARRANGEMENTS - Aggregate Minimum Lease Payments , Annual Principal Payments and Amounts Expected to be Spent for Purchase Commitments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Capital Leases | ' |
2013 | $67 |
2014 | 65 |
2015 | 58 |
2016 | 58 |
2017 | 53 |
After 2017 | 422 |
Total | 723 |
Less: imputed interest | -250 |
Present value of minimum capitalized lease payments | 473 |
Less: current portion | -39 |
Long-term capitalized lease obligations | 434 |
Operating Leases | ' |
2013 | 310 |
2014 | 239 |
2015 | 180 |
2016 | 146 |
2017 | 99 |
After 2017 | 242 |
Total | 1,216 |
Debt Principal | ' |
2013 | 1,009 |
2014 | 107 |
2015 | 6 |
2016 | 377 |
2017 | 750 |
After 2017 | 8,030 |
Total | 10,279 |
Purchase Commitments | ' |
2013 | 333 |
2014 | 100 |
2015 | 50 |
2016 | 11 |
2017 | 0 |
After 2017 | 0 |
Total | $494 |
LEGAL_PROCEEDINGS_AND_CONTINGE1
LEGAL PROCEEDINGS AND CONTINGENCIES LEGAL PROCEEDINGS AND CONTINGENCIES (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 24 Months Ended | |
In Millions, unless otherwise specified | Mar. 29, 2013 | Aug. 31, 2010 | Jul. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2007 |
Freight_Forwarding_Companies | Defendants | Franchisees | Cases | ||
Cases | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Number of franchisees | ' | ' | ' | 125 | ' |
Number of class-action cases filed | ' | ' | ' | ' | 4 |
Number of outstanding cases | ' | ' | ' | 1 | ' |
Loss on Non-Prosecution Agreement | $40 | ' | ' | ' | ' |
Number of freight forwarding companies | ' | 45 | ' | ' | ' |
Number of defendants | ' | ' | 60 | ' | ' |
Maximum | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Compliance Program, Term | '2 years | ' | ' | ' | ' |
Minimum | ' | ' | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Compliance Program, Term | '1 year | ' | ' | ' | ' |
SHAREOWNERS_EQUITY_Additional_
SHAREOWNERS' EQUITY - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Feb. 14, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Classes_of_Common_Stock | |||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Classes of common stock | ' | ' | ' | ' | 2 | ' | ' |
Preferred stock, shares authorized | 200,000,000 | ' | ' | 200,000,000 | 200,000,000 | ' | ' |
Preferred stock, par value | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' |
Preferred stock, issued | 0 | ' | ' | 0 | 0 | ' | ' |
Common stock purchases, Shares | ' | ' | ' | 5,900,000 | 43,200,000 | 21,800,000 | 38,700,000 |
Document Fiscal Year Focus | ' | ' | ' | ' | '2013 | ' | ' |
Total of class A and class B common stock, repurchased, value | ' | ' | ' | $600,000,000 | $3,846,000,000 | $1,638,000,000 | $2,669,000,000 |
Share repurchase authorized amount | ' | 10,000,000,000 | ' | ' | ' | ' | ' |
Share repurchase authorization remaining | 6,814,000,000 | ' | ' | ' | ' | ' | ' |
Parent's acquisition of remaining noncontrolling interest | ' | ' | 70,000,000 | ' | ' | ' | ' |
Cumulative percentage ownership following repurchase of noncontrolling interest | ' | ' | 100.00% | ' | ' | ' | ' |
Settled Options | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock purchases, Shares | ' | ' | ' | 1,100,000 | ' | ' | ' |
Accelerated Share Repurchases, Initial Price Paid Per Share | ' | ' | ' | $88.54 | ' | ' | ' |
Option premiums received (paid) | ' | ' | ' | ' | 100,000,000 | 206,000,000 | ' |
Options premiums received | ' | ' | ' | ' | 7,000,000 | ' | ' |
Class A Common Stock | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Votes per common share | 10 | ' | ' | 10 | 10 | ' | ' |
Common stock, par value | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' |
Common stock, shares authorized | 4,600,000,000 | ' | ' | 4,600,000,000 | 4,600,000,000 | ' | ' |
Common stock purchases, Shares | ' | ' | ' | ' | 8,000,000 | 9,000,000 | 7,000,000 |
Total of class A and class B common stock, repurchased, value | ' | ' | ' | ' | 1,000,000 | 0 | 0 |
Class B Common Stock | ' | ' | ' | ' | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Votes per common share | 1 | ' | ' | 1 | 1 | ' | ' |
Common stock, par value | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' |
Common stock, shares authorized | 5,600,000,000 | ' | ' | 5,600,000,000 | 5,600,000,000 | ' | ' |
Common stock purchases, Shares | ' | ' | ' | ' | 35,000,000 | 13,000,000 | 31,000,000 |
Total of class A and class B common stock, repurchased, value | ' | ' | ' | ' | $0 | $0 | $0 |
SHAREOWNERS_EQUITY_Rollforward
SHAREOWNERS' EQUITY - Roll-forward of Common Stock, Additional Paid-in Capital, and Retained Earnings Accounts (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock purchases, Shares | -5.9 | ' | ' | ' | ' | ' | ' | ' | -43.2 | -21.8 | -38.7 |
Balance at beginning of year | ' | ' | ' | $4,653 | ' | ' | ' | ' | $4,653 | ' | ' |
Net income attributable to controlling interests | 1,167 | 1,097 | 1,071 | 1,037 | -1,748 | 469 | 1,116 | 970 | 4,372 | 807 | 3,804 |
Common stock purchases | -600 | ' | ' | ' | ' | ' | ' | ' | -3,846 | -1,638 | -2,669 |
Balance at end of period | 6,474 | ' | ' | ' | 4,653 | ' | ' | ' | 6,474 | 4,653 | ' |
Class A Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year, Shares | ' | ' | ' | 225 | ' | ' | ' | 240 | 225 | 240 | 258 |
Common stock purchases, Shares | ' | ' | ' | ' | ' | ' | ' | ' | -8 | -9 | -7 |
Stock award plans, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 8 | 7 |
Common stock issuances, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 3 | 3 |
Conversions of class A to class B common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | -18 | -17 | -21 |
Balance at end of year, Shares | ' | ' | ' | ' | 225 | ' | ' | ' | ' | 225 | 240 |
Balance at beginning of year | ' | ' | ' | 3 | ' | ' | ' | 3 | 3 | 3 | 3 |
Common stock purchases | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 0 | 0 |
Stock award plans | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Common stock issuances | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Conversions of class A to class B common stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Balance at end of period | 2 | ' | ' | ' | 3 | ' | ' | ' | 2 | 3 | 3 |
Class B Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year, Shares | ' | ' | ' | 729 | ' | ' | ' | 725 | 729 | 725 | 735 |
Common stock purchases, Shares | ' | ' | ' | ' | ' | ' | ' | ' | -35 | -13 | -31 |
Conversions of class A to class B common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 18 | 17 | 21 |
Balance at end of year, Shares | ' | ' | ' | ' | 729 | ' | ' | ' | ' | 729 | 725 |
Balance at beginning of year | ' | ' | ' | 7 | ' | ' | ' | 7 | 7 | 7 | 7 |
Common stock purchases | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Conversions of class A to class B common stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Balance at end of period | 7 | ' | ' | ' | 7 | ' | ' | ' | 7 | 7 | 7 |
Additional Paid-In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 | 0 |
Stock award plans | ' | ' | ' | ' | ' | ' | ' | ' | 554 | 444 | 388 |
Common stock purchases | ' | ' | ' | ' | ' | ' | ' | ' | -768 | -943 | -475 |
Common stock issuances | ' | ' | ' | ' | ' | ' | ' | ' | 307 | 293 | 287 |
Option Premiums Received (Paid) | ' | ' | ' | ' | ' | ' | ' | ' | -93 | 206 | -200 |
Balance at end of period | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Retained Earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | ' | 7,997 | ' | ' | ' | 10,128 | 7,997 | 10,128 | 10,604 |
Net income attributable to controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 4,372 | 807 | 3,804 |
Dividends ($2.48, $2.28 and $2.08 per share) | ' | ' | ' | ' | ' | ' | ' | ' | -2,367 | -2,243 | -2,086 |
Common stock purchases | ' | ' | ' | ' | ' | ' | ' | ' | -3,077 | -695 | -2,194 |
Balance at end of period | $6,925 | ' | ' | ' | $7,997 | ' | ' | ' | $6,925 | $7,997 | $10,128 |
SHAREOWNERS_EQUITY_Rollforward1
SHAREOWNERS' EQUITY - Roll-forward of Common Stock, Additional Paid-in Capital, and Retained Earnings Accounts (Parenthetical) (Detail) (Retained Earnings, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Retained Earnings | ' | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Dividends, per share | $2.48 | $2.28 | $2.08 |
SHAREOWNERS_EQUITY_Activity_in
SHAREOWNERS' EQUITY - Activity in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of year | ($3,354) | ($3,103) | ' |
Translation adjustment (net of tax effect of $(5), $(9) and $11) | -260 | 294 | -92 |
Current period changes in fair value (net of tax effect of $(3), $4 and $11) | -7 | 0 | -6 |
Current period changes in fair value (net of tax effect of $1, $(25) and $(16)) | 67 | -82 | 35 |
Balance at end of period | -460 | -3,354 | -3,103 |
Foreign currency translation gain (loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 161 | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 134 | -160 | -68 |
Translation adjustment (net of tax effect of $(5), $(9) and $11) | -99 | 294 | -92 |
Reclassification to earnings (net of tax effect of $(2), $(3) and $(14)) | ' | 0 | 0 |
Balance at end of period | -126 | 134 | -160 |
Unrealized gain (loss) on marketable securities, net of tax | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of year | 6 | 6 | 12 |
Current period changes in fair value (net of tax effect of $(3), $4 and $11) | -4 | 6 | 18 |
Reclassification to earnings (net of tax effect of $(2), $(3) and $(14)) | -3 | -6 | -24 |
Balance at end of period | -1 | 6 | 6 |
Unrealized gain (loss) on cash flow hedges, net of tax | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of year | -286 | -204 | -239 |
Current period changes in fair value (net of tax effect of $1, $(25) and $(16)) | 1 | -43 | -26 |
Reclassification to earnings (net of tax effect of $39, $(24) and $37) | 66 | -39 | 61 |
Balance at end of period | -219 | -286 | -204 |
Unrecognized pension and postretirement benefit costs, net of tax | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' |
Balance at beginning of year | -3,208 | -2,745 | -2,340 |
Reclassification to earnings (net of tax effect of $67, $1,876 and $378) | 111 | 3,135 | 628 |
Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities (net of tax effect of $1,786, $(2,151) and $(622)) | 2,983 | -3,598 | -1,033 |
Balance at end of period | ($114) | ($3,208) | ($2,745) |
SHAREOWNERS_EQUITY_Activity_in1
SHAREOWNERS' EQUITY - Activity in Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Foreign currency translation gain (loss) | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Aggregate adjustment for the period, tax effect | ($5) | ($9) | $11 |
Unrealized gain (loss) on marketable securities, net of tax | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Current period changes in fair value, tax effect | -3 | 4 | 11 |
Reclassification to earnings, tax effect | -2 | -3 | -14 |
Unrealized gain (loss) on cash flow hedges, net of tax | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Current period changes in fair value, tax effect | 1 | -25 | -16 |
Reclassification to earnings, tax effect | 39 | -24 | 37 |
Unrecognized pension and postretirement benefit costs, net of tax | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Reclassification to earnings, tax effect | 67 | 1,876 | 378 |
Net actuarial gain (loss) and prior service cost resulting from remeasurements of plan assets and liabilities, tax effect | $1,786 | ($2,151) | ($622) |
SHAREOWNERS_EQUITY_Activity_in2
SHAREOWNERS' EQUITY - Activity in Deferred Compensation Program (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders Equity Note [Line Items] | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Benefit Obligations: | ' | ' | ' |
Balance at beginning of year | $4,653 | ' | ' |
Balance at end of period | 6,474 | ' | ' |
Balance at beginning of year, Treasury Stock | -1,000,000 | ' | ' |
Balance at end of year, Treasury Stock | -1,000,000 | ' | ' |
Treasury Stock | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Balance at beginning of year | -78 | -88 | -103 |
Reinvested dividends | 4 | -3 | 4 |
Options exercise deferrals | 0 | 0 | 0 |
Benefit payments | 13 | 13 | 19 |
Balance at end of period | -69 | -78 | -88 |
Balance at beginning of year, Treasury Stock | -1,000,000 | -2,000,000 | -2,000,000 |
Reinvested dividends, Treasury Stock | 0 | 0 | ' |
Options exercise deferrals, Treasury Stock | 0 | 0 | 0 |
Benefit payments, Treasury Stock | 0 | 1,000,000 | 0 |
Balance at end of year, Treasury Stock | -1,000,000 | -1,000,000 | -2,000,000 |
Deferred Compensation Obligations | ' | ' | ' |
Benefit Obligations: | ' | ' | ' |
Balance at beginning of year | 78 | 88 | 103 |
Reinvested dividends | -4 | -3 | -4 |
Options exercise deferrals | 0 | 0 | 0 |
Benefit payments | -13 | -13 | -19 |
Balance at end of period | $69 | $78 | $88 |
SHAREOWNERS_EQUITY_Activity_Re
SHAREOWNERS' EQUITY - Activity Related to Noncontrolling Interests (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | ($66) | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Balance at beginning of period | 80 | 73 | 68 |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | ' | 7 | 5 |
Dividends attributable to noncontrolling interests | 0 | 0 | 0 |
Net income attributable to noncontrolling interests | 0 | 0 | 0 |
Balance at end of period | $14 | $80 | $73 |
SHAREOWNERS_EQUITY_SHAREOWNERS
SHAREOWNERS' EQUITY SHAREOWNERS' EQUITY - RECLASSIFICATION FROM AOCI (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Translation Adjustment [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | $161 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | ' | 0 | 0 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 2 | 3 | 14 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | -3 | -6 | -24 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 66 | -39 | 61 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | -39 | 24 | -37 |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Reclassification to earnings (net of tax effect of $67, $1,876 and $378) | 111 | 3,135 | 628 |
Other Expense [Member] | Accumulated Translation Adjustment [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax | 161 | 0 | 0 |
Tax | Accumulated Translation Adjustment [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 0 | 0 | 0 |
Tax | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 39 | -24 | 37 |
Tax | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 67 | 1,876 | 378 |
Net Income [Member] [Member] | Accumulated Translation Adjustment [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax | 161 | 0 | 0 |
Net Income [Member] [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 3 | 6 | 24 |
Net Income [Member] [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -66 | 39 | -61 |
Net Income [Member] [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Reclassification to earnings (net of tax effect of $67, $1,876 and $378) | -111 | -3,135 | -628 |
Labor and Related Expense [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, before Tax | -178 | -5,011 | -1,006 |
Investment Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 5 | 9 | 38 |
Interest Expense [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | -2 | -3 | -14 |
Interest rate contracts | Interest Expense [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -22 | -22 | -19 |
Foreign exchange contracts | Interest Expense [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 18 | 24 | 13 |
Foreign exchange contracts | Revenue [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | -53 | 61 | -101 |
Commodity contracts | Fuel Expense [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | ($48) | $0 | $9 |
STOCKBASED_COMPENSATION_Additi
STOCK-BASED COMPENSATION - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock compensation expense | $513,000,000 | $547,000,000 | $524,000,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 190 | 201 | 192 |
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 286 | 265 | 235 |
Vesting (exercisable) period of awards | '5 years | ' | ' |
Incentive Compensation Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of shares reserved for issuance under the Incentive Compensation Plan | 27,000,000 | ' | ' |
Shares available to be issued under the Incentive Compensation Plan | 22,000,000 | ' | ' |
Incentive Compensation Plan | Stock Options and SARs | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Reduction in the share reserve by each share issued pursuant to an option and each share issued subject to the exercised portion of a stock appreciation right | 1 | ' | ' |
Incentive Compensation Plan | Restricted Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Reduction in the share reserve by each share issued pursuant to an option and each share issued subject to the exercised portion of a stock appreciation right | 1 | ' | ' |
Management Incentive Award | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting (exercisable) period of awards | '5 years | ' | ' |
Percentage of the award vesting at each anniversary date of the grant | 20.00% | ' | ' |
Long Term Incentive Performance Award | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting (exercisable) period of awards | '3 years | ' | ' |
Long Term Incentive Performance Award | Restricted Units | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-average grant date fair value of Stock Units granted | $80.18 | $77.21 | $69.53 |
Total fair value of Stock Units vested | 510,000,000 | 627,000,000 | 557,000,000 |
Total unrecognized compensation cost related to nonvested Stock | 506,000,000 | ' | ' |
Recognition period for the compensation cost | '3 years 0 months | ' | ' |
Nonqualified Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting (exercisable) period of awards | '5 years | ' | ' |
Percentage of the award vesting at each anniversary date of the grant | 20.00% | ' | ' |
Total unrecognized compensation cost related to nonvested Stock | 2,000,000 | ' | ' |
Recognition period for the compensation cost | '3 years 4 months | ' | ' |
Cash received from option holders from the exercise of stock options | 292,000,000 | 122,000,000 | 92,000,000 |
Total intrinsic value of options exercised | $92,000,000 | $39,000,000 | $31,000,000 |
Discounted Employee Stock Purchase Modified Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of closing price of class B stock at which class A stock can be purchased | ' | ' | 95.00% |
Discounted Employee Stock Purchase Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Employee purchase of shares under discounted employee stock purchase plan, number of shares | 1,100,000 | 1,200,000 | 1,300,000 |
Employee purchase of shares under discounted employee stock purchase plan, average prices | $79.74 | $72.17 | $66.86 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting (exercisable) period of awards | '3 years | ' | ' |
Minimum | Management Incentive Award | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Paid in Restricted Units, Percent | 50.00% | ' | ' |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting (exercisable) period of awards | '5 years | ' | ' |
Maximum | Management Incentive Award | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Paid in Restricted Units, Percent | 66.67% | ' | ' |
STOCKBASED_COMPENSATION_Restri
STOCK-BASED COMPENSATION - Restricted Stock Units Outstanding, Including Reinvested Dividends (Detail) (Long Term Incentive Performance Award, Restricted Units, USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Long Term Incentive Performance Award | Restricted Units | ' | ' | ' |
Shares | ' | ' | ' |
Beginning Balance | 14,644 | ' | ' |
Vested | -7,577 | ' | ' |
Granted | 5,461 | ' | ' |
Reinvested Dividends | 437 | ' | ' |
Forfeited / Expired | -217 | ' | ' |
Ending Balance | 12,748 | 14,644 | ' |
Restricted Units Expected to Vest | 12,330 | ' | ' |
Weighted Average Grant Date Fair Value | ' | ' | ' |
Beginning Balance | $68.71 | ' | ' |
Vested | $64.73 | ' | ' |
Granted | $80.18 | $77.21 | $69.53 |
Forfeited / Expired | $72.12 | ' | ' |
Ending Balance | $74.60 | $68.71 | ' |
Restricted Units Expected to Vest | $74.57 | ' | ' |
Weighted Average Remaining Contractual Term (in years) | ' | ' | ' |
Nonvested at December 31, 2013 | '1 year 5 months 19 days | ' | ' |
Restricted Units Expected to Vest | '1 year 5 months 12 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' |
Nonvested at December 31, 2013 | $1,340 | ' | ' |
Restricted Units Expected to Vest | $1,296 | ' | ' |
STOCKBASED_COMPENSATION_Option
STOCK-BASED COMPENSATION - Options to Purchase Shares of Class A Common Stock Issued and Outstanding (Detail) (USD $) | 12 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2013 |
Shares | ' |
Ending Balance | 5,212 |
Exercisable at December 31, 2013 | 4,759 |
Weighted Average Exercise Price | ' |
Ending Balance | $73.73 |
Exercisable at December 31, 2013 | $73.52 |
Weighted Average Remaining Contractual Term (in years) | ' |
Outstanding at December 31, 2013 | '3 years |
Nonqualified Stock Options | ' |
Shares | ' |
Beginning Balance | 10,595 |
Exercised | -5,524 |
Granted | 178 |
Forfeited / Expired | -37 |
Ending Balance | 5,212 |
Options Vested and Expected to Vest | 5,212 |
Exercisable at December 31, 2013 | 4,759 |
Weighted Average Exercise Price | ' |
Beginning Balance | $72.04 |
Exercised | $70.85 |
Granted | $82.93 |
Forfeited / Expired | $63.34 |
Ending Balance | $73.73 |
Options Vested and Expected to Vest | $73.73 |
Exercisable at December 31, 2013 | $73.52 |
Weighted Average Remaining Contractual Term (in years) | ' |
Outstanding at December 31, 2013 | '3 years |
Options Vested and Expected to Vest | '3 years |
Exercisable at December 31, 2013 | '2 years 6 months 11 days |
Aggregate Intrinsic Value | ' |
Outstanding at December 31, 2013 | $163 |
Options Vested and Expected to Vest | 163 |
Exercisable at December 31, 2013 | $150 |
STOCKBASED_COMPENSATION_Fair_V
STOCK-BASED COMPENSATION - Fair Value of Employee Stock Options Granted as Determined by Black-Scholes Valuation Model Assumptions (Detail) (Nonqualified Stock Options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Nonqualified Stock Options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend yield | 2.75% | 2.77% | 2.77% |
Risk-free interest rate | 1.38% | 1.63% | 2.90% |
Expected life in years | '7 years 6 months 2 days | '7 years 6 months 2 days | '7 years 6 months 2 days |
Expected volatility | 24.85% | 25.06% | 24.26% |
Weighted average fair value of options granted | $15.50 | $14.88 | $15.92 |
STOCKBASED_COMPENSATION_Summar
STOCK-BASED COMPENSATION - Summarized Information about Stock Options Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Shares | 5,212 |
Options Outstanding, Average Life (in years) | '3 years |
Options Outstanding, Average Exercise Price | $73.73 |
Options Exercisable, Shares | 4,759 |
Options Exercisable Average, Exercise Price | $73.52 |
Range 1 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, lower limit | $50.01 |
Exercise Price Range, upper limit | $60 |
Options Outstanding, Shares | 185 |
Options Outstanding, Average Life (in years) | '5 years 4 months 6 days |
Options Outstanding, Average Exercise Price | $55.83 |
Options Exercisable, Shares | 150 |
Options Exercisable Average, Exercise Price | $55.83 |
Range 2 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, lower limit | $60.01 |
Exercise Price Range, upper limit | $70 |
Options Outstanding, Shares | 144 |
Options Outstanding, Average Life (in years) | '6 years 4 months 6 days |
Options Outstanding, Average Exercise Price | $67.18 |
Options Exercisable, Shares | 97 |
Options Exercisable Average, Exercise Price | $67.18 |
Range 3 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, lower limit | $70.01 |
Exercise Price Range, upper limit | $80 |
Options Outstanding, Shares | 3,380 |
Options Outstanding, Average Life (in years) | '2 years 8 months 5 days |
Options Outstanding, Average Exercise Price | $71.70 |
Options Exercisable, Shares | 3,170 |
Options Exercisable Average, Exercise Price | $71.43 |
Range 4 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, lower limit | $80.01 |
Exercise Price Range, upper limit | $90 |
Options Outstanding, Shares | 1,503 |
Options Outstanding, Average Life (in years) | '3 years 1 month 6 days |
Options Outstanding, Average Exercise Price | $81.13 |
Options Exercisable, Shares | 1,342 |
Options Exercisable Average, Exercise Price | $80.91 |
SEGMENT_AND_GEOGRAPHIC_INFORMA2
SEGMENT AND GEOGRAPHIC INFORMATION - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segments | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 3 | ' | ' |
Description of consolidated revenue | 'No countries outside of the United States, nor any individual customers, provided 10% or more of consolidated revenue. | 'No countries outside of the United States, nor any individual customers, provided 10% or more of consolidated revenue. | 'No countries outside of the United States, nor any individual customers, provided 10% or more of consolidated revenue. |
International Package | Minimum | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of countries and territories in which service is rendered | 220 | ' | ' |
Supply Chain & Freight | Minimum | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of countries and territories in which service is rendered | 195 | ' | ' |
SEGMENT_AND_GEOGRAPHIC_INFORMA3
SEGMENT AND GEOGRAPHIC INFORMATION - Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $14,976 | $13,521 | $13,507 | $13,434 | $14,571 | $13,071 | $13,349 | $13,136 | $55,438 | $54,127 | $53,105 |
Operating Profit (Loss) | 1,908 | 1,804 | 1,742 | 1,580 | -2,782 | 766 | 1,790 | 1,569 | 7,034 | 1,343 | 6,080 |
Assets | 36,212 | ' | ' | ' | 38,863 | ' | ' | ' | 36,212 | 38,863 | 34,701 |
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,867 | 1,858 | 1,782 |
U.S. Domestic Package | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 34,074 | 32,856 | 31,717 |
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,603 | 459 | 3,764 |
Assets | 19,648 | ' | ' | ' | 19,934 | ' | ' | ' | 19,648 | 19,934 | 19,300 |
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,229 | 1,220 | 1,154 |
International Package | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12,429 | 12,124 | 12,249 |
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 1,757 | 869 | 1,709 |
Assets | 8,463 | ' | ' | ' | 11,248 | ' | ' | ' | 8,463 | 11,248 | 6,729 |
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 473 | 475 | 474 |
Supply Chain & Freight | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,935 | 9,147 | 9,139 |
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 674 | 15 | 607 |
Assets | 6,624 | ' | ' | ' | 6,610 | ' | ' | ' | 6,624 | 6,610 | 6,588 |
Depreciation and Amortization Expense | ' | ' | ' | ' | ' | ' | ' | ' | 165 | 163 | 154 |
Unallocated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | $1,477 | ' | ' | ' | $1,071 | ' | ' | ' | $1,477 | $1,071 | $2,084 |
SEGMENT_AND_GEOGRAPHIC_INFORMA4
SEGMENT AND GEOGRAPHIC INFORMATION - Revenue by Product Type (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $14,976 | $13,521 | $13,507 | $13,434 | $14,571 | $13,071 | $13,349 | $13,136 | $55,438 | $54,127 | $53,105 |
U.S. Domestic Package | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 34,074 | 32,856 | 31,717 |
U.S. Domestic Package | Next Day Air | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6,443 | 6,412 | 6,229 |
U.S. Domestic Package | Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3,437 | 3,392 | 3,299 |
U.S. Domestic Package | Ground | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 24,194 | 23,052 | 22,189 |
International Package | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12,429 | 12,124 | 12,249 |
International Package | Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,667 | 2,531 | 2,628 |
International Package | Export | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 9,166 | 9,033 | 9,056 |
International Package | Cargo | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 596 | 560 | 565 |
Supply Chain & Freight | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8,935 | 9,147 | 9,139 |
Supply Chain & Freight | Forwarding and Logistics | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5,492 | 5,977 | 6,103 |
Supply Chain & Freight | Freight | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 2,882 | 2,640 | 2,563 |
Supply Chain & Freight | Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $561 | $530 | $473 |
SEGMENT_AND_GEOGRAPHIC_INFORMA5
SEGMENT AND GEOGRAPHIC INFORMATION - Geographic Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $14,976 | $13,521 | $13,507 | $13,434 | $14,571 | $13,071 | $13,349 | $13,136 | $55,438 | $54,127 | $53,105 |
Long-lived assets | 21,948 | ' | ' | ' | 21,574 | ' | ' | ' | 21,948 | 21,574 | 21,305 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 41,772 | 40,428 | 39,347 |
Long-lived assets | 15,651 | ' | ' | ' | 16,262 | ' | ' | ' | 15,651 | 16,262 | 16,085 |
International [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 13,666 | 13,699 | 13,758 |
Long-lived assets | $6,297 | ' | ' | ' | $5,312 | ' | ' | ' | $6,297 | $5,312 | $5,220 |
INCOME_TAXES_Income_Tax_Expens
INCOME TAXES - Income Tax Expense Benefit (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
U.S. Federal | $2,181 | $1,901 | $1,371 |
U.S. State and Local | 205 | 182 | 121 |
Non-U.S. | 162 | 167 | 166 |
Total Current | 2,548 | 2,250 | 1,658 |
Deferred: | ' | ' | ' |
U.S. Federal | -242 | -1,871 | 262 |
U.S. State and Local | -22 | -201 | 44 |
Non-U.S. | 18 | -11 | 8 |
Total Deferred | -246 | -2,083 | 314 |
Total | $2,302 | $167 | $1,972 |
INCOME_TAXES_Income_Before_Inc
INCOME TAXES - Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $6,040 | $384 | $5,309 |
Non-U.S. | 634 | 590 | 467 |
Income Before Income Taxes | $6,674 | $974 | $5,776 |
INCOME_TAXES_Reconciliation_of
INCOME TAXES - Reconciliation of Statutory Federal Income Tax Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
U.S. state and local income taxes (net of federal benefit) | 2.10% | 0.00% | 2.00% |
Non-U.S. tax rate differential | -1.30% | -6.10% | -0.40% |
Nondeductible/nontaxable items | -0.20% | -0.40% | -0.10% |
U.S. federal tax credits | -1.20% | -7.40% | -1.70% |
Other | 0.10% | -4.00% | -0.70% |
Effective income tax rate | 34.50% | 17.10% | 34.10% |
INCOME_TAXES_Additional_Inform
INCOME TAXES - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Effective income tax rate | 34.50% | 17.10% | 34.10% |
Income Tax Expense | $2,302 | $167 | $1,972 |
Income tax holiday, decrease of non-U.S. tax expense | 20 | 22 | ' |
Income tax holiday, tax benefits per share | $0.02 | $0.02 | ' |
Change in valuation allowance | 31 | 15 | 2 |
Non-U.S. loss carryforwards | 956 | ' | ' |
Undistributed earnings of non-U.S. subsidiaries | 4,130 | ' | ' |
Gross unrecognized tax benefits that would impact effective tax rate, if recognized | 185 | 224 | 247 |
Gross recognized tax benefits outstanding refund claims for prior tax years | 281 | 280 | 291 |
Income Tax Receivable for Interest | $25 | $23 | $27 |
Maximum | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration year | '2033 | ' | ' |
Minimum | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Tax credit carryforward expiration period | '3 years | ' | ' |
INCOME_TAXES_Deferred_Tax_Liab
INCOME TAXES - Deferred Tax Liabilities and Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Property, plant and equipment | ($3,613) | ($3,624) |
Goodwill and intangible assets | -1,116 | -1,035 |
Other | -651 | -617 |
Deferred tax liabilities | -5,380 | -5,276 |
Pension and postretirement benefits | 3,086 | 4,608 |
Loss and credit carryforwards (non-U.S. and state) | 279 | 258 |
Insurance reserves | 765 | 737 |
Vacation pay accrual | 224 | 209 |
Stock compensation | 70 | 159 |
Other | 709 | 708 |
Deferred tax assets | 5,133 | 6,679 |
Deferred tax assets valuation allowance | -251 | -220 |
Deferred tax asset (net of valuation allowance) | 4,882 | 6,459 |
Net deferred tax asset (liability) | -498 | 1,183 |
Amounts recognized in the consolidated balance sheets: | ' | ' |
Current deferred tax assets | 684 | 583 |
Current deferred tax liabilities (included in other current liabilities) | -48 | -36 |
Non-current deferred tax assets | 110 | 684 |
Non-current deferred tax liabilities | -1,244 | -48 |
Net deferred tax asset (liability) | ($498) | $1,183 |
INCOME_TAXES_US_State_and_Loca
INCOME TAXES - U.S. State and Local Operating Loss and Credit Carryforwards (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
U.S. state and local operating loss carryforwards | $546 | $608 |
U.S. state and local credit carryforwards | $42 | $61 |
INCOME_TAXES_Summarized_Activi
INCOME TAXES - Summarized Activity Related to Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Tax | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Beginning Balance | $232 | $252 | $284 |
Additions for tax positions of the current year | 15 | 13 | 13 |
Additions for tax positions of prior years | 20 | 7 | 17 |
Reductions for tax positions of prior years for: | ' | ' | ' |
Changes based on facts and circumstances | -67 | -22 | -50 |
Settlements during the period | -8 | -3 | -11 |
Lapses of applicable statute of limitations | -1 | -15 | -1 |
Ending Balance | 191 | 232 | 252 |
Interest | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Beginning Balance | 53 | 73 | 95 |
Additions for tax positions of the current year | 0 | 0 | 0 |
Additions for tax positions of prior years | 9 | 9 | 6 |
Reductions for tax positions of prior years for: | ' | ' | ' |
Changes based on facts and circumstances | -23 | -18 | -9 |
Settlements during the period | 1 | -7 | -19 |
Lapses of applicable statute of limitations | 0 | -4 | 0 |
Ending Balance | 40 | 53 | 73 |
Penalties | ' | ' | ' |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Beginning Balance | 4 | 3 | 7 |
Additions for tax positions of the current year | 0 | 0 | 0 |
Additions for tax positions of prior years | 2 | 1 | 0 |
Reductions for tax positions of prior years for: | ' | ' | ' |
Changes based on facts and circumstances | -1 | 0 | -2 |
Settlements during the period | 0 | 0 | -1 |
Lapses of applicable statute of limitations | -1 | 0 | -1 |
Ending Balance | $4 | $4 | $3 |
EARNINGS_PER_SHARE_Computation
EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to common shareowners | $1,167 | $1,097 | $1,071 | $1,037 | ($1,748) | $469 | $1,116 | $970 | $4,372 | $807 | $3,804 |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares | ' | ' | ' | ' | ' | ' | ' | ' | 937 | 957 | 977 |
Deferred compensation obligations | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 2 |
Vested portion of restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 |
Denominator for basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 940 | 960 | 981 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 948 | 969 | 991 |
Basic earnings per share | $1.26 | $1.17 | $1.14 | $1.09 | ($1.83) | $0.49 | $1.16 | $1.01 | $4.65 | $0.84 | $3.88 |
Diluted earnings per share | $1.25 | $1.16 | $1.13 | $1.08 | ($1.83) | $0.48 | $1.15 | $1 | $4.61 | $0.83 | $3.84 |
Restricted Performance Units [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 8 | 9 |
Stock Option Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 |
EARNINGS_PER_SHARE_Additional_
EARNINGS PER SHARE - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' |
Shares excluded from diluted earnings per share that may be issued upon the exercise of employee stock options because such effect would be antidilutive | 0.1 | 2.6 | 7.4 |
DERIVATIVE_INSTRUMENTS_AND_RIS2
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Collateral received under contractual provisions | $161 |
Aggregate fair value additional collateral | 0 |
Maximum term over hedging exposures to the variability of cash flow | '36 years |
Pre-tax gains related to cash flow hedges that are currently deferred in AOCI and are expected to be reclassified to income over the 12 month period ended December 31, 2012 | 83 |
Derivative, Collateral, Right to Reclaim Cash | $35 |
DERIVATIVE_INSTRUMENTS_AND_RIS3
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Notional Amounts of Outstanding Derivative Positions (Detail) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | AED | CAD | EUR (€) | GBP (£) | MXN | MYR | AED | CAD | EUR (€) | GBP (£) | MXN | MYR | Fixed to Floating Interest Rate Swaps | Fixed to Floating Interest Rate Swaps | Floating to Fixed Interest Rate Swaps | Floating to Fixed Interest Rate Swaps | Interest Rate Basis Swaps | Interest Rate Basis Swaps |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 0 | 218 | € 2,637 | £ 1,097 | 583 | 0 | 551 | 341 | € 1,783 | £ 797 | 0 | 500 | $6,799 | $7,274 | $780 | $781 | $2,500 | $2,500 |
DERIVATIVE_INSTRUMENTS_AND_RIS4
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Balance sheet location of derivative assets and liabilities and their related fair values (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | $347 | $566 |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 121 | 159 |
Foreign exchange contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 76 | 44 |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 13 | 104 |
Interest rate contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 271 | 522 |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 108 | 55 |
Fair Value, Inputs, Level 2 | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 347 | 566 |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 121 | 159 |
Fair Value, Inputs, Level 2 | Asset derivatives | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 347 | 566 |
Net Amounts if Right of Offset had been Applied | 242 | 540 |
Fair Value, Inputs, Level 2 | Liability derivatives | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 121 | 159 |
Net Amounts if Right of Offset had been Applied | 16 | 133 |
Fair Value, Inputs, Level 2 | Foreign exchange contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 76 | 44 |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 13 | 104 |
Fair Value, Inputs, Level 2 | Interest rate contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 271 | 522 |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 108 | 55 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Foreign exchange contracts | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 10 | 27 |
Net Amounts if Right of Offset had been Applied | 4 | 27 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Foreign exchange contracts | Other non-current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 59 | 14 |
Net Amounts if Right of Offset had been Applied | 59 | 12 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Foreign exchange contracts | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | -6 | 0 |
Net Amounts if Right of Offset had been Applied | 0 | 0 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Foreign exchange contracts | Other non-current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 0 | 103 |
Net Amounts if Right of Offset had been Applied | 0 | 101 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Interest rate contracts | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 7 | 1 |
Net Amounts if Right of Offset had been Applied | 7 | 1 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Interest rate contracts | Other non-current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 204 | 420 |
Net Amounts if Right of Offset had been Applied | 110 | 406 |
Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Interest rate contracts | Other non-current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 104 | 14 |
Net Amounts if Right of Offset had been Applied | 10 | 0 |
Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument | Foreign exchange contracts | Other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 7 | 3 |
Net Amounts if Right of Offset had been Applied | 5 | 3 |
Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument | Foreign exchange contracts | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 7 | 1 |
Net Amounts if Right of Offset had been Applied | 5 | 1 |
Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument | Interest rate contracts | Other non-current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Asset Derivatives | 60 | 101 |
Net Amounts if Right of Offset had been Applied | 57 | 91 |
Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument | Interest rate contracts | Other current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 1 | 0 |
Net Amounts if Right of Offset had been Applied | 1 | 0 |
Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument | Interest rate contracts | Other non-current liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amounts Presented in Consolidated Balance Sheets, Liability Derivatives | 3 | 41 |
Net Amounts if Right of Offset had been Applied | $0 | $31 |
DERIVATIVE_INSTRUMENTS_AND_RIS5
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Amount and Location in the Income Statement for Derivatives Designed as Cash Flow Hedges (Detail) (Cash Flow Hedging, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $2 | ($68) |
Interest rate contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 6 | -71 |
Foreign exchange contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 44 | 3 |
Commodity contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | ($48) | $0 |
DERIVATIVE_INSTRUMENTS_AND_RIS6
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Fair Values of Derivative Assets and Liabilities by Hedge Type (Detail) (Interest Expense [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fixed-Rate Debt and Capital Leases | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | $306 | ($20) |
Interest rate contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | ($306) | $20 |
DERIVATIVE_INSTRUMENTS_AND_RIS7
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Amount Recorded in Income Statements for Foreign Currency Forward Contracts Not Designated as Hedges (Detail) (Not Designated as Hedging Instrument, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | $63 | ($13) |
Foreign exchange contracts | Revenue | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | 0 | 2 |
Foreign exchange contracts | Other Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | 72 | 19 |
Foreign exchange contracts | Investment Income [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | -5 | -22 |
Interest rate contracts | Interest Expense [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Amount of Gain (Loss) Recognized in Income | ($4) | ($12) |
DERIVATIVE_INSTRUMENTS_AND_RIS8
DERIVATIVE INSTRUMENTS AND RISK MANAGEMENT - Amount and Location in the Income Statement for Derivatives Designated as Fair Value Hedges (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | $347 | $566 |
Liability Derivatives | -121 | -159 |
Foreign exchange contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 76 | 44 |
Liability Derivatives | -13 | -104 |
Interest rate contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 271 | 522 |
Liability Derivatives | -108 | -55 |
Fair Value, Inputs, Level 1 | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Fair Value, Inputs, Level 1 | Foreign exchange contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Fair Value, Inputs, Level 1 | Interest rate contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Fair Value, Inputs, Level 2 | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 347 | 566 |
Liability Derivatives | -121 | -159 |
Fair Value, Inputs, Level 2 | Foreign exchange contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 76 | 44 |
Liability Derivatives | -13 | -104 |
Fair Value, Inputs, Level 2 | Interest rate contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 271 | 522 |
Liability Derivatives | -108 | -55 |
Fair Value, Inputs, Level 3 | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Fair Value, Inputs, Level 3 | Foreign exchange contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | 0 | 0 |
Fair Value, Inputs, Level 3 | Interest rate contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Asset Derivatives | 0 | 0 |
Liability Derivatives | $0 | $0 |
Recovered_Sheet6
TERMINATION OF TNT TRANSACTION - Additional Information (Detail) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 |
USD ($) | TNT Express [Member] | TNT Express [Member] | |
USD ($) | EUR (€) | ||
Termination of TNT Transaction [Line Items] | ' | ' | ' |
deconsolidation gain or loss amount after tax | $213 | ' | ' |
Deconsolidation, Gain (Loss), Amount | 245 | ' | ' |
Total Termination Fee (pretax) | 284 | ' | ' |
Total Termination Fee (aftertax) | 177 | ' | ' |
Business Combination, Acquisition Related Costs | 16 | ' | ' |
Termination of Business Acquisition, Termination Fee | ' | $268 | € 200 |
SUBSEQUENT_EVENTS_SUBSEQUENT_E
SUBSEQUENT EVENTS SUBSEQUENT EVENTS (Details) | 12 Months Ended | |
Dec. 31, 2013 | Apr. 01, 2014 | |
Pilots | ||
Employee | ||
Subsequent Event [Line Items] | ' | ' |
Number of employees under a national master agreement and various supplemental agreements with local unions affiliated with Teamster | 253,000 | ' |
number of agreements | ' | 2 |
Term of Agreement | '5 years | ' |
Number of supplemental agreements with local Teamster unions open | 6 | ' |
Number of pilots under a collective bargaining agreement with the Independent Pilots Association | 2,600 | ' |
QUARTERLY_INFORMATION_unaudite2
QUARTERLY INFORMATION (unaudited) - Quarterly Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $14,976 | $13,521 | $13,507 | $13,434 | $14,571 | $13,071 | $13,349 | $13,136 | $55,438 | $54,127 | $53,105 |
Operating profit (loss) | 1,908 | 1,804 | 1,742 | 1,580 | -2,782 | 766 | 1,790 | 1,569 | 7,034 | 1,343 | 6,080 |
Net income | 1,167 | 1,097 | 1,071 | 1,037 | -1,748 | 469 | 1,116 | 970 | 4,372 | 807 | 3,804 |
Basic | $1.26 | $1.17 | $1.14 | $1.09 | ($1.83) | $0.49 | $1.16 | $1.01 | $4.65 | $0.84 | $3.88 |
Diluted | $1.25 | $1.16 | $1.13 | $1.08 | ($1.83) | $0.48 | $1.15 | $1 | $4.61 | $0.83 | $3.84 |
U.S. Domestic Package | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 9,308 | 8,254 | 8,241 | 8,271 | 8,933 | 7,861 | 8,058 | 8,004 | ' | ' | ' |
Operating profit (loss) | 1,200 | 1,186 | 1,132 | 1,085 | -1,799 | 129 | 1,134 | 995 | ' | ' | ' |
International Package | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 3,372 | 3,017 | 3,062 | 2,978 | 3,201 | 2,943 | 3,014 | 2,966 | ' | ' | ' |
Operating profit (loss) | 537 | 417 | 451 | 352 | -442 | 449 | 454 | 408 | ' | ' | ' |
Supply Chain & Freight | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 2,296 | 2,250 | 2,204 | 2,185 | 2,437 | 2,267 | 2,277 | 2,166 | ' | ' | ' |
Operating profit (loss) | $171 | $201 | $159 | $143 | ($541) | $188 | $202 | $166 | ' | ' | ' |
QUARTERLY_INFORMATION_unaudite3
QUARTERLY INFORMATION (unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
item | U.S. Domestic Package | U.S. Domestic Package | International Package | International Package | Supply Chain & Freight | ||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of items impacting operating profit | 2 | ' | ' | ' | ' | ' | ' |
Increase (decrease) in operating profit | ' | ' | ' | $896 | $39 | ' | ' |
Increase (decrease) in net income | ' | 3,023 | ' | 559 | 36 | ' | ' |
Increase (decrease) in basic and diluted earnings per share | ' | $3.16 | ' | $0.58 | $0.04 | ' | ' |
Impact of pension mark-to-market | ' | $4,831 | $3,177 | ' | ' | $941 | $713 |