Retirement and Employee Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement and Employee Benefit Plans

Retirement and Employee Benefit Plans

We have defined contribution plans covering certain employees. Contribution expenses related to these plans totaled $79 million, $73 million and $62 million in 2014, 2013 and 2012, respectively.

We have defined benefit pension and other post-retirement benefit plans covering certain U.S. and international employees.  Plan benefits are generally based on factors such as age, compensation levels and years of service. Net periodic benefit cost related to these plans totaled $18 million, $20 million and $16 million in 2014, 2013 and 2012, respectively. The projected benefit obligations on a consolidated basis were $325 million and $297 million as of December 31, 2014 and 2013, respectively. Actuarial losses totaling $42 million and offsetting currency fluctuations of $28 million were the two main components affecting the obligation during the year other than expected service and interest costs. The fair values of plan assets on a consolidated basis (determined primarily using Level 2 inputs) were $161 million and $151 million as of December 31, 2014 and 2013, respectively. Currency fluctuations also had an impact on assets, reducing the increase in value related to asset returns and contributions. The net underfunded obligation was substantially all recorded within Other Noncurrent Liabilities at each balance sheet date. Additionally, consolidated amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost were $75 million and $52 million as of December 31, 2014 and 2013, respectively. The increase in other comprehensive income year over year is due to an annual net loss of $33 million resulting primarily from a decrease in discount rates.

The weighted average assumption rates used for benefit obligations were as follows:

	Year Ended December 31,
	2014	2013
Discount rate:
United States plans	1.00% - 4.00%	1.00% - 4.75%
International plans	1.65% - 7.00%	3.50% - 7.00%
Rate of compensation increase:
United States plans	—	—
International plans	2.00% - 3.30%	3.00% - 4.50%

During 2014 and 2013, we contributed $14 million and $12 million, respectively, to our defined benefit pension and other post-retirement benefit plans. In 2015, we expect to contribute approximately $6 million to those plans.