EMPLOYEE BENEFITS

9 Months Ended

Sep. 30, 2014

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

14. EMPLOYEE BENEFITS

The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits:

	Pension						Postretirement
		U.S.		Non-U.S.				U.S.		Non-U.S.
(in millions)		Plans		Plans		Total		Plans		Plans		Total
Three Months Ended September 30, 2014
Components of net periodic benefit cost:
Service cost	$	42	$	11	$	53	$	1	$	-	$	1
Interest cost		57		7		64		2		1		3
Expected return on assets		(73)		(6)		(79)		-		-		-
Amortization of prior service (credit) cost		(8)		(1)		(9)		(3)		-		(3)
Amortization of net (gain) loss		9		2		11		-		-		-
Net periodic benefit cost	$	27	$	13	$	40	$	-	$	1	$	1
Three Months Ended September 30, 2013
Components of net periodic benefit cost:
Service cost	$	71	$	12	$	83	$	1	$	1	$	2
Interest cost		53		7		60		2		-		2
Expected return on assets		(64)		(4)		(68)		-		-		-
Amortization of prior service (credit) cost		(8)		(1)		(9)		(3)		-		(3)
Amortization of net (gain) loss		40		3		43		(1)		-		(1)
Net periodic benefit cost	$	92	$	17	$	109	$	(1)	$	1	$	-
Nine Months Ended September 30, 2014
Components of net periodic benefit cost:
Service cost	$	130	$	32	$	162	$	3	$	1	$	4
Interest cost		171		22		193		7		2		9
Expected return on assets		(215)		(17)		(232)		-		-		-
Amortization of prior service (credit) cost		(25)		(2)		(27)		(8)		-		(8)
Amortization of net (gain) loss		31		6		37		-		-		-
Net periodic benefit cost	$	92	$	41	$	133	$	2	$	3	$	5
Nine Months Ended September 30, 2013
Components of net periodic benefit cost:
Service cost	$	159	$	36	$	195	$	4	$	3	$	7
Interest cost		151		22		173		6		1		7
Expected return on assets		(193)		(14)		(207)		-		-		-
Amortization of prior service (credit) cost		(25)		(2)		(27)		(8)		-		(8)
Amortization of net (gain) loss		106		9		115		-		-		-
Net periodic benefit cost	$	198	$	51	$	249	$	2	$	4	$	6

For the nine-month period ended September 30,2014, we contributed $163 million to our U.S. and non-U.S. pension plans and estimate that we will contribute an additional $14 million for the remainder of 2014. These estimates are subject to change because contribution decisions are affected by various factors, including our liquidity, market performance and management discretion.