EMPLOYEE BENEFITS

3 Months Ended

Mar. 31, 2015

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 March 31, 2015
Components of net periodic benefit cost:
Service cost	$	52	$	11	$	63	$	2	$	1	$	3
Interest cost		55		6		61		2		1		3
Expected return on assets		(72)		(6)		(78)		-		-		-
Amortization of prior service (credit) cost		(8)		(1)		(9)		(3)		-		(3)
Amortization of net (gain) loss		32		3		35		-		-		-
Net periodic benefit cost	$	59	$	13	$	72	$	1	$	2	$	3
Three Months Ended March 31, 2014
Components of net periodic benefit cost:
Service cost	$	44	$	11	$	55	$	1	$	-	$	1
Interest cost		57		7		64		2		1		3
Expected return on assets		(71)		(6)		(77)		-		-		-
Amortization of prior service (credit) cost		(8)		(1)		(9)		(2)		-		(2)
Amortization of net (gain) loss		11		2		13		-		-		-
Curtailment (gain) loss		-		-		-		-		-		-
Net periodic benefit cost	$	33	$	13	$	46	$	1	$	1	$	2

For the three-month period ended March 31,2015, we contributed $56 million to our U.S. and non-U.S. pension plans and we estimate that we will contribute an additional $117 million for the remainder of 2015. These estimates are subject to change because contribution decisions are affected by various factors, including our liquidity, market performance and management discretion.