EMPLOYEE BENEFITS

3 Months Ended

Mar. 31, 2017

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

14. Employee Benefits

We sponsor various defined benefit pension plans, post-retirement medical and life insurance plans for eligible employees and retirees in the U.S. and certain non-U.S. countries.

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, 2017
Components of net periodic benefit cost:
Service cost	$	6	$	8	$	14	$	-	$	1	$	1
Interest cost		43		4		47		2		1		3
Expected return on assets		(64)		(6)		(70)		-		-		-
Amortization of net loss		7		3		10		-		-		-
Net periodic benefit cost (credit)	$	(8)	$	9	$	1	$	2	$	2	$	4
Three Months Ended March 31, 2016
Components of net periodic benefit cost:
Service cost	$	4	$	8	$	12	$	1	$	1	$	2
Interest cost		46		5		51		1		1		2
Expected return on assets		(73)		(7)		(80)		-		-		-
Amortization of prior service credit		-		-		-		(2)		-		(2)
Amortization of net loss		6		2		8		-		-		-
Curtailment gain		-		(2)		(2)		-		-		-
Net periodic benefit cost (credit)	$	(17)	$	6	$	(11)	$	-	$	2	$	2