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Pension Plan And Other Postretirement Benefits
9 Months Ended
Sep. 30, 2014
Pension Plan And Other Postretirement Benefits [Abstract]  
Pension Plan And Other Postretirement Benefits

(12) PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS

 

The Company has defined pension and postretirement benefit plans which cover substantially all of the Company’s employees. Net periodic pension costs include the following components for the three and nine months ended September 30, 2014 and 2013:  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

For the three months ended

 

For the nine months ended

 

 

September 30,

 

September 30,

 

 

2014

 

2013

 

2014

 

2013

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

 

$

 

$

10 

 

$

10 

Interest cost

 

 

 

 

 

 

 

 

Expected return on plan assets

 

 

(1)

 

 

(1)

 

 

(5)

 

 

(4)

Amortization of prior service cost

 

 

 –

 

 

 –

 

 

 –

 

 

 –

Amortization of net loss

 

 

 –

 

 

 –

 

 

 –

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net periodic benefit cost

 

$

 

$

 

$

 

$

10 

 

The Company’s postretirement benefit plan had a net periodic benefit cost of $1,  $1,  $2 and $2 million as of the three months ended September 30, 2014 and 2013 and nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014, the Company has contributed $9 million to the pension plan, and expects to contribute an additional $3 million to the pension plan in 2014.

 

The Company maintains a non-qualified deferred compensation supplemental retirement savings plan (“Non-Qualified Plan”) for certain key employees who may elect to defer and contribute a portion of their compensation, as permitted by the plan. Shares of the Company’s common stock purchased under the terms of the Non-Qualified Plan are presented as treasury stock and totaled 10,763 shares at September 30, 2014 compared to 9,924 shares at December 31, 2013.