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Retirement And Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Retirement And Employee Benefit Plans [Abstract]  
Changes In Plans Benefit Obligations, Fair Value Of Assets, And Funded Status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Postretirement

 

Pension Benefits

 

Benefits

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

(in millions)

Change in benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at January 1

$
103 

 

$
105 

 

$
12 

 

$
12 

Service cost

 
13 

 

 
14 

 

 
2 

 

 
2 

Interest cost

 
5 

 

 
4 

 

 
1 

 

 

– 

Participant contributions

 

– 

  

 

– 

 

 

– 

 

 

– 

Actuarial loss

 
21 

 

 
(11)

 

 
3 

 

 
(2)

Benefits paid

 
(8)

 

 
(8)

 

 

– 

 

 

– 

Plan amendments

 

 – 

 

 

– 

 

 

– 

 

 

– 

Settlements

 

 – 

 

 
(1)

 

 

– 

 

 

– 

Benefit obligation at December 31

$
134 

 

$
103 

 

$
18 

 

$
12 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Postretirement

 

Pension Benefits

 

Benefits

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

(in millions)

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at January 1

$
99 

 

$
83 

 

$

 –

 

$

 – 

Actual return on plan assets

 
5 

 

 
12 

 

 

 –

 

 

 – 

Employer contributions

 
12 

 

 
13 

 

 

 –

 

 

 – 

Participant contributions

 

– 

 

 

– 

 

 

 –

 

 

 – 

Benefits paid

 
(8)

 

 
(8)

 

 

 –

 

 

 – 

Settlements

 

– 

 

 
(1)

 

 

 –

 

 

 – 

Fair value of plan assets at December 31

$
108 

 

$
99 

 

$

 –

 

$

 – 

Funded status of plans at December 31

$
(26)

 

$
(4)

 

$
(18)

 

$
(12)

 

Projected Benefit Obligation, Accumulated Benefit Obligation, And Fair Value Of Plan Assets

 

 

 

 

 

 

 

 

2014

 

 

2013

 

 

(in millions)

Projected benefit obligation

$
134 

 

$
103 

Accumulated benefit obligation

$
129 

 

$
100 

Fair value of plan assets

$
108 

 

$
99 

 

Pension And Other Postretirement Benefit Costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Postretirement

 

 

Pension Benefits

 

 

Benefits

 

 

2014

 

 

2013

 

 

2012

 

 

2014

 

 

2013

 

 

2012

 

 

(in millions)

Service cost

$
13 

 

$
14 

 

$
11 

 

$
2 

 

$
2 

 

$
2 

Interest cost

 
5 

 

 
4 

 

 
4 

 

 
1 

 

 
1 

 

 

 – 

Expected return on plan assets

 
(7)

 

 
(6)

 

 
(5)

 

 

 –

 

 

 –

 

 

 – 

Amortization of transition obligation

 

– 

 

 

– 

 

 

– 

 

 

 –

 

 

 –

 

 

 – 

Amortization of prior service cost

 

– 

 

 

– 

 

 

– 

 

 

 –

 

 

 –

 

 

 – 

Amortization of net loss

 
1 

 

 
2 

 

 
1 

 

 

 –

 

 

 –

 

 

 – 

Net periodic benefit cost

 
12 

 

 
14 

 

 
11 

 

 
3 

 

 
3 

 

 
2 

Settlements and curtailments

 

 –

 

 
0 

 

 

– 

 

 

 –

 

 

 –

 

 

 – 

Total benefit cost

$
12 

 

$
14 

 

$
11 

 

$
3 

 

$
3 

 

$
2 

 

Amounts Recognized In Other Comprehensive Income

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Postretirement Benefits

 

 

 

(in millions)

Net actuarial loss arising during the year

 

$
(23)

 

$
(2)

Amortization of prior service cost

 

 

– 

 

 

 –  

Amortization of net loss

 

 

– 

 

 

 –  

Settlements

 

 

– 

 

 

 –  

Tax effect

 

 
9 

 

 
1 

 

 

$
(14)

 

$
(1)

 

Schedule Of Assumptions Used

The assumptions used in the measurement of the Company’s benefit obligations as of December 31, 2014 and 2013 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate
4.25 

%

 
5.00 

%

 
4.25 

%

 
5.00 

%

Rate of compensation increase
4.50 

%

 
4.50 

%

 

n/a 

 

 

n/a 

 

 

The assumptions used in the measurement of the Company’s net periodic benefit cost for 2014, 2013 and 2012 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

Other Postretirement
Benefits

 

2014

 

 

2013

 

 

2012

 

 

2014

 

 

2013

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate
5.00 

%

 
4.00 

%

 
5.00 

%

 
5.00 

%

 
4.00 

%

 
5.00 

%

Expected return on plan assets
7.00 

%

 
7.00 

%

 
7.50 

%

 

n/a

 

 

n/a

 

 

n/a

 

Rate of compensation increase
4.50 

%

 
4.50 

%

 
4.50 

%

 

n/a

 

 

n/a

 

 

n/a

 

 

Schedule Of Health Care Cost Trend Rates

 

 

 

 

 

 

 

2014

 

 

2013

 

Health care cost trend assumed for next year
8 

%

 
8 

%

Rate to which the cost trend is assumed to decline
5 

%

 
5 

%

Year that the rate reaches the ultimate trend rate
2033 

 

 
2032 

 

 

One Percentage Point Change In Assumed Health Care Cost Trend Rates

 

 

 

 

 

 

 

 

1%
Increase

 

 

1%
Decrease

 

(in millions)

Effect on the total service and interest cost components

$

–  

 

$

– 

Effect on postretirement benefit obligations

$
3 

 

$
(2)

 

Schedule Of Expected Benefit Payments

 

 

 

 

 

 

 

Pension Benefits

 

Other Postretirement Benefits

(in millions)

2015

$
6 

 

2015

$
1 

2016

$
8 

 

2016

$
1 

2017

$
8 

 

2017

$
1 

2018

$
10 

 

2018

$
1 

2019

$
11 

 

Years 2019-2023

$
9 

Years 2020-2024

$
65 

 

 

 

 

 

Schedule Of Allocation Of Plan Assets

 

 

 

 

 

 

 

 

Pension Plan Asset
Allocations

Asset category:

Target

 

Actual

Equity securities:

 

 

 

 

 

U.S. Equity(1)
35 

%

 
36 

%

Non-U.S. Developed Equity(2)
30 

%

 
27 

%

Emerging Markets Equity(3)
5 

%

 
5 

%

Opportunistic(4)

 –

%

 

 –

%

Fixed income(5) 
29 

%

 
29 

%

Cash(6)
1 

%

 
3 

%

Total
100 

%

 
100 

%

 

(1)

Asset category above includes the following equity securities in the table below: U.S. large cap growth equity, U.S. large cap value equity, U.S. large cap core equity, and U.S. small cap equity.

(2)

Asset category above includes Non-U.S. equity securities in the table below.

(3)

Asset category above includes Emerging markets equity securities below.

(4)

Asset category above includes none of the securities in the table below.

(5)

Asset category above includes Fixed income pension plan assets in the table below.

(6)

Asset category above includes Cash and cash equivalents pension plan assets in the table below.
Fair Value Measurement Of Pension Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

Asset category:

Total

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

Significant Observable Inputs
(Level 2)

 

Significant Unobservable Inputs
(Level 3)

 

(in millions)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

U.S. large cap growth equity(1)

$
8 

 

$
8 

 

$

 –

 

$

 – 

U.S. large cap value equity(2)

 
9 

 

 
9 

 

 

 –

 

 

 – 

U.S. large cap core equity(3)

 
19 

 

 

 –

 

 
19 

 

 

 – 

U.S. small cap equity(4)

 
3 

 

 
3 

 

 

 –

 

 

 – 

Non-U.S. equity(5)

 
29 

 

 
29 

 

 

 –

 

 

 – 

Emerging markets equity(6)

 
5 

 

 
5 

 

 

 –

 

 

 – 

Fixed income (7)

 
31 

 

 

 –

 

 
31 

 

 

 – 

Cash and cash equivalents

 
4 

 

 
4 

 

 

 –

 

 

 – 

Total

$
108 

 

$
58 

 

$
50 

 

$

 – 

 

(1)Mutual fund that seeks to invest in a diversified portfolio of stocks with price appreciation growth opportunities.

(2)Mutual fund that seeks to invest in a diversified portfolio of stocks that will increase in value over the long-term as well as provide current income.

(3)An institutional fund that seeks to replicate the performance of the S&P 500 Index before fees.

(4)Mutual fund that seeks to invest in a diversified portfolio of stocks with small market capitalizations.

(5)Mutual funds that invest primarily in equity securities of companies domiciled outside of the United States, primarily in developed markets.

(6)An institutional fund that invests primarily in the equity securities of companies domiciled in emerging markets.

(7)Institutional funds that seek an investment return that approximates, as closely as practicable, before expenses, the performance of the Barclays U.S. Intermediate Credit Bond Index over the long term and the Barclays Long U.S. Corporate Bond Index over the long-term.

 

Utilizing the fair value hierarchy described in Note 7 – Fair Value Measurements, the Company’s fair value measurement of pension plan assets at December 31, 2013 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset category:

Total

 

Quoted Prices in Active Markets for Identical Assets
(Level 1)

 

Significant Observable Inputs
(Level 2)

 

Significant Unobservable Inputs
(Level 3)

 

(in millions)

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

U.S. large cap growth equity(1)

$
8 

 

$
8 

 

$

 –

 

$

 –

U.S. large cap value equity(2)

 
8 

 

 
8 

 

 

 –

 

 

 –

U.S. large cap core equity(3)

 
16 

 

 

 –

 

 
16 

 

 

 –

U.S. small cap equity(4)

 
3 

 

 
3 

 

 

 –

 

 

 –

Non-U.S. equity(5)

 
31 

 

 
31 

 

 

 –

 

 

 –

Emerging markets equity(6)

 
6 

 

 

 –

 

 
6 

 

 

 –

Fixed income (7)

 
26 

 

 

 –

 

 
26 

 

 

 –

Cash and cash equivalents

 
1 

 

 
1 

 

 

 –

 

 

 –

Total

$
99 

 

$
51 

 

$
48 

 

$

 –

 

(1)Mutual fund that seeks to invest in a diversified portfolio of stocks with price appreciation growth opportunities.

(2)Mutual fund that seeks to invest in a diversified portfolio of stocks that will increase in value over the long-term as well as provide current income.

(3)An institutional fund that seeks to replicate the performance of the S&P 500 Index before fees.

(4)Mutual fund that seeks to invest in a diversified portfolio of stocks with small market capitalizations.

(5)Mutual funds that invest primarily in equity securities of companies domiciled outside of the United States, primarily in developed markets.

(6)An institutional fund that invests primarily in the equity securities of companies domiciled in emerging markets.

(7)An institutional fund that seeks to replicate the performance of the Barclays Capital Long-Term Corporate Bond Index before fees through a sampling process.