Pension Plan And Other Postretirement Benefits

6 Months Ended

Jun. 30, 2015

Pension Plan And Other Postretirement Benefits [Abstract]

Pension Plan And Other Postretirement Benefits

(11) 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 six months ended June 30, 2015 and 2014:

	Pension Benefits
	For the three months ended				For the six months ended
	June 30,				June 30,
	2015		2014		2015		2014
	(in millions)
Service cost	$	4	$	3	$	8	$	7
Interest cost		2		2		3		3
Expected return on plan assets		(2)		(2)		(4)		(4)
Amortization of prior service cost		–		–		–		–
Amortization of net loss		–		–		1		–
Net periodic benefit cost	$	4	$	3	$	8	$	6

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 June 30, 2015 and 2014, and six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, the Company has contributed $6 million to the pension plan and expects to contribute an additional $6 million to the pension plan in 2015.

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 45,787 shares at June 30, 2015 compared to 11,055 shares at December 31, 2014.