Pension Plan And Other Postretirement Benefits

3 Months Ended

Mar. 31, 2016

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 months ended March 31, 2016 and 2015:  

	Pension Benefits
	For the three months ended
	March 31,
	2016		2015
	(in millions)
Service cost	$	4	$	4
Interest cost		2		1
Expected return on plan assets		(2)		(2)
Amortization of prior service cost		–		–
Amortization of net loss		–		1
Net periodic benefit cost	$	4	$	4

The Company’s postretirement benefit plan had a net periodic benefit cost of $1 million as of the three months ended March 31, 2016 and 2015. For the three months ended March 31, 2016, the Company has contributed $3 million to the pension and postretirement benefit plans. In January 2016, the Company initiated a reduction in workforce that was effectively completed by the end of the first quarter. As a result of the workforce reduction, the Company continues to evaluate its pension and other postretirement benefit funding requirements and will disclose its funding plans once reasonably determined.

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 31,269 shares at March 31, 2016 compared to 47,149  shares at December 31, 2015.