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Pension Plan and Other Postretirement Benefits
6 Months Ended
Jun. 30, 2018
Pension Plan and Other Postretirement Benefits [Abstract]  
Pension Plan and Other Postretirement Benefits



(12)  PENSION PLAN AND OTHER POSTRETIREMENT BENEFITS



The Company maintains defined pension and other 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, 2018 and 2017:





 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Pension Benefits



Consolidated Statements of Operations

 

For the three months ended

 

For the six months ended



Classification of

 

June 30,

 

June 30,

(in millions)

Net Periodic Benefit Costs (1)

 

2018

 

2017

 

2018

 

2017

Service cost

General and administrative expenses

 

$

 

$

 

$

 

$

Interest cost

Other Income (Loss), Net

 

 

 

 

 

 

 

 

Expected return on plan assets

Other Income (Loss), Net

 

 

(2)

 

 

(2)

 

 

(4)

 

 

(3)

Amortization of prior service cost

Other Income (Loss), Net

 

 

−  

 

 

−  

 

 

−  

 

 

−  

Amortization of net loss

Other Income (Loss), Net

 

 

–  

 

 

−  

 

 

–  

 

 

Net periodic benefit cost

 

 

$

 

$

 

$

 

$



(1)

In the first quarter of 2018, the Company adopted Accounting Standards Update No. 2017-07, which requires the service cost component to be disaggregated from the other components of net benefit cost, which are to be presented outside of income from operations.    See Note 16 – New Accounting Pronouncements for more information regarding this update.



The Company’s other postretirement benefit plan had a net periodic benefit cost of $1 million for the three months ended June 30, 2018, a marginal net periodic benefit cost for the three months ended June 30, 2017 and a net periodic benefit cost of $2 million and $1 million for the six months ended June 30, 2018 and 2017, respectively.  



As of June 30, 2018, the Company has contributed  $8  million to the pension and other postretirement benefit plans in 2018.   The Company expects to contribute an additional $4 million to its pension plan during the remainder of 2018.  The Company recognized a liability of $38 million and $18 million related to its pension and other postretirement benefits, respectively, as of June 30, 2018, compared to a liability of $42 million and $17 million as of December 31, 2017.  



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 Non-Qualified 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 June 30, 2018 and December 31, 2017.