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Employee Benefit Plans
12 Months Ended
Dec. 31, 2014
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]  
Compensation and Employee Benefit Plans [Text Block]
Employee Benefit Plans:

Post-Retirement Medical Plan

We sponsor a post-retirement medical plan that covers all retired employees until they reach age 65. At December 31, 2014, both our accumulated benefit obligation and our accrued benefit costs were $16 million. Our net periodic benefit cost was approximately $2 million for each of the years ended December 31, 2014, 2013 and 2012.

The expected future benefit payments under our post-retirement medical plan for the next ten years include $5 million for the five-year period 2015 through 2019 and $7 million for the five-year period 2020 through 2024.
 
    


Annual Cash Incentive Compensation Plan

During 2010, our Board of Directors, with the recommendation of the Compensation & Management Development Committee, approved a new annual cash incentive compensation plan for all employees (the 2011 Annual Incentive Plan). Under the 2011 Annual Incentive Plan, the Compensation & Management Development Committee determines the annual award pool for all employees based upon a number of factors including the Company’s performance against stated performance goals and in comparison with peer companies in our industry. All employees are eligible if employed on October 1 and December 31 of the performance period. Beginning with the year ended December 31, 2010, our annual cash incentive compensation is paid in a single payment to employees during the first quarter after the end of the performance period.

Total incentive compensation expense under the 2011 Annual Incentive Plan for the years ended December 31, 2014, 2013 and 2012 was $45 million, $40 million and $41 million, respectively.

401(k) and Deferred Compensation Plans

We sponsor a 401(k) profit sharing plan under Section 401(k) of the Internal Revenue Code. This plan covers all of our employees, excluding those of our foreign subsidiaries. We match $1.00 for each $1.00 of employee deferral, with our contribution not to exceed 8% of an employee’s salary, subject to limitations imposed by the IRS. We also sponsor a highly compensated employee deferred compensation plan. This non-qualified plan allows an eligible employee to defer a portion of his or her salary or bonus on an annual basis. We match $1.00 for each $1.00 of employee deferral, with our contribution not to exceed 8% of an employee’s salary, subject to limitations imposed by the plan. Our contribution with respect to each participant in the deferred compensation plan is reduced by the amount of contribution made by us to our 401(k) plan for that participant. Our combined contributions to these two plans was $10 million for each of the years ended December 31, 2014, 2013 and 2012.