Employee Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Benefit Obligation Activity Using An Actuarial Measurement Date For Qualified Plan And SERP

Benefit obligation activity using an actuarial measurement date for our qualified plan and SERP at December 31 follows:

(Dollars in millions)	At December 31,
	2014			2013
Change in projected benefit obligation:
Benefit obligation, January 1	$	284		$	320
Service cost	10			13
Interest cost	15			13
Actuarial loss (gain)	35			(34		)
Benefits paid	(27		)	(28		)
Other	2			—
Projected benefit obligation, December 31	$	319		$	284
Accumulated benefit obligation	$	284		$	257
Change in plan assets:
Fair value of plan assets, January 1	$	280		$	238
Actual return on plan assets	30			55
Employer contribution	5			15
Benefits paid	(27		)	(28		)
Fair value of plan assets, December 31	$	288		$	280
Funded status, December 31	$	(31	)	$	(4	)

Reconciliation Of The Funded Status For Qualified Plan And SERP

A reconciliation follows of the funded status for our qualified plan and SERP at the end of the measurement period to the amounts recognized in the consolidated balance sheets at December 31:

(Dollars in millions)	At December 31,
	2014			2013
Pension amounts recognized in the consolidated balance sheets:
Other assets	$	—		$	4
Other liabilities	(31		)	(8		)
Net amount recognized	$	(31	)	$	(4	)
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss	$	34		$	18
Prior service cost	2			—
Total	$	36		$	18

Components Of Net Periodic Benefit Cost As Well As Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income For Qualified Plan And SERP

Below are the components of our net periodic benefit cost, as well as other changes in plan assets and benefit obligations recognized in other comprehensive income for our qualified plan and SERP at December 31:

(Dollars in millions)	Years ended December 31,
	2014			2013			2012
Net periodic benefit cost:
Service cost	$	10		$	13		$	12
Interest cost	15			13			14
Expected return on plan assets	(17		)	(17		)	(16		)
Amortization of actuarial loss and prior service cost	2			9			8
Other	3			2			—
Net periodic benefit cost	$	13		$	20		$	18

(Dollars in millions)	Years ended December 31,
	2014			2013			2012
Other changes in plan assets and benefit obligations recognized in
other comprehensive income:
Current year actuarial loss (gain)	$	21		$	(72	)	$	20
Amortization of actuarial loss	(5		)	(10		)	(6		)
Current year prior service cost	2			—			—
Amortization of prior service cost	—			(1		)	(1		)
Total recognized in other comprehensive loss (income)	$	18		$	(83	)	$	13

Fair Value Hierarchy Of Assets Measured At Fair Value On A Recurring Basis

(Dollars in millions)	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
At December 31, 2014
Fixed maturities, available for sale:
States, municipalities and political subdivisions	$	—	$	33	$	—	$	33
Corporate securities	—		19		—		19
Total fixed maturities, available for sale	—		52		—		52
Common equities, available for sale	225		—		—		225
Total	$	225	$	52	$	—	$	277
At December 31, 2013
Fixed maturities, available for sale:
States, municipalities and political subdivisions	$	—	$	32	$	—	$	32
Corporate securities	—		21		—		21
Total fixed maturities, available for sale	—		53		—		53
Common equities, available for sale	208		—		—		208
Total	$	208	$	53	$	—	$	261

Expected Future Benefit Payments For Qualified Plan And SERP

We expect to make the following benefit payments for our qualified plan and SERP, reflecting expected future service:

(Dollars in millions)	Years ended December 31,
	2015		2016		2017		2018		2019		2020 - 2024
Expected future benefit payments	$	26	$	32	$	29	$	23	$	24	$	142

Benefit Obligations

Weighted-Average Assumptions Used

This is a summary of the weighted-average assumptions used to determine our benefit obligations at December 31 for the plans:

	Qualified Pension Plan				SERP
	2014		2013		2014		2013
Discount rate	4.25	%	5.15	%	4.05	%	4.80	%
Rate of compensation increase	2.75-3.25		2.75-3.25		2.75-3.25		2.75-3.25

Net Periodic Benefit Cost

Weighted-Average Assumptions Used

This is a summary of the weighted-average assumptions used to determine our net expense for the plans:

	Qualified Pension Plan						SERP
	2014		2013		2012		2014		2013		2012
Discount rate	5.15	%	4.20	%	5.10	%	4.80	%	3.95	%	4.75	%
Expected return on plan assets	7.25		7.50		7.50		n/a		n/a		n/a
Rate of compensation increase	2.75-3.25		2.75-3.25		3.50-5.50		2.75-3.25		2.75-3.25		3.50-5.50