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Pension Plans and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2012

Pension Plans and Other Postretirement Benefits

14. Pension Plans and Other Postretirement Benefits

The Company has non-contributory U.S. defined-benefit pension plans, including both qualified and supplemental plans, and a foreign contributory defined-benefit pension plan. The Company also provides certain health care and life insurance benefits for certain retired employees. Retiree health care benefits are funded by contributions from the retiree, and in certain circumstances, contributions from the Company. The Company's retiree life insurance plan is noncontributory.

During the six months ended June 30, 2012, the Company made contributions of $32 million to its funded pension plans, $2 million to its unfunded pension plans, and $9 million to its unfunded other postretirement benefit plans. Contributions to funded plans increase plan assets while contributions to unfunded plans are used to fund current benefit payments. During the remainder of 2012, the Company expects to contribute approximately $88 million to its funded pension plans, approximately $32 million to its unfunded pension plans, and approximately $10 million to its unfunded other postretirement benefit plans.

The following sets forth the components of net periodic benefit cost for the Company's pension and other postretirement benefit plans.

	Pension Benefits				Other Benefits
millions	2012		2011		2012		2011
Three Months Ended June 30
Service cost	$	19	$	19	$	3	$	2
Interest cost		22		22		4		4
Expected return on plan assets		(22)		(22)		—		—
Amortization of net actuarial loss (gain)		23		21		—		—
Amortization of net prior service cost (credit)		—		—		1		—
Net periodic benefit cost	$	42	$	40	$	8	$	6

Six Months Ended June 30
Service cost	$	38	$	39	$	5	$	4
Interest cost		43		43		8		8
Expected return on plan assets		(45)		(43)		—		—
Amortization of net actuarial loss (gain)		46		42		—		—
Amortization of net prior service cost (credit)		—		1		1		—
Net periodic benefit cost	$	82	$	82	$	14	$	12

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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