Employee Benefits

9 Months Ended

Sep. 30, 2018

Retirement Benefits [Abstract]

Employee Benefits

13. Employee Benefits

Pension Plans

Effective December 31, 2009, we amended our cash balance pension plan and other defined benefit plans to freeze all benefit accruals and close the plans to new employees. We will continue to credit participants’ existing account balances for interest until they receive their plan benefits. We changed certain pension plan assumptions after freezing the plans.

The components of net pension cost (benefit) for all funded and unfunded plans are as follows:

	Three months ended September 30,						Nine months ended September 30,
in millions	2018			2017			2018			2017
Interest cost on PBO	$	10		$	12		$	30		$	36
Expected return on plan assets	(13		)	(17		)	(39		)	(51		)
Amortization of losses	4			4			12			12
Net pension cost	$	1		$	(1	)	$	3		$	(3	)

Other Postretirement Benefit Plans

We sponsor a retiree healthcare plan in which all employees age 55 with five years of service (or employees age 50 with 15 years of service who are terminated under conditions that entitle them to a severance benefit) are eligible to participate. Participant contributions are adjusted annually. Key may provide a subsidy toward the cost of coverage for certain employees hired before 2001 with a minimum of 15 years of service at the time of termination. We use a separate VEBA trust to fund the retiree healthcare plan.

	Three months ended September 30,						Nine months ended September 30,
in millions	2018			2017			2018			2017
Interest cost on APBO	$	1		$	1		$	1		$	1
Expected return on plan assets	(1		)	(1		)	(1		)	(1		)
Net postretirement benefit cost	—			—			—			—