Employee Benefits

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [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.

During the third quarters of 2015 and 2014, year-to-date lump sum payments made under certain pension plans triggered settlement accounting. In accordance with the applicable accounting guidance for defined benefit plans, we performed a remeasurement of the affected plans in conjunction with the settlement and recognized the settlement losses reflected in the following table. We will also recognize a settlement loss in the fourth quarter of 2015 related to additional lump sum payments made during the fourth quarter.

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	2015			2014			2015			2014
Interest cost on PBO	$	10		$	12		$	30		$	36
Expected return on plan assets		(14	)		(17	)		(42	)		(51	)
Amortization of losses		4			4			13			12
Settlement loss		19			20			19			20
Net pension cost	$	19		$	19		$	20		$	17

Other Postretirement Benefit Plans

We sponsor a retiree healthcare plan that 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. We 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.

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

	Three months ended September 30,						Nine months ended September 30,
in millions	2015			2014			2015			2014
Interest cost on APBO	$	1		$	1		$	3		$	3
Expected return on plan assets		(1	)		(1	)		(2	)		(3	)
Amortization of unrecognized prior service credit		—			—			(1	)		—
Net postretirement benefit cost		—			—			—			—