v2.4.0.8

Postemployment Benefit Plans | 6 Months Ended
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Jun. 30, 2014
Postemployment Benefit Plans |
Postemployment Benefit Plans | Note 12—Postemployment Benefit Plans We have several defined benefit pension plans, both funded and unfunded, covering substantially all of our U.S. employees, including certain frozen plans, assumed in connection with our mergers, that cover certain current employees and certain former employees and directors of our predecessors (the “U.S. Plans”). We also have various defined benefit plans in the U.K., Norway, Nigeria, Egypt and Indonesia that cover our employees in those areas (the “Non-U.S. Plans”). Additionally, we offer several unfunded contributory and noncontributory other postretirement employee benefit plans covering substantially all of our U.S. employees (the “OPEB Plans”). The components of net periodic benefit costs, before tax, and funding contributions for these plans were as follows (in millions):
|  | Three months ended June 30, 2014 |  | Three months ended June 30, 2013 |
|  | U.S. Plans |  | Non-U.S. Plans |  | OPEB Plans |  | Total |  | U.S. Plans |  | Non-U.S. Plans |  | OPEB Plans |  | Total |
Net periodic benefit costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 10 |  | $ | 7 |  | $ | — |  | $ | 17 |  | $ | 15 |  | $ | 7 |  | $ | — |  | $ | 22 |
Interest cost |  | 17 |  | 8 |  | — |  | 25 |  | 16 |  | 5 |  | — |  | 21 |
Expected return on plan assets |  | (18 | ) | (8 | ) | — |  | (26 | ) | (17 | ) | (5 | ) | — |  | (22 | )
Settlements and curtailments |  | (6 | ) | 1 |  | — |  | (5 | ) | 1 |  | — |  | — |  | 1 |
Actuarial losses, net |  | 5 |  | 1 |  | — |  | 6 |  | 13 |  | 1 |  | — |  | 14 |
Prior service cost, net |  | (1 | ) | — |  | — |  | (1 | ) | (1 | ) | — |  | — |  | (1 | )
Net periodic benefit costs |  | $ | 7 |  | $ | 9 |  | $ | — |  | $ | 16 |  | $ | 27 |  | $ | 8 |  | $ | — |  | $ | 35 |
Funding contributions |  | $ | 41 |  | $ | 14 |  | $ | — |  | $ | 55 |  | $ | 59 |  | $ | 3 |  | $ | — |  | $ | 62 |
|  | Six months ended June 30, 2014 |  | Six months ended June 30, 2013 |
|  | U.S. Plans |  | Non-U.S. Plans |  | OPEB Plans |  | Total |  | U.S. Plans |  | Non-U.S. Plans |  | OPEB Plans |  | Total |
Net periodic benefit costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 21 |  | $ | 15 |  | $ | — |  | $ | 36 |  | $ | 29 |  | $ | 14 |  | $ | — |  | $ | 43 |
Interest cost |  | 34 |  | 14 |  | 1 |  | 49 |  | 31 |  | 11 |  | 1 |  | 43 |
Expected return on plan assets |  | (37 | ) | (15 | ) | — |  | (52 | ) | (34 | ) | (11 | ) | — |  | (45 | )
Settlements and curtailments |  | (6 | ) | 1 |  | — |  | (5 | ) | 1 |  | — |  | — |  | 1 |
Actuarial losses, net |  | 10 |  | 2 |  | — |  | 12 |  | 26 |  | 2 |  | — |  | 28 |
Prior service cost, net |  | (1 | ) | — |  | — |  | (1 | ) | (1 | ) | — |  | — |  | (1 | )
Net periodic benefit costs |  | $ | 21 |  | $ | 17 |  | $ | 1 |  | $ | 39 |  | $ | 52 |  | $ | 16 |  | $ | 1 |  | $ | 69 |
Funding contributions |  | $ | 42 |  | $ | 23 |  | $ | — |  | $ | 65 |  | $ | 60 |  | $ | 20 |  | $ | 1 |  | $ | 81 |
In June 2014, we committed to freeze benefits and, as a result, remeasured the funded status of our qualified defined benefit pension plan in the U.S., which covers substantially all U.S. employees, and one of our unfunded supplemental benefit plans. We also committed to enhance the benefits under our defined contribution plan in the U.S. These amendments will be effective as of January 1, 2015. As a result, in the three and six months ended June 30, 2014, we reduced the aggregate liability by $78 million and $73 million, respectively, with a corresponding entry to accumulated other comprehensive loss. As of June 30, 2014 and December 31, 2013, our defined benefit pension and other post retirement plans had an aggregate liability of $305 million and $417 million, respectively, representing the aggregate projected benefit obligation, net of the aggregate fair value of plan assets.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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