EMPLOYEE BENEFIT PLANS

DEFINED BENEFIT PENSION PLAN

The Company’s defined benefit pension plan was closed to new entrants as of July 1, 1997 and existing participants do not accrue any additional benefits. The net periodic pension cost for 2015 was less than $1 million and is comprised of interest cost of approximately $6 million and the amortization of the actuarial net loss of $2 million offset by a benefit of $8 million for the expected return on assets. The net periodic pension benefit for 2014 was $1 million and is comprised of interest cost of approximately $6 million and the amortization of the actuarial net loss of $1 million offset by a benefit of $8 million for the expected return on assets.

At December 31, 2015 and 2014, the accumulated benefit obligation of this plan was $149 million and $164 million, respectively, and the fair value of the plan assets were $106 million and $114 million, respectively, resulting in an unfunded accumulated benefit obligation of $43 million and $50 million, respectively, which is recorded in Other non-current liabilities in the Consolidated Balance Sheets.

Estimated future benefit payments as of December 31, 2015 are as follows:



Year	Amount
2016	$	9
2017	9
2018	9
2019	10
2020	10
2021 through 2025	49

The minimum funding required during 2016 is estimated to be $3 million.

The following table presents the fair values of plan assets by category as of December 31, 2015:



Asset Category	Quoted Price in Active Market for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)		Total
Cash and cash equivalents	$	2	$	—	$	—	$	2
Equity securities	—		74		—		74
Fixed income securities	—		30		—		30
Total	$	2	$	104	$	—	$	106

The following table presents the fair values of plan assets by category as of December 31, 2014:



Asset Category	Quoted Price in Active Market for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)		Total
Cash and cash equivalents	$	1	$	—	$	—	$	1
Equity securities	—		71		—		71
Fixed income securities	—		42		—		42
Total	$	1	$	113	$	—	$	114

OTHER EMPLOYEE BENEFIT PLANS

The Company also maintains post-retirement health and welfare plans for certain subsidiaries and a non-qualified pension plan for certain individuals. At December 31, 2015 and 2014, the related projected benefit obligation for these plans accrued on the Company’s Consolidated Balance Sheets (primarily within other non-current liabilities) was $7 million and $8 million, respectively.

DEFINED CONTRIBUTION SAVINGS PLAN

The Company sponsors a defined contribution savings plan that provides certain of its eligible employees an opportunity to accumulate funds for retirement and has a Company match for a portion of the contributions made by participating employees. The Company’s cost for contributions to this plan was $14 million, $12 million and $10 million for the years ended December 31, 2015, 2014 and 2013, respectively.