10. EMPLOYEE BENEFIT PLANS
Components of the net periodic benefit costs for the three and six months ended June 30, 2014 and 2013 were as follows (dollars in millions):
Huntsman Corporation
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Defined
Benefit Plans |
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Other
Postretirement
Benefit Plans |
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Three months
ended
June 30, |
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Three months
ended
June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Service cost
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$ |
15 |
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$ |
16 |
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$ |
— |
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$ |
1 |
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Interest cost
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37 |
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32 |
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2 |
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1 |
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Expected return on assets
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(49 |
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(42 |
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— |
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— |
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Amortization of prior service benefit
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(2 |
) |
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(1 |
) |
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(1 |
) |
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(1 |
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Amortization of actuarial loss
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13 |
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20 |
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1 |
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1 |
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Net periodic benefit cost
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$ |
14 |
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$ |
25 |
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$ |
2 |
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$ |
2 |
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Defined
Benefit Plans |
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Other
Postretirement
Benefit Plans |
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Six months
ended
June 30, |
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Six months
ended
June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Service cost
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$ |
30 |
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$ |
33 |
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$ |
1 |
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$ |
2 |
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Interest cost
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74 |
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65 |
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3 |
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2 |
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Expected return on assets
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(98 |
) |
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(86 |
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— |
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— |
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Amortization of prior service benefit
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(3 |
) |
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(3 |
) |
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(2 |
) |
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(1 |
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Amortization of actuarial loss
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26 |
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40 |
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1 |
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1 |
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Special termination benefits
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3 |
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5 |
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— |
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— |
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Settlement loss
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1 |
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— |
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— |
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— |
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Net periodic benefit cost
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$ |
33 |
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$ |
54 |
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$ |
3 |
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$ |
4 |
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Huntsman International
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Defined
Benefit Plans |
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Other
Postretirement
Benefit Plans |
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Three months
ended
June 30, |
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Three months
ended
June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Service cost
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$ |
15 |
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$ |
17 |
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$ |
— |
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$ |
1 |
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Interest cost
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37 |
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32 |
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2 |
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1 |
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Expected return on assets
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(49 |
) |
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(42 |
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— |
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— |
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Amortization of prior service benefit
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(2 |
) |
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(1 |
) |
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(1 |
) |
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(1 |
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Amortization of actuarial loss
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15 |
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21 |
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1 |
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1 |
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Net periodic benefit cost
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$ |
16 |
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$ |
27 |
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$ |
2 |
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$ |
2 |
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Defined
Benefit Plans |
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Other
Postretirement
Benefit Plans |
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Six months
ended
June 30, |
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Six months
ended
June 30, |
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2014 |
|
2013 |
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2014 |
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2013 |
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Service cost
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$ |
30 |
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$ |
34 |
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$ |
1 |
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$ |
2 |
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Interest cost
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74 |
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65 |
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3 |
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2 |
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Expected return on assets
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(98 |
) |
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(86 |
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— |
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— |
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Amortization of prior service benefit
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(3 |
) |
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(3 |
) |
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(2 |
) |
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(1 |
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Amortization of actuarial loss
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30 |
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42 |
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1 |
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1 |
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Special termination benefits
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3 |
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5 |
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— |
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— |
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Settlement loss
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1 |
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— |
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— |
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— |
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Net periodic benefit cost
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$ |
37 |
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$ |
57 |
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$ |
3 |
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$ |
4 |
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During the six months ended June 30, 2014 and 2013, we made contributions to our pension and other postretirement benefit plans of $60 million and $76 million, respectively. During the remainder of 2014, we expect to contribute an additional amount of approximately $76 million to these plans.
Beginning July 1, 2014, the Huntsman Defined Benefit Pension Plan was closed to new, non-union entrants. New, non-union entrants will be provided with a defined contribution plan with a non-discretionary employer contribution and a company match.
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