Travelers 2015 Annual Report Download - page 235

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. PENSION PLANS, RETIREMENT BENEFITS AND SAVINGS PLANS (Continued)
Company has not determined whether or not additional funding will be made during 2016. With
respect to the Company’s foreign pension plans, there are no significant required contributions in 2016.
The following table summarizes the components of net periodic benefit cost and other amounts
recognized in other comprehensive income related to the benefit plans.
Postretirement
Pension Plans Benefit Plans
(for the year ended December 31, in millions) 2015 2014 2013 2015 2014 2013
Net Periodic Benefit Cost:
Service cost .................................. $ 131 $ 110 $ 118 $— $— $ —
Interest cost on benefit obligation .................. 144 150 132 10 10 9
Expected return on plan assets .................... (230) (218) (208) ——(1)
Curtailment .................................. —(1) — ———
Settlement ................................... —2————
Amortization of unrecognized:
Prior service benefit ........................... (1) ——(3) (2) (2)
Net actuarial loss (gain) ........................ 96 65 107 1(3) —
Net periodic benefit cost ...................... $ 140 $ 108 $ 149 $8 $5 $ 6
Other Changes in Benefit Plan Assets and Benefit
Obligations Recognized in Other Comprehensive
Income:
Prior service benefit ............................ $— $(8)$— $(11) $— $ —
Net actuarial loss (gain) ......................... 43 516 (518) (3) 50 (24)
Plan amendments .............................. ——————
Curtailment .................................. —(2) — ———
Settlement ................................... —(2) — ———
Amortization of prior service benefit ................ 1——322
Amortization of net actuarial gain (loss) .............. (96) (65) (107) (1) 3—
Total other changes recognized in other
comprehensive income ..................... (52) 439 (625) (12) 55 (22)
Total other changes recognized in net periodic benefit
cost and other comprehensive income .......... $88 $ 547 $(476) $ (4) $60 $(16)
For the defined benefit pension plans, the estimated net actuarial loss that will be reclassified
(amortized) from accumulated other comprehensive income into net income as part of net periodic
benefit cost over the next fiscal year is $66 million and the estimated prior service benefit to be
amortized over the next fiscal year is $1 million. For the postretirement benefit plans, the estimated net
actuarial loss that will be reclassified (amortized) from accumulated other comprehensive income into
net income as part of net periodic benefit cost over the next fiscal year is less than $1 million, and the
estimated prior service benefit to be amortized over the next fiscal year is $3 million.
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