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v3.23.1

Pension and Other Postretirement Benefit Plans | 3 Months Ended
--- | ---
Mar. 31, 2023
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans The Company has defined benefit pension plans covering eligible employees in the U.S. and in certain of its international subsidiaries. The net periodic benefit cost (credit) of such plans consisted of the following components:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
($ in millions) | U.S. |  | International |  | U.S. |  | International |  |  |  |  |  |  |  |
Service cost | $ | 76 |  |  | $ | 49 |  |  | $ | 99 |  |  | $ | 75 |  |  |  |  |  |  |  |  |
Interest cost | 133 |  |  | 74 |  |  | 103 |  |  | 38 |  |  |  |  |  |  |  |  |
Expected return on plan assets | (187) |  |  | (128) |  |  | (196) |  |  | (101) |  |  |  |  |  |  |  |  |
Amortization of unrecognized prior service credit | — |  |  | (3) |  |  | (8) |  |  | (4) |  |  |  |  |  |  |  |  |
Net (gain) loss amortization | — |  |  | (1) |  |  | 56 |  |  | 25 |  |  |  |  |  |  |  |  |
Curtailments | 2 |  |  | — |  |  | 3 |  |  | — |  |  |  |  |  |  |  |  |
Settlements | 21 |  |  | — |  |  | 1 |  |  | — |  |  |  |  |  |  |  |  |
| $ | 45 |  |  | $ | (9) |  |  | $ | 58 |  |  | $ | 33 |  |  |  |  |  |  |  |  |
The Company provides medical benefits, principally to its eligible U.S. retirees and similar benefits to their dependents, through its other postretirement benefit plans. The net credit of such plans consisted of the following components:
| Three Months Ended March 31, |  |
($ in millions) | 2023 |  | 2022 |  |  |  |
Service cost | $ | 8 |  |  | $ | 12 |  |  |  |  |
Interest cost | 16 |  |  | 11 |  |  |  |  |
Expected return on plan assets | (16) |  |  | (21) |  |  |  |  |
Amortization of unrecognized prior service credit | (12) |  |  | (14) |  |  |  |  |
Net gain amortization | (11) |  |  | (11) |  |  |  |  |
| $ | (15) |  |  | $ | (23) |  |  |  |  |
In connection with restructuring actions (see Note 5), termination charges were recorded on pension plans related to expanded eligibility for certain employees e x iting Merck. Also, in connection with these restructuring activities, curtailments were recorded on certain pension plans. In addition, lump sum payments to U.S. pension plan participants triggered a partial settlement resulting in a charge of $21 million in the first quarter of 2023. This partial settlement triggered a remeasurement of some of the Company’s U.S. pension plans. The remeasurement, which was calculated using discount rates and asset values as of March 31, 2023, resulted in a net increase of $44 million to net pension liabilities and also resulted in a related adjustment to AOCL. The components of net periodic benefit cost (credit) other than the service cost component are included in Other (income) expense, net (see Note 11), with the exception of certain amounts for termination benefits and curtailments which are recorded in Restructuring costs if the event giving rise to the termination benefits or curtailment is related to restructuring actions.

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