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Retirement Plans | 9 Months Ended
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Sep. 30, 2021
Retirement Plans [Abstract] |
Retirement Plans | 5. Retirement Plans Pension and Other Postretirement Benefits Pension Plans – We provide defined benefit retirement income to eligible non-union employees through qualified and non-qualified (supplemental) pension plans. Qualified and non-qualified pension benefits are based on years of service and the highest compensation during the latest years of employment, with specific reductions made for early retirements. Non-union employees hired on or after January 1, 2018, are no longer eligible for pension benefits, but are eligible for an enhanced 401(k) plan. Other Postretirement Benefits (OPEB) – We provide medical and life insurance benefits for eligible retirees hired before January 1, 2004. These benefits are funded as medical claims and life insurance premiums are paid. Expense Both pension and OPEB expense are determined based upon the annual service cost of benefits (the actuarial cost of benefits earned during a period) and the interest cost on those liabilities, less the expected return on plan assets. The expected long-term rate of return on plan assets is applied to a calculated value of plan assets that recognizes changes in fair value over a 5 year period. This practice is intended to reduce year-to-year volatility in pension expense, but it can have the effect of delaying the recognition of differences between actual returns on assets and expected returns based on long-term rate of return assumptions. Differences in actual experience in relation to assumptions are not recognized in net income immediately, but are deferred in accumulated other comprehensive income/loss and, if necessary, amortized as pension or OPEB expense. The components of our net periodic pension cost were as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
Millions | 2021 | 2020 |  | 2021 | 2020
Service cost | $ | 25 | $ | 19 |  | $ | 85 | $ | 72
Interest cost |  | 25 |  | 33 |  |  | 78 |  | 102
Expected return on plan assets |  | (67) |  | (71) |  |  | (202) |  | (211)
Amortization of actuarial loss |  | 35 |  | 27 |  |  | 106 |  | 79
Net periodic pension cost | $ | 18 | $ | 8 |  | $ | 67 | $ | 42
The components of our net periodic OPEB costs were as follows:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
Millions | 2021 | 2020 |  | 2021 | 2020
Service cost | $ | - | $ | - |  | $ | 1 | $ | 1
Interest cost |  | - |  | 1 |  |  | 2 |  | 4
Amortization of: |  |  |  |  |  |  |  |  |
Prior service cost/(credit) |  | (3) |  | (3) |  |  | (10) |  | (10)
Actuarial loss |  | 2 |  | 1 |  |  | 5 |  | 5
Net periodic OPEB cost | $ | (1) | $ | (1) |  | $ | (2) | $ | -
0 Cash Contributions For the nine months ended September 30, 2021, cash contributions totaled $0 to the qualified pension plan. Any contributions made during 2021 will be based on cash generated from operations and financial market considerations. Our policy with respect to funding the qualified plans is to fund at least the minimum required by law and not more than the maximum amount deductible for tax purposes. At September 30, 2021, we do not have minimum cash funding requirements for 2021.

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