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Pension and Other Postretirement Benefits | 6 Months Ended
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Jun. 30, 2020
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The components of net periodic benefit cost were as follows:
| Second quarter ended |  |  |  |  | Six months ended |  |
| June 30, |  |  |  |  | June 30, |  |
| 2020 |  | 2019 |  |  | 2020 |  | 2019
Pension benefits |  |  |  |  |  |  |  |
Service cost | $ | 2 |  |  | $ | 6 |  |  |  | $ | 9 |  |  | $ | 13 |
Interest cost | 17 |  |  | 59 |  |  |  | 64 |  |  | 118 |
Expected return on plan assets | (24) |  |  | (71) |  |  |  | (94) |  |  | (143) |
Recognized net actuarial loss | 12 |  |  | 34 |  |  |  | 54 |  |  | 69 |
Amortization of prior service cost (benefit) | — |  |  | 1 |  |  |  | — |  |  | 1 |
Settlements | 64 |  |  | 2 |  |  |  | 64 |  |  | 4 |
Net periodic benefit cost(1) | 71 |  |  | 31 |  |  |  | 97 |  |  | 62 |
Discontinued operations | — |  |  | 24 |  |  |  | 20 |  |  | 48 |
Net amount recognized in Statement of Consolidated Operations | $ | 71 |  |  | $ | 7 |  |  |  | $ | 77 |  |  | $ | 14 |
Other postretirement benefits |  |  |  |  |  |  |  |
Service cost | $ | 1 |  |  | $ | 2 |  |  |  | $ | 2 |  |  | $ | 4 |
Interest cost | 1 |  |  | 7 |  |  |  | 7 |  |  | 14 |
Recognized net actuarial loss | — |  |  | 1 |  |  |  | 2 |  |  | 2 |
Amortization of prior service cost (benefit) | (1) |  |  | (2) |  |  |  | (3) |  |  | (3) |
Curtailments | — |  |  | — |  |  |  | — |  |  | (58) |
Net periodic benefit cost(1) | 1 |  | 8 |  |  |  | 8 |  |  | (41) |
Discontinued operations | — |  |  | 7 |  |  |  | 6 |  |  | (29) |
Net amount recognized in Statement of Consolidated Operations | $ | 1 |  |  | $ | 1 |  |  |  | $ | 2 |  |  | $ | (12) |
(1)Service cost was included within Cost of goods sold, Selling, general administrative, and other expenses, and Research and development expenses; settlements and curtailments were included in Restructuring and other charges; and all other cost components were recorded in Other expense, net in the Statement of Consolidated Operations. In the second quarter of 2020, the Company undertook a number of actions to reduce pension obligations in the U.K. by offering lump sum payments to certain plan participants and entering into group annuity contracts with a third party carrier to pay and administer future annuity payments. The Company applied settlement accounting to these U.K. pension plans which resulted in settlement charges of $62 that were recorded in Restructuring and other charges in the Statement of Consolidated Operations. The Company also applied settlement accounting to a U.S. pension plan due to lump sum payments to participants which resulted in settlement charges of $2 that were recorded in Restructuring and other charges. In the second quarter of 2020, the Company communicated to plan participants that for its U.S. salaried and non-bargained hourly retirees of the Company and its subsidiaries, it would eliminate certain health care subsidies effective December 31, 2021 and that for certain bargained retirees of the Company, it would eliminate certain health care subsidies effective December 31, 2021 and the life insurance benefit effective August 1, 2020. As a result of these changes, in the second quarter of 2020, the Company recorded a decrease to the Accrued other postretirement benefits liability of $6, which was offset in Accumulated other comprehensive loss. In the first quarter of 2019, the Company communicated to plan participants that for its U.S. salaried and non-bargained hourly retirees of the Company and its subsidiaries, it would eliminate the life insurance benefit effective May 1, 2019, and certain health care subsidies effective December 31, 2019. As a result of these changes, in the first quarter of 2019, the Company recorded a decrease to the Accrued other postretirement benefits liability of $75, which was offset by a curtailment benefit of $58 in Restructuring and other charges in the Statement of Consolidated Operations and $17 in Accumulated other comprehensive loss in the Statement of Changes in Consolidated Equity. In the second quarter and six months ended June 30, 2019, the Company applied settlement accounting to a U.S. pension plan due to lump sum payments to participants, which resulted in settlement charges of $2 and $4, respectively, that were recorded in Restructuring and other charges.

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