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PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS | 6 Months Ended
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Jun. 30, 2022
Retirement Benefits [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS | PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS The following is a summary of net periodic benefit cost relating to our pension and OPEB plans.
| Three months ended June 30, |  | Six months ended June 30,
(in millions) | 2022 | 2021 |  | 2022 | 2021
Pension benefits |  |  |  |  |
Service cost | $ | 21 |  | $ | 22 |  |  | $ | 40 |  | $ | 44 |
Interest cost | 24 |  | 18 |  |  | 48 |  | 36 |
Expected return on plan assets | (40) |  | (36) |  |  | (79) |  | (72) |
Amortization of net losses and prior service costs | 11 |  | 23 |  |  | 23 |  | 46 |
Net periodic pension cost | $ | 16 |  | $ | 27 |  |  | $ | 32 |  | $ | 54 |
OPEB |  |  |  |  |
Interest cost | $ | 1 |  | $ | 1 |  |  | $ | 2 |  | $ | 2 |
Amortization of net loss and prior service credit | (3) |  | (3) |  |  | (6) |  | (5) |
Net periodic OPEB cost (income) | $ | (2) |  | $ | (2) |  |  | $ | (4) |  | $ | (3) |
U.S. Hillrom Pension Plan Amendment In May 2022, we announced that the pay and service amounts used to calculate pension benefits for active non-bargaining participants in our U.S. Hillrom pension plan will freeze as of December 31, 2022. Years of additional service earned and eligible compensation received after December 31, 2022 will not be included in the determination of the benefits payable to those participants. This change resulted in an $11 million decline in the projected benefit obligation (PBO) with an offsetting curtailment gain included within other income (expense), net on the condensed consolidated statements of income for the three months and six months ended June 30, 2022.

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