XML 31 R21.htm IDEA: XBRL DOCUMENT v3.19.2
Pension and Other Postretirement Benefits
 6 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits
Pension and Other Postretirement Benefits

The components of net periodic pension and other postretirement benefits costs for the three and six months ended June 30, 2019 and 2018 were as follows:
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
Pension benefits – U.S. plans
2019
 
2018
 
2019
 
2018
Service cost
$
3

 
$
5

 
$
8

 
$
9

Interest cost
13

 
11

 
26

 
23

Expected return on plan assets
(17
)
 
(21
)
 
(35
)
 
(42
)
Recognized net loss
14

 
12

 
28

 
24

Net periodic cost
$
13

 
$
7

 
$
27

 
$
14


 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
Pension benefits – Non-U.S. plans
2019
 
2018
 
2019
 
2018
Service cost
$
4

 
$
7

 
$
8

 
$
14

Interest cost
20

 
20

 
39

 
39

Expected return on plan assets
(34
)
 
(40
)
 
(69
)
 
(80
)
Curtailment gain
—

 
—

 
(14
)
 
—

Settlement loss
31

 
—

 
31

 
—

Recognized prior service credit
(1
)
 
(3
)
 
(1
)
 
(6
)
Recognized net loss
9

 
11

 
19

 
22

Net periodic cost/(benefit)
$
29

 
$
(5
)
 
$
13

 
$
(11
)


 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30
Other postretirement benefits
2019
 
2018
 
2019
 
2018
Interest cost
1

 
1

 
2

 
2

Recognized prior service credit
(8
)
 
(10
)
 
(17
)
 
(19
)
Recognized net loss
1

 
1

 
2

 
2

Net periodic benefit
$
(6
)
 
$
(8
)
 
$
(13
)
 
$
(15
)


In the three and six months ended June 30, 2019, the Company recorded settlement charges related to the payment of lump sum buy-outs to settle certain non-U.S. pension obligations using plan assets. The Company expects to incur additional settlement charges in the third quarter of 2019.

Additionally, in the six months ended June 30, 2019, the Company recorded a curtailment gain to recognize prior service credits that were previously recorded in accumulated other comprehensive income in connection with the closure of a non-U.S. defined benefit pension plan.

The components of net periodic cost / (benefit) other than the service cost component are included in other pension and postretirement in the Consolidated Statement of Operations.

The following table provides information about amounts reclassified from accumulated other comprehensive income.

 
 
Three Months Ended
 
Six Months Ended
 
 
Details about accumulated other
 
June 30,
 
June 30
 
Affected line item in the
comprehensive income components
 
2019
 
2018
 
2019
 
2018
 
statement of operations
Actuarial losses
 
$
24

 
$
24

 
$
49

 
$
48

 
Other pension and postretirement
Settlements
 
31

 
—

 
31

 
—

 
Other pension and postretirement
Prior service credit
 
(9
)
 
(13
)
 
(18
)
 
(25
)
 
Other pension and postretirement
Curtailments
 
—

 
—

 
(14
)
 
—

 
Other pension and postretirement
 
 
46

 
11

 
48

 
23

 
Income before taxes
 
 
(7
)
 
—

 
(8
)
 
(1
)
 
Provision for income taxes
Total reclassified
 
$
39

 
$
11

 
$
40

 
$
22

 
Net income