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Retirement Plans | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Retirement Plans | 8. RETIREMENT PLANS The components of total Net Periodic Benefit Cost associated with the Company’s defined benefit retirement plans are as follows (dollars in millions):
U.S. Plans |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Interest cost |  | $ | 3 |  |  | $ | 3 |  |  | $ | 8 |  |  | $ | 9 |
Expected return on plan assets |  |  | (3 | ) |  |  | (3 | ) |  |  | (9 | ) |  |  | (8 | )
Settlement loss |  |  | 0 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Net periodic benefit (gain) cost |  | $ | 0 |  |  | $ | 1 |  |  | $ | 0 |  |  | $ | 2 |
Non-U.S. Plans |  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Service cost |  | $ | 2 |  |  | $ | 2 |  |  | $ | 7 |  |  | $ | 7 |
Interest cost |  |  | 3 |  |  |  | 2 |  |  |  | 8 |  |  |  | 7 |
Expected return on plan assets |  |  | (1 | ) |  |  | (1 | ) |  |  | (3 | ) |  |  | (2 | )
Amortization of actuarial loss |  |  | 0 |  |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Net periodic benefit cost |  | $ | 5 |  |  | $ | 4 |  |  | $ | 14 |  |  | $ | 13 |
The Service cost component in the table above is reported among other employee compensation costs in the Consolidated Statements of Income. The remaining components - Interest cost, Expected return on plan assets, Amortization of actuarial loss, Settlement loss (gain) and Curtailment gain - are reported as Other non-operating items, net in the Consolidated Statements of Income. The Company triggered settlement accounting for the primary U.S. pension plan in the third quarter of 2024 because the lump-sum payments made during the quarter exceeded the sum of Service cost and Interest cost for this U.S. plan. Due to the settlement accounting, the obligation and plan assets for the primary U.S. plan have been re-measured as of September 30, 2024, which resulted in an immaterial change in the net pension liability compared to December 31, 2023. The discount rate used to determine the U.S. net periodic benefit cost because of the re-measurement was changed from 5.57% to 4.95% in the third quarter of 2024. The expected long-term rate of return on plan asset is unchanged at 6.21%.

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