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Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2023

Pension Plan

Pension and other postretirement benefits

Components of Net Periodic Benefit Cost

The following table sets forth the components of net periodic (benefit) cost of the U.S. and non-U.S. defined benefit pension plans for the periods presented:

						Three Months Ended September 30,																								Nine Months Ended September 30,
						U.S. Plans												Non-U.S. Plans												U.S. Plans												Non-U.S. Plans
(in millions)						2023						2022						2023						2022						2023						2022						2023						2022
Service cost						$	1					$	1					$	1					$	1					$	2					$	3					$	3					$	3
Interest cost						3						2						3						2						11						6						8						7
Expected return on plan assets						(4)						(5)						(3)						(2)						(12)						(13)						(7)						(6)
Amortization of prior service credit						(1)						—						—						—						(1)						—						—						—
Amortization of actuarial loss						1						—						1						—						1						—						1						—
Net periodic (benefit) cost (a)						$	—					$	(2)					$	2					$	1					$	1					$	(4)					$	5					$	4

Postemployment Retirement Benefits

Pension and other postretirement benefits

Components of Net Periodic Benefit Cost

The following table sets forth the components of net postretirement benefit cost for the periods presented:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)						2023						2022						2023						2022
Service cost						$	—					$	—					$	—					$	—
Interest cost						1						1						3						2
Amortization of prior service cost						—						—						—						1
Net periodic cost (a)						$	1					$	1					$	3					$	3

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(a)The service cost component of net periodic (benefit) cost is presented within either Cost of sales or Operating expenses on the Condensed Consolidated Statements of Income. The interest cost, expected return on plan assets, amortization of prior service (credit) cost, and amortization of actuarial loss components of net periodic (benefit) cost are presented within Other non-operating expense (income) on the Condensed Consolidated Statements of Income.

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- Definition

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+ References

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- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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