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EMPLOYEE BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2025
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Components of net pension expense for defined benefit pension plans were as follows:
|  | Three months ended June 30, |  | Six months ended June 30,
(In millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Company-administered plans: |  |  |  |  |  |  |  |
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost |  | 22 |  |  | 21 |  |  | 44 |  |  | 43 |
Expected return on plan assets |  | (21) |  |  | (19) |  |  | (41) |  |  | (38) |
Amortization of net actuarial loss and prior service cost |  | 7 |  |  | 7 |  |  | 14 |  |  | 15 |
Net pension expense |  | $ | 9 |  |  | $ | 10 |  |  | $ | 18 |  |  | $ | 21 |
Company-administered plans: |  |  |  |  |  |  |  |
U.S. |  | $ | 5 |  |  | $ | 7 |  |  | $ | 11 |  |  | $ | 15 |
Non-U.S. |  | 4 |  |  | 3 |  |  | 7 |  |  | 6 |
Net pension expense |  | $ | 9 |  |  | $ | 10 |  |  | $ | 18 |  |  | $ | 21 |
Non-operating pension costs, net include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We also maintain other postretirement benefit plans that are not reflected in the table above as the amount of postretirement benefit expense for such plans was not material for any period presented. In April 2025, we executed a bulk annuity contract with a Canadian insurance company that enables us to settle $42 million of our $59 million Canadian pension benefit obligations. This annuity transaction secured future pension benefits to certain pension plan members. We currently maintain all administrative responsibilities for the annuity payments to these pension plan members. The remaining $17 million of Canadian pension benefit obligations will be settled by issuing lump sum payments to pension plan members. Both the bulk annuity contract and the lump sum payments will be funded using Canadian pension plan assets. The bulk annuity transaction will have no impact on our financial position or statement of earnings until administrative responsibilities related to the annuity payments are transferred to the Canadian insurance company. The bulk annuity contract administrative transfer and lump sum payments to pension plan members are both targeted to occur in 2026.

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