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Defined Benefit Pension Plans | 6 Months Ended
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Jun. 30, 2022
Retirement Benefits [Abstract] |
Compensation and Employee Benefit Plans | DEFINED BENEFIT PENSION PLANS The following table summarizes our net periodic pension cost for our defined benefit pension and postretirement plans during the three and six months ended June 30, 2022 and 2021 (dollar amounts in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Service cost | $ | 1 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 1 |
Other components of net periodic pension cost 1: |  |  |  |  |  |  |
Interest cost | 2 |  |  | 2 |  |  | 3 |  |  | 4 |
Expected return on plan assets | (2) |  |  | (3) |  |  | (3) |  |  | (6) |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |
Amortization of net loss | 1 |  |  | 1 |  |  | 2 |  |  | 3 |
Net periodic pension cost | $ | 2 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | 1 |
1 Other components of net periodic pension cost are included in Other non-operating items on our Condensed Consolidated Statements of Income. In November 2021, the Company initiated the termination of our frozen U.S. and Canadian defined benefit pension plans (collectively, the Plan), which would result in the full settlement of the Company's Plan obligations. The distribution of Plan assets pursuant to the termination will not be made until the Plan termination satisfies all regulatory requirements, which is expected to occur by the end of 2022. Plan participants will receive their full accrued benefits from Plan assets by electing either lump-sum distributions or annuity contracts with a qualifying third-party annuity provider. The Plan termination is expected to result in pension settlement expense in 2022, which will be determined based on prevailing market conditions, the actual lump-sum distributions, and annuity purchase rates at the date of distribution. As a result, we are currently unable to reasonably estimate the timing or final amount of such settlement charges. Upon settlement, we expect to recognize pre-tax pension settlement charges that will include (1) a non-cash charge for the recognition of all pre-tax actuarial losses accumulated in Accumulated other comprehensive loss ($98 million as of June 30, 2022) and (2) any cash contributions to settle the Plan’s obligations ($8 million net projected benefit obligation as of June 30, 2022). The actual amount of the settlement charges and any potential cash contribution will depend on various factors, including interest rates, Plan asset returns, and the lump-sum election rate.

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