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Pension and Other Post-Retirement Benefit Plans
 12 Months Ended
Dec. 31, 2022
Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract]  
Pension and Other Post-Retirement Benefit Plans

18. Pension and Other Post-Retirement Benefit Plans

Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below.

Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees.

Components of net periodic benefit cost (credit) are as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

U.S. and Non-U.S. Pension Benefits

​

​

Year Ended December 31, 

​

    

2022

    

2021

    

2020

​

​

(in millions)

Interest cost

​

$

4

​

$

4

​

$

5

Expected return on plan assets

​

 

(5)

​

 

(5)

​

 

(5)

Amortization of actuarial losses

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1

​

 

1

​

 

1

​

​

$

—

​

$

—

​

$

1

​

The following table provides disclosures for Viskase’s benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated

financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions.

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​

​

​

​

​

​

​

​

U.S. and Non-U.S. Pension Benefits

​

    

2022

    

2021

​

​

(in millions)

Change in benefit obligation:

​

​

  

    

​

  

Benefit obligation, beginning of year

​

$

154

​

$

166

Interest cost

​

 

4

​

 

4

Benefits paid

​

 

(8)

​

 

(8)

Actuarial gain

​

 

(34)

​

 

(5)

Currency translation

​

 

(1)

​

 

(3)

Benefit obligation, end of year

​

 

115

​

 

154

Change in plan assets:

​

 

  

​

 

  

Fair value of plan assets, beginning of year

​

 

106

​

 

94

Actual return on plan assets

​

 

(15)

​

 

11

Employer contributions

​

 

1

​

 

8

Benefits paid

​

 

(8)

​

 

(7)

Fair value of plan assets, end of year

​

 

84

​

 

106

Funded status of the plan and amounts recognized in the consolidated balance sheets

​

$

(31)

​

$

(48)

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Defined Benefit Plans Measured at Fair Value on a Recurring Basis

The following table presents Viskase’s defined benefit plan assets measured at fair value on a recurring basis:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2022

​

December 31, 2021

​

    

Level 1

    

Level 2

    

Total

    

Level 1

    

Level 2

    

Total

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​

(in millions)

U.S. and Non-U.S. Plans:

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​

  

​

​

  

​

​

  

​

​

  

​

​

  

​

​

  

Cash and cash equivalents

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$

13

​

$

—

​

$

13

​

$

6

​

$

—

​

$

6

Government debt securities

​

 

2

​

 

13

​

 

15

​

 

6

​

 

4

​

 

10

Exchange traded funds

​

 

12

​

 

—

​

 

12

​

 

24

​

 

—

​

 

24

Mutual funds

​

 

20

​

 

—

​

 

20

​

 

37

​

 

2

​

 

39

Common stock

​

 

24

​

 

—

​

 

24

​

 

27

​

 

—

​

 

27

​

​

$

71

​

$

13

​

$

84

​

$

100

​

$

6

​

$

106

​