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v3.22.2.2

Pension, Savings and Other Postretirement Benefit Plans | 9 Months Ended
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Sep. 30, 2022
Retirement Benefits [Abstract] |
Pension, Other Postretirement Benefits and Savings Plans | NOTE 11. PENSION, SAVINGS AND OTHER POSTRETIREMENT BENEFIT PLANS We provide employees with defined benefit pension or defined contribution savings plans. Defined benefit pension cost follows:
|  | U.S. |  |  | U.S. |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 3 |  |  | $ | 3 |  |  | $ | 10 |  |  | $ | 6 |
Interest cost |  |  | 36 |  |  |  | 26 |  |  |  | 96 |  |  |  | 68 |
Expected return on plan assets |  |  | (55 | ) |  |  | (54 | ) |  |  | (160 | ) |  |  | (142 | )
Amortization of net losses |  |  | 25 |  |  |  | 26 |  |  |  | 76 |  |  |  | 80 |
Net periodic pension cost |  | $ | 9 |  |  | $ | 1 |  |  | $ | 22 |  |  | $ | 12 |
Net curtailments/settlements/termination benefits |  |  | 10 |  |  |  | 11 |  |  |  | 28 |  |  |  | 30 |
Total defined benefit pension cost |  | $ | 19 |  |  | $ | 12 |  |  | $ | 50 |  |  | $ | 42 |
|  | Non-U.S. |  |  | Non-U.S. |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Service cost |  | $ | 6 |  |  | $ | 7 |  |  | $ | 18 |  |  | $ | 22 |
Interest cost |  |  | 14 |  |  |  | 13 |  |  |  | 46 |  |  |  | 35 |
Expected return on plan assets |  |  | (16 | ) |  |  | (13 | ) |  |  | (51 | ) |  |  | (35 | )
Amortization of prior service cost |  |  | 1 |  |  |  | — |  |  |  | 2 |  |  |  | 1 |
Amortization of net losses |  |  | 5 |  |  |  | 8 |  |  |  | 16 |  |  |  | 25 |
Total defined benefit pension cost |  | $ | 10 |  |  | $ | 15 |  |  | $ | 31 |  |  | $ | 48 |
Service cost is recorded in CGS or SAG. Other components of net periodic pension cost are recorded in Other (Income) Expense. Net curtailments, settlements and termination benefits, if any, are recorded in Other (Income) Expense or Rationalizations if related to a rationalization plan. In the third quarter and first nine months of 2022, pension settlement charges of $10 million and $28 million, respectively, were recorded in Other (Income) Expense. In the third quarter and first nine months of 2021, pension settlement charges of $11 million and $30 million, respectively, were recorded in Other (Income) Expense. The settlement charges resulted from total lump sum payments exceeding annual service and interest cost of the applicable plans. In the first quarter of 2022, we communicated the termination of a Cooper Tire U.S. salaried defined benefit pension plan, which was frozen in 2009, to applicable participants. The termination of the plan, which had $389 million in assets and $378 million in estimated obligations on a termination accounting basis as of September 30, 2022, is e xpected to be completed in the first half of 2023. We also provide certain U.S. employees and employees at certain non-U.S. subsidiaries with health care benefits or life insurance benefits upon retirement. Other postretirement benefits expense for the three months ended September 30, 2022 and 2021 was $4 million and $3 million, respectively, and for the nine months ended September 30, 2022 and 2021 was $12 million and $6 million, respectively. We expect to contribute $25 million to $50 million to our funded non-U.S. pension plans in 2022. For the three and nine months ended September 30, 2022, we contributed $6 million and $23 million, respectively, to our non-U.S. plans. The expense recognized for our contributions to defined contribution savings plans for the three months ended September 30, 2022 and 2021 was $33 million and $31 million, respectively, and for the nine months ended September 30, 2022 and 2021 was $99 million and $86 million, respectively.

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