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v3.23.3

Pension, Savings and Other Postretirement Benefit Plans | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
Pension, Other Postretirement Benefits and Savings Plans | NOTE 10. 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) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 2 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 10 |
Interest cost |  |  | 47 |  |  |  | 36 |  |  |  | 148 |  |  |  | 96 |
Expected return on plan assets |  |  | (57 | ) |  |  | (55 | ) |  |  | (175 | ) |  |  | (160 | )
Amortization of net losses |  |  | 25 |  |  |  | 25 |  |  |  | 74 |  |  |  | 76 |
Net periodic pension cost |  | $ | 17 |  |  | $ | 9 |  |  | $ | 53 |  |  | $ | 22 |
Net curtailments/settlements/termination benefits |  |  | — |  |  |  | 10 |  |  |  | 33 |  |  |  | 28 |
Total defined benefit pension cost |  | $ | 17 |  |  | $ | 19 |  |  | $ | 86 |  |  | $ | 50 |
|  | Non-U.S. |  |  | Non-U.S. |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 5 |  |  | $ | 6 |  |  | $ | 14 |  |  | $ | 18 |
Interest cost |  |  | 27 |  |  |  | 14 |  |  |  | 81 |  |  |  | 46 |
Expected return on plan assets |  |  | (23 | ) |  |  | (16 | ) |  |  | (69 | ) |  |  | (51 | )
Amortization of prior service cost |  |  | — |  |  |  | 1 |  |  |  | 1 |  |  |  | 2 |
Amortization of net losses |  |  | 3 |  |  |  | 5 |  |  |  | 12 |  |  |  | 16 |
Net periodic pension cost |  | $ | 12 |  |  | $ | 10 |  |  | $ | 39 |  |  | $ | 31 |
Net curtailments/settlements/termination benefits |  |  | 4 |  |  |  | — |  |  |  | 7 |  |  |  | — |
Total defined benefit pension cost |  | $ | 16 |  |  | $ | 10 |  |  | $ | 46 |  |  | $ | 31 |
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 first nine months of 2023, pension settlement charges of $40 million were recorded in Other (Income) Expense. In the third quarter of 2023, we recorded settlement charges of $4 million in Other (Income) Expense resulting from total lump sum payments exceeding annual service and interest cost for certain non-U.S. plans. During the second quarter of 2023, we settled all plan benefits of the Cooper Tire U.S. salaried defined benefit pension plan with lump sum payments to electing participants and the purchase of a group annuity contract. After settlement, we currently estimate that excess plan assets of approximately $18 million will be used to fund future obligations associated with our U.S. salaried defined contribution savings plan. During the second quarter of 2023, we also settled all plan benefits of the Ireland defined benefit pension plan. Settlement charges of $36 million were recorded in Other (Income) Expense in the second quarter of 2023 in conjunction with the termination of these plans. 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. The settlement charges resulted from total lump sum payments exceeding annual service and interest cost of the applicable plans. Effective May 1, 2023, our Canadian salaried pension plan was frozen to future accruals for participants who met defined age and service criteria, and replaced with employer contributions to a defined contribution savings plan. 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, 2023 and 2022 was $2 million and $4 million, respectively, and for the nine months ended September 30, 2023 and 2022 was $6 million and $12 million, respectively. We expect to contribute $25 million to $50 million to our funded non-U.S. pension plans in 2023. For the three and nine months ended September 30, 2023, we contributed $6 million and $28 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, 2023 and 2022 was $33 million for each period, and for the nine months ended September 30, 2023 and 2022 was $100 million and $99 million, respectively.

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