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v3.23.1

Employee Benefit and Retirement Plans | 3 Months Ended
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Mar. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefit and Retirement Plans | Employee Benefit and Retirement Plans The components of pension and postretirement benefit (income) expense for the periods indicated, are as follows (in millions):
|  |  |  |  |  |  |  |  | Pension Benefits
|  |  |  |  | U.S. |  | International
|  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Interest cost |  |  |  |  |  |  |  |  | 11 |  |  | 6 |  |  | 4 |  |  | 2 |
Expected return on plan assets |  |  |  |  |  |  |  |  | (14) |  |  | (12) |  |  | (3) |  |  | (2) |
Amortization |  |  |  |  |  |  |  |  | 1 |  |  | 4 |  |  | 1 |  |  | 1 |
Total (income) expense |  |  |  |  |  |  |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | 3 |  |  | $ | 2 |
|  |  |  |  | Postretirement Benefits
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Amortization |  |  |  |  | $ | (2) |  |  | $ | (1) |
Total income |  |  |  |  | $ | (2) |  |  | $ | (1) |
U.K. Defined Benefit Plan In February 2022, the Company entered into an agreement with an insurance company for a bulk annuity purchase or “buy-in” for one of its U.K. defined benefit pension plans, resulting in an exchange of plan assets for an annuity that matches the plan’s future projected benefit obligations to covered participants. The Company anticipates the “buy-out” for the plan to be completed in 2023. The non-cash settlement charge associated with the transaction is expected to be approximately £50 million to £70 million.

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