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EMPLOYEE BENEFIT PLANS | 9 Months Ended
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Sep. 30, 2023
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | NOTE 9. EMPLOYEE BENEFIT PLANS PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS – NORTH AMERICA The components of net periodic pension benefit for the Company’s North America pension plans are as follows:
|  | Third Quarter |  |  | Year-to-Date |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 8 |  |  |  | 5 |  |  |  | 24 |  |  |  | 16 |
Expected return on plan assets |  |  | (8 | ) |  |  | (6 | ) |  |  | (25 | ) |  |  | (19 | )
Amortization of gain |  |  | (2 | ) |  |  | — |  |  |  | (5 | ) |  |  | — |
Net periodic pension benefit |  | $ | (2 | ) |  | $ | (1 | ) |  | $ | (6 | ) |  | $ | (3 | )
The North America qualified pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022. The North America nonqualified pension plan is in a net liability position and included in Pension and postretirement obligations, net in the Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022. Year-to-date 2023, $2 million of cash contributions were made to the North America pension plans. The Company expects to make additional cash contributions of less than $1 million to the North America pension plans during the remainder of 2023. PENSION PLAN – UNITED KINGDOM The components of net periodic pension benefit for the Company’s pension plan in the United Kingdom (“UK”) are as follows:
|  | Third Quarter |  |  | Year-to-Date |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 2 |  |  |  | 1 |  |  |  | 5 |  |  |  | 3 |
Expected return on plan assets |  |  | (2 | ) |  |  | (1 | ) |  |  | (5 | ) |  |  | (5 | )
Net periodic pension benefit |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (2 | )
Net periodic pension benefits for the North America and UK pension plans and other postretirement benefit plans (the “Plans”) are recorded at the Corporate level. The service cost for the Plans are reflected in Selling, general and administrative expenses, and the other components of net periodic pension benefits are reflected in Other income, net, in the Condensed Consolidated Statements of Operations. In July 2023, in accordance with applicable UK pension regulations, Trustees of the UK pension plan entered into an agreement with an insurer for the bulk annuity purchase of the plan, covering 100% of the plan’s members. The insurer was selected after careful consideration of offers received from multiple independent insurers. This agreement, or buy-in, resulted in an exchange of plan assets for an annuity that covers the plan’s future projected benefit obligations. The initial value of the asset associated with this contract is equal to the premium paid to the insurer to secure the insurance policy. In accordance with US GAAP, the Company has set the value of its liability obligations covered by the annuity buy-in contract to be equal to the fair value of the buy-in contract. This has resulted in a reduction of the net asset position of the UK pension plan and a corresponding charge of $44 million to other comprehensive income during the third quarter of 2023. The Company anticipates the buyout of the plan and transfer of future benefit obligations of plan participants to be completed with existing plan funds as early as 2024. Accordingly, the Company does not expect the transaction to result in material cash inflows or outflows. At the completion of the buy-out, the Company will remove the assets and liabilities of the UK pension plan from its Consolidated Balance Sheet and a final non-cash plan settlement loss will be included in net periodic pension cost. The UK pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at September 30, 2023 and December 31, 2022. Year-to-date 2023, no cash contributions were made to the UK pension plan, and the Company does not anticipate making further cash contributions to the UK pension plan.

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