PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS

PENSION AND OTHER POSTRETIREMENT BENEFIT PROGRAMS

The following is a summary of net periodic benefit cost relating to our pension and OPEB plans.

	Three months ended June 30,				Six months ended June 30,
(in millions)	2022		2021		2022		2021
Pension benefits
Service cost	$	21	$	22	$	40	$	44
Interest cost	24		18		48		36
Expected return on plan assets	(40)		(36)		(79)		(72)
Amortization of net losses and prior service costs	11		23		23		46
Net periodic pension cost	$	16	$	27	$	32	$	54
OPEB
Interest cost	$	1	$	1	$	2	$	2
Amortization of net loss and prior service credit	(3)		(3)		(6)		(5)
Net periodic OPEB cost (income)	$	(2)	$	(2)	$	(4)	$	(3)

U.S. Hillrom Pension Plan Amendment

In May 2022, we announced that the pay and service amounts used to calculate pension benefits for active non-bargaining participants in our U.S. Hillrom pension plan will freeze as of December 31, 2022. Years of additional service earned and eligible compensation received after December 31, 2022 will not be included in the determination of the benefits payable to those participants. This change resulted in an $11 million decline in the projected benefit obligation (PBO) with an offsetting curtailment gain included within other income (expense), net on the condensed consolidated statements of income for the three months and six months ended June 30, 2022.