Employee benefit plans

6 Months Ended

Jun. 30, 2020

Employee benefit plans

Employee benefit plans

13. EMPLOYEE BENEFIT PLANS

The following table summarizes the components of net periodic benefit cost for the Company’s pension plans:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Interest cost	$	5	$	5	$	9	$	10
Expected return on plan assets		(7)		(6)		(13)		(12)
Amortization of net gain		1		—		1		—
Expenses paid		—		—		1		1
Net periodic benefit cost	$	(1)	$	(1)	$	(2)	$	(1)

Contributions

The funding policy for the Company’s pension plans is to contribute at least the minimum required by applicable laws and regulations or to directly make benefit payments where appropriate.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. Under the CARES Act, all single-employer funding obligations due during calendar year 2020 can be delayed until January 1, 2021, with accrued interest added to the delayed payments. The Company contributed $3 million to its pension plan as of June 30, 2020 and has the ability to defer the remaining $15 million in payments for 2020 until January 1, 2021.