Employee benefit plans

3 Months Ended

Mar. 31, 2021

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 March 31,
	2021		2020
Interest cost	$	3	$	4
Expected return on plan assets		(7)		(6)
Amortization of net loss		1		—
Expenses paid		1		1
Net periodic benefit cost	$	(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. In December 2020, the Company prefunded approximately $16 million to its qualified pension plan. Due to the December 2020 prefunding, there are no further required contributions for the Company’s qualified pension plan for the year ended December 31, 2021.