Employee benefit plans

6 Months Ended

Jun. 30, 2022

Employee benefit plans

Employee benefit plans

12. EMPLOYEE BENEFIT PLANS

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest cost	$	3	$	4	$	7	$	7
Expected return on plan assets		(8)		(7)		(15)		(14)
Amortization of net loss		—		2		—		3
Expenses paid		—		—		1		1
Net periodic benefit credit	$	(5)	$	(1)	$	(7)	$	(3)

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 2021, the Company elected to take advantage of certain provisions of the American Rescue Plan Act of 2021 and due to the Company’s election, there are no required contributions for the Company’s qualified pension plan for the year ending December 31, 2022.