Retirement Benefits

The Company sponsors defined benefit pension (Pension Benefits) and other postretirement (Other Retirement Benefits) plans which provide monthly pension and other benefits to eligible employees upon retirement.

Components of Expense (Income)

The components of expense (income) for Pension Benefits and Other Retirement Benefits for the three months ended December 31, 2017 and 2016, are summarized as follows:



	Pension Benefits						Other Retirement Benefits
	Three Months Ended						Three Months Ended
	December 31						December 31
(in millions)	2017			2016			2017		2016
Service cost	$	3		$	3		$	—	$	—
Interest cost	30			28			1		1
Expected return on plan assets	(60		)	(60		)	—		—
Amortization:
Prior service credit	—			—			—		—
Net actuarial loss	20			23			2		2
Net benefit expense (income)	$	(7	)	$	(6	)	$	3	$	3

Pension Plan Funding

The Company’s objective with respect to the funding of its pension plans is to provide adequate assets for the payment of future benefits. Pursuant to this objective, the Company will fund its pension plans as required by governmental regulations and may consider discretionary contributions as conditions warrant. In October 2017, the Company voluntarily contributed $55 million to its U.S. qualified pension plan. There is no minimum statutory funding requirement for 2018. Any additional future contributions necessary to satisfy minimum statutory funding requirements are dependent upon actual plan asset returns, interest rates and actuarial assumptions. During the three months ended December 31, 2017, the Company made contributions to the non-U.S. plans and the U.S. non-qualified pension plan of $3 million.