Pension and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

The components of net periodic pension and other postretirement benefits costs for the three and six months ended June 30, 2020 and 2019 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Pension benefits – U.S. plans	2020		2019		2020		2019
Service cost	$	5	$	3	$	10	$	8
Interest cost	9		13		19		26
Expected return on plan assets	(19)		(17)		(37)		(35)
Recognized net loss	14		14		28		28
Net periodic cost	$	9	$	13	$	20	$	27

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Pension benefits – Non-U.S. plans	2020		2019		2020		2019
Service cost	$	3	$	4	$	6	$	8
Interest cost	13		20		27		39
Expected return on plan assets	(22)		(34)		(53)		(69)
Curtailment gain	—		—		—		(14)
Settlement loss	19		31		56		31
Recognized prior service credit	—		(1)		—		(1)
Recognized net loss	4		9		13		19
Net periodic cost	$	17	$	29	$	49	$	13

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Other postretirement benefits	2020		2019		2020		2019
Interest cost	1		1		2		2
Recognized prior service credit	(7)		(8)		(13)		(17)
Recognized net loss	1		1		2		2
Net periodic benefit	$	(5)	$	(6)	$	(9)	$	(13)

In the three and six months ended June 30, 2020, the Company recorded settlement charges related to the payment of lump sum buy-outs to settle certain non-U.S. pension obligations using plan assets. The Company may incur additional settlement charges in 2020.

In the three and six months ended June 30, 2019, the Company recorded a curtailment gain to recognize prior service credits that were previously recorded in accumulated other comprehensive income in connection with the closure of a non-U.S. defined benefit pension plan.

The components of net periodic cost / (benefit) other than the service cost component are included in other pension and postretirement in the Consolidated Statement of Operations.

        The following table provides information about amounts reclassified from accumulated other comprehensive income.

	Three Months Ended				Six Months Ended
Details about accumulated other	June 30,				June 30,				Affected line item in the
comprehensive income components	2020		2019		2020		2019		statement of operations
Actuarial losses	$	19	$	24	$	43	$	49	Other pension and postretirement
Settlements	19		31		56		31		Other pension and postretirement
Prior service credit	(7)		(9)		(13)		(18)		Other pension and postretirement
Curtailments	—		—		—		(14)		Other pension and postretirement
	31		46		86		48		Income before taxes
	(3)		(7)		(7)		(8)		Provision for income taxes
Total reclassified	$	28	$	39	$	79	$	40	Net income