Pension and Other Postretirement Benefits

9 Months Ended

Sep. 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 nine months ended September 30, 2020 and 2019 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Pension benefits – U.S. plans	2020		2019		2020		2019
Service cost	$	4	$	2	$	14	$	10
Interest cost	9		13		28		39
Expected return on plan assets	(18)		(17)		(55)		(52)
Recognized prior service cost	1		1		1		1
Recognized net loss	14		14		42		42
Net periodic cost	$	10	$	13	$	30	$	40

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Pension benefits – Non-U.S. plans	2020		2019		2020		2019
Service cost	$	3	$	2	$	9	$	10
Interest cost	14		15		41		54
Expected return on plan assets	(26)		(31)		(79)		(100)
Curtailment gain	—		—		—		(14)
Settlement loss	5		6		61		37
Recognized prior service credit	—		—		—		(1)
Recognized net loss	5		7		18		26
Net periodic cost / (benefit)	$	1	$	(1)	$	50	$	12

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Other postretirement benefits	2020		2019		2020		2019
Interest cost	$	—	$	1	$	2	$	3
Recognized prior service credit	(6)		(8)		(19)		(25)
Recognized net loss	1		—		3		2
Net periodic benefit	$	(5)	$	(7)	$	(14)	$	(20)

In the three and nine months ended September 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 nine months ended September 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				Nine Months Ended
Details about accumulated other	September 30,				September 30,				Affected line item in the
comprehensive income components	2020		2019		2020		2019		statement of operations
Actuarial losses	$	20	$	21	$	63	$	70	Other pension and postretirement
Settlements	5		6		61		37		Other pension and postretirement
Prior service credit	(5)		(7)		(18)		(25)		Other pension and postretirement
Curtailments	—		—		—		(14)		Other pension and postretirement
	20		20		106		68		Income before taxes
	(5)		(5)		(21)		(13)		Provision for income taxes
Total reclassified	$	15	$	15	$	85	$	55	Net income