Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021 were as follows:

	Three Months Ended
	March 31,
Pension benefits – U.S. plans	2022		2021
Service cost	$	5	$	5
Interest cost	8		6
Expected return on plan assets	(19)		(15)
Recognized net loss	12		15
Net periodic cost	$	6	$	11

	Three Months Ended
	March 31,
Pension benefits – Non-U.S. plans	2022		2021
Service cost	$	2	$	3
Interest cost	4		9
Expected return on plan assets	(5)		(20)
Recognized net loss	1		9
Net periodic cost	$	2	$	1

	Three Months Ended
	March 31,
Other postretirement benefits	2022		2021
Interest cost	1		1
Recognized prior service credit	(5)		(7)
Recognized net loss	1		1
Net periodic benefit	$	(3)	$	(5)

In October 2021, the trustees of the Company's U.K. defined benefit pension plan (the "Plan") entered into a transaction to fully insure all of its U.K. pension liabilities. In 2021, the Company made a cash contribution of $271 to enable the Plan to purchase a bulk annuity insurance contract for the benefit of the Plan participants. The Company recorded a settlement charge of $1,511 in the fourth quarter of 2021, upon irrevocable transfer of the Plan's obligations. The Company expects $175 of the cash contribution to be repaid as the Plan sells its remaining illiquid assets. The Company was reimbursed $55 in the fourth quarter of 2021 and $24 in the first quarter of 2022.

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
	March 31,
Details about accumulated other comprehensive income components	2022		2021		Affected line items in the statement of operations
Actuarial losses	$	14	$	25	Other pension and postretirement
Prior service credit	(5)		(7)		Other pension and postretirement
	9		18		Income from continuing operations before taxes
	(2)		(3)		Provision for income taxes
Total reclassified	7		15		Net income from continuing operations