Pension and Other Postretirement Benefits

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022 and 2021 were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Pension benefits – U.S. plans	2022		2021		2022		2021
Service cost	$	5	$	6	$	10	$	11
Interest cost	8		6		15		12
Expected return on plan assets	(19)		(16)		(37)		(31)
Recognized net loss	12		15		24		30
Net periodic cost	$	6	$	11	$	12	$	22

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Pension benefits – Non-U.S. plans	2022		2021		2022		2021
Service cost	$	2	$	4	$	4	$	7
Interest cost	3		9		6		18
Expected return on plan assets	(6)		(21)		(11)		(41)
Recognized net loss	1		10		2		19
Net periodic cost	$	—	$	2	$	1	$	3

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Other postretirement benefits	2022		2021		2022		2021
Interest cost	1		—		2		1
Recognized prior service credit	(5)		(6)		(10)		(13)
Recognized net loss	1		1		1		2
Net periodic benefit	$	(3)	$	(5)	$	(7)	$	(10)

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 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 £127 ($154 as of June 30, 2022) of the cash contribution to be repaid as the Plan sells its remaining illiquid assets, of which £71 ($92) has been received to date.

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
	June 30,				June 30,
Details about accumulated other comprehensive income components	2022		2021		2022		2021		Affected line items in the statement of operations
Actuarial losses	$	14	$	26	$	27	$	51	Other pension and postretirement
Prior service credit	(5)		(6)		(10)		(13)		Other pension and postretirement
	9		20		17		38		Income from continuing operations before taxes and equity in net earnings of affiliates
	(2)		(5)		(4)		(8)		Provision for income taxes
Total reclassified	7		15		13		30		Net income from continuing operations