Pension and Other Postretirement Benefits

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Pension benefits – U.S. plans	2022		2021		2022		2021
Service cost	$	5	$	5	$	15	$	16
Interest cost	7		6		22		18
Expected return on plan assets	(19)		(16)		(56)		(47)
Recognized prior service cost	—		1		—		1
Recognized net loss	11		15		35		45
Curtailment loss	1		—		1		—
Net periodic cost	$	5	$	11	$	17	$	33

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Pension benefits – Non-U.S. plans	2022		2021		2022		2021
Service cost	$	4	$	3	$	8	$	10
Interest cost	3		9		9		27
Expected return on plan assets	(5)		(20)		(16)		(61)
Recognized net loss	1		8		3		27
Net periodic cost	$	3	$	—	$	4	$	3

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Other postretirement benefits	2022		2021		2022		2021
Service cost	$	—	$	1	$	—	$	1
Interest cost	1		1		3		2
Recognized prior service credit	(5)		(6)		(15)		(19)
Recognized net loss	—		1		2		3
Net periodic benefit	$	(4)	$	(3)	$	(10)	$	(13)

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 ($141 as of September 30, 2022) of the cash contribution to be repaid as the Plan sells its remaining illiquid assets, of which £93 ($104) 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				Nine Months Ended
	September 30,				September 30,
Details about accumulated other comprehensive income components	2022		2021		2022		2021		Affected line items in the statement of operations
Actuarial losses	$	13	$	24	$	40	$	75	Other pension and postretirement
Prior service credit	(5)		(5)		(15)		(18)		Other pension and postretirement
Settlement loss	1		—		1		—		Other pension and postretirement
	9		19		26		57		Income from continuing operations before taxes and equity in net earnings of affiliates
	(2)		(5)		(6)		(13)		Provision for income taxes
	7		14		20		44		Net income from continuing operations
Actuarial losses	—		9		—		9		Net loss from discontinued operations
Total reclassified	$	7	$	23	$	20	$	53	Net income from continuing operations attributable to Crown Holdings

Amortization of prior service credits of $15 for the nine months ended September 30, 2022, primarily relates to prior service credits which arose from postretirement plan amendments in prior years. These prior service credits are expected to be fully amortized to income in 2022.