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Pension and Other Postretirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost

The components of net periodic benefit cost were as follows:

 

 

Second quarter ended
June 30,

 

 

Six months ended
June 30,

 

Pension benefits

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Service cost

 

$

3

 

 

$

3

 

 

$

5

 

 

$

5

 

Interest cost(1)

 

 

27

 

 

 

29

 

 

 

54

 

 

 

60

 

Expected return on plan assets(1)

 

 

(35

)

 

 

(37

)

 

 

(70

)

 

 

(76

)

Recognized net actuarial loss(1)

 

 

8

 

 

 

7

 

 

 

16

 

 

 

14

 

Curtailments(2)

 

 

—

 

 

 

—

 

 

 

1

 

 

 

—

 

Settlements(2)

 

 

(1

)

 

 

21

 

 

 

(1

)

 

 

21

 

Net periodic benefit cost

 

$

2

 

 

$

23

 

 

$

5

 

 

$

24

 

 

 

 

Second quarter ended
June 30,

 

 

Six months ended
June 30,

 

Other postretirement benefits

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Service cost

 

$

—

 

 

$

1

 

 

$

1

 

 

$

2

 

Interest cost(1)

 

 

6

 

 

 

7

 

 

 

12

 

 

 

13

 

Recognized net actuarial loss(1)

 

 

2

 

 

 

1

 

 

 

3

 

 

 

2

 

Amortization of prior service benefit(1)

 

 

(4

)

 

 

(4

)

 

 

(7

)

 

 

(7

)

Net periodic benefit cost

 

$

4

 

 

$

5

 

 

$

9

 

 

$

10

 

 

(1)
These amounts were reported in Other (income) expenses, net on the accompanying Statement of Consolidated Operations (see Note P).
(2)
These amounts were reported in Restructuring and other charges, net on the accompanying Statement of Consolidated Operations and Cash Flows.
Summary of Information in Curtailment or Settlement of Benefits Requiring Remeasurement, Update to Discount Rates Used to Determine Benefit Obligations of Affected Plans

Action #

 

Number of
affected
plan
participants

 

Weighted
average
discount rate
as of prior plan remeasurement
date

 

Plan
remeasurement
date

 

Weighted
average
discount rate
as of plan
remeasurement
date

 

Increase (decrease) to
other noncurrent assets

 

 

Curtailment
loss(1)

 

 

Settlement gain(2)

 

1

 

~110

 

N/A

 

N/A

 

N/A

 

$

(1

)

 

$

1

 

 

$

—

 

2

 

~10

 

4.81%

 

June 30, 2024

 

5.23%

 

 

19

 

 

 

—

 

 

 

(1

)

 

 

~120

 

 

 

 

 

 

 

$

18

 

 

$

1

 

 

$

(1

)
(1)
This amount represents the net actuarial loss arising from the curtailment and was recognized immediately in Restructuring and other charges, net on the accompanying Statement of Consolidated Operations.
(2)
This amount represents the net actuarial gain and was reclassified from Accumulated other comprehensive loss to Restructuring and other charges, net on the accompanying Statement of Consolidated Operations.