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Pension Plans and Other Post Employment Benefit Plans
9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Pension and other Post Employment Benefits PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS
The following sets forth the components of the company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(In millions)2022202120222021
Defined Benefit Pension Plans:
Service cost$$$14 $19 
Interest cost126 91 343 273 
Expected return on plan assets(180)(228)(560)(686)
Amortization of unrecognized (gain) loss— 14 41 
Amortization of prior service (benefit) cost— — (2)(1)
Settlement loss25 — 27 
Net periodic benefit (credit) cost$(24)$(116)$(176)$(353)
Other Post Employment Benefits:
Service cost$— $$$
Interest cost19 16 
Amortization of unrecognized (gain) loss23 70 
Amortization of prior service (benefit) cost— (231)(1)(692)
Curtailment (gain) loss — — — (1)
Net periodic benefit (credit) cost$$(202)$21 $(606)
In August 2022, the company transferred approximately $1.1 billion of certain benefit obligations and associated plan assets in the principal U.S. pension plan (the “Plan”) to an insurance company through the purchase of a nonparticipating group annuity contract (“Annuity Purchase”). The company recorded a non-cash, pre-tax settlement charge of approximately $25 million in other income – net in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and corresponding adjustment to accumulated other comprehensive income (loss) in the interim Consolidated Balance Sheets at September 30, 2022 due to the Annuity Purchase. The Annuity Purchase resulted in a remeasurement of the Plan as of August 31, 2022 and the company updated the weighted average discount rate used in developing the 2022 net periodic pension (credit) costs at December 31, 2021 from 2.82 percent to 4.60 percent. Due to the remeasurement, the company recorded a pre-tax actuarial gain of approximately $110 million to accumulated other comprehensive income (loss) in the interim Consolidated Balance Sheets at September 30, 2022.