Pension, Savings and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Pension, Other Postretirement Benefits and Savings Plans

NOTE 11. PENSION, SAVINGS AND OTHER POSTRETIREMENT BENEFIT PLANS

We provide employees with defined benefit pension or defined contribution savings plans.

Defined benefit pension cost follows:

	U.S.
	Three Months Ended
	March 31,
(In millions)	2022			2021
Service cost	$	3		$	1
Interest cost		31			20
Expected return on plan assets		(52	)		(42	)
Amortization of net losses		26			28
Net periodic pension cost	$	8		$	7

	Non-U.S.
	Three Months Ended
	March 31,
(In millions)	2022			2021
Service cost	$	6		$	7
Interest cost		16			11
Expected return on plan assets		(18	)		(10	)
Amortization of net losses		6			8
Net periodic pension cost	$	10		$	16

Service cost is recorded in CGS or SAG. Other components of net periodic pension cost are recorded in Other (Income) Expense. Net curtailments, settlements and termination benefits, if any, are recorded in Other (Income) Expense or Rationalizations if related to a rationalization plan.

In the first quarter of 2022, we communicated the termination of a Cooper Tire U.S. salaried defined benefit pension plan, which was frozen in 2009, to applicable participants. The termination of the plan, which had $506 million in assets and $458 million in obligations as of December 31, 2021, is expected to be completed in the first half of 2023.

We also provide certain U.S. employees and employees at certain non-U.S. subsidiaries with health care benefits or life insurance benefits upon retirement. Other postretirement benefits expense for the three months ended March 31, 2022 and 2021 was $4 million and $2 million, respectively.

We expect to contribute $25 million to $50 million to our funded non-U.S. pension plans in 2022. For the three months ended March 31, 2022, we contributed $9 million to our non-U.S. plans.

The expense recognized for our contributions to defined contribution savings plans for the three months ended March 31, 2022 and 2021 was $35 million and $28 million, respectively.