Pension, Savings and Other Postretirement Benefit Plans

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Pension, Other Postretirement Benefits and Savings Plans

NOTE 10. 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)	2023			2022
Service cost	$	2		$	3
Interest cost		49			31
Expected return on plan assets		(58	)		(52	)
Amortization of net losses		25			26
Net periodic pension cost	$	18		$	8

	Non-U.S.
	Three Months Ended
	March 31,
(In millions)	2023			2022
Service cost	$	5		$	6
Interest cost		27			16
Expected return on plan assets		(23	)		(18	)
Amortization of net losses		5			6
Net periodic pension cost	$	14		$	10

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 the Cooper Tire U.S. salaried defined benefit pension plan, which was frozen in 2009, to applicable participants. The termination of the plan, which had $380 million in assets and $375 million in estimated obligations on a termination accounting basis as of December 31, 2022, is expected to be completed in the second quarter 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, 2023 and 2022 was $2 million and $4 million, respectively.

We expect to contribute $25 million to $50 million to our funded non-U.S. pension plans in 2023. For the three months ended March 31, 2023, we contributed $11 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, 2023 and 2022 was $35 million for each period.