EMPLOYEE BENEFITS

6 Months Ended

Jun. 30, 2021

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

14. Employee Benefits

We sponsor various defined benefit plans for eligible employees and retirees in the U.S. and certain non-U.S. countries.

The following table presents the components of net periodic benefit cost (credit) with respect to pension benefits:

	Pension
		U.S.		Non-U.S.
(in millions)		Plans		Plans		Total
Three Months Ended June 30, 2021
Components of net periodic benefit cost:
Service cost	$	1	$	6	$	7
Interest cost		23		2		25
Expected return on assets		(61)		(5)		(66)
Amortization of prior service cost		-		1		1
Amortization of net loss		8		1		9
Net periodic benefit cost (credit)	$	(29)	$	5	$	(24)
Three Months Ended June 30, 2020
Components of net periodic benefit cost:
Service cost	$	2	$	5	$	7
Interest cost		33		2		35
Expected return on assets		(59)		(5)		(64)
Amortization of prior service cost		-		1		1
Amortization of net loss		8		2		10
Net periodic benefit cost (credit)	$	(16)	$	5	$	(11)
Six Months Ended June 30, 2021
Components of net periodic benefit cost:
Service cost	$	2	$	11	$	13
Interest cost		45		5		50
Expected return on assets		(122)		(11)		(133)
Amortization of prior service cost		-		2		2
Amortization of net loss		17		3		20
Net periodic benefit cost (credit)	$	(58)	$	10	$	(48)
Six Months Ended June 30, 2020
Components of net periodic benefit cost:
Service cost	$	3	$	10	$	13
Interest cost		67		5		72
Expected return on assets		(119)		(10)		(129)
Amortization of prior service cost		-		1		1
Amortization of net loss		16		4		20
Net periodic benefit cost (credit)	$	(33)	$	10	$	(23)

The service cost for our U.S. defined benefit plans only reflects administrative fees as the plans are frozen and no longer accrue benefits. We recognized net expense of $2 million and $4 million for our U.S. and non-U.S. postretirement benefit plans for the three- and six-month periods ended June 30, 2021, respectively. We recognized net expense of $2 million and $4 million for our U.S. and non-U.S. postretirement benefit plans for the three- and six-month periods ended June 30, 2020, respectively.