Employee Benefits (Tables)

3 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost (Credit)

The components of net periodic benefit cost for our retirement plans and postretirement plans for the three months ended March 31 are as follows: 

(in millions)	2020		2019
Service cost	$	1	$	1
Interest cost	13		19
Expected return on assets	(26)		(31)
Amortization of prior service credit / actuarial loss	4		2
Net periodic benefit cost	(8)		(9)
Settlement charge 1	—		113
Net benefit cost	$	(8)	$	104

¹ The Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pretax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.