Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2020

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 periods ended June 30 are as follows:


(in millions)	Three Months						Six Months
	2020		2019		2020		2019
Service cost	$	1	$	1	$	2	$	1
Interest cost	13		14		26		33
Expected return on assets	(25)		(23)		(51)		(54)
Amortization of prior service credit / actuarial loss	4		2		7		4
Net periodic benefit cost	(7)		(6)		(16)		(16)
Settlement charges ¹	3		—		3		113
Net benefit cost	$	(4)	$	(6)	$	(13)	$	97

¹ During the three and six months ended June 30, 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.K. pension plan, triggering the recognition of a non-cash pre-tax settlement charge of $3 million. During the first six months of 2019, 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 of $113 million reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.