Pension Benefit Plans

9 Months Ended

Sep. 30, 2020

Pension Benefit Plans

Pension Benefit Plans

8. Pension Benefit Plans

The components of the net periodic pension cost for the three months ended September 30, 2020 and 2019 are as follows:

	U.S.				Non-U.S.
	2020		2019		2020		2019
Service cost	$	3	$	3	$	3	$	3
Interest cost		12		15		6		7
Expected asset return		(19)		(22)		(12)		(11)
Amortization of actuarial loss		14		10		3		3
Net periodic pension cost	$	10	$	6	$	—	$	2

The components of the net periodic pension cost for the nine months ended September 30, 2020 and 2019 are as follows:

	U.S.				Non-U.S.
	2020		2019		2020		2019
Service cost	$	9	$	9	$	10	$	9
Interest cost		37		45		19		22
Expected asset return		(60)		(65)		(36)		(33)
Amortization of actuarial loss		42		30		9		7
Net periodic pension cost	$	28	$	19	$	2	$	5

In addition to the above, the Company settled a portion of its pension obligations in Canada and recorded pension settlement charges of $8 million for the nine months ended September 30, 2020.

During the third quarter of 2020, the Company remeasured a portion of its post-retirement benefit obligation in the U.S. due to plan changes, which resulted in a reduction in post-retirement benefit obligation of approximately $32 million.