Pension Benefit Plans

9 Months Ended

Sep. 30, 2021

Pension Benefit Plans

Pension Benefit Plans

7. Pension Benefit Plans

The components of the net periodic pension cost for the three months ended September 30, 2021 and 2020 are as follows:

	U.S.				Non-U.S.
	2021		2020		2021		2020
Service cost	$	3	$	3	$	3	$	3
Interest cost		10		12		5		6
Expected asset return		(21)		(19)		(11)		(12)
Amortization of actuarial loss		16		14		3		3
Net periodic pension cost	$	8	$	10	$	—	$	—

The components of the net periodic pension cost for the nine months ended September 30, 2021 and 2020 are as follows:

	U.S.				Non-U.S.
	2021		2020		2021		2020
Service cost	$	9	$	9	$	9	$	10
Interest cost		30		37		15		19
Expected asset return		(63)		(60)		(34)		(36)
Amortization of actuarial loss		48		42		10		9
Net periodic pension cost	$	24	$	28	$	—	$	2

The components of pension expense, other than the service cost component, are included in Other income (expense), net on the Condensed Consolidated Results of Operations.

The Company settled a portion of its pension obligations, which resulted in a reduction of its pension liability of approximately $46 million and pension settlement charges of $5 million in both the three and nine months ended September 30, 2021. For the three and nine months ended September 30, 2020, the Company recorded pension settlement charges totaling $0 and $8 million, respectively.

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