Pension Benefit Plans

9 Months Ended

Sep. 30, 2022

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, 2022 and 2021 are as follows:

	U.S.				Non-U.S.
	Three months ended September 30,				Three months ended September 30,
	2022		2021		2022		2021
Service cost	$	3	$	3	$	2	$	3
Interest cost		9		10		6		5
Expected asset return		(15)		(21)		(8)		(11)
Amortization of actuarial loss		10		16		2		3
Net periodic pension cost	$	7	$	8	$	2	$	—

The components of the net periodic pension cost for the nine months ended September 30, 2022 and 2021 are as follows:

	U.S.				Non-U.S.
	Nine months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Service cost	$	9	$	9	$	7	$	9
Interest cost		26		30		16		15
Expected asset return		(45)		(63)		(25)		(34)
Amortization of actuarial loss		30		48		7		10
Net periodic pension cost	$	20	$	24	$	5	$	—

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 pension settlement charges of $5 million in both the three and nine months ended September 2022. 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.