Net Periodic Pension and Postretirement Benefit Costs

6 Months Ended

Jun. 30, 2017

Net Periodic Pension and Postretirement Benefit Costs

Benefit plans

8.           Net Periodic Pension and Postretirement Benefit Costs

For detailed information about the Company’s pension and postretirement benefit plans, please refer to Note 10 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

The following table sets forth the components of net periodic benefit cost of the U.S. and non-U.S. defined benefit pension plans for the periods presented:

	Three Months Ended								Six Months Ended
	June 30,								June 30,
	U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
(in millions)	2017		2016		2017		2016		2017		2016		2017		2016
Service cost	$	2	$	2	$	1	$	1	$	3	$	4	$	2	$	2
Interest cost		3		3		3		3		6		6		5		5
Expected return on plan assets		(5)		(5)		(2)		(3)		(10)		(10)		(5)		(5)
Amortization of actuarial loss		—		—		—		—		—		—		1		1
Settlement loss		—		—		—		1		—		—		—		1
Net periodic benefit cost	$	—	$	—	$	2	$	2	$	(1)	$	—	$	3	$	4

The Company currently anticipates that it will make approximately $3 million in cash contributions to its pension plans in 2017, consisting of $2 million to its non-U.S. pension plans and $1 million to its U.S. pension plans. For the six months ended June 30, 2017,cash contributions of approximately $1 million were made to the non-U.S. plans and less than $1 million to the U.S. plans.

The following table sets forth the components of net postretirement benefit cost for the periods presented:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2017		2016		2017		2016
Interest cost	$	1	$	1	$	2	$	2
Amortization of prior service credit		(1)		(1)		(2)		(2)
Net periodic benefit cost	$	—	$	—	$	—	$	—