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Employee Benefit Plans
9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The components of Net periodic benefit cost and other changes in plan assets and benefit obligations were as follows:
Three Months Ended September 30,
 Pension Benefits
U.S. PlansNon-U.S. PlansRetiree Health
Components of Net Periodic Benefit Costs:202220212022202120222021
Service cost$— $— $$$— $— 
Interest cost24 19 32 23 
Expected return on plan assets(22)(29)(58)(53)— — 
Recognized net actuarial loss (gain)15 (1)— 
Amortization of prior service credit— — — (4)(16)
Recognized settlement loss10 13 — — — — 
Defined benefit plans15 (15)(10)(3)(14)
Defined contribution plans— n/an/a
Net Periodic Benefit Cost (Credit)20 (12)(5)(3)(14)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)(1)
27 (14)— (13)
Prior service credit— — — — (10)— 
Amortization of net actuarial (loss) gain(13)(17)(6)(15)— 
Amortization of net prior service credit— — (1)— 16 
Total Recognized in Other Comprehensive (Loss) Income(2)
14 (31)(6)(15)(18)17 
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income$34 $(24)$(18)$(20)$(21)$
Nine Months Ended September 30,
Pension Benefits
U.S. PlansNon-U.S. PlansRetiree Health
Components of Net Periodic Benefit Costs:202220212022202120222021
Service cost$$$12 $15 $$
Interest cost68 56 94 67 
Expected return on plan assets(73)(84)(172)(157)— — 
Recognized net actuarial loss (gain)10 13 18 44 (2)— 
Amortization of prior service credit— (1)— (11)(49)
Recognized settlement loss43 41 — — — — 
Defined benefit plans49 26 (47)(31)(6)(42)
Defined contribution plans15 — 11 15 n/an/a
Net Periodic Benefit Cost (Credit)64 26 (36)(16)(6)(42)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income:
Net actuarial loss (gain)(1)
34 (83)32 (20)
Prior service cost (credit)— — 48 — (33)— 
Amortization of net actuarial (loss) gain(53)(54)(18)(44)— 
Amortization of prior service credit— (1)— 11 49 
Total Recognized in Other Comprehensive (Loss) Income(2)
(19)(136)61 (43)(40)52 
Total Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Loss) Income$45 $(110)$25 $(59)$(46)$10 
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(1)The 2022 and 2021 net actuarial loss (gain) for U.S. Pension Plans primarily reflects (i) the remeasurement of our primary U.S. pension plans as a result of the payment of periodic settlements and (ii) adjustments for the actuarial valuation results based on the January 1st plan census data. The 2022 net actuarial loss for Non-U.S. Plans reflects the remeasurement related to the second quarter 2022 Pension Plan amendment for our UK Defined Benefit Pension Plan..The 2022 net actuarial gain for Retiree Health plans reflect remeasurements related to the first and third quarter 2022 Plan Amendments for our U.S. Plan.
(2)Amounts represent the pre-tax effect included within Other Comprehensive (Loss) Income. Refer to Note 20 - Other Comprehensive (Loss) Income for related tax effects and the after-tax amounts.
Contributions
The following table summarizes cash contributions to our defined benefit pension plans and retiree health benefit plans:
Nine Months Ended
September 30,
Year Ended
December 31,
20222021
Estimated 2022
2021
U.S. plans$18 $18 $25 $24 
Non-U.S. plans75 84 95 111 
Total Pension plans93 102 120 135 
Retiree Health13 17 25 25 
Total Retirement plans$106 $119 $145 $160 
There are no mandatory contributions required in 2022 for our U.S. tax-qualified defined benefit plans to meet the minimum funding requirements. In addition, further contributions to our U.K. defined benefit pension plan are not required after October 2022 following agreement of the triennial valuation of the Plan with the Plan Trustees.
Retiree Health Plan Amendment
During the first quarter of 2022, we amended our U.S. Retiree Health Plan to reduce certain benefits for existing union retirees through the reduction or elimination of coverage or cost-sharing subsidies for retiree health care and life insurance costs. This negative plan amendment resulted in a reduction of approximately $23 in the Company's postretirement benefit obligation. The amount for the plan amendment will be amortized to future net periodic benefit costs as a prior service credit.
During the third quarter of 2022, we further amended our U.S. Retiree Health Plan to eliminate Retiree Flex benefits for certain union employees as a result of contract negotiations. This negative plan amendment resulted in a reduction of approximately $10 in the Company's postretirement benefit obligation. The amount for the plan amendment will be amortized to future net periodic benefit costs as a prior service credit.
Pension Plan Amendment
In April 2022, our U.K. defined benefit pension plan was amended, at the sole discretion of the Plan Trustees as legally allowed, to increase the capped inflation indexation for the April 2022 pension increase award to 7.5% in line with the December 2021 UK Retail Price Index (RPI). This amendment resulted in an increase of approximately $48 in the projected benefit obligation (PBO) for this plan (approximately 1.4% of the plan PBO as of December 31, 2021). The associated impacts from the required remeasurement of the plan assets and obligations for updates to discount rates, actual returns and actuarial experience as of the effective date of the amendment resulted in an additional actuarial loss of $31. Refer to Note 19 - Employee Benefit Plans in the Consolidated Financial Statements included in the 2021 Annual Report for additional information regarding our U.K. defined benefit pension plan including its funding status as of December 31, 2021.