RETIREMENT BENEFITS PLANS

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

RETIREMENT BENEFITS PLANS

The components of retirement benefits expense (income) are as follows:

	United States pension benefit expense (income)				Non-United States pension benefit expense (income)				Other postretirement benefits expense (income)
	Three months ended March 31
(In millions)	2023		2022		2023		2022		2023		2022
Service cost	$	5	$	8	$	11	$	16	$	—	$	—
Interest cost	36		20		21		12		2		2
Expected return on plan assets	(49)		(53)		(30)		(31)		—		—
Amortization	1		8		1		12		(4)		(2)
	(7)		(17)		3		9		(2)		—
Settlements	9		14		1		—		—		—
Total expense (income)	$	2	$	(3)	$	4	$	9	$	(2)	$	—

The components of retirement benefits expense (income) other than service costs are included in Other income - net.

During 2020, the Company announced it was freezing its United States pension plans for its non-union employees. The freeze was effective January 1, 2021 for non-union U.S. employees whose retirement benefit was determined under a cash balance formula and is effective January 1, 2026 for non-union U.S. employees whose retirement benefit is determined under a final average pay formula.

During the first quarter of 2023 and 2022, the Company recognized settlement losses from lump-sum distributions of $10 million and $14 million, respectively. During the first quarter of 2022, the Company remeasured certain pension plans as a result of lump-sum distributions exceeding or expected to exceed the sum of service and interest costs for the year. These remeasurements resulted in an increase of $47 million in funded status and corresponding decrease in Accumulated other comprehensive loss in the first quarter of 2022.