Employee Retirement Plans

6 Months Ended

Jun. 30, 2020

Employee Retirement Plans [Abstract]

Employee Retirement Plans

5. Employee Retirement Plans

We have defined benefit pension plans covering certain domestic and international employees. Our funding policy is to contribute, over time, an amount exceeding the minimum requirements to achieve the Company’s long-term funding targets. During the second quarter of 2020, Corning contributed $20 million in cash to our U.S. pension plans. We plan to contribute $60 million and $53 million in cash to our U.S. and international plans, respectively, during the second half of 2020.

The following table summarizes the components of net periodic benefit cost for Corning’s defined benefit pension and postretirement health care and life insurance plans (in millions):

	Pension benefits								Postretirement benefits
	Three months ended				Six months ended				Three months ended				Six months ended
	June 30,				June 30,				June 30,				June 30,
	2020		2019		2020		2019		2020		2019		2020		2019
Service cost	$	29	$	26	$	58	$	51	$	3	$	2	$	5	$	4
Interest cost		31		37		62		74		5		7		10		14
Expected return on plan assets		(49)		(43)		(98)		(86)
Amortization of prior service ‎   cost (credit)		2		1		3		3		(2)		(2)		(3)		(4)
Recognition of actuarial (gain) loss		(2)		23		(2)		23
Total pension and postretirement ‎   benefit expense	$	11	$	44	$	23	$	65	$	6	$	7	$	12	$	14

The components of net periodic benefit cost other than the service cost component are included in the line item other income (expense), net, in the consolidated statements of (loss) income.