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EMPLOYEE BENEFITS
 6 Months Ended
Jun. 30, 2019
EMPLOYEE BENEFITS  
EMPLOYEE BENEFITS

14. Employee Benefits

We sponsor various defined benefit pension plans, post-retirement medical and life insurance plans for eligible employees and retirees in the U.S. and certain non-U.S. countries.

The following table presents the components of net periodic benefit cost with respect to pensions and other postretirement benefits:

 

Pension

 

Postretirement

 

 

U.S.

 

Non-U.S.

 

 

 

 

U.S.

 

Non-U.S.

 

 

(in millions)

 

Plans

 

Plans

 

Total

 

 

Plans

 

Plans

 

Total

Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

3

$

4

$

7

 

$

1

$

-

$

1

Interest cost

 

43

 

4

 

47

 

 

1

 

-

 

1

Expected return on assets

 

(57)

 

(6)

 

(63)

 

 

-

 

-

 

-

Amortization of prior service cost

 

-

 

1

 

1

 

 

-

 

-

 

-

Amortization of net (gain) loss

 

8

 

2

 

10

 

 

(1)

 

-

 

(1)

Net periodic benefit cost (credit)

 

(3)

 

5

 

2

 

 

1

 

-

 

1

Settlement charges

 

-

 

1

 

1

 

 

-

 

-

 

-

Net benefit cost (credit)

$

(3)

$

6

$

3

 

$

1

$

-

$

1

Three Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

2

$

5

$

7

 

$

1

$

1

$

2

Interest cost

 

40

 

4

 

44

 

 

1

 

1

 

2

Expected return on assets

 

(70)

 

(6)

 

(76)

 

 

-

 

-

 

-

Amortization of prior service credit

 

-

 

-

 

-

 

 

(1)

 

(1)

 

(2)

Amortization of net loss

 

7

 

2

 

9

 

 

-

 

-

 

-

Net periodic benefit cost (credit)

 

(21)

 

5

 

(16)

 

 

1

 

1

 

2

Settlement charges

 

-

 

-

 

-

 

 

-

 

-

 

-

Net benefit cost (credit)

$

(21)

$

5

$

(16)

 

$

1

$

1

$

2

Six Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

5

$

10

$

15

 

$

1

$

-

$

1

Interest cost

 

87

 

8

 

95

 

 

3

 

1

 

4

Expected return on assets

 

(114)

 

(11)

 

(125)

 

 

-

 

-

 

-

Amortization of prior service cost (credit)

 

-

 

1

 

1

 

 

-

 

(1)

 

(1)

Amortization of net (gain) loss

 

16

 

3

 

19

 

 

(1)

 

-

 

(1)

Net periodic benefit cost (credit)

 

(6)

 

11

 

5

 

 

3

 

-

 

3

Settlement credit

 

-

 

(3)

 

(3)

 

 

-

 

-

 

-

Net benefit cost (credit)

$

(6)

$

8

$

2

 

$

3

$

-

$

3

Six Months Ended June 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

4

$

11

$

15

 

$

1

$

1

$

2

Interest cost

 

81

 

8

 

89

 

 

3

 

1

 

4

Expected return on assets

 

(141)

 

(13)

 

(154)

 

 

-

 

-

 

-

Amortization of prior service cost (credit)

 

-

 

1

 

1

 

 

(1)

 

(1)

 

(2)

Amortization of net loss

 

14

 

4

 

18

 

 

-

 

-

 

-

Net periodic benefit cost (credit)

 

(42)

 

11

 

(31)

 

 

3

 

1

 

4

Settlement charges

 

-

 

-

 

-

 

 

-

 

-

 

-

Net benefit cost (credit)

$

(42)

$

11

$

(31)

 

$

3

$

1

$

4

For the six-month period ended June 30, 2019, we did not make any contributions to the U.S. AIG Retirement Plan.