EMPLOYEE BENEFITS

3 Months Ended

Mar. 31, 2022

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS

14. Employee Benefits

We sponsor various defined benefit 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 (credit) with respect to pension benefits:

	Pension
		U.S.		Non-U.S.
(in millions)		Plans		Plans		Total
Three Months Ended March 31, 2022
Components of net periodic benefit cost:
Service cost	$	1	$	5	$	6
Interest cost		27		3		30
Expected return on assets		(53)		(5)		(58)
Amortization of prior service cost		-		1		1
Amortization of net loss		7		1		8
Net periodic benefit cost (credit)	$	(18)	$	5	$	(13)
Three Months Ended March 31, 2021
Components of net periodic benefit cost:
Service cost	$	1	$	5	$	6
Interest cost		22		3		25
Expected return on assets		(61)		(6)		(67)
Amortization of prior service cost		-		1		1
Amortization of net loss		9		2		11
Net periodic benefit cost (credit)	$	(29)	$	5	$	(24)

The service cost for our U.S. defined benefit plans only reflects administrative fees as the plans are frozen and no longer accrue benefits. We recognized net expense of $1 million and $2 million for our U.S. and non-U.S. postretirement benefit plans for the three-month periods ended March 31, 2022 and 2021, respectively.