Pension and Other Post-Retirement Benefit Plans

12 Months Ended

Dec. 31, 2023

Pension and Other Post-Retirement Benefit Plans

Pension and Other Post-Retirement Benefit Plans

20. Pension and Other Post-Retirement Benefit Plans

Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below.

Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees.

Components of net periodic benefit cost (credit) are as follows:

	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2023		2022		2021
	(in millions)
Interest cost	$	6	$	4	$	4
Expected return on plan assets		(5)		(5)		(5)
Amortization of actuarial losses		0		1		1
	$	1	$	—	$	—

The following table provides disclosures for Viskase’s benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions.

	U.S. and Non-U.S. Pension Benefits
	2023		2022
	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	115	$	154
Interest cost		6		4
Benefits paid		(8)		(8)
Actuarial loss (gain)		1		(34)
Currency translation		2		(1)
Benefit obligation, end of year		116		115
Change in plan assets:
Fair value of plan assets, beginning of year		84		106
Actual return on plan assets		10		(15)
Employer contributions		3		1
Benefits paid		(8)		(8)
Fair value of plan assets, end of year		89		84
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(27)	$	(31)

Defined Benefit Plans Measured at Fair Value on a Recurring Basis

The following table presents Viskase’s defined benefit plan assets measured at fair value on a recurring basis:

	December 31, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	1	$	39	$	40	$	13	$	—	$	13
Government debt securities		3		—		3		2		13		15
Exchange traded funds		—		—		—		12		—		12
Mutual funds		—		—		—		20		—		20
Common stock		46		—		46		24		—		24
	$	50	$	39	$	89	$	71	$	13	$	84