Employee Benefit and Retirement Plans

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Employee Benefit and Retirement Plans

Employee Benefit and Retirement Plans

The components of pension and postretirement benefit (income) expense for the periods indicated, are as follows (in millions):

	Pension Benefits
	U.S.				International				U.S.				International
	Three Months Ended June 30,								Six Months Ended June 30,
	2022		2021		2022		2021		2022		2021		2022		2021
Service cost	$	—	$	—	$	1	$	1	$	—	$	—	$	2	$	2
Interest cost	7		5		3		1		13		10		5		3
Expected return on plan assets	(12)		(13)		(1)		(1)		(24)		(25)		(3)		(2)
Amortization	4		6		—		1		8		11		1		2
Total (income) expense	$	(1)	$	(2)	$	3	$	2	$	(3)	$	(4)	$	5	$	5

	Postretirement Benefits
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Amortization	$	(1)	$	(1)	$	(2)	$	(2)
Total income	$	(1)	$	(1)	$	(2)	$	(2)

U.K. Defined Benefit Plan

In February 2022, the Company entered into an agreement with an insurance company for a bulk annuity purchase or “buy-in” for one of its U.K. defined benefit pension plans, resulting in an exchange of plan assets for an annuity that matches the plan’s future projected benefit obligations to covered participants. The Company anticipates the “buy-out” for the plan to be completed by the end of 2022 or early 2023. The non-cash settlement charge associated with the transaction is expected to be approximately £50 million to £70 million.