Employee Benefit and Retirement Plans

3 Months Ended

Mar. 31, 2023

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
	Three Months Ended March 31,
	2023		2022		2023		2022
Service cost	$	—	$	—	$	1	$	1
Interest cost	11		6		4		2
Expected return on plan assets	(14)		(12)		(3)		(2)
Amortization	1		4		1		1
Total (income) expense	$	(2)	$	(2)	$	3	$	2

	Postretirement Benefits
	Three Months Ended March 31,
	2023		2022
Amortization	$	(2)	$	(1)
Total income	$	(2)	$	(1)

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 in 2023. The non-cash settlement charge associated with the transaction is expected to be approximately £50 million to £70 million.