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Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
Defined Benefit Pension Plan The table below reflects the portion of pension expense and its related components of the combined HSBC North America Pension Plan (either the "HSBC North America Pension Plan" or the "Plan") which has been allocated to us and is recorded in our consolidated statement of income (loss). We have not been allocated any portion of the Plan's net pension liability.
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
 (in millions)
Interest cost on projected benefit obligation$11 $14 $35 $43 
Expected return on plan assets(14)(20)(53)(57)
Amortization of net actuarial loss— 4 4 16 
Administrative costs1 1 3 3 
Pension (income) expense$(2)$(1)$(11)$5 
As a result of a significant decrease in yields on fixed income securities driven by the COVID-19 pandemic and subsequent reduction in longer term capital market returns, as well as a shift in investment mix that reduced the Plan's exposure to equity investments, HSBC North America decided to reduce its expected long-term rate of return on Plan assets assumption from 5.00 percent to 3.50 percent, effective beginning July 1, 2020.
Postretirement Plans Other Than Pensions  Certain employees also participate in plans which provide medical and life insurance benefits to retirees and eligible dependents. These plans cover all eligible employees who meet certain age and vested service requirements. We have instituted dollar limits on payments under the plans to control the cost of future medical benefits. The following table reflects the components of the net periodic postretirement benefit cost:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
 (in millions)
Interest cost on accumulated benefit obligation$— $— $1 $1 
Amortization of net actuarial gain— — (1)(1)
Net periodic postretirement benefit cost$— $— $— $—