XML 30 R20.htm IDEA: XBRL DOCUMENT v3.23.3
EMPLOYEE BENEFIT PLANS
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Components of net pension expense for defined benefit pension plans were as follows:
Three months ended September 30,Nine months ended September 30,
(In millions)2023202220232022
Company-administered plans:
Service cost$1 $— $1 $1 
Interest cost22 16 67 47 
Expected return on plan assets(20)(18)(58)(55)
Amortization of net actuarial loss and prior service cost7 5 20 16 
Net pension expense$10 $3 $30 $9 
Company-administered plans:
U.S.$8 $3 $23 $10 
Non-U.S.2 — 7 (1)
Net pension expense$10 $3 $30 $9 

Non-operating pension costs, net include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. During the nine months ended September 30, 2023, we contributed $5 million to our pension plans. We do not have any required contributions to our pension plans for the year 2023. We also maintain other postretirement benefit plans that are not reflected in the table above as the amount of postretirement benefit expense for such plans was not material for any period presented.
In September 2023, we executed a bulk annuity contract with a U.K. insurance company to fully settle our $250 million U.K. pension benefit obligation. This transaction secured all future pension benefits to the pension plan members, and in conjunction with this arrangement, we contributed $4 million into the pension plan. We are targeting a pension plan termination in 18-24 months. At that time, the pension plan will distribute individual annuities to each pension plan member and the U.K. insurance company will assume all administrative and financial responsibilities of the pension plan. This bulk annuity transaction will have no impact to our financial position or statement of earnings until we terminate the pension plan.