Pension, Savings and Other Postretirement Benefit Plans |
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| Pension, Savings and Other Postretirement Benefits Plans | NOTE 11. PENSION, SAVINGS AND OTHER POSTRETIREMENT BENEFIT PLANS We provide employees with defined benefit pension or defined contribution savings plans. Defined benefit pension cost follows:
Service cost is recorded in CGS or SAG. Other components of net periodic pension cost are recorded in Other (Income) Expense. Net curtailments, settlements and termination benefits, if any, are recorded in Other (Income) Expense or Rationalizations if related to a rationalization plan. In the first quarter of 2025, a pension settlement charge of $4 million was recorded in Other (Income) Expense. The settlement charge resulted from total lump sum payments exceeding annual service and interest cost of the applicable plan. In addition, pension termination benefits charges of $4 million and $1 million were recorded related to the exit of employees under an approved rationalization plan and the sale of the OTR tire business, respectively. In the first quarter of 2024, a pension settlement credit of $5 million was recorded in Other (Income) Expense. The settlement credit resulted from a premium refund related to the purchase of a group annuity contract for the Cooper Tire U.S. salaried defined benefit pension plan in 2023. We also provide certain U.S. employees and employees at certain non-U.S. subsidiaries with health care benefits or life insurance benefits upon retirement. There was no net other postretirement benefits expense for the three months ended March 31, 2025 and there was $2 million for the three months ended March 31, 2024. We expect to contribute $25 million to $50 million to our funded non-U.S. pension plans in 2025. For the three months ended March 31, 2025, we contributed $6 million to our non-U.S. plans. The expense recognized for our contributions to defined contribution savings plans for the three months ended March 31, 2025 and 2024 was $32 million and $37 million, respectively. |
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