v3.26.1
Pension Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension Benefits
11. PENSION BENEFITS
The Company sponsors defined benefit pension plans, which generally provide benefits based on negotiated amounts for each year of service. The Company’s primary plans are located in Mexico, Germany, Portugal and Turkey. Certain Mexican plans are funded. Certain of the Company’s Mexican plans, as well as the Turkey plan, provide for benefits payable to employees immediately upon separation. The obligations for these plans are recorded over the requisite service period. The Company does not have any U.S. pension assets or liabilities.
In the first quarter of 2026, the Company recorded a curtailment loss of $4 million resulting from a workforce reduction related to a planned closure of a European manufacturing site.
The amounts shown below reflect the defined benefit pension expense for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(in millions)
Service cost$3 $2 $6 $3 
Interest cost5 2 11 4 
Expected return on plan assets(1)— (2)— 
Settlement loss2 — 2 — 
Curtailment loss— — 4 — 
Net periodic benefit cost$9 $4 $21 $7 
Postretirement benefit obligations as of June 30, 2026 were de minimis and there were no other postretirement benefit obligations as of December 31, 2025.
Multiemployer Pension Plans
As described in Note 2. Significant Accounting Policies, prior to the legal split of plans in 2025, certain of the Company’s employees, primarily in Mexico and Germany, participated in the Shared Plans sponsored by the Former Parent. The Company recorded an expense of approximately $1 million and $2 million for the three and six months ended June 30, 2025, respectively, to record its allocation of pension benefit service costs related to the Shared Plans.