Meritor Acquisition and 2022 Financial Results
Table of Contents
Components of Net Periodic Pension Cost (Income)
The following table presents the net periodic pension cost (income) under our plans for the years ended December 31:
In millions
Service cost
Interest cost
Expected return on plan assets
Amortization of prior service cost
Recognized net actuarial loss
Net periodic pension cost (income)
Qualified and Non-Qualified Pension Plans
U.S. Plans
U.K. Plans
2022
2021
2020
2022
2021
2020
$
137
$
139
$
133
$
30
$
33
S
29
101
79
95
39
30
36
(229)
(199)
(195)
(87)
(85)
(74)
1
1
1
1
2
2
23
47
41
3
31
34
$
33
$
67
$
75
$
(14) $
11
$
27
Other changes in benefit obligations and plan assets recognized in other comprehensive loss (income) for the years ended December 31 were as follows:
In millions
Amortization of prior service cost
Recognized net actuarial loss
Incurred prior service cost
Incurred actuarial loss (gain)
Foreign currency translation adjustments
Total recognized in other comprehensive loss (income)
Total recognized in net periodic pension cost and other comprehensive loss (income)
2022
2021
2020
$
(2) $
(3) $
(3)
(26)
(78)
(75)
3
173
(368)
85
5
19
$
148
$
(444) $
26
167
$
(366) $
128
Assumptions
The table below presents various assumptions used in determining the PBO for each year and reflects weighted-average percentages for the various plans as follows:
Qualified and Non-Qualified Pension Plans
Discount rate
Cash balance crediting rate
Compensation increase rate
U.S. Plans
U.K. Plans
2022
5.55 %
4.56 %
5.35 %
2021
3.01 %
3.79 %
2.71 %
2022
4.99 %
2021
1.95 %
3.75 %
3.75 %
The table below presents various assumptions used in determining the net periodic pension cost and reflects weighted-average percentages for the various plans as follows:
Qualified and Non-Qualified Pension Plans
U.S. Plans
U.K. Plans
2022
2021
2020
2022
2021
2020
Discount rate
Expected return on plan assets
Compensation increase rate
3.31 %
6.50%
2.71 %
2.62%
3.36%
2.26%
6.25%
6.25%
4.01 %
1.50%
4.00 %
2.00%
4.00 %
2.72%
2.73 %
3.75 %
3.75 %
3.75 %
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