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11. EMPLOYEE BENEFIT PLANS
Components of the net periodic benefit cost (credit) from continuing operations for the three and nine months ended September 30, 2023 and 2022 were as follows (dollars in millions):
Huntsman Corporation
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Other postretirement |
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Defined benefit plans |
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|
benefit plans |
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Three months |
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Three months |
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|
ended |
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|
ended |
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September 30, |
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September 30, |
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2023 |
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|
2022 |
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|
2023 |
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|
2022 |
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| Service cost |
|
$ |
6 |
|
|
$ |
11 |
|
|
$ |
1 |
|
|
$ |
1 |
|
| Interest cost |
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|
24 |
|
|
|
13 |
|
|
|
— |
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|
|
— |
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| Expected return on assets |
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|
(32 |
) |
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|
(37 |
) |
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|
— |
|
|
|
— |
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| Amortization of prior service benefit |
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|
(2 |
) |
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|
(2 |
) |
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|
(2 |
) |
|
|
(1 |
) |
| Amortization of actuarial loss |
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|
9 |
|
|
|
12 |
|
|
|
— |
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|
|
— |
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| Net periodic benefit cost (credit) |
|
$ |
5 |
|
|
$ |
(3 |
) |
|
$ |
(1 |
) |
|
$ |
— |
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Other postretirement |
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Defined benefit plans |
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benefit plans |
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Nine months |
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Nine months |
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|
ended |
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|
ended |
|
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September 30, |
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|
September 30, |
|
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|
2023 |
|
|
2022 |
|
|
2023 |
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|
2022 |
|
| Service cost |
|
$ |
19 |
|
|
$ |
34 |
|
|
$ |
1 |
|
|
$ |
1 |
|
| Interest cost |
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|
70 |
|
|
|
41 |
|
|
|
2 |
|
|
|
1 |
|
| Expected return on assets |
|
|
(95 |
) |
|
|
(113 |
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|
|
— |
|
|
|
— |
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| Amortization of prior service benefit |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(3 |
) |
| Amortization of actuarial loss |
|
|
25 |
|
|
|
36 |
|
|
|
— |
|
|
|
1 |
|
| Net periodic benefit cost (credit) |
|
$ |
15 |
|
|
$ |
(6 |
) |
|
$ |
(1 |
) |
|
$ |
— |
|
Huntsman International
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|
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|
|
|
|
|
|
Other postretirement |
|
| |
|
Defined benefit plans |
|
|
benefit plans |
|
| |
|
Three months |
|
|
Three months |
|
| |
|
ended |
|
|
ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Service cost |
|
$ |
6 |
|
|
$ |
11 |
|
|
$ |
1 |
|
|
$ |
1 |
|
| Interest cost |
|
|
24 |
|
|
|
13 |
|
|
|
— |
|
|
|
— |
|
| Expected return on assets |
|
|
(32 |
) |
|
|
(37 |
) |
|
|
— |
|
|
|
— |
|
| Amortization of prior service benefit |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
| Amortization of actuarial loss |
|
|
9 |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
| Net periodic benefit cost (credit) |
|
$ |
5 |
|
|
$ |
(3 |
) |
|
$ |
(1 |
) |
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
Other postretirement |
|
| |
|
Defined benefit plans |
|
|
benefit plans |
|
| |
|
Nine months |
|
|
Nine months |
|
| |
|
ended |
|
|
ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Service cost |
|
$ |
19 |
|
|
$ |
34 |
|
|
$ |
1 |
|
|
$ |
1 |
|
| Interest cost |
|
|
70 |
|
|
|
41 |
|
|
|
2 |
|
|
|
1 |
|
| Expected return on assets |
|
|
(95 |
) |
|
|
(113 |
) |
|
|
— |
|
|
|
— |
|
| Amortization of prior service benefit |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(3 |
) |
| Amortization of actuarial loss |
|
|
25 |
|
|
|
36 |
|
|
|
— |
|
|
|
1 |
|
| Net periodic benefit cost (credit) |
|
$ |
15 |
|
|
$ |
(6 |
) |
|
$ |
(1 |
) |
|
$ |
— |
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During the nine months ended September 30, 2023 and 2022, we made contributions to our pension and other postretirement benefit plans related to continuing operations of $41 million and $35 million, respectively. During the remainder of 2023, we expect to contribute an additional amount of approximately $9 million to these plans.
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