Pension data for Millington Enterprises include the following:
($ in millions)
Discount rate, 10%
Projected benefit obligation, January 1 $ 360
Projected benefit obligation, December 31 465
Accumulated benefit obligation, January 1 300
Accumulated benefit obligation, December 31 415
Cash contributions to pension fund, December 31 150
Benefit payments to retirees, December 31 54
Required:
Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.