PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

3 Months Ended

Mar. 31, 2024

Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]

PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

NOTE 6: PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

The components of net periodic benefit cost are:

	PENSION
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2024			MARCH 2023
Service cost	$	5		$	6
Interest cost		29			30
Expected return on plan assets		(31	)		(30	)
Amortization of actuarial loss		11			8
Total net periodic benefit cost – pension	$	14		$	14

	OTHER POST-EMPLOYMENT BENEFITS
	QUARTER ENDED
DOLLAR AMOUNTS IN MILLIONS	MARCH 2024		MARCH 2023
Interest cost	$	1	$	1
Amortization of actuarial loss		1		—
Total net periodic benefit cost – other post-employment benefits	$	2	$	1

For the periods presented, service cost is included in “Costs of sales,” “Selling expenses,” and “General and administrative expenses” with the remaining components included in “Non-operating pension and other post-employment benefit costs” in the Consolidated Statement of Operations.

Fair Value of Pension Plan Assets and Obligations

In our year-end reporting process, we estimate the fair value of pension plan assets based upon the information available at that time. For certain assets, primarily private equity funds, the information available consists of net asset values as of an interim date, cash flows between the interim date and the end of the year and market events. We evaluate the year-end estimated fair value of pension plan assets in second quarter of each year to incorporate final net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K.