RETIREMENT-RELATED BENEFITS (Tables)

3 Months Ended

Mar. 31, 2022

RETIREMENT-RELATED BENEFITS

Components of net periodic cost of the retirement-related benefit plans

(Dollars in millions)	Defined Benefit Pension Plans				Nonpension Postretirement Benefit Plans
For the three months ended March 31:	2022		2021		2022		2021
Service cost	$	14	$	23	$	—	$	—
Interest cost(1)		6		1		—		1
Expected return on plan assets(1)		(10)		(5)		—		—
Amortization of prior service costs (credits)(1)		—		—		—		—
Recognized actuarial losses (gains)(1)		16		11		—		—
Curtailments and settlements(1)		4		—		—		—
Multi-employer plans and other costs(2)		(1)		3		—		—
Net periodic benefit cost	$	28	$	32	$	—	$	1

(1) These components of net periodic benefit cost are included in other (income) and expense in the Consolidated Income Statement.

(2) Multi-employer plan costs represent required contributions for the period to multi-employer plans, which are plans sponsored by third parties. The Company recognizes expense in connection with multi-employer plans as operating costs as contributions are funded.