RETIREMENT-RELATED BENEFITS (Tables)

3 Months Ended

Jun. 30, 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 June 30:	2022		2021		2022		2021
Service cost	$	12	$	23	$	—	$	1
Interest cost(1)		9		2		—		—
Expected return on plan assets(1)		(11)		(6)		—		—
Recognized actuarial losses (gains)(1)		10		10		—		—
Multi-employer plans and other costs(2)		1		2		—		—
Net periodic benefit cost	$	22	$	31	$	—	$	1

(1) These components of net periodic benefit cost are included in other expense (income) 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.