RETIREMENT-RELATED BENEFITS

3 Months Ended

Jun. 30, 2023

RETIREMENT-RELATED BENEFITS

RETIREMENT-RELATED BENEFITS

NOTE 12. RETIREMENT-RELATED BENEFITS

The following table presents the components of net periodic pension cost for the defined benefit pension plans recognized in the Consolidated Income Statement for the three months ended June 30, 2023 and 2022.

	For the three months ended June 30:
(Dollars in millions)	2023		2022
Service cost	$	10	$	12
Interest cost(1)		14		9
Expected return on plan assets(1)		(15)		(11)
Recognized actuarial losses (gains)(1)		1		10
Net periodic pension cost	$	10	$	22

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

The components of net periodic benefit cost for the nonpension postretirement benefit plans and multi-employer plans recognized in the Consolidated Income Statement were not material for any period presented.