RETIREMENT-RELATED BENEFITS

9 Months Ended

Dec. 31, 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 and nine months ended December 31, 2023 and 2022.

	Three Months Ended December 31,				Nine Months Ended December 31,
(Dollars in millions)	2023		2022		2023		2022
Service cost	$	10	$	12	$	28	$	36
Interest cost*		14		9		43		27
Expected return on plan assets*		(15)		(10)		(46)		(32)
Amortization of prior service costs (credits)*		—		—		1		—
Recognized actuarial losses (gains)*		1		10		3		30
Curtailments and settlements*		3		—		3		—
Net periodic pension cost	$	14	$	20	$	33	$	61

* 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 the periods presented.