RETIREMENT-RELATED BENEFITS

6 Months Ended

Sep. 30, 2024

RETIREMENT-RELATED BENEFITS

RETIREMENT-RELATED BENEFITS

NOTE 13. 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 six months ended September 30, 2024 and 2023.

	Three Months Ended September 30,				Six Months Ended September 30,
(Dollars in millions)	2024		2023		2024		2023
Service cost	$	9	$	9	$	18	$	19
Interest cost*		13		15		27		29
Expected return on plan assets*		(15)		(16)		(30)		(30)
Amortization of prior service costs (credits)*		—		—		1		1
Curtailments and settlements*		1		—		1		—
Recognized actuarial losses (gains)*		4		1		8		3
Net periodic pension cost	$	12	$	9	$	24	$	21

* These components of net periodic pension cost are included in other expense 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.