Pension plans and other postretirement benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Pension plans and other postretirement benefits

7. Pension plans and other postretirement benefits

The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic benefit for defined benefit plans consisted of the following:

	Pension Benefits						Other Postretirement Benefits
	Three Months Ended March 31,
(Dollars in millions)	2024			2023			2024			2023
Service cost	$	2		$	3		$	—		$	—
Interest cost on projected benefit obligation		29			29			1			1
Expected return on plan assets		(51	)		(51	)		—			—
Amortization of net actuarial gain		—			(1	)		(1	)		(1	)
Net periodic benefit	$	(20	)	$	(20	)	$	—		$	—

Service cost is reflected in "salaries and employee benefits" and the other components of net periodic benefit cost are reflected in "other costs of operations" in the Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $45 million and $44 million for the three months ended March 31, 2024 and 2023, respectively.