Retirement Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Retirement Plans

9. Retirement Plans

Components of net periodic benefit cost consisted of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Service cost	$	11	$	10	$	21	$	19
Interest cost (a)	23		25		46		50
Expected return on plan assets (a)	(38)		(40)		(76)		(79)
Amortization of unrecognized net actuarial losses (a)	1		1		1		1
Net periodic benefit cost (income)	$	(3)	$	(4)	$	(8)	$	(9)

(a)  Net non-service cost, which is included in Other, net in the Statement of Consolidated Income, was income of $14 million and $29 million for the three and six months ended June 30, 2024, compared with income of $14 million and $28 million for the three and six months ended June 30, 2023.

The board of trustees for our U.K. pension plan is evaluating various alternatives to settle all or a portion of the plan’s projected benefit obligation. A decision to proceed will occur only after the board of trustees receives and evaluates proposals and determines that the transaction is in the best interest of plan participants. Should a settlement be completed, a material noncash settlement loss may be recorded reflecting any difference between the settlement value and projected benefit obligation, and the acceleration of the recognition of unrecognized actuarial losses. At June 30, 2024, pre-tax unrecognized net actuarial losses related to the U.K. pension plan were $178 million.