v3.25.2
Pension Benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Pension Benefits
Note 20. Pension Benefits
We sponsor several funded U.S. and non-U.S. defined benefit pension plans. Significant plans outside the U.S. are in Switzerland and Ireland. Other pension plans outside the U.S. are not material to the Company, either individually or in the aggregate.
Our general funding policy for qualified defined benefit pension plans is to contribute amounts at least sufficient to satisfy regulatory funding standards. We are not required to make any contributions to our U.S. pension plan in 2025. We expect to make contributions of cash and/or marketable securities of approximately $5 million to our non-U.S. pension plans to satisfy regulatory funding standards in 2025, of which $2 million has been contributed as of June 30, 2025.
Net periodic benefit costs for our significant defined benefit plans include the following components:
Three Months Ended June 30,Six Months Ended June 30,
U.S. Plans Non-U.S. Plan U.S. Plans Non-U.S. Plan
20252024202520242025202420252024
(Dollars in millions)
Service cost$— $— $2 $2 $— $— $4 $3 
Interest cost2 2 1 1 4 4 2 3 
Expected return on plan assets(2)(2)(2)(2)(4)(4)(4)(4)
Amortization of prior service (credit)— — — — — — (1)(1)
Total$— $— $1 $1 $— $— $1 $1 
For both our U.S. and non-U.S. defined benefit pension plans, we estimate the service and interest cost components of net periodic benefit (income) cost by utilizing a full yield curve approach in the estimation of these cost components by applying the specific spot rates along the yield curve used in the determination of the pension benefit obligation to their underlying projected cash flows. This approach provides a more precise measurement of service and interest costs by improving the correlation between projected cash flows and their corresponding spot rates.