v3.25.2
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2025
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

NOTE 6: PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS

The components of net periodic benefit cost are:

 

 

 

PENSION

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

JUNE 2025

 

 

JUNE 2024

 

 

JUNE 2025

 

 

JUNE 2024

 

Service cost

 

$

5

 

 

$

5

 

 

$

9

 

 

$

10

 

Interest cost

 

 

30

 

 

 

29

 

 

 

60

 

 

 

58

 

Expected return on plan assets

 

 

(26

)

 

 

(30

)

 

 

(52

)

 

 

(61

)

Amortization of actuarial loss

 

 

14

 

 

 

9

 

 

 

28

 

 

 

20

 

Amortization of prior service cost

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Total net periodic benefit cost – pension

 

$

24

 

 

$

14

 

 

$

46

 

 

$

28

 

 

 

 

OTHER POST-EMPLOYMENT BENEFITS

 

 

 

QUARTER ENDED

 

 

YEAR-TO-DATE ENDED

 

DOLLAR AMOUNTS IN MILLIONS

 

JUNE 2025

 

 

JUNE 2024

 

 

JUNE 2025

 

 

JUNE 2024

 

Interest cost

 

$

1

 

 

$

1

 

 

$

2

 

 

$

2

 

Amortization of actuarial loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1

 

Amortization of prior service credit

 

 

(1

)

 

 

—

 

 

 

(1

)

 

 

—

 

Total net periodic benefit cost – other post-employment benefits

 

$

—

 

 

$

1

 

 

$

1

 

 

$

3

 

 

For the periods presented, service cost is included in “Costs of sales,” “Selling expenses,” and “General and administrative expenses” with the remaining components included in “Non-operating pension and other post-employment benefit costs” in the Consolidated Statement of Operations.

Fair Value of Pension Plan Assets and Obligations

In our year-end reporting process, we estimate the fair value of pension plan assets based upon the information available at that time. For certain assets, primarily private equity funds, the information available consists of net asset values as of an interim date, cash flows between the interim date and the end of the year and market events. We evaluate the year-end estimated fair value of pension plan assets in the second quarter of each year to incorporate final net asset values reflected in financial statements received after we have filed our Annual Report on Form 10-K. No adjustments to the
fair value of assets or projected benefit obligations were necessary during second quarter 2025.