v3.25.2
Pension plans and other postretirement benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Pension plans and other postretirement benefits
8. 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 June 30,
(Dollars in millions)2025202420252024
Service cost$2 $3 $1 $1 
Interest cost on projected benefit obligation27 29 — — 
Expected return on plan assets(47)(50)— — 
Amortization of prior service credit— — (1)(1)
Amortization of net actuarial gain— (1)(1)— 
Net periodic benefit$(18)$(19)$(1)$— 
Pension Benefits
Other Postretirement Benefits
Six Months Ended June 30,
(Dollars in millions)2025202420252024
Service cost$4 $5 $1 $1 
Interest cost on projected benefit obligation54 58 1 1 
Expected return on plan assets(93)(101)— — 
Amortization of prior service credit— — (1)(1)
Amortization of net actuarial gain(1)(1)(2)(1)
Net periodic benefit$(36)$(39)$(1)$— 
Service cost is included in Salaries and employee benefits and the other components of net periodic benefit cost are included in Other costs of operations in the Company's Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $40 million at each of the three months ended June 30, 2025 and 2024, and $90 million and $85 million for the six months ended June 30, 2025 and 2024, respectively.