v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company sponsors defined benefit pension plans principally for salaried, management personnel. All plans are closed to new participants.

Independent actuaries compute the amounts of liabilities and expenses relating to these plans subject to the assumptions that the Company determines are appropriate based on historical trends, current market rates and future projections. These amounts are reviewed by management. Only the service cost component of net periodic benefit costs is included in labor and fringe expense on the consolidated income statement. All other components of net periodic benefit cost are included in other income - net.
Pension Benefits Cost
Second QuartersSix Months
(Dollars in Millions)
2026202520262025
Service Cost Included in Labor and Fringe$5 $5 $11 $10 
Interest Cost25 28 50 55 
Expected Return on Plan Assets(37)(40)(74)(80)
Amortization of Net Loss6 5 12 11 
Total Included in Other Income - Net(6)(7)(12)(14)
Net Periodic Benefit Credit$(1)$(2)$(1)$(4)
    
Qualified pension plan obligations are funded in accordance with regulatory requirements and with an objective of meeting or exceeding minimum funding requirements necessary to avoid restrictions on flexibility of plan operation and benefit payments. No contributions to the Company's qualified pension plans are expected in 2026.