v3.26.1
Pension plans and other postretirement benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension plans and other postretirement benefits
The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to eligible retired employees. Net periodic benefit for defined benefit plans consisted of the following.
Pension Benefits
Other Postretirement Benefits
(Dollars in millions)Three Months Ended June 30,
Net periodic pension (benefit) cost2026202520262025
Service cost$2 $2 $1 $1 
Interest cost on benefit obligation23 27 — — 
Expected return on plan assets(42)(47)— — 
Amortization of prior service credit and actuarial gains(1)— (1)(2)
Net periodic benefit$(18)$(18)$— $(1)
Pension Benefits
Other Postretirement Benefits
(Dollars in millions)Six Months Ended June 30,
Net periodic pension (benefit) cost2026202520262025
Service cost$4 $4 $1 $1 
Interest cost on benefit obligation46 54 1 1 
Expected return on plan assets(85)(93)— — 
Amortization of prior service credit and actuarial gains(1)(1)(2)(3)
Net periodic benefit$(36)$(36)$— $(1)
Service cost is reflected in Salaries and employee benefits and the other components of net periodic benefit are reflected in Other costs of operations in the Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $43 million and $40 million for the three months ended June 30, 2026 and 2025, respectively, and $93 million and $90 million for the six months ended June 30, 2026 and 2025