Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Employee Benefit Plans

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Note 12 - Employee Benefit Plans
9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Retirement Benefits [Text Block]

12. EMPLOYEE BENEFIT PLANS 

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Components of the net periodic benefit cost from continuing operations for the three and nine months ended September 30, 2024 and 2023 were as follows (dollars in millions):

 

                   

Other postretirement

 
   

Defined benefit plans

   

benefit plans

 
   

Three months

   

Three months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Service cost

  $ 7     $ 6     $ —     $ 1  

Interest cost

    23       24       1       —  

Expected return on assets

    (32 )     (32 )     —       —  

Amortization of prior service benefit

    (2 )     (2 )     (1 )     (2 )

Amortization of actuarial loss

    9       9       —       —  

Net periodic benefit cost

  $ 5     $ 5     $ —     $ (1 )

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Other postretirement

 
   

Defined benefit plans

   

benefit plans

 
   

Nine months

   

Nine months

 
   

ended

   

ended

 
   

September 30,

   

September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Service cost

  $ 20     $ 19     $ —     $ 1  

Interest cost

    67       70       2       2  

Expected return on assets

    (96 )     (95 )     —       —  

Amortization of prior service benefit

    (4 )     (4 )     (2 )     (4 )

Amortization of actuarial loss

    25       25       —       —  

Special termination benefits

    2       —       —       —  

Net periodic benefit cost

  $ 14     $ 15     $ —     $ (1 )

 

During the nine months ended September 30, 2024 and 2023, we made contributions to our pension and other postretirement benefit plans related to continuing operations of $26 million and $41 million, respectively. During the remainder of 2024, we expect to contribute an additional amount of approximately $8 million to these plans.

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