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Retirement-Related Benefits | 6 Months Ended
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Jun. 30, 2025
Retirement Benefits [Abstract] |
Retirement-Related Benefits | Retirement-Related Benefits: The company offers defined benefit (DB) pension plans, defined contribution (DC) plans, as well as nonpension postretirement plans primarily consisting of retiree medical benefits. The following tables provide the pre-tax cost for all retirement-related plans.
|  |  |  |  |  | Yr.-to-Yr.
(Dollars in millions) |  |  |  |  |  | Percent
For the three months ended June 30: |  | 2025 |  | 2024 |  | Change
Retirement-related plans — cost: |  |  |  |  |  |
Defined benefit pension and defined contribution plans — cost |  | $ | 248 |  |  | $ | 320 |  |  | (22.5 | %)
Nonpension postretirement plans — cost |  | 32 |  |  | 30 |  |  | 8.3 | %
Total |  | $ | 281 |  |  | $ | 350 |  |  | (19.9 | %)
|  |  |  |  |  | Yr.-to-Yr.
(Dollars in millions) |  |  |  |  |  | Percent
For the six months ended June 30: |  | 2025 |  | 2024 |  | Change
Retirement-related plans — cost: |  |  |  |  |  |
Defined benefit pension and defined contribution plans — cost |  | $ | 482 |  |  | $ | 643 |  |  | (25.1 | %)
Nonpension postretirement plans — cost |  | 65 |  |  | 60 |  |  | 7.2 | %
Total |  | $ | 546 |  |  | $ | 704 |  |  | (22.4 | %)
Cost/(Income) of Retirement Plans The following tables provide the components of the cost/(income) for the company’s retirement-related benefit plans.
(Dollars in millions) |  | U.S. Plans |  | Non-U.S. Plans
For the three months ended June 30: |  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost |  | $ | 88 |  |  | $ | 98 |  |  | $ | 44 |  |  | $ | 41 |
Interest cost (1) |  | 187 |  |  | 254 |  |  | 267 |  |  | 264 |
Expected return on plan assets (1) |  | (268) |  |  | (340) |  |  | (369) |  |  | (384) |
Amortization of prior service costs/(credits) (1) |  | — |  |  | — |  |  | 6 |  |  | 5 |
Recognized actuarial losses (1) |  | 70 |  |  | 129 |  |  | 87 |  |  | 128 |
Curtailments and settlements (1) |  | — |  |  | — |  |  | 5 |  |  | 2 |
Multi-employer plans |  | — |  |  | — |  |  | 3 |  |  | 3 |
Other costs/(credits) (1) |  | — |  |  | — |  |  | 10 |  |  | 12 |
Total net periodic pension (income)/cost of defined benefit plans |  | $ | 77 |  |  | $ | 140 |  |  | $ | 52 |  |  | $ | 71 |
Cost of defined contribution plans |  | 17 |  |  | 15 |  |  | 103 |  |  | 94 |
Total defined benefit pension and defined contribution plans cost recognized in the Consolidated Income Statement |  | $ | 93 |  |  | $ | 155 |  |  | $ | 155 |  |  | $ | 165 |
(Dollars in millions) |  | U.S. Plans |  | Non-U.S. Plans
For the six months ended June 30: |  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost |  | $ | 176 |  |  | $ | 197 |  |  | $ | 85 |  |  | $ | 85 |
Interest cost (1) |  | 374 |  |  | 508 |  |  | 518 |  |  | 532 |
Expected return on plan assets (1) |  | (536) |  |  | (681) |  |  | (715) |  |  | (773) |
Amortization of prior service costs/(credits) (1) |  | — |  |  | — |  |  | 11 |  |  | 11 |
Recognized actuarial losses (1) |  | 140 |  |  | 257 |  |  | 169 |  |  | 258 |
Curtailments and settlements (1) |  | — |  |  | — |  |  | 7 |  |  | 4 |
Multi-employer plans |  | — |  |  | — |  |  | 6 |  |  | 6 |
Other costs/(credits) (1) |  | — |  |  | — |  |  | 18 |  |  | 20 |
Total net periodic pension (income)/cost of defined benefit plans |  | $ | 154 |  |  | $ | 280 |  |  | $ | 99 |  |  | $ | 143 |
Cost of defined contribution plans |  | 30 |  |  | 27 |  |  | 199 |  |  | 193 |
Total defined benefit pension and defined contribution plans cost recognized in the Consolidated Income Statement |  | $ | 184 |  |  | $ | 307 |  |  | $ | 298 |  |  | $ | 336 |
(1)These components of net periodic pension cost are included in other (income) and expense in the Consolidated Income Statement.. Cost of Nonpension Postretirement Plans The following tables provide the components of the cost for the company’s nonpension postretirement plans.
(Dollars in millions) |  | U.S. Plan |  | Non-U.S. Plans
For the three months ended June 30: |  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost |  | $ | 0 |  |  | $ | 1 |  |  | $ | 0 |  |  | $ | 1 |
Interest cost (1) |  | 28 |  |  | 27 |  |  | 10 |  |  | 10 |
Expected return on plan assets (1) |  | — |  |  | — |  |  | 0 |  |  | 0 |
Amortization of prior service costs/(credits) (1) |  | (7) |  |  | (7) |  |  | 0 |  |  | 0 |
Recognized actuarial losses (1) |  | — |  |  | — |  |  | 0 |  |  | 0 |
Curtailments and settlements (1) |  | — |  |  | — |  |  | — |  |  | — |
Total nonpension postretirement plans cost recognized in the Consolidated Income Statement |  | $ | 22 |  |  | $ | 20 |  |  | $ | 11 |  |  | $ | 10 |
(Dollars in millions) |  | U.S. Plan |  | Non-U.S. Plans
For the six months ended June 30: |  | 2025 |  | 2024 |  | 2025 |  | 2024
Service cost |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost (1) |  | 57 |  |  | 53 |  |  | 21 |  |  | 21 |
Expected return on plan assets (1) |  | — |  |  | — |  |  | (1) |  |  | (1) |
Amortization of prior service costs/(credits) (1) |  | (15) |  |  | (15) |  |  | 0 |  |  | 0 |
Recognized actuarial losses (1) |  | — |  |  | — |  |  | 0 |  |  | 0 |
Curtailments and settlements (1) |  | — |  |  | — |  |  | — |  |  | — |
Total nonpension postretirement plans cost recognized in the Consolidated Income Statement |  | $ | 43 |  |  | $ | 40 |  |  | $ | 22 |  |  | $ | 21 |
(1)These components of net periodic pension cost are included in other (income) and expense in the Consolidated Income Statement. Plan Contributions The company does not anticipate any significant changes to the expected plan contributions in 2025 from the amounts disclosed in the 2024 Annual Report. The table below includes contributions to the following plans:
(Dollars in millions) |  | Plan Contributions
For the six months ended June 30: |  | 2025 |  | 2024
U.S. nonpension postretirement benefit plan |  | $ | 104 |  |  | $ | 110 |
Non-U.S. DB and multi-employer plans (1) |  | 20 |  |  | 40 |
Total plan contributions |  | $ | 124 |  |  | $ | 150 |
(1)Amounts reported net of refunds. The U.S. nonpension postretirement benefit plan contributions in the table above were made in U.S. Treasury Securities. Additionally, during both the six months ended June 30, 2025 and 2024, contributions of $390 million were made to the Active Medical Trust in U.S. Treasury securities. Contributions made with U.S. Treasury securities are considered a non-cash transaction.

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