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v3.23.2

Employee Benefit Plans | 6 Months Ended
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Jun. 30, 2023
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits Disclosure | Note 9: Employee Benefit Plans Pension and Postretirement Plans. We sponsor both funded and unfunded domestic and foreign defined benefit pension and postretirement benefit (PRB) plans and defined contribution plans. Contributions to our plans were as follows:
| Quarter Ended June 30, |  | Six Months Ended June 30,
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
U.S. qualified defined benefit plans | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
International defined benefit plans | 20 |  |  | 18 |  |  | 28 |  |  | 30 |
PRB plans | 8 |  |  | 4 |  |  | 12 |  |  | 9 |
Defined contribution plans | 317 |  |  | 251 |  |  | 689 |  |  | 562 |
In December 2020, we approved a change to the Raytheon Company domestic defined benefit pension plans for non-union participants to cease future benefit accruals based on an employee’s years of service and compensation under the historical formula effective December 31, 2022. The plan change does not impact participants’ historical benefit accruals. Benefits for service after December 31, 2022 are based on a cash balance formula. This plan change resulted in lower pension service cost beginning January 1, 2023. The amounts recognized in the Condensed Consolidated Balance Sheet consist of:
(dollars in millions) | June 30, 2023 |  | December 31, 2022
Noncurrent pension assets (included in Other assets) | $ | 3,770 |  |  | $ | 3,301 |
Current pension and PRB liabilities (included in Accrued employee compensation) | 307 |  |  | 307 |
Future pension and postretirement benefit obligations | 4,579 |  |  | 4,807 |
The amounts recognized in Future pension and postretirement benefit obligations consist of:
(dollars in millions) | June 30, 2023 |  | December 31, 2022
Noncurrent pension liabilities | $ | 3,914 |  |  | $ | 4,133 |
Noncurrent PRB liabilities | 605 |  |  | 611 |
Other pension and PRB related items | 60 |  |  | 63 |
Future pension and postretirement benefit obligations | $ | 4,579 |  |  | $ | 4,807 |
The components of net periodic benefit (income) expense for our defined pension and PRB plans were as follows:
| Pension Benefits Quarter Ended June 30, |  | PRB Quarter Ended June 30,
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating expense |  |  |  |  |  |  |
Service cost | $ | 56 |  |  | $ | 118 |  |  | $ | 1 |  |  | $ | 2 |
Non-operating expense |  |  |  |  |  |  |
Interest cost | 627 |  |  | 380 |  |  | 12 |  |  | 7 |
Expected return on plan assets | (938) |  |  | (888) |  |  | (5) |  |  | (6) |
Amortization of prior service credit | (40) |  |  | (41) |  |  | — |  |  | — |
Recognized actuarial net loss (gain) | (95) |  |  | 77 |  |  | (8) |  |  | (3) |
Net settlement, curtailment and special termination benefit (gain) loss | — |  |  | — |  |  | — |  |  | — |
Non-service pension income | (446) |  |  | (472) |  |  | (1) |  |  | (2) |
Total net periodic benefit (income) expense | $ | (390) |  |  | $ | (354) |  |  | $ | — |  |  | $ | — |
| Pension Benefits Six Months Ended June 30, |  | PRB Six Months Ended June 30,
(dollars in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating expense |  |  |  |  |  |  |
Service cost | $ | 111 |  |  | $ | 236 |  |  | $ | 2 |  |  | $ | 4 |
Non-operating expense |  |  |  |  |  |  |
Interest cost | 1,253 |  |  | 762 |  |  | 24 |  |  | 14 |
Expected return on plan assets | (1,875) |  |  | (1,778) |  |  | (10) |  |  | (11) |
Amortization of prior service cost (credit) | (79) |  |  | (83) |  |  | — |  |  | — |
Recognized actuarial net loss (gain) | (190) |  |  | 154 |  |  | (16) |  |  | (6) |
Net settlement, curtailment and special termination benefit loss | 2 |  |  | (6) |  |  | — |  |  | — |
Non-service pension (income) expense | (889) |  |  | (951) |  |  | (2) |  |  | (3) |
Total net periodic benefit (income) expense | $ | (778) |  |  | $ | (715) |  |  | $ | — |  |  | $ | 1 |
We have set aside assets in separate trusts, which we expect to be used to pay for certain nonqualified defined benefit and defined contribution plan obligations in excess of qualified plan limits. These assets are included in Other assets in our Condensed Consolidated Balance Sheet. The fair value of marketable securities held in trusts was as follows:
(dollars in millions) | June 30, 2023 |  | December 31, 2022
Marketable securities held in trusts | $ | 719 |  |  | $ | 774 |

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