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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of contributions to plans

Contributions to our plans were as follows:

			Quarter Ended June 30,												Six Months Ended June 30,
(dollars in millions)			2024						2023						2024						2023
U.S. qualified defined benefit plans			$	—					$	—					$	—					$	—
International defined benefit plans			10						20						12						28
PRB plans			4						8						13						12
Defined contribution plans			339						317						734						689

Schedule of Amounts Recognized in Balance Sheet

The amounts recognized in the Condensed Consolidated Balance Sheet consist of:

(dollars in millions)			June 30, 2024						December 31, 2023
Noncurrent pension assets (included in Other assets)			$	1,906					$	1,296
Current pension and PRB liabilities (included in Accrued employee compensation)			270						270
Future pension and postretirement benefit obligations			2,264						2,385

The amounts recognized in Future pension and postretirement benefit obligations consist of:

(dollars in millions)			June 30, 2024						December 31, 2023
Noncurrent pension liabilities			$	1,634					$	1,737
Noncurrent PRB liabilities			568						582
Other pension and PRB related items			62						66
Future pension and postretirement benefit obligations			$	2,264					$	2,385

Schedule of Net Benefit Costs

The components of net periodic (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)			2024						2023						2024						2023
Operating expense
Service cost			$	47					$	56					$	1					$	1
Non-operating expense
Interest cost			596						627						11						12
Expected return on plan assets			(936)						(938)						(5)						(5)
Amortization of prior service credit			(42)						(40)						—						—
Recognized actuarial net (gain) loss			5						(95)						(6)						(8)
Net settlement, curtailment, and special termination benefit (gain) loss			3						—						—						—
Non-service pension income			(374)						(446)						—						(1)
Total net periodic (income) expense			$	(327)					$	(390)					$	1					$	—

			Pension Benefits Six Months Ended June 30,												PRB Six Months Ended June 30,
(dollars in millions)			2024						2023						2024						2023
Operating expense
Service cost			$	94					$	111					$	2					$	2
Non-operating expense
Interest cost			1,192						1,253						22						24
Expected return on plan assets			(1,873)						(1,875)						(10)						(10)
Amortization of prior service credit			(85)						(79)						—						—
Recognized actuarial net (gain) loss			10						(190)						(12)						(16)
Net settlement, curtailment and special termination benefit (gain) loss			(4)						2						—						—
Non-service pension income			(760)						(889)						—						(2)
Total net periodic (income) expense			$	(666)					$	(778)					$	2					$	—

Marketable Securities

The fair value of marketable securities held in trusts was as follows:

(dollars in millions)			June 30, 2024						December 31, 2023
Marketable securities held in trusts			$	714					$	745

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- Definition

Schedule of contributions to plans

+ References

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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+ References

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-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
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