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v3.25.1

Employee Benefit Plans | 3 Months Ended
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Mar. 31, 2025
Retirement Benefits [Abstract] |
Employee Benefit Plans | Note 10: 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 March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
U.S. qualified defined benefit plans | $ | — |  |  | $ | — |  |  |  |  |
International defined benefit plans | 3 |  |  | 2 |  |  |  |  |
PRB plans | 10 |  |  | 9 |  |  |  |  |
Defined contribution plans | 401 |  |  | 395 |  |  |  |  |
The amounts recognized in the Condensed Consolidated Balance Sheet consist of:
(dollars in millions) | March 31, 2025 |  | December 31, 2024
Non-current pension assets (included in Other assets) | $ | 2,130 |  |  | $ | 1,819 |
Current pension and PRB liabilities (included in Accrued employee compensation) | 257 |  |  | 256 |
Future pension and postretirement benefit obligations | 2,060 |  |  | 2,104 |
The amounts recognized in Future pension and postretirement benefit obligations consist of:
(dollars in millions) | March 31, 2025 |  | December 31, 2024
Non-current pension liabilities | $ | 1,493 |  |  | $ | 1,532 |
Non-current PRB liabilities | 502 |  |  | 523 |
Other pension and PRB related items | 65 |  |  | 49 |
Future pension and postretirement benefit obligations | $ | 2,060 |  |  | $ | 2,104 |
The components of net periodic income for our defined pension plans were as follows:
| Quarter Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Operating expense |  |  |  |  |  |  |
Service cost | $ | 42 |  |  | $ | 47 |  |  |  |  |
Non-operating expense |  |  |  |  |  |  |
Interest cost | 583 |  |  | 596 |  |  |  |  |
Expected return on plan assets | (917) |  |  | (937) |  |  |  |  |
Amortization of prior service credit | (39) |  |  | (43) |  |  |  |  |
Recognized actuarial net loss | 5 |  |  | 5 |  |  |  |  |
Net settlement, curtailment, and special termination benefit gain | — |  |  | (7) |  |  |  |  |
Non-service pension income | (368) |  |  | (386) |  |  |  |  |
Total net periodic income | $ | (326) |  |  | $ | (339) |  |  |  |  |
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) | March 31, 2025 |  | December 31, 2024
Marketable securities held in trusts | $ | 682 |  |  | $ | 786 |

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