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Pension plans and other postretirement benefits | 6 Months Ended
--- | ---
Jun. 30, 2024
Retirement Benefits [Abstract] |
Pension plans and other postretirement benefits | The Company provides defined pension and other postretirement benefits (including health care and life insurance benefits) to qualified retired employees. Net periodic benefit for defined benefit plans consisted of the following:
| Pension Benefits |  | Other Postretirement Benefits
| Three Months Ended June 30,
(Dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 3 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost on projected benefit obligation | 29 |  |  | 29 |  |  | — |  |  | — |
Expected return on plan assets | (50) |  |  | (50) |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | (1) |  |  | (1) |
Amortization of net actuarial gain | (1) |  |  | — |  |  | — |  |  | — |
Net periodic benefit | $ | (19) |  |  | $ | (18) |  |  | $ | — |  |  | $ | — |
| Pension Benefits |  | Other Postretirement Benefits
| Six Months Ended June 30,
(Dollars in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 5 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost on projected benefit obligation | 58 |  |  | 58 |  |  | 1 |  |  | 1 |
Expected return on plan assets | (101) |  |  | (101) |  |  | — |  |  | — |
Amortization of prior service credit | — |  |  | — |  |  | (1) |  |  | (1) |
Amortization of net actuarial gain | (1) |  |  | (1) |  |  | (1) |  |  | (1) |
Net periodic benefit | $ | (39) |  |  | $ | (38) |  |  | $ | — |  |  | $ | — |
Service cost is reflected in "salaries and employee benefits" and the other components of net periodic benefit cost are reflected in "other costs of operations" in the Consolidated Statement of Income. Expenses incurred in connection with the Company's defined contribution pension and retirement savings plans totaled $40 million and $36 million for the three months ended June 30, 2024 and 2023, respectively, and $85 million and $80 million for the six months ended June 30, 2024 and 2023, respectively

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