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v3.24.3

Benefit Plans | 9 Months Ended
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Sep. 30, 2024
Retirement Benefits [Abstract] |
Benefit Plans | Benefit Plans The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees. The following tables present the components of net periodic (benefit) cost for the defined benefit plans:
| Pension Benefits |  |
| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30, |  |  |  | September 30, |  |
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023 |  |
(In millions) |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 1 |  |  | $ | 1 |  |  |  |  | $ | 2 |  |  | $ | 2 |  |  |
Interest cost | 23 |  |  | 28 |  |  |  |  | 72 |  |  | 84 |  |  |
Expected return on plan assets | (29) |  |  | (32) |  |  |  |  | (88) |  |  | (96) |  |  |
Amortization of unrecognized net loss | 7 |  |  | 9 |  |  |  |  | 22 |  |  | 27 |  |  |
Settlements | 4 |  |  | 47 |  |  |  |  | 4 |  |  | 48 |  |  |
Net periodic cost | $ | 6 |  |  | $ | 53 |  |  |  |  | $ | 12 |  |  | $ | 65 |  |  |
During the third quarter of 2023, the Company terminated a non-contributory defined benefit plan through lump sum settlement payments to certain participants and the transfer of the remaining liability to a third party insurance company through the purchase of group annuity contracts. The Company recorded a settlement expense of $47 million ($37 million after-tax) to recognize unrealized losses which were previously included in AOCI.
| Other Postretirement Benefits
| Three Months Ended |  |  |  | Nine Months Ended
| September 30, |  |  |  | September 30,
| 2024 |  | 2023 |  |  |  | 2024 |  | 2023
(In millions) |  |  |  |  |  |  |  |  |
Interest cost |  |  |  |  |  |  | $ | 1 |  |  | $ | 1 |
Expected return on plan assets | $ | (1) |  |  | $ | (1) |  |  |  |  | (2) |  |  | (2) |
Amortization of unrecognized net loss | 1 |  |  | 1 |  |  |  |  | 1 |  |  | 1 |
Net periodic benefit | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |

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