|
NOTE 3. PENSIONS AND OTHER POSTRETIREMENT BENEFITS
We sponsor funded and unfunded domestic and foreign defined benefit pension and other postretirement benefit (OPEB) plans. Contributions to these plans were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
| |
|
September 30, |
|
September 30, |
| In millions |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Defined benefit pension contributions |
|
$ |
8
|
|
|
$ |
7 |
|
|
$ |
102
|
|
|
$ |
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPEB payments, net |
|
4
|
|
|
9 |
|
|
13
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Defined contribution pension plans |
|
29
|
|
|
26 |
|
|
102
|
|
|
82 |
|
|
|
|
|
|
|
|
|
|
We anticipate making additional defined benefit pension contributions during the remainder of 2023 of $13 million for our U.S. and U.K. qualified and non-qualified pension plans. These contributions may be made from trusts or company funds either to increase pension assets or to make direct benefit payments to plan participants. We expect our 2023 annual net periodic pension cost to be near zero.
The components of net periodic pension and OPEB expense (income) under our plans were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension |
|
|
|
|
| |
|
U.S. Plans |
|
U.K. Plans |
|
OPEB |
| |
|
Three months ended September 30, |
| In millions |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Service cost |
|
$ |
29
|
|
|
$ |
35 |
|
|
$ |
4
|
|
|
$ |
7 |
|
|
$ |
—
|
|
|
$ |
— |
|
| Interest cost |
|
42
|
|
|
27 |
|
|
18
|
|
|
10 |
|
|
2
|
|
|
2 |
|
| Expected return on plan assets |
|
(69) |
|
|
(60) |
|
|
(27) |
|
|
(22) |
|
|
—
|
|
|
— |
|
| Amortization of prior service cost |
|
—
|
|
|
1 |
|
|
1
|
|
|
— |
|
|
—
|
|
|
— |
|
| Recognized net actuarial loss (gain) |
|
2
|
|
|
5 |
|
|
—
|
|
|
1 |
|
|
(1) |
|
|
— |
|
| Net periodic benefit expense (income) |
|
$ |
4
|
|
|
$ |
8 |
|
|
$ |
(4) |
|
|
$ |
(4) |
|
|
$ |
1
|
|
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Pension |
|
|
|
|
| |
|
U.S. Plans |
|
U.K. Plans |
|
OPEB |
| |
|
Nine months ended September 30, |
| In millions |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Service cost |
|
$ |
87
|
|
|
$ |
103 |
|
|
$ |
12
|
|
|
$ |
23 |
|
|
$ |
—
|
|
|
$ |
— |
|
| Interest cost |
|
126
|
|
|
71 |
|
|
53
|
|
|
28 |
|
|
6
|
|
|
4 |
|
| Expected return on plan assets |
|
(207) |
|
|
(164) |
|
|
(79) |
|
|
(62) |
|
|
—
|
|
|
— |
|
| Amortization of prior service cost |
|
1
|
|
|
1 |
|
|
1
|
|
|
— |
|
|
—
|
|
|
— |
|
| Recognized net actuarial loss (gain) |
|
6
|
|
|
17 |
|
|
—
|
|
|
2 |
|
|
(2) |
|
|
— |
|
| Net periodic benefit expense (income) |
|
$ |
13
|
|
|
$ |
28 |
|
|
$ |
(13) |
|
|
$ |
(9) |
|
|
$ |
4
|
|
|
$ |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|