NOTE 10 - PENSIONS AND OTHER POSTRETIREMENT BENEFITS
We offer defined benefit pension plans, defined contribution pension plans and OPEB plans to a significant portion of our employees and retirees. Benefits are also provided through multiemployer plans for certain union members.
The following are the components of defined benefit pension and OPEB costs (credits):
Defined Benefit Pension Costs (Credits)
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(In Millions) |
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Three Months Ended March 31, |
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2022 |
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2021 |
Service cost |
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$ |
12
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$ |
14 |
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Interest cost |
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32
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26 |
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Expected return on plan assets |
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(92) |
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(90) |
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Amortization: |
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Net actuarial loss |
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4
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8 |
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Net periodic benefit credits |
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$ |
(44) |
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$ |
(42) |
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OPEB Costs (Credits)
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(In Millions) |
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Three Months Ended March 31, |
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2022 |
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2021 |
Service cost |
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$ |
11
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$ |
13 |
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Interest cost |
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20
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18 |
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Expected return on plan assets |
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(10) |
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(10) |
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Amortization: |
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Net actuarial loss (income) |
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(3) |
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1 |
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Net periodic benefit costs |
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$ |
18
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$ |
22 |
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Based on funding requirements, we made no defined benefit pension contributions for the three months ended March 31, 2022. Based on funding requirements, we made $146 million of defined benefit pension contributions for the three months ended March 31, 2021. As a result of the CARES Act enacted on March 27, 2020, we deferred $118 million of 2020 pension contributions, which were paid on January 4, 2021. We made contributions of $28 million to our voluntary employee benefit association trust plans for the three months ended March 31, 2022. Based on funding requirements, no contributions to our voluntary employee benefit association trust plans were required or made for the three months ended March 31, 2021
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