|
NOTE 8 - 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Service cost |
$ |
7
|
|
|
$ |
8 |
|
|
$ |
14
|
|
|
$ |
16 |
|
| Interest cost |
54
|
|
|
58 |
|
|
109
|
|
|
117 |
|
| Expected return on plan assets |
(80) |
|
|
(78) |
|
|
(160) |
|
|
(157) |
|
| Amortization: |
|
|
|
|
|
|
|
| Prior service costs |
4
|
|
|
4 |
|
|
8
|
|
|
8 |
|
| Net actuarial loss |
—
|
|
|
1 |
|
|
—
|
|
|
2 |
|
| Net periodic benefit credits |
$ |
(15) |
|
|
$ |
(7) |
|
|
$ |
(29) |
|
|
$ |
(14) |
|
OPEB COSTS (CREDITS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| (In millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
| Service cost |
$ |
2
|
|
|
$ |
3 |
|
|
$ |
4
|
|
|
$ |
5 |
|
| Interest cost |
13
|
|
|
16 |
|
|
25
|
|
|
32 |
|
| Expected return on plan assets |
(10) |
|
|
(10) |
|
|
(21) |
|
|
(21) |
|
Termination benefits1
|
—
|
|
|
— |
|
|
2
|
|
|
— |
|
| Amortization: |
|
|
|
|
|
|
|
| Prior service credits |
(4) |
|
|
(4) |
|
|
(8) |
|
|
(8) |
|
| Net actuarial gain |
(39) |
|
|
(37) |
|
|
(77) |
|
|
(73) |
|
| Net periodic benefit credits |
$ |
(38) |
|
|
$ |
(32) |
|
|
$ |
(75) |
|
|
$ |
(65) |
|
|
|
|
|
|
|
|
|
1 The termination benefits relate to the announcement of the indefinite idle of our Weirton tinplate production plant.
|
|