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Retirement-Related Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Pre-tax cost for all retirement-related plans
The following tables provide the pre-tax cost for all retirement-related plans.
Yr. to Yr.
(Dollars in millions)Percent
For the three months ended June 30:20242023Change
Retirement-related plans — cost:   
Defined benefit pension and defined contribution plans — cost$320 $259 23.6 %
Nonpension postretirement plans — cost30 33 (8.1)
Total$350 $292 20.0 %
Yr. to Yr.
(Dollars in millions)Percent
For the six months ended June 30:20242023Change
Retirement-related plans — cost:   
Defined benefit pension and defined contribution plans — cost$643 $541 19.0 %
Nonpension postretirement plans — cost60 65 (7.1)
Total$704 $606 16.2 %
Components of net periodic (income)/cost of the company's retirement-related benefit plans
The following tables provide the components of the cost/(income) for the company’s retirement-related benefit plans.
(Dollars in millions)U.S. PlansNon-U.S. Plans
For the three months ended June 30:2024 202320242023
Service cost (1)
$98 $— $41 $44 
Interest cost (2)
254 272 264 292 
Expected return on plan assets (2)
(340)(382)(384)(362)
Amortization of prior service costs/(credits) (2)
— 0 5 5 
Recognized actuarial losses (2)
129 27 128 101 
Curtailments and settlements (2)
— — 2 6 
Multi-employer plans— — 3 3 
Other costs/(credits) (2)
— — 12 10 
Total net periodic pension (income)/cost of defined benefit plans$140 $(82)$71 $99 
Cost of defined contribution plans15 151 94 91 
Total defined benefit pension and defined contribution plans cost recognized in the Consolidated Income Statement$155 $69 $165 $190 
(1)Increase in U.S. Plans service cost in 2024 is due to the Qualified PPP plan changes described above.
(2)These components of net periodic pension cost are included in other (income) and expense in the Consolidated Income Statement.
(Dollars in millions)U.S. PlansNon-U.S. Plans
For the six months ended June 30:2024 202320242023
Service cost (1)
$197 $— $85 $88 
Interest cost (2)
508 545 532 580 
Expected return on plan assets (2)
(681)(764)(773)(718)
Amortization of prior service costs/(credits) (2)
— 0 11 10 
Recognized actuarial losses (2)
257 55 258 203 
Curtailments and settlements (2)
— — 4 5 
Multi-employer plans— — 6 6 
Other costs/(credits) (2)
— — 20 19 
Total net periodic pension (income)/cost of defined benefit plans$280 $(165)$143 $194 
Cost of defined contribution plans27 323 193 188 
Total defined benefit pension and defined contribution plans cost recognized in the Consolidated Income Statement$307 $158 $336 $382 
(1)Increase in U.S. Plans service cost in 2024 is due to the Qualified PPP plan changes described above.
(2)These components of net periodic pension cost are included in other (income) and expense in the Consolidated Income Statement.
Components of the cost/(income) for the company's nonpension postretirement plans
The following tables provide the components of the cost for the company’s nonpension postretirement plans.
(Dollars in millions)U.S. PlanNon-U.S. Plans
For the three months ended June 30:2024202320242023
Service cost$1 $1 $1 $1 
Interest cost (1)
27 29 10 10 
Expected return on plan assets (1)
— — 0 (1)
Amortization of prior service costs/(credits) (1)
(7)(7)0 0 
Recognized actuarial losses (1)
— — 0 0 
Curtailments and settlements (1)
— — — — 
Total nonpension postretirement plans cost recognized in the Consolidated Income Statement$20 $23 $10 $10 
(Dollars in millions)U.S. PlanNon-U.S. Plans
For the six months ended June 30:2024202320242023
Service cost$1 $2 $1 $1 
Interest cost (1)
53 58 21 19 
Expected return on plan assets (1)
— — (1)(1)
Amortization of prior service costs/(credits) (1)
(15)(15)0 0 
Recognized actuarial losses (1)
— — 0 (1)
Curtailments and settlements (1)
— — — — 
Total nonpension postretirement plans cost recognized in the Consolidated Income Statement$40 $46 $21 $19 
(1)These components of net periodic pension cost are included in other (income) and expense in the Consolidated Income Statement.
Schedule of contributions The table below includes contributions to the following plans:
(Dollars in millions)Plan Contributions
For the six months ended June 30:20242023
U.S. nonpension postretirement benefit plan
$110 $134 
Non-U.S. DB and multi-employer plans (1)
40 29 
Total plan contributions$150 $163 
(1)Amounts reported net of refunds.