v3.24.3
Retirement Benefits (Notes)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
RETIREMENT BENEFITS RETIREMENT BENEFITS
Defined Benefit Plans - Expense

The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the periods ended September 30 were as follows (in millions):

Third Quarter
20232024
 Pension BenefitsOPEBPension BenefitsOPEB
 U.S. PlansNon-U.S. PlansWorldwide U.S. PlansNon-U.S. PlansWorldwide
Service cost$74 $62 $5 $73 $62 $6 
Interest cost413 245 58 400 237 57 
Expected return on assets(474)(227)— (455)(256)— 
Amortization of prior service costs/(credits)
— 7 1 23 6 2 
Net remeasurement (gain)/loss176 (7)— 112 56 — 
Separation costs/other3 57 — 7 30 — 
Settlements and curtailments
20 1 — 128 — — 
Net periodic benefit cost/(income)
$212 $138 $64 $288 $135 $65 

First Nine Months
20232024
 Pension BenefitsOPEBPension BenefitsOPEB
 U.S. PlansNon-U.S. PlansWorldwide U.S. PlansNon-U.S. PlansWorldwide
Service cost$221 $184 $16 $219 $186 $18 
Interest cost1,226 724 173 1,201 705 170 
Expected return on assets(1,440)(669)— (1,365)(763)— 
Amortization of prior service costs/(credits)
— 17 3 70 18 7 
Net remeasurement (gain)/loss370 1 — 112 (127)— 
Separation costs/other15 118 — 16 97 — 
Settlements and curtailments
65 2 — 128 (3)— 
Net periodic benefit cost/(income)
$457 $377 $192 $381 $113 $195 

The service cost component is included in Cost of sales and Selling, administrative, and other expenses. Other components of net periodic benefit cost/(income) are included in Other income/(loss), net on our consolidated income statements.

In the third quarter and first nine months of 2024, we had settlement and curtailment expenses of $128 million and $125 million, respectively, which resulted in remeasurement losses of $168 million and remeasurement gains of $15 million, respectively.

Pension Plan Contributions
During 2024, we continue to expect to contribute about $1 billion of cash to our global funded pension plans. We also expect to make about $400 million of benefit payments to participants in unfunded plans. In the first nine months of 2024, we contributed $967 million to our global funded pension plans and made $316 million of benefit payments to participants in unfunded plans.