v3.26.1
Retirement-Related Benefits
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Retirement-Related Benefits Retirement-Related Benefits:
The company offers defined benefit (DB) pension plans, defined contribution (DC) plans, as well as nonpension postretirement plans primarily consisting of retiree medical benefits.
Cost/(Income) of Retirement Plans
The following table provides the components of the cost/(income) for the company’s retirement-related benefit plans.
($ in millions)U.S. PlansNon-U.S. Plans
For the three months ended June 30:2026 202520262025
Service cost $86 $88 $46 $44 
Interest cost (1)
180 187 288 267 
Expected return on plan assets (1)
(266)(268)(361)(369)
Amortization of prior service costs/(credits) (1)
— — 16 6 
Recognized actuarial losses (1)
122 70 75 87 
Curtailments and settlements (1)
— — 3 5 
Multi-employer plans— — 4 3 
Other costs/(credits) (1)
— — 9 10 
Total net periodic pension (income)/cost of defined benefit plans$122 $77 $80 $52 
Cost of defined contribution plans16 17 109 103 
Total defined benefit pension and defined contribution plans cost recognized in the Consolidated Income Statement$138 $93 $189 $155 
($ in millions)U.S. PlansNon-U.S. Plans
For the six months ended June 30:2026 202520262025
Service cost
$173 $176 $89 $85 
Interest cost (1)
359 374 579 518 
Expected return on plan assets (1)
(532)(536)(724)(715)
Amortization of prior service costs/(credits) (1)
— — 32 11 
Recognized actuarial losses (1)
243 140 151 169 
Curtailments and settlements (1)
— — 4 7 
Multi-employer plans— — 7 6 
Other costs/(credits) (1)
— — 20 18 
Total net periodic pension (income)/cost of defined benefit plans$244 $154 $157 $99 
Cost of defined contribution plans31 30 212 199 
Total defined benefit pension and defined contribution plans cost recognized in the Consolidated Income Statement$274 $184 $369 $298 
(1) These components of net periodic pension cost are included in other (income) and expense in the Consolidated Income Statement.
Cost of Nonpension Postretirement Plans
The following table provides the components of the cost for the company’s nonpension postretirement plans.
($ in millions)U.S. PlanNon-U.S. Plans
For the three months ended June 30:2026202520262025
Service cost$0 $0 $0 $0 
Interest cost (1)
25 28 12 10 
Expected return on plan assets (1)
— — 0 0 
Amortization of prior service costs/(credits) (1)
(7)(7)0 0 
Recognized actuarial losses (1)
1 — 0 0 
Total nonpension postretirement plans cost recognized in the Consolidated Income Statement$19 $22 $12 $11 
($ in millions)U.S. PlanNon-U.S. Plans
For the six months ended June 30:2026202520262025
Service cost$1 $1 $1 $1 
Interest cost (1)
50 57 23 21 
Expected return on plan assets (1)
— — 0 (1)
Amortization of prior service costs/(credits) (1)
(15)(15)0 0 
Recognized actuarial losses (1)
1 — 0 0 
Total nonpension postretirement plans cost recognized in the Consolidated Income Statement$38 $43 $24 $22 
(1)These components of net periodic pension cost are included in other (income) and expense in the Consolidated Income Statement.
Plan Contributions
The company does not anticipate any significant changes to the expected plan contributions in 2026 from the amounts disclosed in the 2025 Annual Report. The table below includes contributions to the following plans:
($ in millions)Plan Contributions
For the six months ended June 30:20262025
U.S. nonpension postretirement benefit plan
$127 $104 
Non-U.S. DB and multi-employer plans (1)
17 20 
Total plan contributions$144 $124 
(1)Amounts reported net of refunds.
The U.S. nonpension postretirement benefit plan contributions in the table above were made in U.S. Treasury securities. Additionally, during the six months ended June 30, 2026 and 2025, contributions of $413 million and $390 million, respectively, were made to the Active Medical Trust in U.S. Treasury securities. Contributions made with U.S. Treasury securities are considered a non-cash transaction.