NORTHROP GRUMMAN CORP DE
For the period ended Jun 30, 2024. Filed Jul 25, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 25, 2024
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8. Retirement Benefits
- RETIREMENT BENEFITS
The cost to the company of its pension and other postretirement benefit (OPB) plans is shown in the following table:
| Three Months Ended June 30 · Six Months Ended June 30 | ||||||||
|---|---|---|---|---|---|---|---|---|
| PensionBenefits | OPB | PensionBenefits | OPB | |||||
| $ in millions | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Components of net periodic benefit cost (benefit) | ||||||||
| Service cost | $59 | $59 | $1 | $1 | $119 | $118 | $2 | $2 |
| Interest cost | 382 | 392 | 16 | 16 | 763 | 784 | 31 | 33 |
| Expected return on plan assets | (549) | (525) | (22) | (21) | (1,098) | (1,049) | (43) | (42) |
| Net periodic benefit cost (benefit) | $(108) | $(74) | $(5) | $(4) | $(216) | $(147) | $(10) | $(7) |
Employer Contributions
The company sponsors defined benefit pension and OPB plans, as well as defined contribution plans. We fund our defined benefit pension plans annually in a manner consistent with the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006.
Contributions made by the company to its retirement plans are as follows:
| Three Months Ended June 30 | Six Months Ended June 30 | |||
|---|---|---|---|---|
| $ in millions | 2024 | 2023 | 2024 | 2023 |
| Defined benefit pension plans | $24 | $25 | $49 | $54 |
| OPB plans | 9 | 10 | 20 | 21 |
| Defined contribution plans | 151 | 146 | 381 | 361 |
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