HUNTINGTON INGALLS INDUSTRIES INC
For the period ended Sep 30, 2024. Filed Oct 31, 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.
Sep 30, 2024 · Filed Oct 31, 2024
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Employee Pension and Other Postretirement Benefits
- EMPLOYEE PENSION AND OTHER POSTRETIREMENT BENEFITS
The Company provides eligible employees defined benefit pension plans, defined contribution benefit plans, and other postretirement benefit plans.
The costs of the Company's defined benefit pension plans and other postretirement benefit plans for the three and nine months ended September 30, 2024 and 2023, were as follows:
| Three Months Ended September 30 · Nine Months Ended September 30 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Pension Benefits | Other Benefits | Pension Benefits | Other Benefits | |||||
| ($ in millions) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Components of net periodic benefit cost | ||||||||
| Service cost | $28 | $28 | $1 | $1 | $82 | $84 | $4 | $4 |
| Interest cost | 80 | 85 | 5 | 6 | 241 | 257 | 14 | 16 |
| Expected return on plan assets | (134) | (132) | — | — | (403) | (397) | — | — |
| Amortization of prior service cost (credit) | 4 | 4 | — | (1) | 12 | 13 | (1) | (2) |
| Amortization of net actuarial loss (gain) | 4 | 5 | (3) | (4) | 13 | 13 | (10) | (11) |
| Net periodic benefit (income) cost | $(18) | $(10) | $3 | $2 | $(55) | $(30) | $7 | $7 |
The Company made the following contributions to its defined benefit pension plans and other postretirement benefit plans for the nine months ended September 30, 2024 and 2023:
| ($ in millions) | 2024 | 2023 |
|---|---|---|
| Pension plans | ||
| Discretionary | ||
| Qualified | $— | $— |
| Non-qualified | 9 | 9 |
| Other benefit plans | 27 | 23 |
| Total contributions | $36 | $32 |
As of September 30, 2024, the Company anticipates no further significant cash contributions to its qualified defined benefit pension plans in 2024.
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