HUNTINGTON INGALLS INDUSTRIES INC
For the period ended Mar 31, 2025. Filed May 1, 2025.
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Mar 31, 2025 · Filed May 1, 2025
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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 months ended March 31, 2025 and 2024, were as follows:
| Pension Benefits | Other Benefits | |||
|---|---|---|---|---|
| ($ in millions) | 2025 | 2024 | 2025 | 2024 |
| Components of net periodic benefit cost | ||||
| Service cost | $22 | $27 | $1 | $1 |
| Interest cost | 84 | 80 | 4 | 5 |
| Expected return on plan assets | (137) | (134) | — | — |
| Amortization of prior service cost (credit) | 4 | 4 | — | (1) |
| Amortization of net actuarial loss (gain) | — | 5 | (3) | (3) |
| Net periodic benefit (income) cost | $(27) | $(18) | $2 | $2 |
The Company made the following contributions to its defined benefit pension plans and other postretirement benefit plans for the three months ended March 31, 2025 and 2024:
| ($ in millions) | 2025 | 2024 |
|---|---|---|
| Pension plans | ||
| Discretionary | ||
| Qualified | $— | $— |
| Non-qualified | 4 | 3 |
| Other benefit plans | 9 | 7 |
| Total contributions | $13 | $10 |
As of March 31, 2025, the Company anticipates no further significant cash contributions to its qualified defined benefit pension plans in 2025.
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