Marathon Petroleum Corp
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
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Sep 30, 2024 · Filed Nov 5, 2024
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22. Pension and Other Postretirement Benefits
- Pension and Other Postretirement Benefits
The following summarizes the components of net periodic benefit costs:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (Millions of dollars) | 2024 | 2023 | 2024 | 2023 |
| Pension Benefits | ||||
| Service cost | $63 | $53 | $170 | $150 |
| Interest cost | 31 | 29 | 92 | 87 |
| Expected return on plan assets | (36) | (38) | (110) | (122) |
| Amortization of prior service credit | (9) | (12) | (25) | (34) |
| Amortization of actuarial (gain) loss | 3 | (1) | 5 | (4) |
| Settlement gain | — | — | — | (2) |
| Net periodic pension benefit cost | $52 | $31 | $132 | $75 |
| Other Benefits | ||||
| Service cost | $5 | $4 | $15 | $14 |
| Interest cost | 8 | 7 | 24 | 23 |
| Amortization of prior service credit | (5) | (5) | (16) | (16) |
| Net periodic other benefit cost | $8 | $6 | $23 | $21 |
The components of net periodic benefit cost, other than the service cost component, are included in net interest and other financial costs on the consolidated statements of income.
During the nine months ended September 30, 2024, we made contributions of $92 million to our funded pension plans. Benefit payments related to unfunded pension and other postretirement benefit plans were $8 million and $37 million, respectively, during the nine months ended September 30, 2024.
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