Marathon Petroleum Corp
For the period ended Mar 31, 2025. Filed May 6, 2025.
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Mar 31, 2025 · Filed May 6, 2025
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21. Pension and Other Postretirement Benefits
- Pension and Other Postretirement Benefits
The following summarizes the components of net periodic benefit costs:
| Three Months Ended March 31, | ||
|---|---|---|
| (Millions of dollars) | 2025 | 2024 |
| Pension Benefits | ||
| Service cost | $55 | $54 |
| Interest cost | 37 | 30 |
| Expected return on plan assets | (37) | (37) |
| Amortization of prior service credit | (2) | (8) |
| Amortization of actuarial loss | 4 | 1 |
| Net periodic pension benefit cost | $57 | $40 |
| Other Benefits | ||
| Service cost | $5 | $5 |
| Interest cost | 9 | 8 |
| Amortization of prior service credit | (6) | (5) |
| Net periodic other benefit cost | $8 | $8 |
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 three months ended March 31, 2025, we made contributions of $36 million to our funded pension plans. Benefit payments related to unfunded pension and other postretirement benefit plans were $3 million and $12 million, respectively, during the three months ended March 31, 2025.
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