2028 and thereafter

  
Net Periodic Pension Cost 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |
|  |  |  |  |  |  |  |  | Fiscal Years Ended |
| (in millions) |  |  |  |  |  |  |  | March 31, 2022 |  | March 31, 2021 |  | March 31, 2020 |
| Service cost |  |  |  |  |  |  |  | $ | 88  |  |  | $ | 91  |  |  | $ | 92  |  |
| Interest cost |  |  |  |  |  |  |  | 203  |  |  | 245  |  |  | 237  |  |
| Expected return on assets |  |  |  |  |  |  |  | (581) |  |  | (659) |  |  | (651) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Amortization of prior service credit |  |  |  |  |  |  |  | (8) |  |  | (8) |  |  | (9) |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Contractual termination benefit |  |  |  |  |  |  |  | 4  |  |  | 13  |  |  | 10  |  |
| Settlement/curtailment (gain) loss |  |  |  |  |  |  |  | (20) |  |  | (18) |  |  | 7  |  |
| Recognition of actuarial (gain) loss |  |  |  |  |  |  |  | (664) |  |  | 537  |  |  | (252) |  |
| Net periodic pension (income) expense |  |  |  |  |  |  |  | $ | (978) |  |  | $ | 201  |  |  | $ | (566) |  |

  
The service cost component of net periodic pension (income) expense is presented in cost of services and selling, general and administrative and the other components of net periodic pension income are presented in other income, net in the Company’s statements of operations.   
The weighted-average rates used to determine net periodic pension cost were:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Fiscal Years Ended |  |  |
|  |  | March 31, 2022 |  | March 31, 2021 |  | March 31, 2020 |  |  |  |  |  |  |
| Discount or settlement rates |  | 2.0  | % |  | 2.4  | % |  | 2.4  | % |  |  |  |  |  |  |
| Expected long-term rates of return on assets |  | 4.4  | % |  | 5.6  | % |  | 5.8  | % |  |  |  |  |  |  |
| Rates of increase in compensation levels |  | 2.5  | % |  | 1.7  | % |  | 2.0  | % |  |  |  |  |  |  |
| Interest Crediting Rate |  | 4.0  | % |  | 4.0  | % |  | —  | % |  |  |  |  |  |  |

  
The following is a summary of amounts in accumulated other comprehensive income, before tax effects:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Fiscal Years Ended |
| (in millions) |  | March 31, 2022 |  | March 31, 2021 |
|  |  |  |  |  |
| Prior service cost |  | $ | (238) |  |  | $ | (239) |  |
|  |  |  |  |  |

  
Estimated Future Contributions and Benefits Payments

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |
| (in millions) |  |  |  |  |
| Employer contributions: |  |  |  |  |
| 2023 |  | $ | 88  |  |  |  |
|  |  |  |  |  |
| Benefit Payments: |  |  |  |  |
| 2023 |  | $ | 483  |  |  |  |
| 2024 |  | 419  |  |  |  |
| 2025 |  | 426  |  |  |  |
| 2026 |  | 434  |  |  |  |
| 2027 |  | 444  |  |  |  |
| 2028 and thereafter |  | 2,361  |  |  |  |
|     Total |  | $ | 4,567  |  |  |  |

  
109
