Net periodic benefit cost for our pension and other postretirement benefit plans consisted of the following during the three and six months ended June 29, 2012, and July 1, 2011, respectively (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
|
Three Months Ended |
|
June 29,
2012 |
|
July 1,
2011 |
|
|
June 29,
2012 |
|
July 1,
2011 |
|
|
|
As Adjusted |
|
|
|
|
Service cost |
$ |
71 |
|
$ |
62 |
|
|
$ |
9 |
|
$ |
8 |
|
Interest cost |
97 |
|
98 |
|
|
11 |
|
12 |
|
Expected return on plan assets |
(144 |
) |
(128 |
) |
|
(2 |
) |
(2 |
) |
Amortization of prior service cost (credit) |
— |
|
2 |
|
|
(13 |
) |
(16 |
) |
Amortization of net actuarial loss |
34 |
|
20 |
|
|
1 |
|
— |
|
Net periodic benefit cost (credit) |
58 |
|
54 |
|
|
6 |
|
2 |
|
Curtailment charge (credit) |
— |
|
— |
|
|
— |
|
— |
|
Special termination benefits |
— |
|
— |
|
|
— |
|
— |
|
Total cost (credit) recognized in statements of income |
$ |
58 |
|
$ |
54 |
|
|
$ |
6 |
|
$ |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
Other Benefits
|
|
Six Months Ended |
|
June 29,
2012 |
|
July 1,
2011 |
|
|
June 29,
2012 |
|
July 1,
2011 |
|
|
|
As Adjusted |
|
|
|
|
Service cost |
$ |
136 |
|
$ |
124 |
|
|
$ |
17 |
|
$ |
16 |
|
Interest cost |
195 |
|
195 |
|
|
22 |
|
23 |
|
Expected return on plan assets |
(288 |
) |
(254 |
) |
|
(4 |
) |
(4 |
) |
Amortization of prior service cost (credit) |
(1 |
) |
3 |
|
|
(26 |
) |
(31 |
) |
Amortization of net actuarial loss |
68 |
|
40 |
|
|
3 |
|
1 |
|
Net periodic benefit cost (credit) |
110 |
|
108 |
|
|
12 |
|
5 |
|
Curtailment charge (credit) |
— |
|
— |
|
|
— |
|
— |
|
Special termination benefits1
|
— |
|
4 |
|
|
— |
|
2 |
|
Total cost (credit) recognized in statements of income |
$ |
110 |
|
$ |
112 |
|
|
$ |
12 |
|
$ |
7 |
|
|
|
1 |
The special termination benefits primarily relate to the Company's productivity, integration and restructuring initiatives. Refer to Note 11 for additional information related to these initiatives.
|
|