Quarterly report pursuant to Section 13 or 15(d)

Pension and Other Postretirement Benefit Plans

v3.19.3
Pension and Other Postretirement Benefit Plans
 9 Months Ended
Sep. 27, 2019
Pension and Other Postretirement Benefit Plans  
Pension and Other Postretirement Benefit Plans PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
Net periodic benefit cost (income) for our pension and other postretirement benefit plans consisted of the following (in millions):
 
Pension Benefits  
 
Other Benefits  
 
Three Months Ended
 
September 27,
2019

September 28,
2018

 
September 27,
2019

September 28,
2018

Service cost
$
26

$
30

 
$
2

$
3

Interest cost
73

75

 
7

6

Expected return on plan assets1
(138
)
(160
)
 
(3
)
(3
)
Amortization of prior service credit
(1
)
(1
)
 
(1
)
(4
)
Amortization of net actuarial loss
38

29

 
1

1

Net periodic benefit cost (income)
(2
)
(27
)
 
6

3

Curtailment charges2
—

5

 
—

—

Settlement charges2
—

35

 
—

—

Special termination benefits2
—

8

 
—

—

Total cost (income) recognized in condensed consolidated statements
    of income
$
(2
)
$
21

 
$
6

$
3

1 The weighted-average expected long-term rates of return on plan assets used in computing 2019 net periodic benefit cost (income) are 7.7 percent for pension benefit plans and 4.6 percent for other benefit plans.
2 The curtailment charges, settlement charges and special termination benefits in 2018 were related to North America refranchising and the Company's productivity and reinvestment program.
 
Pension Benefits  
 
Other Benefits  
 
Nine Months Ended
 
September 27,
2019

September 28,
2018

 
September 27,
2019

September 28,
2018

Service cost
$
78

$
93

 
$
7

$
8

Interest cost
218

221

 
20

18

Expected return on plan assets1
(414
)
(490
)
 
(10
)
(10
)
Amortization of prior service cost (credit)
(3
)
3

 
(2
)
(11
)
Amortization of net actuarial loss
114

92

 
2

3

Net periodic benefit cost (income)
(7
)
(81
)
 
17

8

Curtailment charges2
—

5

 
—

—

Settlement charges2
—

121

 
—

—

Special termination benefits2
—

8

 
—

—

Total cost (income) recognized in condensed consolidated statements
    of income
$
(7
)
$
53

 
$
17

$
8

1 The weighted-average expected long-term rates of return on plan assets used in computing 2019 net periodic benefit cost (income) are
7.7 percent for pension benefit plans and 4.6 percent for other benefit plans.
2 The curtailment charges, settlement charges and special termination benefits in 2018 were related to North America refranchising and the Company's productivity and reinvestment program.
All of the amounts in the tables above, other than service cost, were recorded in the line item other income (loss) — net in our condensed consolidated statements of income. During the nine months ended September 27, 2019, the Company contributed $29 million to our pension trusts. We do not anticipate making additional contributions for the remainder of 2019. The Company contributed $98 million to our pension trusts during the nine months ended September 28, 2018.