Quarterly report pursuant to Section 13 or 15(d)

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

v3.22.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 3 Months Ended
Apr. 01, 2022
Retirement Benefits [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions):
Pension Plans Other Postretirement
Benefit Plans
Three Months Ended
April 1,
2022		 April 2,
2021		 April 1,
2022		 April 2,
2021
Service cost $ 22  $ 24  $ 2  $ 2 
Interest cost 51  44  4  4 
Expected return on plan assets1
(149) (151) (4) (4)
Amortization of prior service credit —  —  (1) (1)
Amortization of net actuarial loss 29  47  —  1 
Net periodic benefit cost (income) (47) (36) 1  2 
Settlement charges2
—  54  —  — 
Total cost (income) $ (47) $ 18  $ 1  $ 2 
1The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans.
2Settlement charges were primarily related to our strategic realignment initiatives.
All of the amounts in the table above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income. During the three months ended April 1, 2022, the Company contributed $3 million to our pension trusts, and we anticipate making additional contributions of approximately $24 million during the remainder of 2022. The Company contributed $5 million to our pension trusts during the three months ended April 2, 2021.