Quarterly report pursuant to Section 13 or 15(d)

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

v3.23.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 30, 2023
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
June 30,
2023		 July 1,
2022		 June 30,
2023		 July 1,
2022
Service cost $ 23  $ 22  $ 1  $ 1 
Interest cost 81  51  7  5 
Expected return on plan assets1
(119) (147) (3) (4)
Amortization of prior service cost (credit) 1  —  (1) (1)
Amortization of net actuarial loss (gain) 24  29  (2) — 
Net periodic benefit cost (income) $ 10  $ (45) $ 2  $ 1 
1The weighted-average expected long-term rates of return on plan assets used in computing 2023 net periodic benefit cost (income) were 7.00 percent for pension plans and 3.75 percent for other postretirement benefit plans.
Pension Plans Other Postretirement
Benefit Plans
Six Months Ended
June 30,
2023		 July 1,
2022		 June 30,
2023		 July 1,
2022
Service cost $ 47  $ 44  $ 2  $ 3 
Interest cost 162  102  14  9 
Expected return on plan assets1
(238) (296) (7) (8)
Amortization of prior service cost (credit) 1  —  (2) (2)
Amortization of net actuarial loss (gain) 48  58  (3) — 
Net periodic benefit cost (income) $ 20  $ (92) $ 4  $ 2 
1The weighted-average expected long-term rates of return on plan assets used in computing 2023 net periodic benefit cost (income) were 7.00 percent for pension plans and 3.75 percent for other postretirement benefit plans.
All of the amounts in the tables above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income. During the six months ended June 30, 2023, the Company contributed $23 million to our pension trusts, and we anticipate making additional contributions of approximately $12 million during the remainder of 2023. The Company contributed $19 million to our pension trusts during the six months ended July 1, 2022.