Quarterly report pursuant to Section 13 or 15(d)

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

v3.24.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 6 Months Ended
Jun. 28, 2024
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 28,
2024		 June 30,
2023		 June 28,
2024		 June 30,
2023
Service cost $ 26  $ 23  $ 1  $ 1 
Interest cost 77  81  5  7 
Expected return on plan assets1
(117) (119) (2) (3)
Amortization of prior service cost (credit) 1  1  (1) (1)
Amortization of net actuarial loss (gain) 25  24  (1) (2)
Net periodic benefit cost (income) $ 12  $ 10  $ 2  $ 2 
1The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00% for pension plans and 4.50% for other postretirement benefit plans.
Pension Plans Other Postretirement
Benefit Plans
Six Months Ended
June 28,
2024		 June 30,
2023		 June 28,
2024		 June 30,
2023
Service cost $ 53  $ 47  $ 2  $ 2 
Interest cost 154  162  9  14 
Expected return on plan assets1
(235) (238) (4) (7)
Amortization of prior service cost (credit) 1  1  (2) (2)
Amortization of net actuarial loss (gain) 51  48  (2) (3)
Net periodic benefit cost (income) $ 24  $ 20  $ 3  $ 4 
1The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00% for pension plans and 4.50% 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 28, 2024, the Company contributed $16 million to our pension trusts, offset by a $44 million transfer of surplus international plan assets from pension trusts to general assets of the Company. We anticipate making additional contributions of approximately $19 million during the remainder of 2024. The Company contributed $23 million to our pension trusts during the six months ended June 30, 2023.