Quarterly report pursuant to Section 13 or 15(d)

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

v3.24.3
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 27, 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
September 27,
2024		 September 29,
2023		 September 27,
2024		 September 29,
2023
Service cost $ 26  $ 24  $ 1  $ 1 
Interest cost 77  80  3  6 
Expected return on plan assets1
(118) (119) (1) (3)
Amortization of prior service cost (credit) —  —  (1) — 
Amortization of net actuarial loss (gain) 26  24  (1) (1)
Settlement loss (gain) —  —  (19) — 
Net periodic benefit cost (income) $ 11  $ 9  $ (18) $ 3 
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
Nine Months Ended
September 27,
2024		 September 29,
2023		 September 27,
2024		 September 29,
2023
Service cost $ 79  $ 71  $ 3  $ 3 
Interest cost 231  242  12  20 
Expected return on plan assets1
(353) (357) (5) (10)
Amortization of prior service cost (credit) 1  1  (3) (2)
Amortization of net actuarial loss (gain) 77  72  (3) (4)
Settlement loss (gain) —  —  (19) — 
Net periodic benefit cost (income) $ 35  $ 29  $ (15) $ 7 
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 nine months ended September 27, 2024, the Company contributed $20 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 $16 million during the remainder of 2024. The Company contributed $27 million to our pension trusts during the nine months ended September 29, 2023.