Quarterly report pursuant to Section 13 or 15(d)

Pension and Other Postretirement Benefit Plans

v3.20.2
Pension and Other Postretirement Benefit Plans
 9 Months Ended
Sep. 25, 2020
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 Benefit Plans Other Postretirement
Benefit Plans  
Three Months Ended
September 25,
2020		 September 27,
2019		 September 25,
2020		 September 27,
2019
Service cost $ 28  $ 26  $ 2  $ 2 
Interest cost 58  73  6  7 
Expected return on plan assets1
(148) (138) (4) (3)
Amortization of prior service credit —  (1) (1) (1)
Amortization of net actuarial loss 43  38  2  1 
Net periodic benefit cost (income) (19) (2) 5  6 
Curtailment charges2
—  —  11  — 
Total cost (income) recognized in condensed consolidated
statements of income		 $ (19) $ (2) $ 16  $ 6 
1 The weighted-average expected long-term rates of return on plan assets used in computing 2020 net periodic benefit cost (income) are 7.50 percent for pension benefit plans and 4.50 percent for other postretirement benefit plans.
2 The curtailment charges were related to the strategic realignment initiatives. Refer to Note 12.
Pension Benefit Plans Other Postretirement
Benefit Plans  
Nine Months Ended
September 25,
2020		 September 27,
2019		 September 25,
2020		 September 27,
2019
Service cost $ 84  $ 78  $ 8  $ 7 
Interest cost 176  218  17  20 
Expected return on plan assets1
(440) (414) (12) (10)
Amortization of prior service credit —  (3) (2) (2)
Amortization of net actuarial loss 128  114  4  2 
Net periodic benefit cost (income) (52) (7) 15  17 
Curtailment charges2
—  —  11  — 
Total cost (income) recognized in condensed consolidated
statements of income		 $ (52) $ (7) $ 26  $ 17 
1 The weighted-average expected long-term rates of return on plan assets used in computing 2020 net periodic benefit cost (income) are 7.50 percent for pension benefit plans and 4.50 percent for other postretirement benefit plans.
2 The curtailment charges were related to the strategic realignment initiatives. Refer to Note 12.
All 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 25, 2020, the Company contributed $25 million to our pension trusts, and we anticipate making additional contributions of approximately $4 million during the remainder of 2020. The Company contributed $29 million to our pension trusts during the nine months ended September 27, 2019.