Quarterly report pursuant to Section 13 or 15(d)

Pension and Other Postretirement Benefit Plans

v3.21.2
Pension and Other Postretirement Benefit Plans
 6 Months Ended
Jul. 02, 2021
Pension and Other Postretirement Benefit Plans  
Pension and Other Postretirement Benefit Plans PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The total 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
July 2,
2021		 June 26,
2020		 July 2,
2021		 June 26,
2020
Service cost $ 25  $ 28  $ 3  $ 3 
Interest cost 47  59  3  5 
Expected return on plan assets1
(151) (145) (5) (4)
Amortization of net actuarial loss 33  42  —  1 
Net periodic benefit cost (income) (46) (16) 1  5 
Settlement charges2
29  —  —  — 
Total cost (income) $ (17) $ (16) $ 1  $ 5 
1 The weighted-average expected long-term rates of return on plan assets used in computing 2021 net periodic benefit cost (income) were 7.25 percent for pension benefit plans and 4.25 percent for other postretirement benefit plans.
2 The settlement charges were related to our strategic realignment initiatives. Refer to Note 12.
Pension Benefit Plans Other Postretirement
Benefit Plans  
Six Months Ended
July 2,
2021		 June 26,
2020		 July 2,
2021		 June 26,
2020
Service cost $ 49  $ 56  $ 5  $ 6 
Interest cost 91  118  7  11 
Expected return on plan assets1
(302) (292) (9) (8)
Amortization of prior service credit —  —  (1) (1)
Amortization of net actuarial loss 80  85  1  2 
Net periodic benefit cost (income) (82) (33) 3  10 
Settlement charges2
83  —  —  — 
Total cost (income) $ 1  $ (33) $ 3  $ 10 
1 The weighted-average expected long-term rates of return on plan assets used in computing 2021 net periodic benefit cost (income) were 7.25 percent for pension benefit plans and 4.25 percent for other postretirement benefit plans.
2 The settlement charges were related to our 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 six months ended July 2, 2021, the Company contributed $18 million to our pension trusts, and we anticipate making additional contributions of approximately $9 million during the remainder of 2021. The Company contributed $8 million to our pension trusts during the six months ended June 26, 2020.