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v3.22.1

Pensions and Other Benefit Plans | 3 Months Ended
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Apr. 03, 2022
Retirement Benefits [Abstract] |
Pensions and Other Benefit Plans | PENSIONS AND OTHER BENEFIT PLANS Components of Net Periodic Benefit Cost Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans include the following components:
|  | Fiscal First Quarter Ended |  |
|  | Retirement Plans |  | Other Benefit Plans |  |  |  |
(Dollars in Millions) |  | April 3, 2022 |  | April 4, 2021 |  | April 3, 2022 |  | April 4, 2021 |  |  |  |  |  |  |  |
Service cost |  | $ | 321 |  |  | 353 |  |  | 80 |  |  | 77 |  |  |  |  |  |  |  |  |
Interest cost |  | 230 |  |  | 193 |  |  | 26 |  |  | 20 |  |  |  |  |  |  |  |  |
Expected return on plan assets |  | (699) |  |  | (680) |  |  | (2) |  |  | (2) |  |  |  |  |  |  |  |  |
Amortization of prior service cost/(credit) |  | (46) |  |  | (45) |  |  | (1) |  |  | (8) |  |  |  |  |  |  |  |  |
Recognized actuarial losses |  | 162 |  |  | 314 |  |  | 30 |  |  | 38 |  |  |  |  |  |  |  |  |
Curtailments and settlements |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |
Net periodic benefit cost/(credit) |  | $ | (31) |  |  | 136 |  |  | 133 |  |  | 125 |  |  |  |  |  |  |  |  |
The service cost component of net periodic benefit cost is presented in the same line items on the Consolidated Statement of Earnings where other employee compensation costs are reported, including Cost of products sold, Research and development expense, and Selling, marketing and administrative expenses. All other components of net periodic benefit cost are presented as part of Other (income) expense, net on the Consolidated Statement of Earnings. Company Contributions For the fiscal three months ended April 3, 2022, the Company contributed $29 million and $5 million to its U.S. and international retirement plans, respectively. The Company plans to continue to fund its U.S. defined benefit plans to comply with the Pension Protection Act of 2006. International plans are funded in accordance with local regulations.

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