XML 33 R15.htm IDEA: XBRL DOCUMENT v3.22.1
Pensions and Other Benefit Plans
 3 Months Ended
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 PlansOther Benefit Plans
(Dollars in Millions)April 3, 2022April 4, 2021April 3, 2022April 4, 2021
Service cost$321 353 80 77 
Interest cost230 193 26 20 
Expected return on plan assets(699)(680)(2)(2)
Amortization of prior service cost/(credit)(46)(45)(1)(8)
Recognized actuarial losses162 314 30 38 
Curtailments and settlements1 1 — — 
Net periodic benefit cost/(credit)$(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.