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Pensions and Other Benefit Plans | 9 Months Ended
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Oct. 01, 2023
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 Third Quarter Ended |  | Fiscal Nine Months Ended
|  | Retirement Plans |  | Other Benefit Plans |  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022 |  | October 1, 2023 |  | October 2, 2022
Service cost |  | $ | 210 |  |  | 313 |  |  | 61 |  |  | 80 |  |  | 638 |  |  | 953 |  |  | 198 |  |  | 240 |
Interest cost |  | 363 |  |  | 226 |  |  | 51 |  |  | 26 |  |  | 1,090 |  |  | 685 |  |  | 160 |  |  | 79 |
Expected return on plan assets |  | (680) |  |  | (683) |  |  | (1) |  |  | (2) |  |  | (2,042) |  |  | (2,075) |  |  | (4) |  |  | (6) |
Amortization of prior service cost/(credit) |  | (47) |  |  | (46) |  |  | — |  |  | (1) |  |  | (139) |  |  | (138) |  |  | (1) |  |  | (4) |
Recognized actuarial (gains) losses |  | (50) |  |  | 163 |  |  | 4 |  |  | 30 |  |  | (150) |  |  | 492 |  |  | 17 |  |  | 91 |
Curtailments and settlements |  | 72 |  |  | — |  |  | (9) |  |  | — |  |  | 72 |  |  | 1 |  |  | (9) |  |  | — |
Net periodic benefit cost/(credit) |  | $ | (132) |  |  | (27) |  |  | 106 |  |  | 133 |  |  | (531) |  |  | (82) |  |  | 361 |  |  | 400 |
Net periodic benefit cost (credit) for pension and other benefit plans in the third quarter and first nine months of 2023 includes expenses for curtailments and settlements in connection with the separation of Kenvue. In addition, approximately $0.1 billion of net pension liabilities were transferred to Kenvue. 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, Selling, marketing and administrative expenses, and Net earnings from discontinued operations, net of taxes if related to the separation of Kenvue. All other components of net periodic benefit cost are presented as part of Other (income) expense, net on the Consolidated Statement of Earnings, with the exception of certain amounts for curtailments and settlements, which are reported in Net earnings from discontinued operations, net of taxes if related to the separation of Kenvue (as noted above). Company Contributions For the fiscal nine months ended October 1, 2023, the Company contributed $92 million and $18 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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