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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jul. 01, 2022
Retirement Benefits [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions):
| Pension Plans |  | Other Postretirement Benefit Plans
| Three Months Ended
| July 1, 2022 | July 2, 2021 |  | July 1, 2022 | July 2, 2021
Service cost | $ | 22 |  | $ | 25 |  |  | $ | 1 |  | $ | 3 |
Interest cost | 51 |  | 47 |  |  | 5 |  | 3 |
Expected return on plan assets 1 | (147) |  | (151) |  |  | (4) |  | (5) |
Amortization of prior service credit | — |  | — |  |  | (1) |  | — |
Amortization of net actuarial loss | 29 |  | 33 |  |  | — |  | — |
Net periodic benefit cost (income) | (45) |  | (46) |  |  | 1 |  | 1 |
Settlement charges 2 | — |  | 29 |  |  | — |  | — |
Total cost (income) | $ | (45) |  | $ | (17) |  |  | $ | 1 |  | $ | 1 |
1 The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans. 2 Settlement charges were primarily related to our strategic realignment initiatives.
| Pension Plans |  | Other Postretirement Benefit Plans
| Six Months Ended
| July 1, 2022 | July 2, 2021 |  | July 1, 2022 | July 2, 2021
Service cost | $ | 44 |  | $ | 49 |  |  | $ | 3 |  | $ | 5 |
Interest cost | 102 |  | 91 |  |  | 9 |  | 7 |
Expected return on plan assets 1 | (296) |  | (302) |  |  | (8) |  | (9) |
Amortization of prior service credit | — |  | — |  |  | (2) |  | (1) |
Amortization of net actuarial loss | 58 |  | 80 |  |  | — |  | 1 |
Net periodic benefit cost (income) | (92) |  | (82) |  |  | 2 |  | 3 |
Settlement charges 2 | — |  | 83 |  |  | — |  | — |
Total cost (income) | $ | (92) |  | $ | 1 |  |  | $ | 2 |  | $ | 3 |
1 The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans. 2 Settlement charges were primarily related to our strategic realignment initiatives. All of the amounts in the tables above, other than service cost, were recorded in the line item other income (loss) — net in our consolidated statements of income. During the six months ended July 1, 2022, the Company contributed $19 million to our pension trusts, and we anticipate making additional contributions of approximately $7 million during the remainder of 2022. The Company contributed $18 million to our pension trusts during the six months ended July 2, 2021.

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