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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables) | 6 Months Ended
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Jul. 01, 2022
Retirement Benefits [Abstract] |
Defined Contribution Plan Disclosures | 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. 2Settlement charges were primarily related to our strategic realignment initiatives.

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- Definition Tabular disclosure of defined contribution pension plans or defined contribution other postretirement plans, separately for pension plans and other postretirement benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 + Details
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