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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jun. 28, 2024
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
| June 28, 2024 | June 30, 2023 |  | June 28, 2024 | June 30, 2023
Service cost | $ | 26 |  | $ | 23 |  |  | $ | 1 |  | $ | 1 |
Interest cost | 77 |  | 81 |  |  | 5 |  | 7 |
Expected return on plan assets 1 | (117) |  | (119) |  |  | (2) |  | (3) |
Amortization of prior service cost (credit) | 1 |  | 1 |  |  | (1) |  | (1) |
Amortization of net actuarial loss (gain) | 25 |  | 24 |  |  | (1) |  | (2) |
Net periodic benefit cost (income) | $ | 12 |  | $ | 10 |  |  | $ | 2 |  | $ | 2 |
1 The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00% for pension plans and 4.50% for other postretirement benefit plans.
| Pension Plans |  | Other Postretirement Benefit Plans
| Six Months Ended
| June 28, 2024 | June 30, 2023 |  | June 28, 2024 | June 30, 2023
Service cost | $ | 53 |  | $ | 47 |  |  | $ | 2 |  | $ | 2 |
Interest cost | 154 |  | 162 |  |  | 9 |  | 14 |
Expected return on plan assets 1 | (235) |  | (238) |  |  | (4) |  | (7) |
Amortization of prior service cost (credit) | 1 |  | 1 |  |  | (2) |  | (2) |
Amortization of net actuarial loss (gain) | 51 |  | 48 |  |  | (2) |  | (3) |
Net periodic benefit cost (income) | $ | 24 |  | $ | 20 |  |  | $ | 3 |  | $ | 4 |
1 The weighted-average expected long-term rates of return on plan assets used in computing 2024 net periodic benefit cost (income) were 7.00% for pension plans and 4.50% for other postretirement benefit plans. 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 June 28, 2024, the Company contributed $16 million to our pension trusts, offset by a $44 million transfer of surplus international plan assets from pension trusts to general assets of the Company. We anticipate making additional contributions of approximately $19 million during the remainder of 2024. The Company contributed $23 million to our pension trusts during the six months ended June 30, 2023.

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