XML 34 R20.htm IDEA: XBRL DOCUMENT v3.24.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 6 Months Ended
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 PlansOther 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 cost77 81 5 7 
Expected return on plan assets1
(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 
1The 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 PlansOther 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 cost154 162 9 14 
Expected return on plan assets1
(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 
1The 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.