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v3.23.2

Pension and Retiree Medical Benefits (Notes) | 6 Months Ended
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Jun. 17, 2023
Pension and Retiree Medical Benefits [Abstract] |
Pension and Retiree Medical Benefits | Pension and Retiree Medical Benefits In the 12 and 24 weeks ended June 11, 2022, we recognized a pre-tax settlement charge of $131 million ($101 million after-tax or $0.07 per share) in a U.S. qualified defined benefit pension plan due to lump sum distributions to retired or terminated employees. The settlement charge was triggered when the cumulative lump sum distributions exceeded the total annual service and interest cost in 2022. As a result, related plan assets and benefit obligations were remeasured using assumptions as of June 11, 2022, the remeasurement date. In the 24 weeks ended June 11, 2022, we transferred pension and retiree medical obligations of $145 million and related assets to TBG in connection with the Juice Transaction and, as a result, recognized a pre-tax curtailment gain of $16 million in a U.S. retiree medical plan. The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows:
| 12 Weeks Ended
| Pension |  | Retiree Medical
| U.S. |  | International |  |
| 6/17/2023 |  | 6/11/2022 |  | 6/17/2023 |  | 6/11/2022 |  | 6/17/2023 |  | 6/11/2022
Service cost | $ | 75 |  |  | $ | 115 |  |  | $ | 10 |  |  | $ | 17 |  |  | $ | 7 |  |  | $ | 9 |
Other pension and retiree medical benefits (income)/expense: |  |  |  |
Interest cost | 137 |  |  | 87 |  |  | 34 |  |  | 23 |  |  | 9 |  |  | 4 |
Expected return on plan assets | (196) |  |  | (216) |  |  | (46) |  |  | (56) |  |  | (3) |  |  | (4) |
Amortization of prior service credits | (6) |  |  | (7) |  |  | — |  |  | — |  |  | (2) |  |  | (2) |
Amortization of net losses/(gains) | 16 |  |  | 35 |  |  | 3 |  |  | 7 |  |  | (6) |  |  | (3) |
Settlement/curtailment losses | — |  |  | 131 |  |  | — |  |  | — |  |  | — |  |  | — |
Special termination benefits | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Total other pension and retiree medical benefits (income)/expense | (49) |  |  | 33 |  |  | (9) |  |  | (26) |  |  | (2) |  |  | (5) |
Total | $ | 26 |  |  | $ | 148 |  |  | $ | 1 |  |  | $ | (9) |  |  | $ | 5 |  |  | $ | 4 |
| 24 Weeks Ended
| Pension |  | Retiree Medical
| U.S. |  | International |  |
| 6/17/2023 |  | 6/11/2022 |  | 6/17/2023 |  | 6/11/2022 |  | 6/17/2023 |  | 6/11/2022
Service cost | $ | 151 |  |  | $ | 229 |  |  | $ | 18 |  |  | $ | 34 |  |  | $ | 13 |  |  | $ | 17 |
Other pension and retiree medical benefits income: |  |  |  |
Interest cost | 274 |  |  | 175 |  |  | 59 |  |  | 40 |  |  | 17 |  |  | 8 |
Expected return on plan assets | (393) |  |  | (431) |  |  | (81) |  |  | (98) |  |  | (6) |  |  | (7) |
Amortization of prior service credits | (12) |  |  | (13) |  |  | — |  |  | — |  |  | (3) |  |  | (4) |
Amortization of net losses/(gains) | 32 |  |  | 68 |  |  | 5 |  |  | 12 |  |  | (12) |  |  | (6) |
Settlement/curtailment losses | — |  |  | 131 |  |  | — |  |  | — |  |  | — |  |  | (16) |
Special termination benefits | (1) |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | — |
Total other pension and retiree medical benefits income | (100) |  |  | (61) |  |  | (17) |  |  | (46) |  |  | (4) |  |  | (25) |
Total | $ | 51 |  |  | $ | 168 |  |  | $ | 1 |  |  | $ | (12) |  |  | $ | 9 |  |  | $ | (8) |
We regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans. During the 24 weeks ended June 17, 2023 and June 11, 2022, we made discretionary contributions of $125 million and $75 million, respectively, to our U.S. qualified defined benefit plans, and $17 million and $10 million, respectively, to our international defined benefit plans. We expect to make an additional discretionary contribution of $125 million to our U.S. qualified defined benefit plans in the third quarter of 2023.

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