XML 27 R15.htm IDEA: XBRL DOCUMENT v3.19.1
PENSION AND OTHER POSTRETIREMENT BENEFITS
6 Months Ended
Apr. 28, 2019
PENSION AND OTHER POSTRETIREMENT BENEFITS  
PENSION AND OTHER POSTRETIREMENT BENEFITS

(8)Pension and Other Postretirement Benefits

The Company has several defined benefit pension plans and postretirement benefit (OPEB) plans, primarily health care and life insurance plans, covering its U.S. employees and employees in certain foreign countries.

The worldwide components of net periodic pension cost consisted of the following in millions of dollars:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

April 28

 

April 29

 

April 28

 

April 29

 

 

 

2019

 

2018

 

2019

 

2018

 

Service cost

    

$

66

    

$

76

    

$

132

    

$

148

 

Interest cost

 

 

111

 

 

97

 

 

222

 

 

195

 

Expected return on plan assets

 

 

(200)

 

 

(194)

 

 

(400)

 

 

(388)

 

Amortization of actuarial loss

 

 

36

 

 

54

 

 

71

 

 

115

 

Amortization of prior service cost

 

 

3

 

 

3

 

 

6

 

 

6

 

Settlements/curtailments

 

 

 

 

 

6

 

 

 

 

 

6

 

Net cost

 

$

16

 

$

42

 

$

31

 

$

82

 

The worldwide components of net periodic OPEB cost consisted of the following in millions of dollars:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

April 28

 

April 29

 

April 28

 

April 29

 

 

 

2019

 

2018

 

2019

 

2018

 

Service cost

    

$

10

    

$

11

    

$

20

    

$

22

 

Interest cost

 

 

53

 

 

48

 

 

107

 

 

96

 

Expected return on plan assets

 

 

(9)

 

 

(6)

 

 

(18)

 

 

(11)

 

Amortization of actuarial loss

 

 

3

 

 

15

 

 

8

 

 

31

 

Amortization of prior service credit

 

 

(18)

 

 

(19)

 

 

(36)

 

 

(38)

 

Net cost

 

$

39

 

$

49

 

$

81

 

$

100

 

The components of net periodic pension and OPEB costs excluding the service cost component are included in the line item other operating expenses in the statement of consolidated income.

During the first six months of 2019, the Company contributed approximately $32 million to its pension plans and $72 million to its OPEB plans. The Company presently anticipates contributing an additional $36 million to its pension plans and $64 million to its OPEB plans during the remainder of fiscal year 2019. These contributions primarily include direct benefit payments from Company funds.