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PENSION AND OTHER POSTRETIREMENT BENEFITS | 6 Months Ended
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May 01, 2022
PENSION AND OTHER POSTRETIREMENT BENEFITS |
PENSION AND OTHER POSTRETIREMENT BENEFITS | (6) 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 components of net periodic pension cost consisted of the following in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended |
​ | ​ | May 1 | ​ | May 2 | ​ | May 1 | ​ | May 2 |
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 |
Service cost |  | $ | 94 |  | $ | 83 |  | $ | 179 |  | $ | 168 | ​
Interest cost | ​ | ​ | 80 | ​ |  | 69 | ​ | ​ | 157 | ​ |  | 138 | ​
Expected return on plan assets | ​ | ​ | (180) | ​ |  | (200) | ​ | ​ | (362) | ​ |  | (400) | ​
Amortization of actuarial loss | ​ | ​ | 37 | ​ |  | 65 | ​ | ​ | 76 | ​ |  | 128 | ​
Amortization of prior service cost | ​ | ​ | 9 | ​ |  | 3 | ​ | ​ | 16 | ​ |  | 6 | ​
Settlements | ​ | ​ | 7 | ​ |  | 5 | ​ | ​ | 8 | ​ |  | 18 | ​
Net cost | ​ | $ | 47 | ​ | $ | 25 | ​ | $ | 74 | ​ | $ | 58 | ​
The components of net periodic OPEB (benefit) cost consisted of the following in millions of dollars:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended |
​ | ​ | May 1 | ​ | May 2 | ​ | May 1 | ​ | May 2 |
​ | ​ | 2022 | ​ | 2021 | ​ | 2022 | ​ | 2021 |
Service cost |  | $ | 11 |  | $ | 12 |  | $ | 23 |  | $ | 24 | ​
Interest cost | ​ | ​ | 23 | ​ |  | 25 | ​ | ​ | 49 | ​ |  | 51 | ​
Expected return on plan assets | ​ | ​ | (27) | ​ |  | (20) | ​ | ​ | (55) | ​ |  | (39) | ​
Amortization of actuarial (gain) loss | ​ | ​ | (10) | ​ |  | 7 | ​ | ​ | (9) | ​ |  | 14 | ​
Amortization of prior service credit | ​ | ​ | (1) | ​ |  | (1) | ​ | ​ | (2) | ​ |  | (2) | ​
Net (benefit) cost | ​ | $ | (4) | ​ | $ | 23 | ​ | $ | 6 | ​ | $ | 48 | ​
​ 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 statements of consolidated income. On November 17, 2021, employees represented by the International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (UAW) approved a new collective bargaining agreement. In the first quarter of 2022, the Company remeasured the U.S. hourly pension plan due to the new collective bargaining agreement, which decreased the plan’s funded status by approximately $495 million and will increase pension expense in 2022 by nearly $80 million with $35 million negatively impacting operating profit in 2022. During the first six months of 2022, the Company contributed $47 million to its pension plans and $1,085 million to its OPEB plans. The OPEB contributions include a voluntary contribution of $1,000 million to a U.S. plan on November 30, 2021. The Company presently anticipates contributing an additional $43 million to its pension plans and $50 million to its OPEB plans during the remainder of fiscal year 2022. The remaining pension and OPEB contributions are primarily direct benefit payments from Company funds.

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