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POSTRETIREMENT BENEFIT PLANS | 9 Months Ended
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Sep. 27, 2020
Retirement Benefits [Abstract] |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS Our pretax net periodic benefit (income) cost related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions):
|  | Quarters Ended |  |  |  |  | Nine Months Ended |  |  |  |
|  | September 27, 2020 |  |  | September 29, 2019 |  | September 27, 2020 |  |  | September 29, 2019 |
Qualified defined benefit pension plans |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 25 |  |  |  | $ | 129 |  |  | $ | 76 |  |  |  | $ | 387 |  |
Interest cost |  | 385 |  |  |  | 452 |  |  | 1,154 |  |  |  | 1,355 |  |
Expected return on plan assets |  | (566) |  |  |  | (575) |  |  | (1,698) |  |  |  | (1,725) |  |
Recognized net actuarial losses |  | 213 |  |  |  | 351 |  |  | 637 |  |  |  | 1,053 |  |
Amortization of prior service credits |  | (86) |  |  |  | (83) |  |  | (257) |  |  |  | (250) |  |
Total net periodic benefit (income) cost |  | $ | (29) |  |  |  | $ | 274 |  |  | $ | (88) |  |  |  | $ | 820 |  |
Retiree medical and life insurance plans |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 3 |  |  |  | $ | 4 |  |  | $ | 10 |  |  |  | $ | 11 |  |
Interest cost |  | 18 |  |  |  | 25 |  |  | 53 |  |  |  | 73 |  |
Expected return on plan assets |  | (32) |  |  |  | (28) |  |  | (96) |  |  |  | (83) |  |
Recognized net actuarial losses |  | (1) |  |  |  | 1 |  |  | (3) |  |  |  | 2 |  |
Amortization of prior service costs |  | 10 |  |  |  | 10 |  |  | 29 |  |  |  | 31 |  |
Total net periodic benefit (income) cost |  | $ | (2) |  |  |  | $ | 12 |  |  | $ | (7) |  |  |  | $ | 34 |  |
As previously announced on July 1, 2014, we completed the final step of the planned freeze of our qualified and nonqualified defined benefit pension plans for salaried employees effective January 1, 2020; the plans are now fully frozen. With the freeze complete, the majority of our salaried employees participate in an enhanced defined contribution retirement savings plan. We record the service cost component of net periodic benefit cost (for our bargained plans beginning in 2020) as part of cost of sales and the non-service cost components of net periodic benefit cost as part of other non-operating income (expense), net in the consolidated statements of earnings. The recognized net actuarial losses and amortization of prior service credits or costs in the table above, along with similar costs related to our other postretirement benefit plans ($4 million and $14 million for the quarter and nine months ended September 27, 2020, and $11 million and $31 million for the quarter and nine months ended September 29, 2019) were reclassified from accumulated other comprehensive loss (AOCL) and recorded as a component of net periodic benefit (income) cost for the periods presented. These costs totaled $140 million ($110 million, net of tax) and $420 million ($330 million, net of tax) during the quarter and nine months ended September 27, 2020, and $290 million ($227 million, net of tax) and $867 million ($681 million, net of tax) during the quarter and nine months ended September 29, 2019 and were recorded on our consolidated statements of comprehensive income as an increase to other comprehensive income. The required funding of our qualified defined benefit pension plans is determined in accordance with the Employee Retirement Income Security Act of 1974 (ERISA), as ame nded by the Pension Protection Act of 2006 (PPA), along with consideration of CAS and Internal Revenue Code rules. There were no contributions to our qualified defined benefit pension plans during the quarters and nine months ended September 27, 2020 and September 29, 2019.

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