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POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jun. 27, 2021
Retirement Benefits [Abstract] |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS Our pretax net periodic benefit income related to our qualified defined benefit pension plans and retiree medical and life insurance plans consisted of the following (in millions):
|  | Quarters Ended | Six Months Ended
|  | June 27, 2021 |  | June 28, 2020 | June 27, 2021 |  | June 28, 2020
Qualified defined benefit pension plans |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 27 |  |  |  | $ | 26 |  |  | $ | 54 |  |  |  | $ | 51 |  |
Interest cost |  | 310 |  |  |  | 384 |  |  | 621 |  |  |  | 769 |  |
Expected return on plan assets |  | (569) |  |  |  | (566) |  |  | (1,138) |  |  |  | (1,132) |  |
Recognized net actuarial losses |  | 252 |  |  |  | 212 |  |  | 504 |  |  |  | 424 |  |
Amortization of prior service credits |  | (87) |  |  |  | (85) |  |  | (174) |  |  |  | (171) |  |
Total net periodic benefit income |  | $ | (67) |  |  |  | $ | (29) |  |  | $ | (133) |  |  |  | $ | (59) |  |
Retiree medical and life insurance plans |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 4 |  |  |  | $ | 4 |  |  | $ | 7 |  |  |  | $ | 7 |  |
Interest cost |  | 13 |  |  |  | 17 |  |  | 26 |  |  |  | 35 |  |
Expected return on plan assets |  | (35) |  |  |  | (32) |  |  | (70) |  |  |  | (64) |  |
Recognized net actuarial gains |  | — |  |  |  | (1) |  |  | — |  |  |  | (2) |  |
Amortization of prior service costs |  | 9 |  |  |  | 9 |  |  | 18 |  |  |  | 19 |  |
Total net periodic benefit income |  | $ | (9) |  |  |  | $ | (3) |  |  | $ | (19) |  |  |  | $ | (5) |  |
We record the service cost component of net periodic benefit income as part of cost of sales and the non-service cost components of net periodic benefit income as part of other non-operating income, 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 ($3 million and $7 million for the quarter and six months ended June 27, 2021 and $5 million and $10 million for the quarter and six months ended June 28, 2020) were reclassified from accumulated other comprehensive loss (AOCL) and recorded as a component of net periodic benefit income for the periods presented. These costs totaled $177 million ($140 million, net of tax) and $355 million ($280 million, net of tax) during the quarter and six months ended June 27, 2021, and $140 million ($110 million, net of tax) and $280 million ($220 million, net of tax) during the quarter and six months ended June 28, 2020 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 amended, 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 six months ended June 27, 2021 and June 28, 2020.

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