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POSTRETIREMENT BENEFIT PLANS (Tables) | 9 Months Ended
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Sep. 26, 2021
Retirement Benefits [Abstract] |
Schedule of Pretax Net Periodic Benefit Cost | Our pretax FAS expense (income) 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 26, 2021 |  | September 27, 2020 | September 26, 2021 |  | September 27, 2020
Qualified defined benefit pension plans |  |  |  |  |  |  |  |  |  |  |
Operating: |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 26 |  |  |  | $ | 25 |  |  | $ | 80 |  |  |  | $ | 76 |  |
Non-operating: |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | 302 |  |  |  | 385 |  |  | 923 |  |  |  | 1,154 |  |
Expected return on plan assets |  | (517) |  |  |  | (566) |  |  | (1,655) |  |  |  | (1,698) |  |
Recognized net actuarial losses |  | 210 |  |  |  | 213 |  |  | 714 |  |  |  | 637 |  |
Amortization of prior service credits |  | (88) |  |  |  | (86) |  |  | (262) |  |  |  | (257) |  |
Pension settlement charge |  | 1,665 |  |  |  | — |  |  | 1,665 |  |  |  | — |  |
Non-service FAS pension expense (income) |  | 1,572 |  |  |  | (54) |  |  | 1,385 |  |  |  | (164) |  |
Total FAS pension expense (income) |  | $ | 1,598 |  |  |  | $ | (29) |  |  | $ | 1,465 |  |  |  | $ | (88) |  |
Retiree medical and life insurance plans |  |  |  |  |  |  |  |  |  |  |
Operating: |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 3 |  |  |  | $ | 3 |  |  | $ | 10 |  |  |  | $ | 10 |  |
Non-operating: |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | 13 |  |  |  | 18 |  |  | 39 |  |  |  | 53 |  |
Expected return on plan assets |  | (35) |  |  |  | (32) |  |  | (105) |  |  |  | (96) |  |
Recognized net actuarial gains |  | — |  |  |  | (1) |  |  | — |  |  |  | (3) |  |
Amortization of prior service costs |  | 9 |  |  |  | 10 |  |  | 27 |  |  |  | 29 |  |
Non-service FAS retiree medical and life (income) |  | (13) |  |  |  | (5) |  |  | (39) |  |  |  | (17) |  |
Total FAS retiree medical and life (income) |  | $ | (10) |  |  |  | $ | (2) |  |  | $ | (29) |  |  |  | $ | (7) |  |
Reconciliation of Benefit Obligations, Plan Assets and Unfunded or Funded Status | The following table provides a reconciliation of the benefit obligations, plan assets and net unfunded status related to all of our qualified defined benefit pension plans, inclusive of the plans affected by the interim remeasurement and plans that were not, for the nine months ended September 26, 2021 (in millions):
Change in benefit obligation |  |  |  |  |  |
Beginning balance at December 31, 2020 |  | $ | 51,352 |  |  |  |  |
Service cost |  | 80 |  |  |  |  |
Interest cost |  | 923 |  |  |  |  |
Benefits paid |  | (1,611) |  |  |  |  |
Settlements(a) |  | (4,885) |  |  |  |  |
Change in benefit obligation due to remeasurement(b) |  | (1,253) |  |  |  |  |
Ending balance at September 26, 2021 |  | $ | 44,606 |  |  |  |  |
Change in plan assets |  |  |  |  |  |
Beginning balance at December 31, 2020 |  | $ | 38,481 |  |  |  |  |
Expected return on plan assets(c) |  | 1,655 |  |  |  |  |
Incremental return on plan assets recognized in remeasurement(c) |  | 1,618 |  |  |  |  |
Benefits paid |  | (1,611) |  |  |  |  |
Settlements(a) |  | (4,885) |  |  |  |  |
Company contributions |  | — |  |  |  |  |
Ending balance at September 26, 2021 |  | $ | 35,258 |  |  |  |  |
Net Unfunded status of the plans(d) |  | $ | (9,348) |  |  |  |  |
(a)Represents the transfer of gross defined benefit pension obligations and related plan assets to an insurance company pursuant to the group annuity contracts purchased on August 3, 2021. (b)Primarily reflects an increase in the discount rate from 2.50% at December 31, 2020 to 2.75% at the remeasurement date. (c)The expected return on plan assets represents approximately 4.00% for the period January 1, 2021 through August 3, 2021 (the proportional effect, or approximately seven twelfths, of our previously expected 7.00% annual long-term rate of return on plan assets assumption). The incremental return on plan assets recognized in remeasurement represents the difference between our actual return on plan assets of approximately 8.00% and our expected return of approximately 4.00% for the period January 1, 2021 through August 3, 2021. (d)For plans where the benefit obligation is in excess of plan assets, we report the net obligation (which was $9,351 million as of September 26, 2021) as part of accrued pension liabilities on our consolidated balance sheet. Conversely, for plans where the assets exceed the benefit obligation, we include the net asset (which was $3 million as of September 26, 2021) as part of other noncurrent assets on our consolidated balance sheet. The net unfunded status of the plans of $9,348 million in the table above represents the net total of these two amounts.

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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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