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POSTRETIREMENT BENEFIT PLANS | 9 Months Ended
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Sep. 24, 2023
Retirement Benefits [Abstract] |
POSTRETIREMENT BENEFIT PLANS | POSTRETIREMENT BENEFIT PLANS FAS income (expense) The pretax FAS income (expense) 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 24, 2023 |  | September 25, 2022 | September 24, 2023 |  | September 25, 2022
Qualified defined benefit pension plans |  |  |  |  |  |  |  |  |  |  |
Operating: |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | (17) |  |  |  | $ | (20) |  |  | $ | (49) |  |  |  | $ | (68) |  |
Non-operating: |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | (364) |  |  |  | (342) |  |  | (1,094) |  |  |  | (947) |  |
Expected return on plan assets |  | 430 |  |  |  | 425 |  |  | 1,291 |  |  |  | 1,430 |  |
Amortization of actuarial losses |  | (42) |  |  |  | (62) |  |  | (126) |  |  |  | (363) |  |
Amortization of prior service credits |  | 87 |  |  |  | 90 |  |  | 261 |  |  |  | 270 |  |
Pension settlement charge |  | — |  |  |  | — |  |  | — |  |  |  | (1,470) |  |
Non-service FAS pension income (expense) |  | 111 |  |  |  | 111 |  |  | 332 |  |  |  | (1,080) |  |
Total FAS pension income (expense) |  | $ | 94 |  |  |  | $ | 91 |  |  | $ | 283 |  |  |  | $ | (1,148) |  |
Retiree medical and life insurance plans |  |  |  |  |  |  |  |  |  |  |
Operating: |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | (1) |  |  |  | $ | (3) |  |  | $ | (4) |  |  |  | $ | (7) |  |
Non-operating: |  |  |  |  |  |  |  |  |  |  |
Interest cost |  | (17) |  |  |  | (12) |  |  | (51) |  |  |  | (36) |  |
Expected return on plan assets |  | 25 |  |  |  | 34 |  |  | 77 |  |  |  | 102 |  |
Amortization of actuarial gains |  | 7 |  |  |  | 12 |  |  | 23 |  |  |  | 35 |  |
Amortization of prior service costs |  | (2) |  |  |  | (7) |  |  | (7) |  |  |  | (21) |  |
Non-service FAS retiree medical and life income |  | 13 |  |  |  | 27 |  |  | 42 |  |  |  | 80 |  |
Total FAS retiree medical and life income |  | $ | 12 |  |  |  | $ | 24 |  |  | $ | 38 |  |  |  | $ | 73 |  |
We record the service cost component of FAS income (expense) for our qualified defined benefit pension plans and retiree medical and life insurance plans in the cost of sales accounts; the non-service components of our FAS income (expense) for our qualified defined benefit pension plans in the non-service FAS pension income (expense) account; and the non-service components of our FAS income (expense) for our retiree medical and life insurance plans as part of the other non-operating income (expense), net account on our consolidated statements of earnings. The amortization of net actuarial losses or gains and prior service credits or costs in the table above, along with similar costs related to our other postretirement benefit plans ($3 million and $10 million for the quarter and nine months ended September 24, 2023 and $30 million and $41 million for the quarter and nine months ended September 25, 2022) were reclassified from accumulated other comprehensive loss (AOCL) and recorded as a component of FAS income (expense) for the periods presented. These costs totaled $(47) million ($(37) million, net of tax) and $(141) million ($(111) million, net of tax) during the quarter and nine months ended September 24, 2023, and $(3) million ($(2) million, net of tax) and $120 million ($93 million, net of tax) during the quarter and nine months ended September 25, 2022. Purchase of Group Annuity Contracts and Pension Remeasurement The nine months ended September 25, 2022 reflect a noncash, non-operating pension settlement charge of $1.5 billion ($1.2 billion, or $4.33 per share, after-tax) recognized in connection with the transfer of $4.3 billion of our gross defined benefit pension obligations and related plan assets to an insurance company on June 24, 2022. Funding Requirements 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. We made no contributions to our qualified defined benefit pension plans during the quarters and nine months ended September 24, 2023 and September 25, 2022.

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