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Postretirement Benefit Plans (Tables)

6 Months Ended

Jul. 02, 2021

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement defined benefit plans:

			Quarter Ended July 2, 2021												Two Quarters Ended July 2, 2021
(In millions)			Pension						Other Benefits						Pension						Other Benefits
Net periodic benefit income
Service cost			$	18					$	—					$	36					$	1
Interest cost			46						2						92						3
Expected return on plan assets			(157)						(5)						(312)						(10)
Amortization of net actuarial loss			10						—						19						—
Amortization of prior service credit			(7)						—						(14)						—
Net gain from curtailments and settlements			(3)						—						(3)						—
Net periodic benefit income			$	(93)					$	(3)					$	(182)					$	(6)

			Quarter Ended July 3, 2020												Two Quarters Ended July 3, 2020
(In millions)			Pension						Other Benefits						Pension						Other Benefits
Net periodic benefit income
Service cost			$	16					$	1					$	32					$	1
Interest cost			68						2						137						4
Expected return on plan assets			(157)						(5)						(315)						(10)
Amortization of net actuarial loss (gain)			3						(1)						5						(1)
Amortization of prior service credit			(7)						—						(14)						—
Contractual termination cost(1)			—						—						1						—
Net periodic benefit income			$	(77)					$	(3)					$	(154)					$	(6)

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(1)For the two quarters ended July 3, 2020, includes contractual termination benefits related to facility rationalization as part of restructuring activities in connection with the L3Harris Merger integration. See Note 4: “Restructuring and Other Exit Costs” in the Notes to Consolidated Financial Statements in our Fiscal 2020 Form 10-K for further information.

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- References

No definition available.

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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

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