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POSTRETIREMENT BENEFIT PLANS | 6 Months Ended
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Jul. 01, 2022
Retirement Benefits [Abstract] |
POSTRETIREMENT BENEFIT PLANS | NOTE K— POSTRETIREMENT BENEFIT PLANS 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 1, 2022 |  | Two Quarters Ended July 1, 2022
(In millions) | Pension |  | Other Benefits |  | Pension |  | Other Benefits
Net periodic benefit income |  |  |  |  |  |  |
Operating |  |  |  |  |  |  |
Service cost | $ | 12 |  |  | $ | — |  |  | $ | 22 |  |  | $ | 1 |
Non-operating |  |  |  |  |  |  |
Interest cost | 55 |  |  | 2 |  |  | 110 |  |  | 4 |
Expected return on plan assets | (156) |  |  | (6) |  |  | (312) |  |  | (11) |
Amortization of net actuarial loss (gain) | 3 |  |  | (2) |  |  | 5 |  |  | (4) |
Amortization of prior service (credit) cost | (8) |  |  | 1 |  |  | (14) |  |  | 1 |
Non-service cost periodic benefit income | (106) |  |  | (5) |  |  | (211) |  |  | (10) |
Net periodic benefit income | $ | (94) |  |  | $ | (5) |  |  | $ | (189) |  |  | $ | (9) |
| Quarter Ended July 2, 2021 |  | Two Quarters Ended July 2, 2021
(In millions) | Pension |  | Other Benefits |  | Pension |  | Other Benefits
Net periodic benefit income |  |  |  |  |  |  |
Operating |  |  |  |  |  |  |
Service cost | $ | 18 |  |  | $ | — |  |  | $ | 36 |  |  | $ | 1 |
Non-operating |  |  |  |  |  |  |
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) |  |  | — |
Effect of curtailments or settlements | (3) |  |  | — |  |  | (3) |  |  | — |
Non-service cost periodic benefit income | (111) |  |  | (3) |  |  | (218) |  |  | (7) |
Net periodic benefit income | $ | (93) |  |  | $ | (3) |  |  | $ | (182) |  |  | $ | (6) |
During the quarter ended July 2, 2021, we undertook an initiative to de-risk pension obligations by purchasing a group annuity policy and transferring approximately $169 million of pension plan assets to an insurance company thereby reducing our defined benefit obligations by approximately $169 million. As a result of the annuity purchase, we recognized a pre-tax Financial Accounting Standard settlement gain of $3 million in the quarter ended July 2, 2021, which is included as a component of the “Non-operating income” line item in our Condensed Consolidated Statement of Income (Unaudited). The service cost component of net periodic benefit income is included in the “Cost of product sales and services” and “Engineering, selling and administrative expenses” line items in our Condensed Consolidated Statement of Income (Unaudited). The non-service cost components of net periodic benefit income are included in the “Non-operating income” line item in our Condensed Consolidated Statement of Income (Unaudited). We made no material contributions to our U.S. qualified defined benefit pension plans during the quarter or two quarters ended July 1, 2022 or July 2, 2021. As a result of prior voluntary contributions, we are not required to make any contributions to these plans during fiscal 2022 and for several years thereafter.

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