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EMPLOYEE BENEFITS (Notes) | 6 Months Ended
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Jun. 29, 2024
Retirement Benefits [Abstract] |
Employee Benefits | EMPLOYEE BENEFITS The Company sponsors a number of U.S. and foreign pension plans as well as other nonpension postretirement and postemployment plans to provide various benefits for its employees. These plans are described within the footnotes to the Consolidated Financial Statements included in the Company’s 2023 Annual Report on Form 10-K. Components of Company benefit plan (income) expense for the periods presented are included in the tables below. Excluding the service cost component, these amounts are included within Other income (expense) in the Consolidated Statement of Income. Pension
| Quarter ended |  | Year-to-date period ended
(millions) | June 29, 2024 | July 1, 2023 |  | June 29, 2024 | July 1, 2023
Service cost | $ | 4 |  | $ | 4 |  |  | $ | 8 |  | $ | 8 |
Interest cost | 35 |  | 36 |  |  | 70 |  | 72 |
Expected return on plan assets | (41) |  | (44) |  |  | (82) |  | (89) |
Amortization of unrecognized prior service cost | 2 |  | 1 |  |  | 4 |  | 2 |
Total pension (income) expense | $ | — |  | $ | (3) |  |  | $ | — |  | $ | (7) |
Other nonpension postretirement
| Quarter ended |  | Year-to-date period ended
(millions) | June 29, 2024 | July 1, 2023 |  | June 29, 2024 | July 1, 2023
Service cost | $ | — |  | $ | 1 |  |  | $ | 1 |  | $ | 1 |
Interest cost | 3 |  | 4 |  |  | 7 |  | 8 |
Expected return on plan assets | (9) |  | (9) |  |  | (18) |  | (18) |
Amortization of unrecognized prior service cost | (2) |  | (1) |  |  | (3) |  | (2) |
Recognized net (gain) loss | — |  | — |  |  | (13) |  | — |
Total postretirement benefit (income) expense | $ | (8) |  | $ | (5) |  |  | $ | (26) |  | $ | (11) |
The Company contributes to voluntary employee benefit association (VEBA) trusts to fund certain U.S. retiree health and welfare benefit obligations. During the first quarter of 2024, the Company amended the plan to create a sub-trust to permit the payment of certain benefits for active union employees using a surplus totaling $175 million from the retiree plan, which represents a portion of the plan's total surplus. This amount was converted to cash and treated as a one-time transfer to a sub-trust that was then invested in marketable securities and will be used to pay for these active union employee benefits. As a result of its designation for this purpose, the transferred amount is no longer considered an asset of the retiree plan and is included in Other current assets and Other assets dependent on the expected holding period on the Consolidated Balance Sheet as of June 29, 2024. The one-time transfer of cash from the VEBA trust to the sub-trust was treated as a distribution from the plan in operating activities on the Consolidated Statement of Cash Flows and the investment in marketable securities to fund the active union employee benefits was treated as an investing activity in the Consolidated Statement of Cash Flows. For the year-to-date period ended June 29, 2024, the Company recognized a gain of $13 million related to the remeasurement of other postretirement benefit plans. These remeasurements were the result of the transfer of assets noted above. The remeasurements recognized were due primarily to the increase in discount rates versus the prior year-end and higher than expected return on plan assets. Postemployment benefit plan expense for the quarters and year-to-date periods ended June 29, 2024 and July 1, 2023 were not material. Exclusive of the negative contribution discussed above, Company contributions to employee benefit plans are summarized as follows:
(millions) | Pension | Nonpension postretirement | Total
Quarter ended: |  |  |
June 29, 2024 | $ | 9 |  | $ | 1 |  | $ | 10 |
July 1, 2023 | $ | — |  | $ | 4 |  | $ | 4 |
Year-to-date period ended: |  |  |
June 29, 2024 | $ | 28 |  | $ | 4 |  | $ | 32 |
July 1, 2023 | $ | — |  | $ | 7 |  | $ | 7 |
Full year: |  |  |
Fiscal year 2024 (projected) | $ | 46 |  | $ | 18 |  | $ | 64 |
Fiscal year 2023 (actual) | $ | 25 |  | $ | 10 |  | $ | 35 |
Plan funding strategies may be modified in response to management's evaluation of tax deductibility, market conditions, and competing investment alternatives.

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