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EMPLOYEE BENEFIT PLANS | 6 Months Ended
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Jul. 01, 2023
Retirement Benefits [Abstract] |
EMPLOYEE BENEFIT PLANS | NOTE 9. EMPLOYEE BENEFIT PLANS PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS – NORTH AMERICA The components of net periodic pension benefit for the Company’s North America pension plans are as follows:
|  | Second Quarter |  |  | First Half |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 8 |  |  |  | 5 |  |  |  | 16 |  |  |  | 11 |
Expected return on plan assets |  |  | (8 | ) |  |  | (7 | ) |  |  | (17 | ) |  |  | (13 | )
Amortization of gain |  |  | (2 | ) |  |  | — |  |  |  | (3 | ) |  |  | — |
Net periodic pension benefit |  | $ | (2 | ) |  | $ | (2 | ) |  | $ | (4 | ) |  | $ | (2 | )
The North America qualified pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at July 1, 2023 and December 31, 2022. The North America nonqualified pension plan is in a net liability position and included in Pension and postretirement obligations, net in the Condensed Consolidated Balance Sheets at July 1, 2023 and December 31, 2022. During the first half of 2023, $1 million of cash contributions were made to the North America pension plans. The Company expects to make additional cash contributions of approximately $1 million to the North America pension plans during the remainder of 2023. PENSION PLAN – UNITED KINGDOM The components of net periodic pension benefit for the Company’s pension plan in the United Kingdom (“UK”) are as follows:
|  | Second Quarter |  |  | First Half |
(In millions) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 1 |  |  |  | 1 |  |  |  | 3 |  |  |  | 2 |
Expected return on plan assets |  |  | (1 | ) |  |  | (2 | ) |  |  | (3 | ) |  |  | (3 | )
Net periodic pension benefit |  | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | (1 | )
The UK pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at July 1, 2023 and December 31, 2022. During the first half of 2023, no cash contributions were made to the UK pension plan. The Company is no t required to make any additional cash contributions to the UK pension plan in the remainder of 2023. Net periodic pension benefits for the North America and UK pension plans and other postretirement benefit plans (the “Plans”) are recorded at the Corporate level. The service cost for the Plans are reflected in Selling, general and administrative expenses, and the other components of net periodic pension benefits are reflected in Other income, net, in the Condensed Consolidated Statements of Operations. In July 2023, in accordance with applicable UK pension regulations, Trustees of the UK pension plan entered into an agreement with an insurer for the bulk annuity purchase of the plan, covering 100% of the plan’s members. The insurer was selected after careful consideration of offers received from multiple independent insurers. This agreement, or buy-in, will result in an exchange of plan assets for an annuity that covers the plan’s future projected benefit obligations. The initial value of the asset associated with this contract is equal to the premium paid to the insurer to secure the insurance policy. In accordance with US GAAP, the Company will set the value of its liability obligations covered by the annuity buy-in contract to be equal to the fair value of the buy-in contract. The Company anticipates the buyout of the plan and transfer of future benefit obligations of plan participants to be completed with existing plan funds as early as 2024. Accordingly, the Company does not expect the transaction to result in material cash inflows or outflows. At the completion of the buy-out, the Company will remove the assets and liabilities of the UK pension plan from its Consolidated Balance Sheet and a final non-cash plan settlement loss will be included in net periodic pension cost.

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