Pensions and Other Postretirement Benefits

6 Months Ended

Jun. 28, 2015

Compensation and Retirement Disclosure [Abstract]

Pensions and Other Postretirement Benefits

Pensions and Other Post-Retirement Benefits

The Company's employees participate in various employee benefit plans that were in place prior to the 2013 Merger.

The components of net periodic benefit (income)/expense are as follows:

	Second Quarter Ended
	June 28, 2015			June 29, 2014			June 28, 2015			June 29, 2014
	Pension Benefits						Other Retiree Benefits
	(In millions)
Service cost	$	7		$	8		$	1		$	1
Interest cost	26			35			2			2
Expected return on plan assets	(45		)	(55		)	—			—
Amortization of prior service credit	—			—			(2		)	(2		)
Amortization of unrecognized loss	1			—			—			—
Net settlement losses	9			—			—			—
Net periodic benefit (income)/expense	$	(2	)	$	(12	)	$	1		$	1

	Six Months Ended
	June 28, 2015			June 29, 2014			June 28, 2015			June 29, 2014
	Pension Benefits						Other Retiree Benefits
	(In millions)
Service cost	$	13		$	15		$	2		$	2
Interest cost	52			70			4			4
Expected return on plan assets	(93		)	(111		)	—			—
Amortization of prior service credit	—			—			(3		)	(3		)
Amortization of unrecognized loss	2			—			—			—
Net settlement losses	9			—			—			—
Net periodic benefit (income)/expense	$	(17	)	$	(26	)	$	3		$	3

During the second quarter of 2015, the Company realized a curtailment gain of $2 million on the United Kingdom defined benefit plans. As a result of the associated remeasurement, the Company deferred to accumulated other comprehensive income an increase in the projected benefit obligation of $15 million, net of tax.

During the second quarter of 2015, the Company realized a settlement loss of $11 million on a Canadian defined benefit plan. As a result of the associated remeasurement, the Company deferred to accumulated other comprehensive income an increase in the projected benefit obligation of $4 million, net of tax.

The amounts recognized for pension benefits as other non-current assets on the Company's condensed consolidated balance sheets were $617 million as of June 28, 2015 and $581 million as of December 28, 2014.

During the first six months of 2015, the Company contributed $33 million to these defined benefit plans. The Company expects to make cash contributions of approximately $60 million for the year ended January 3, 2016.  However, actual contributions may be affected by pension asset and liability valuations during the year.