Pension and Postretirement Benefits

9 Months Ended

May 01, 2011

Pension and Postretirement Benefits

Pension and Postretirement Benefits

9.  Pension and Postretirement Benefits

The company sponsors certain defined benefit pension plans and postretirement benefit plans for employees. Components of benefit expense were as follows:

	Three Months Ended				Nine Months Ended
	Pension		Postretirement		Pension			Postretirement
	May1,	May2,	May1,	May2,		May1,	May2,		May1,	May2,
	2011	2010	2011	2010		2011	2010		2011	2010
Service cost	$15	$14	$—	$1		$44	$41		$2	$3
Interest cost	30	30	5	4		91	91		14	14
Expected return on plan assets	(45)	(43)	—	—		(134)	(128)		—	—
Settlement costs	—	12	—	—		—	12		—	—
Amortization of prior service cost/(credit)	—	1	—	—		—	2		(1)	—
Recognized net actuarial loss	17	12	2	1		52	36		6	1
Net periodic benefit expense	$17	$26	$7	$6		$53	$54		$21	$18

The settlement costs in 2010 are related to the closure of a plant in Canada.The settlement costs are included in Restructuring charges in the Consolidated Statements of Earnings.See Note 6 for additional information.

A contribution of $100 was made to U.S. pension plans and contributions of $40 were made to non-U.S. pension plans during the nine-month period ended May 1, 2011.  Additional contributions to U.S. pension plans are not expected this fiscal year. Contributions to non-U.S. pension plans are expected to be approximately $4 during the remainder of the fiscal year.

In fiscal 2010, the company amended its U.S. pension plans.Employees hired or rehired on or after January 1, 2011 and who are not covered by collective bargaining agreements will not be eligible to participate in the plans.

In fiscal 2010, the postretirement medical program was also amended to discontinue retiree medical accounts for employees not covered by collective bargaining agreements and who are not at least age 50 with at least 10 years of service as of December 31, 2010.