Pension

6 Months Ended

Jul. 02, 2022

Retirement Benefits [Abstract]

Pension

Note 17. Pension

The Company sponsors multiple funded and unfunded U.S. and non-U.S. defined benefit pension plans. Pension benefits for many of its U.S. employees are provided through non-contributory, qualified and non-qualified defined benefit plans. It also sponsors defined benefit pension plans which cover non-U.S. employees who are not U.S. citizens, in certain jurisdictions, principally Germany, Austria, Belgium, France, India, Switzerland, and the Netherlands. The pension obligations as of July 2, 2022 and December 31, 2021 were $109 million and $115 million, respectively, and are included in Other liabilities in the unaudited Consolidated Balance Sheets.

The service cost component of the net periodic benefit cost for the three and six months ended July 2, 2022 and July 3, 2021 was $7 million and $15 million, respectively, and is recognized where the related employee compensation expenses are recognized. The other components of net periodic benefit cost are recognized in other expense, net. These costs were not material for any of the periods presented.