Pension and postretirement benefits (Tables)

9 Months Ended

Sep. 28, 2024

Retirement Benefits [Abstract]

Components of Plan Benefit Expense

Pension

The components of net periodic benefit costs for the direct pension plans are:

	Quarter ended		Year-to-date period ended
(millions)	September 30, 2023		September 30, 2023
Service cost	$	1	$	1
Interest cost	3		3
Expected return on plan assets	(3)		(3)
Amortization of unrecognized prior service cost	—		—
Remeasurement (gain)/loss	—		—
Total pension expense	$	1	$	1

Postretirement

The components of net periodic benefit costs for the direct nonpension postretirement plans are:

	Quarter ended		Year-to-date period ended
(millions)	September 30, 2023		September 30, 2023
Service cost	$	1	$	1
Interest cost	4		4
Expected return on plan assets	(10)		(10)
Amortization of unrecognized prior service cost	(1)		(1)
Remeasurement (gain)/loss	—		—
Total postretirement benefit income	$	(6)	$	(6)

Multiemployer Plan

The following table summarizes the expenses that were allocated to the Company's plans prior to the Spin-Off:

		Quarter ended		Year-to-date period ended
(millions)		September 30, 2023		September 30, 2023
Pension plans:
Direct plan	Net periodic benefit cost	$	1	$	1
Shared plans (multiemployer)	Cost allocation - COGS	1		5
	Cost allocation - OIE	10		10
Total pension expense		$	12	$	16
Nonpension postretirement plans:
Direct plan	Net periodic benefit income	$	(6)	$	(6)
Shared plans (multiemployer)	Cost allocation - COGS	1		3
	Cost allocation - OIE	(44)		(65)
Total postretirement benefit (income)/expense		$	(37)	$	(52)

Contributions to Employee Benefit Plans

Company contributions to employee benefit plans are summarized as follows:

(millions)	Pension		Nonpension postretirement		Total
Quarter ended:
September 28, 2024	$	7	$	—	$	7
September 30, 2023	$	—	$	—	$	—
Year-to-date period ended:
September 28, 2024	$	17	$	—	$	17
September 30, 2023	$	1	$	—	$	1
Full year:
Fiscal year 2024 (projected) (a)	$	24	$	—	$	24
Fiscal year 2023 (actual)	$	—	$	—	$	—

(a)Projected 2024 amounts have been corrected from $0 million as previously disclosed in our 2023 Annual Report to $24 million.

Schedule of Costs of Retirement Plans

The following tables present the pension expense and nonpension postretirement income directly attributable to the Company for the quarter and year-to-date period ended September 28, 2024:

Pension

	Quarter ended		Year-to-date period ended
(millions)	September 28, 2024		September 28, 2024
Service cost	$	2	$	6
Interest cost	7		21
Expected return on plan assets	(9)		(27)
Amortization of unrecognized prior service cost	1		3
Recognized (gain) loss, net	3		3
Curtailment (gain) loss, net	3		3
Total pension expense	$	7	$	9

Other nonpension postretirement

	Quarter ended		Year-to-date period ended
(millions)	September 28, 2024		September 28, 2024
Service cost	$	1	$	3
Interest cost	6		18
Expected return on plan assets	(15)		(45)
Amortization of unrecognized prior service cost	(2)		(6)
Total postretirement benefit income	$	(10)	$	(30)