Pensions and Other Benefit Plans

3 Months Ended

Mar. 31, 2019

Retirement Benefits [Abstract]

Pensions and Other Benefit Plans

PENSIONS AND OTHER BENEFIT PLANS

Components of Net Periodic Benefit Cost

Net periodic benefit cost for the Company’s defined benefit retirement plans and other benefit plans for the fiscal first quarters of 2019 and 2018 include the following components:

	Retirement Plans				Other Benefit Plans
(Dollars in Millions)	March 31, 2019		April 1, 2018		March 31, 2019		April 1, 2018
Service cost	276		309		68		67
Interest cost	275		252		46		37
Expected return on plan assets	(583	)	(560	)	(2	)	(2	)
Amortization of prior service cost/(credit)	1		1		(8	)	(8	)
Recognized actuarial losses	144		215		32		30
Curtailments and settlements	(1	)	(2	)	—		—
Net periodic benefit cost	112		215		136		124

The service cost component of net periodic benefit cost is presented in the same line items on the Consolidated Statement of Earnings where other employee compensation costs are reported. All other components of net periodic benefit cost are presented as part of Other (income) expense, net on the Consolidated Statement of Earnings.

Company Contributions

For the fiscal first quarter ended March 31, 2019, the Company contributed $21 million and $79 million to its U.S. and international retirement plans, respectively. The Company plans to continue to fund its U.S. defined benefit plans to comply with the Pension Protection Act of 2006. International plans are funded in accordance with local regulations.