Pensions and Other Benefit Plans

9 Months Ended

Sep. 29, 2019

Retirement Benefits [Abstract]

Pensions and Other Benefit Plans

PENSIONS AND OTHER BENEFIT PLANS

Components of Net Periodic Benefit Cost

Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans for the fiscal third quarters and the fiscal nine months of 2019 and 2018 include the following components:

	Fiscal Third Quarter Ended									Fiscal Nine Months Ended
	Retirement Plans					Other Benefit Plans				Retirement Plans				Other Benefit Plans
(Dollars in Millions)	September 29, 2019			September 30, 2018		September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Service cost	$	275		307		68		67		828		925		205		202
Interest cost	273			247		46		37		822		748		138		112
Expected return on plan assets	(578		)	(550	)	(2	)	(1	)	(1,742	)	(1,664	)	(5	)	(5	)
Amortization of prior service cost/(credit)	1			1		(7	)	(7	)	3		2		(23	)	(23	)
Recognized actuarial losses	145			213		32		31		435		641		97		92
Curtailments and settlements	(4		)	—		—		—		3		(2	)	—		—
Net periodic benefit cost	$	112		218		137		127		349		650		412		378

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 nine months ended September 29, 2019, the Company contributed $62 million and $95 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.