PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jul. 01, 2022

Retirement Benefits [Abstract]

Defined Contribution Plan Disclosures

Net periodic benefit cost or income for our pension and other postretirement benefit plans consisted of the following (in millions):

	Pension Plans				Other Postretirement Benefit Plans
	Three Months Ended
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
Service cost	$	22	$	25	$	1	$	3
Interest cost	51		47		5		3
Expected return on plan assets1	(147)		(151)		(4)		(5)
Amortization of prior service credit	—		—		(1)		—
Amortization of net actuarial loss	29		33		—		—
Net periodic benefit cost (income)	(45)		(46)		1		1
Settlement charges2	—		29		—		—
Total cost (income)	$	(45)	$	(17)	$	1	$	1

1The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans.

2Settlement charges were primarily related to our strategic realignment initiatives.

	Pension Plans				Other Postretirement Benefit Plans
	Six Months Ended
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
Service cost	$	44	$	49	$	3	$	5
Interest cost	102		91		9		7
Expected return on plan assets1	(296)		(302)		(8)		(9)
Amortization of prior service credit	—		—		(2)		(1)
Amortization of net actuarial loss	58		80		—		1
Net periodic benefit cost (income)	(92)		(82)		2		3
Settlement charges2	—		83		—		—
Total cost (income)	$	(92)	$	1	$	2	$	3

1The weighted-average expected long-term rates of return on plan assets used in computing 2022 net periodic benefit cost (income) were 7.00 percent for pension plans and 4.00 percent for other postretirement benefit plans.

2Settlement charges were primarily related to our strategic realignment initiatives.