Employee Benefits

6 Months Ended

Jun. 29, 2013

Note 7 Employee benefits

The Company sponsors a number of U.S. and foreign pension, other nonpension postretirement and postemployment plans to provide various benefits for its employees. These plans are described within the footnotes to the Consolidated Financial Statements included in the Company's 2012 Annual Report on Form 10-K. During the fourth quarter of 2012 the Company changed its policy for recognizing expense for its pension and postretirement benefit plans. Components of Company plan benefit expense for the periods presented are included in the tables below. All amounts have been revised to reflect the new policy.

Pension
		Quarter ended				Year-to-date period ended
(millions)		June 29, 2013		June 30, 2012		June 29, 2013		June 30, 2012
Service cost	$	34	$	26	$	68	$	54
Interest cost		50		52		100		103
Expected return on plan assets		(89)		(85)		(179)		(171)
Amortization of unrecognized prior service cost		4		3		8		7
Total pension expense	$	(1)	$	(4)	$	(3)	$	(7)

Other nonpension postretirement
		Quarter ended				Year-to-date period ended
(millions)		June 29, 2013		June 30, 2012		June 29, 2013		June 30, 2012
Service cost	$	8	$	7	$	17	$	13
Interest cost		12		13		24		26
Expected return on plan assets		(22)		(21)		(44)		(42)
Amortization of unrecognized prior service cost		(1)		-		(2)		-
Total postretirement benefit expense	$	(3)	$	(1)	$	(5)	$	(3)

Postemployment
		Quarter ended				Year-to-date period ended
(millions)		June 29, 2013		June 30, 2012		June 29, 2013		June 30, 2012
Service cost	$	1	$	2	$	3	$	4
Interest cost		1		1		2		2
Recognized net loss		1		1		3		2
Total postemployment benefit expense	$	3	$	4	$	8	$	8

Company contributions to employee benefit plans are summarized as follows:
					Nonpension
(millions)			Pension		postretirement		Total
Quarter ended:
	June 29, 2013	$	1	$	4	$	5
	June 30, 2012	$	3	$	5	$	8
Year-to-date period ended:
	June 29, 2013	$	28	$	8	$	36
	June 30, 2012	$	24	$	9	$	33
Full year:
	Fiscal year 2013 (projected)	$	45	$	17	$	62
	Fiscal year 2012 (actual)	$	38	$	13	$	51

Plan funding strategies may be modified in response to management's evaluation of tax deductibility, market conditions, and competing investment alternatives.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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