Employee Benefits

6 Months Ended

Jul. 04, 2015

Compensation and Retirement Disclosure [Abstract]

Employee benefits

The Company sponsors a number of U.S. and foreign pension plans as well as 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 2014 Annual Report on Form 10-K. Components of Company plan benefit expense for the periods presented are included in the tables below.

Pension



	Quarter ended						Year-to-date period ended
(millions)	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014
Service cost	$	28		$	27		$	56		$	53
Interest cost	53			56			106			113
Expected return on plan assets	(100		)	(105		)	(200		)	(209		)
Amortization of unrecognized prior service cost	3			4			6			7
Total pension (income) expense	$	(16	)	$	(18	)	$	(32	)	$	(36	)

Other nonpension postretirement



	Quarter ended						Year-to-date period ended
(millions)	July 4, 2015			June 28, 2014			July 4, 2015			June 28, 2014
Service cost	$	9		$	7		$	17		$	14
Interest cost	13			13			25			27
Expected return on plan assets	(25		)	(25		)	(50		)	(49		)
Amortization of unrecognized prior service cost (credit)	(1		)	—			(1		)	(1		)
Total postretirement benefit (income) expense	$	(4	)	$	(5	)	$	(9	)	$	(9	)

Postemployment



	Quarter ended				Year-to-date period ended
(millions)	July 4, 2015		June 28, 2014		July 4, 2015		June 28, 2014
Service cost	$	1	$	2	$	3	$	4
Interest cost	1		1		2		2
Recognized net loss	1		1		2		2
Total postemployment benefit expense	$	3	$	4	$	7	$	8

Company contributions to employee benefit plans are summarized as follows:



(millions)	Pension		Nonpension postretirement		Total
Quarter ended:
July 4, 2015	$	1	$	4	$	5
June 28, 2014	$	5	$	4	$	9
Year-to-date period ended:
July 4, 2015	$	10	$	7	$	17
June 28, 2014	$	29	$	8	$	37
Full year:
Fiscal year 2015 (projected)	$	39	$	16	$	55
Fiscal year 2014 (actual)	$	37	$	16	$	53

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