Retirement Benefits

9 Months Ended

Sep. 29, 2023

Retirement Benefits [Abstract]

Retirement Benefits

Retirement Benefits

We have two frozen defined benefit pension plans in the U.S., one frozen and one active plan in the U.K. and one frozen plan in Germany. All of these plans are immaterial except for the frozen U.K. defined benefit pension plan. The components of net periodic pension benefit related to the U.K. pension for the three and nine months ended September 29, 2023 and September 30, 2022, respectively, were as follows:

	Three Months Ended
	September 29,		September 30,
Dollars in millions	2023		2022
Components of net periodic pension benefit
Service cost	$	—	$	—
Interest cost	15		8
Expected return on plan assets	(26)		(20)
Amortization of prior service cost	1		1
Recognized actuarial loss	—		5
Net periodic pension benefit	$	(10)	$	(6)
	Nine Months Ended
	September 29,		September 30,
Dollars in millions	2023		2022
Components of net periodic pension benefit
Service cost	$	—	$	1
Interest cost	45		26
Expected return on plan assets	(76)		(63)
Amortization of prior service cost	1		1
Recognized actuarial loss	—		17
Net periodic pension benefit	$	(30)	$	(18)

For the nine months ended September 29, 2023, we have contributed approximately $6 million of the $8 million we expect to contribute to our U.K. pension plan in 2023. On October 17, 2022, we made an advance payment to our U.K. pension plan for approximately £29 million of the £33 million required minimum annual contributions for the year ending December 29, 2023.