Other Financial Data (Notes)

6 Months Ended

Jun. 25, 2022

Other Income and Expenses [Abstract]

Other Financial Data

Other Financial Data

Condensed Consolidated Statements of Income Information

Other expense/(income) consists of the following (in millions):

	For the Three Months Ended				For the Six Months Ended
	June 25, 2022		June 26, 2021		June 25, 2022		June 26, 2021
Amortization of postemployment benefit plans prior service costs/(credits)	$	(3)	$	(1)	$	(7)	$	(3)
Net pension and postretirement non-service cost/(benefit)(a)	(46)		(57)		(92)		(107)
Loss/(gain) on sale of business	(2)		46		(1)		65
Interest income	(6)		(4)		(11)		(9)
Foreign exchange losses/(gains)	(105)		6		(137)		(30)
Derivative losses/(gains)	72		(11)		61		31
Other miscellaneous expense/(income)	(1)		(2)		(2)		—
Other expense/(income)	$	(91)	$	(23)	$	(189)	$	(53)

(a) Excludes amortization of postemployment benefit plans prior service costs/(credits).

We present all non-service cost components of net pension cost/(benefit) and net postretirement cost/(benefit) within other expense/(income) on our condensed consolidated statements of income. See Note 11, Postemployment Benefits, for additional information on these components, including any curtailments and settlements, as well as information on our prior service costs/(credits) amortization. See Note 4, Acquisitions and Divestitures, for additional information related to our loss/(gain) on sale of business. See Note 12, Financial Instruments, for information related to our derivative impacts.

Other expense/(income) was $91 million of income for the three months ended June 25, 2022 compared to $23 million of income for the three months ended June 26, 2021. This change was primarily driven by a $105 million net foreign exchange gain in the second quarter of 2022 compared to a $6 million net foreign exchange loss in the second quarter of 2021 and a $2 million gain on sale of business in the second quarter of 2022 compared to a $46 million net loss on sales of businesses in the second quarter of 2021. These impacts were partially offset by a $72 million net loss on derivative activities in the second quarter of 2022 compared to an $11 million net gain on derivative activities in the second quarter of 2021.Other expense/(income) was $189 million of income for the six months ended June 25, 2022 compared to $53 million of income for the six months ended June 26, 2021. This change was primarily driven by a $137 million net foreign exchange gain in 2022 compared to a $30 million net foreign exchange gain in 2021 and a $1 million net gain on sale of business in 2022 compared to a $65 million net loss on sales of businesses in 2021. These impacts were partially offset by a $61 million net loss on derivative activities in 2022 compared to a $31 million net loss on derivative activities in 2021