Postemployment Benefits (Notes)

3 Months Ended

Mar. 30, 2024

Retirement Benefits [Abstract]

Postemployment Benefits

Postemployment Benefits

See our consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 30, 2023 for additional information on our postemployment-related accounting policies.

Pension Plans

Components of Net Pension Cost/(Benefit):

Net pension cost/(benefit) consisted of the following (in millions):

	For the Three Months Ended
	U.S. Plan				Non-U.S. Plans
	March 30, 2024		April 1, 2023		March 30, 2024		April 1, 2023
Service cost	$	—	$	—	$	2	$	2
Interest cost	34		36		14		15
Expected return on plan assets	(49)		(49)		(21)		(21)
Amortization of unrecognized losses/(gains)	—		—		3		4
Special/contractual termination benefits	—		—		—		2
Net pension cost/(benefit)	$	(15)	$	(13)	$	(2)	$	2

We present all non-service cost components of net pension cost/(benefit) within other expense/(income) on our condensed consolidated statements of income.

Employer Contributions:

Related to our non-U.S. pension plans, we contributed $2 million during the three months ended March 30, 2024 and plan to make further contributions of approximately $8 million during the remainder of 2024. We did not contribute to our U.S. pension plans during the three months ended March 30, 2024 and do not plan to make contributions during the remainder of 2024. Estimated future contributions take into consideration current economic conditions, which at this time are expected to have minimal impact on expected contributions for the remainder of 2024. Our actual contributions and plans may change due to many factors, including changes in tax, employee benefit, or other laws and regulations, tax deductibility, significant differences between expected and actual pension asset performance or interest rates, or other factors.

Postretirement Plans

Components of Net Postretirement Cost/(Benefit):

Net postretirement cost/(benefit) consisted of the following (in millions):

	For the Three Months Ended
	March 30, 2024		April 1, 2023
Service cost	$	1	$	1
Interest cost	8		9
Expected return on plan assets	(14)		(14)
Amortization of prior service costs/(credits)	(3)		(3)
Amortization of unrecognized losses/(gains)	(5)		(4)
Net postretirement cost/(benefit)	$	(13)	$	(11)

We present all non-service cost components of net postretirement cost/(benefit) within other expense/(income) on our condensed consolidated statements of income.

Employer Contributions:

During the three months ended March 30, 2024, we contributed $3 million to our postretirement benefit plans. We plan to make further contributions of approximately $9 million to our postretirement benefit plans during the remainder of 2024. Estimated future contributions take into consideration current economic conditions, which at this time are expected to have minimal impact on expected contributions for the remainder of 2024. Our actual contributions and plans may change due to many factors, including changes in tax, employee benefit, or other laws and regulations, tax deductibility, significant differences between expected and actual postretirement plan asset performance or interest rates, or other factors.