POSTRETIREMENT BENEFIT PLANS

3 Months Ended

Apr. 01, 2022

Retirement Benefits [Abstract]

POSTRETIREMENT BENEFIT PLANS

NOTE J — POSTRETIREMENT BENEFIT PLANS

The following tables provide the components of our net periodic benefit income for our defined benefit plans, including defined benefit pension plans and other postretirement defined benefit plans:

	Quarter Ended April 1, 2022				Quarter Ended April 2, 2021
(In millions)	Pension		Other Benefits		Pension		Other Benefits
Net periodic benefit income
Operating
Service cost	$	10	$	1	$	18	$	1
Non-operating
Interest cost	55		2		46		1
Expected return on plan assets	(156)		(5)		(155)		(5)
Amortization of net actuarial loss (gain)	2		(2)		9		—
Amortization of prior service credit	(6)		—		(7)		—
Non-service cost periodic benefit income	(105)		(5)		(107)		(4)
Net periodic benefit income	$	(95)	$	(4)	$	(89)	$	(3)

The service cost component of net periodic benefit income is included in the “Cost of product sales and services” and “Engineering, selling and administrative expenses” line items in our Condensed Consolidated Statement of Income (Unaudited). The non-service cost components of net periodic benefit income are included in the “Non-operating income” line item in our Condensed Consolidated Statement of Income (Unaudited).

We made no material contributions to our U.S. qualified defined benefit pension plans during the quarters ended April 1, 2022 and April 2, 2021. As a result of prior voluntary contributions, we are not required to make any contributions to these plans during fiscal 2022 and for several years thereafter.