Pension and Retiree Medical Benefits (Notes)

3 Months Ended

Mar. 19, 2022

Pension and Retiree Medical Benefits [Abstract]

Retirement Benefits [Text Block]

Pension and Retiree Medical Benefits

In the 12 weeks ended March 19, 2022, we transferred pension and retiree medical obligations of approximately $145 million and related assets to the Tropicana JV in connection with the Juice Transaction. See Note 11 for further information.

The components of net periodic benefit cost/(income) for pension and retiree medical plans are as follows:

	12 Weeks Ended
	Pension								Retiree Medical
	U.S.				International
	3/19/2022		3/20/2021		3/19/2022		3/20/2021		3/19/2022		3/20/2021
Service cost	$	114	$	120	$	17	$	19	$	8	$	8
Other pension and retiree medical benefits income:
Interest cost	88		75		17		13		4		3
Expected return on plan assets	(215)		(224)		(42)		(41)		(3)		(4)
Amortization of prior service credits	(6)		(7)		—		—		(2)		(2)
Amortization of net losses/(gains)	33		51		5		13		(3)		(3)
Settlement/curtailment gains	—		—		—		—		(16)		—
Special termination benefits	6		6		—		—		—		—
Total other pension and retiree medical benefits income	(94)		(99)		(20)		(15)		(20)		(6)
Total	$	20	$	21	$	(3)	$	4	$	(12)	$	2

We regularly evaluate opportunities to reduce risk and volatility associated with our pension and retiree medical plans.

During the 12 weeks ended March 19, 2022 and March 20, 2021, we made discretionary contributions of $75 million and $300 million, respectively, to our U.S. qualified defined benefit plans, and $10 million and $25 million, respectively, to our international defined benefit plans. We expect to make an additional discretionary contribution of $75 million to our U.S. qualified defined benefit plans in the third quarter of 2022.