Pension and Postretirement Benefit Plans | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | The following summarizes the components of net periodic benefit cost/(credit): | | | | | | | | | | Pension Plans | | | | | | | | | | | | U.S. | | International | | Postretirement
Plans | | | | | | | | | Three Months Ended | | | | | | | | (MILLIONS) | | July 3,
2022 | | July 4,
2021 | | July 3,
2022 | | July 4,
2021 | | July 3,
2022 | | July 4,
2021 | | | | | | | | Service cost | | $ | — | | | $ | — | | | $ | 30 | | | $ | 33 | | | $ | 7 | | | $ | 9 | | | | | | | | | Interest cost | | 118 | | | 114 | | | 41 | | | 37 | | | 7 | | | 7 | | | | | | | | | Expected return on plan assets | | (245) | | | (261) | | | (77) | | | (82) | | | (12) | | | (10) | | | | | | | | | Amortization of prior service cost/(credit) | | — | | | — | | | — | | | — | | | (31) | | | (39) | | | | | | | | Actuarial (gains)/losses(a) | | 490 | | | 2 | | | — | | | — | | | — | | | — | | | | | | | | | Curtailments | | — | | | — | | | — | | | (1) | | | (1) | | | — | | | | | | | | | Special termination benefits | | 1 | | | 4 | | | — | | | — | | | — | | | — | | | | | | | | | Net periodic benefit cost/(credit) reported in income | | $ | 365 | | | $ | (142) | | | $ | (6) | | | $ | (14) | | | $ | (30) | | | $ | (32) | | | | | | | | | | | | | Pension Plans | | | | | | | | | | | | U.S. | | International | | Postretirement
Plans | | | | | | | | | Six Months Ended | | | | | | | | (MILLIONS) | | July 3,
2022 | | July 4,
2021 | | July 3,
2022 | | July 4,
2021 | | July 3,
2022 | | July 4,
2021 | | | | | | | | Service cost | | $ | — | | | $ | — | | | $ | 60 | | | $ | 66 | | | $ | 15 | | | $ | 18 | | | | | | | | | Interest cost | | 236 | | | 227 | | | 82 | | | 73 | | | 14 | | | 14 | | | | | | | | | Expected return on plan assets | | (490) | | | (521) | | | (156) | | | (164) | | | (23) | | | (20) | | | | | | | | | Amortization of prior service credits | | 1 | | | (1) | | | — | | | (1) | | | (68) | | | (77) | | | | | | | | Actuarial (gains)/losses(a) | | 424 | | | (45) | | | — | | | — | | | — | | | — | | | | | | | | | Curtailments | | — | | | — | | | — | | | (1) | | | (14) | | | — | | | | | | | | | Special termination benefits | | 7 | | | 12 | | | — | | | — | | | 1 | | | 1 | | | | | | | | | Net periodic benefit cost/(credit) reported in income | | $ | 178 | | | $ | (329) | | | $ | (14) | | | $ | (26) | | | $ | (76) | | | $ | (64) | | | | | | | |
(a)Mainly reflects interim actuarial remeasurement losses in 2022, primarily driven by unfavorable plan asset performance, partially offset by gains due to an increase in interest rates. The components of net periodic benefit cost/(credit) other than the service cost component are primarily included in Other (income)/deductions––net (see Note 4). For the six months ended July 3, 2022, we contributed $134 million, $89 million, and $11 million to our U.S. Pension Plans, International Pension Plans, and Postretirement Plans, respectively, from our general assets, which include direct employer benefit payments.
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