EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 26, 2021

Compensation And Retirement Disclosure [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 10. EMPLOYEE BENEFIT PLANS

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS – NORTH AMERICA

The components of net periodic pension benefit for the Company’s North America pension plans are as follows:

	Second Quarter						First Half
(In millions)	2021			2020			2021			2020
Service cost	$	—		$	—		$	—		$	—
Interest cost		5			7			10			14
Expected return on plan assets		(8	)		(8	)		(15	)		(16	)
Net periodic pension benefit	$	(3	)	$	(1	)	$	(5	)	$	(2	)

The North American pension plans are in a net liability position and included in Pension and postretirement obligations, net in the Condensed Consolidated Balance Sheets at June 26, 2021 and December 26, 2020. During the first half of 2021, $1 million of cash contributions were made to the North America pension plans. The Company expects to make additional cash contributions of approximately $1 million to the North America pension plans during the remainder of 2021.

PENSION PLAN – UNITED KINGDOM

The components of net periodic pension benefit for the Company’s pension plan in the United Kingdom (“UK”) are as follows:

	Second Quarter						First Half
(In millions)	2021			2020			2021			2020
Service cost	$	—		$	—		$	—		$	—
Interest cost		1			1			2			2
Expected return on plan assets		(2	)		(1	)		(3	)		(2	)
Net periodic pension benefit	$	(1	)	$	—		$	(1	)	$	—

The UK pension plan is in a net asset position and included in Other assets in the Condensed Consolidated Balance Sheets at June 26, 2021 and December 26, 2020. During the first half of 2021, cash contributions of $1 million were made to the UK pension plan. The Company is required to make an additional cash contribution of $1 million to the UK pension plan during the remainder of 2021.

Net periodic pension benefits for the North America and UK pension plans and other postretirement benefit plans (the “Plans”) are recorded at the Corporate level. The service cost for the Plans are reflected in Selling, general and administrative expenses, and the other components of net periodic pension benefits are reflected in Other income, net, in the Condensed Consolidated Statements of Operations.