Quarterly report pursuant to Section 13 or 15(d)

PENSION AND OTHER POSTRETIREMENT BENEFITS

v3.10.0.1
PENSION AND OTHER POSTRETIREMENT BENEFITS
 6 Months Ended
Jul. 01, 2018
Retirement Benefits [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFITS NOTE 4. PENSION AND OTHER POSTRETIREMENT BENEFITS
We sponsor funded and unfunded domestic and foreign defined benefit pension and other postretirement plans. Contributions to these plans were as follows:
 
 
 
Three months ended
 
Six months ended
In millions
 
July 1,
2018
 
July 2,
2017
 
July 1,
2018
 
July 2,
2017
Defined benefit pension plans
 
 

 
 

 
 

 
 

Voluntary contribution
 
$
4

 
$
41

 
$
7

 
$
84

Mandatory contribution
 
5

 
—

 
11

 
—

Defined benefit pension contributions
 
$
9

 
$
41

 
$
18

 
$
84

 
 
 
 
 
 
 
 
 
Other postretirement benefit plans
 
 
 
 
 
 
 
 
Benefit payments (rebates), net
 
$
(2
)
 
$
3

 
$
5

 
$
18

 
 
 
 
 
 
 
 
 
Defined contribution pension plans
 
$
21

 
$
19

 
$
61

 
$
48


We anticipate making additional defined benefit pension contributions during the remainder of 2018 of $20 million for our U.S. and U.K. pension plans. Approximately $14 million of the estimated $38 million of pension contributions for the full year are voluntary. These contributions may be made from trusts or company funds either to increase pension assets or to make direct benefit payments to plan participants. We expect our 2018 net periodic pension cost to approximate $86 million.
On January 1, 2018, we adopted the new accounting standard related to the presentation of pension and other postretirement benefit costs. See NOTE 15, "RECENTLY ADOPTED AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS," for detailed information about the adoption of this standard.
The components of net periodic pension and other postretirement benefit costs under our plans were as follows:
 
 
Pension
 
 
 
 
 
 
U.S. Plans
 
U.K. Plans
 
Other Postretirement Benefits
 
 
Three months ended
In millions
 
July 1,
2018
 
July 2,
2017
 
July 1,
2018
 
July 2,
2017
 
July 1,
2018
 
July 2,
2017
Service cost
 
$
30

 
$
26

 
$
7

 
$
7

 
$
—

 
$
—

Interest cost
 
24

 
27

 
10

 
10

 
3

 
4

Expected return on plan assets
 
(49
)
 
(52
)
 
(18
)
 
(17
)
 
—

 
—

Recognized net actuarial loss
 
9

 
9

 
8

 
10

 
—

 
1

Net periodic benefit cost
 
$
14

 
$
10

 
$
7

 
$
10

 
$
3

 
$
5

 
 
Pension
 
 
 
 
 
 
U.S. Plans
 
U.K. Plans
 
Other Postretirement Benefits
 
 
Six months ended
In millions
 
July 1,
2018
 
July 2,
2017
 
July 1,
2018
 
July 2,
2017
 
July 1,
2018
 
July 2,
2017
Service cost
 
$
60

 
$
53

 
$
15

 
$
13

 
$
—

 
$
—

Interest cost
 
49

 
53

 
21

 
20

 
5

 
7

Expected return on plan assets
 
(98
)
 
(103
)
 
(36
)
 
(34
)
 
—

 
—

Recognized net actuarial loss
 
17

 
18

 
15

 
20

 
—

 
3

Net periodic benefit cost
 
$
28

 
$
21

 
$
15

 
$
19

 
$
5

 
$
10