Quarterly report pursuant to Section 13 or 15(d)

PENSION AND OTHER POSTRETIREMENT BENEFITS

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PENSION AND OTHER POSTRETIREMENT BENEFITS
 6 Months Ended
Jun. 26, 2011
PENSION AND OTHER POSTRETIREMENT BENEFITS  
PENSION AND OTHER POSTRETIREMENT BENEFITS

NOTE 10. PENSION AND OTHER POSTRETIREMENT BENEFITS

 

We sponsor funded and unfunded domestic and foreign defined benefit pension and other postretirement plans.  Cash contributions to these plans were as follows:

 

 

 

Three months ended

 

Six months ended

 

 

 

June 26,

 

June 27,

 

June 26,

 

June 27,

 

In millions

 

2011

 

2010

 

2011

 

2010

 

Defined benefit pension and other postretirement plans:

 

 

 

 

 

 

 

 

 

Voluntary pension

 

$

35

 

$

35

 

$

70

 

$

95

 

Mandatory pension

 

5

 

5

 

11

 

56

 

Defined benefit pension contributions

 

40

 

40

 

81

 

151

 

Other postretirement plans

 

9

 

11

 

18

 

17

 

Total defined benefit plans

 

$

49

 

$

51

 

$

99

 

$

168

 

Defined contribution pension plans

 

$

13

 

$

12

 

$

37

 

$

23

 

 

We presently anticipate contributing approximately $130 million to our defined benefit pension plans in 2011 and paying approximately $51 million in claims and premiums for other postretirement benefits.  The $130 million of contributions for the full year include voluntary contributions of approximately $109 million.  These contributions and payments may be made from trusts or company funds either to increase pension assets or to make direct benefit payments to plan participants.

 

The components of net periodic pension and other postretirement benefit cost under our plans consisted of the following:

 

 

 

Pension

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

Other Postretirement Benefits

 

 

 

Three months ended

 

 

 

June 26,

 

June 27,

 

June 26,

 

June 27,

 

June 26,

 

June 27,

 

In millions

 

2011

 

2010

 

2011

 

2010

 

2011

 

2010

 

Service cost

 

$

13

 

$

12

 

$

5

 

$

4

 

$

—

 

$

—

 

Interest cost

 

27

 

27

 

15

 

14

 

6

 

7

 

Expected return on plan assets

 

(38

)

(37

)

(19

)

(17

)

—

 

—

 

Amortization of prior service (credit) cost

 

—

 

—

 

1

 

—

 

(2

)

(2

)

Recognized net actuarial loss

 

10

 

9

 

3

 

5

 

—

 

—

 

Net periodic benefit cost

 

$

12

 

$

11

 

$

5

 

$

6

 

$

4

 

$

5

 

 

 

 

 

 

 

Pension

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

Other Postretirement Benefits

 

 

 

Six months ended

 

 

 

June 26,

 

June 27,

 

June 26,

 

June 27,

 

June 26,

 

June 27,

 

In millions

 

2011

 

2010

 

2011

 

2010

 

2011

 

2010

 

Service cost

 

$

26

 

$

23

 

$

10

 

$

9

 

$

—

 

$

—

 

Interest cost

 

54

 

55

 

30

 

29

 

12

 

14

 

Expected return on plan assets

 

(76

)

(74

)

(37

)

(35

)

—

 

—

 

Amortization of prior service (credit) cost

 

—

 

—

 

1

 

1

 

(4

)

(4

)

Recognized net actuarial loss

 

20

 

18

 

6

 

9

 

—

 

—

 

Net periodic benefit cost

 

$

24

 

$

22

 

$

10

 

$

13

 

$

8

 

$

10