Quarterly report pursuant to Section 13 or 15(d)

PENSION AND OTHER POSTRETIREMENT BENEFITS

v2.4.0.6
PENSION AND OTHER POSTRETIREMENT BENEFITS
 9 Months Ended
Sep. 30, 2012
PENSION AND OTHER POSTRETIREMENT BENEFITS  
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

 

Nine months ended

 

 

 

September 30,

 

September 25,

 

September 30,

 

September 25,

 

In millions

 

2012

 

2011

 

2012

 

2011

 

Defined benefit pension and other postretirement plans

 

 

 

 

 

 

 

 

 

Voluntary pension

 

$

34

 

$

36

 

$

107

 

$

106

 

Mandatory pension

 

4

 

5

 

15

 

16

 

Defined benefit pension contributions

 

38

 

41

 

122

 

122

 

Other postretirement plans

 

14

 

4

 

31

 

22

 

Total defined benefit plans

 

$

52

 

$

45

 

$

153

 

$

144

 

 

 

 

 

 

 

 

 

 

 

Defined contribution pension plans

 

$

15

 

$

20

 

$

59

 

$

57

 

 

We made $122 million of pension contributions in the nine months ended September 30, 2012, and we anticipate making an additional $8 million of contributions during the remainder of 2012. We paid $31 million of claims and premiums for other postretirement benefits in the nine months ended September 30, 2012; payments for the remainder of 2012 are expected to be $20 million. 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

 

 

 

September 30,

 

September 25,

 

September 30,

 

September 25,

 

September 30,

 

September 25,

 

In millions

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

Service cost

 

$

15

 

$

13

 

$

5

 

$

5

 

$

—

 

$

—

 

Interest cost

 

25

 

27

 

15

 

15

 

6

 

6

 

Expected return on plan assets

 

(40

)

(38

)

(20

)

(19

)

—

 

—

 

Amortization of prior service (credit) cost

 

—

 

—

 

—

 

1

 

(1

)

(2

)

Recognized net actuarial loss

 

12

 

10

 

4

 

3

 

—

 

—

 

Net periodic benefit cost

 

$

12

 

$

12

 

$

4

 

$

5

 

$

5

 

$

4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

 

 

 

 

 

 

 

U.S. Plans

 

Non-U.S. Plans

 

Other Postretirement Benefits

 

 

 

Nine months ended

 

 

 

September 30,

 

September 25,

 

September 30,

 

September 25,

 

September 30,

 

September 25,

 

In millions

 

2012

 

2011

 

2012

 

2011

 

2012

 

2011

 

Service cost

 

$

44

 

$

39

 

$

16

 

$

15

 

$

—

 

$

—

 

Interest cost

 

77

 

81

 

44

 

45

 

16

 

18

 

Expected return on plan assets

 

(118

)

(114

)

(61

)

(56

)

—

 

—

 

Amortization of prior service (credit) cost

 

—

 

—

 

—

 

2

 

(3

)

(6

)

Recognized net actuarial loss

 

35

 

30

 

11

 

9

 

2

 

—

 

Net periodic benefit cost

 

$

38

 

$

36

 

$

10

 

$

15

 

$

15

 

$

12