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:
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Three months ended |
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Nine months ended |
In millions |
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September 28, 2014 |
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September 29, 2013 |
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September 28, 2014 |
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September 29, 2013 |
Defined benefit pension and other postretirement plans |
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Voluntary contribution |
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$ |
34 |
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$ |
33 |
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$ |
109 |
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$ |
110 |
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Mandatory contribution |
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7 |
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|
7 |
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|
88 |
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|
51 |
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Defined benefit pension contributions |
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41 |
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|
40 |
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|
197 |
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|
161 |
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Other postretirement plans |
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12 |
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|
11 |
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|
35 |
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|
37 |
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Total defined benefit plans |
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$ |
53 |
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$ |
51 |
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$ |
232 |
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$ |
198 |
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Defined contribution pension plans |
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$ |
16 |
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$ |
14 |
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$ |
57 |
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$ |
50 |
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We anticipate making additional defined benefit pension contributions and other postretirement benefit payments during the remainder of 2014 of $8 million and $11 million, respectively. The $205 million of pension contributions for the full year include voluntary contributions of approximately $111 million. These contributions and payments may be made from trusts or company funds either to increase pension assets or to make direct benefit payments to plan participants.
The components of net periodic pension and other postretirement benefit costs under our plans were as follows:
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Pension |
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U.S. Plans |
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U.K. Plans |
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Other Postretirement Benefits |
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|
Three months ended |
In millions |
|
September 28, 2014 |
|
September 29, 2013 |
|
September 28, 2014 |
|
September 29, 2013 |
|
September 28, 2014 |
|
September 29, 2013 |
Service cost |
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$ |
16 |
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$ |
17 |
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$ |
7 |
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$ |
5 |
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$ |
— |
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$ |
— |
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Interest cost |
|
26 |
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|
23 |
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|
16 |
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|
14 |
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|
4 |
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|
4 |
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Expected return on plan assets |
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(43 |
) |
|
(42 |
) |
|
(23 |
) |
|
(17 |
) |
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— |
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|
— |
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Recognized net actuarial loss |
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8 |
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|
16 |
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|
7 |
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|
6 |
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— |
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|
2 |
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Net periodic benefit cost |
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$ |
7 |
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$ |
14 |
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$ |
7 |
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$ |
8 |
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$ |
4 |
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$ |
6 |
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Pension |
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U.S. Plans |
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U.K. Plans |
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Other Postretirement Benefits |
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|
Nine months ended |
In millions |
|
September 28, 2014 |
|
September 29, 2013 |
|
September 28, 2014 |
|
September 29, 2013 |
|
September 28, 2014 |
|
September 29, 2013 |
Service cost |
|
$ |
50 |
|
|
$ |
52 |
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|
$ |
19 |
|
|
$ |
15 |
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|
$ |
— |
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|
$ |
— |
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Interest cost |
|
79 |
|
|
70 |
|
|
49 |
|
|
42 |
|
|
13 |
|
|
12 |
|
Expected return on plan assets |
|
(131 |
) |
|
(126 |
) |
|
(66 |
) |
|
(53 |
) |
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— |
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|
— |
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Recognized net actuarial loss |
|
23 |
|
|
47 |
|
|
20 |
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|
18 |
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— |
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|
5 |
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Net periodic benefit cost |
|
$ |
21 |
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|
$ |
43 |
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|
$ |
22 |
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|
$ |
22 |
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|
$ |
13 |
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$ |
17 |
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