Pension (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligations

	January 3, 2022
Plan Assets	$	2,615
	January 3, 2022
Projected benefit obligation ("PBO") Funded Status
Fair value of plan assets	$	2,615
Benefit obligations		(2,041	)
Funded status of plans	$	574

Summary of Supplemental Condensed Consolidated Balance Sheets Information Related to Pension

Supplemental condensed consolidated balance sheets information related to pension is as follows:

	January 3, 2022
Pension and post-retirement benefits	$	626
Other accrued liabilities		—
Other noncurrent liabilities		(52	)
Net amount recognized	$	574

Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for pension plans with accumulated benefit obligations in excess of plan assets:

	January 3, 2022
PBO	$	78
Accumulated benefit obligation		64
Fair value of plan assets		26

Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets

Information for pension plans with projected benefit obligations in excess of plan assets:

	January 3, 2022
PBO	$	78
Accumulated benefit obligation		64
Fair value of plan assets		26

Components of Net Periodic Pension Benefit

The components of the net periodic pension benefit for the defined benefit pension plans are as follows:

	Three Months ended March 31, 2022
Service cost	$	2
Interest cost		9
Expected return on plan assets		(20	)
Net periodic pension benefit	$	(9	)

Major Assumptions Used to Determine Benefit Obligation

Major assumptions used in determining the benefit obligation and net periodic benefit cost for pension plans are presented in the following table as weighted averages:

	Three Months ended March 31, 2022
	Benefit Obligation			Net Periodic Benefit Cost
Discount rates:
PBO		1.9	%		1.9	%
Interest cost		—			1.7	%
Service cost		—			2.2	%
Salary scale		2.9	%		2.9	%
Expected return on plan assets		—			3.1	%

Non-U.S. pension plan assets are typically managed by decentralized fiduciary committees. The disclosure below of asset categories is presented in aggregate 12 defined benefit plans in 7 countries; however, there is variation in asset allocation policy from country to country. Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment allocation process in each country. Each plan has its own strategic asset allocation. The asset allocations are reviewed periodically and rebalanced when necessary.

Summary of Fair Value of Pension Plan Assets by Asset Category

The fair value of the pension plan assets by asset category are as follows:

	Quoted Prices in		Significant			Significant
	Active Markets for		Observable			Unobservable		Not
	Identical Assets		Inputs			Inputs		Subject to
Asset Category	Level 1		Level 2			Level 3		Leveling		Total
Public Equities:
Global equity funds at net asset value 1	$	—	$	—		$	—	$	238	$	238
Fixed Income Securities:
Governments		—		1,608			—		69		1,677
Corporate Bonds		—		638			—		—		638
Fixed Income Securities 1		—		—			—		106		106
Real Estate 1,2		—		—			—		11		11
Other 1,3		—		(212	)		—		59		(153	)
Cash & Cash Equivalents 1,4		—		33			—		65		98
Subtotal	$	—	$	2,067		$	—	$	548	$	2,615
Other Assets & Liabilities 5											—
Total at January 3, 2022										$	2,615

(1)In accordance with ASU 2015-07 Fair Value Measurement (Topic 820) certain investments that are measured at fair value using net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension assets.

(2)Represents investments in real estate, including commingled funds and directly held properties.

(3)Represents insurance contracts and global risk balanced commingled funds consisting mainly of equity, bonds and some commodities.

(4)Represents short-term commercial paper, bonds, and other cash or cash-like investments.

(5)Represents trust receivables and payables that are not leveled.