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Pensions and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 28, 2014
Compensation and Retirement Disclosure [Abstract]  
Components of net periodic benefit cost
Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans for 2014, 2013 and 2012 include the following components:
 
 
Retirement Plans
 
Other Benefit Plans
(Dollars in Millions)
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Service cost
 
$
882

 
906

 
722

 
211

 
196

 
175

Interest cost
 
1,018

 
908

 
878

 
197

 
151

 
165

Expected return on plan assets
 
(1,607
)
 
(1,447
)
 
(1,236
)
 
(7
)
 
(6
)
 
(4
)
Amortization of prior service cost (credit)
 
6

 
6

 
6

 
(34
)
 
(2
)
 
(3
)
Amortization of net transition obligation
 
1

 
1

 
1

 
—

 
—

 
—

Recognized actuarial losses
 
460

 
681

 
494

 
136

 
111

 
76

Curtailments and settlements
 
(17
)
 
—

 
—

 
—

 
2

 
—

Net periodic benefit cost
 
$
743

 
1,055

 
865

 
503

 
452

 
409
Amounts expected to be recognized in net periodic benefit cost
Amounts expected to be recognized in net periodic benefit cost in the coming year for the Company’s defined benefit retirement plans and other post-retirement plans:
(Dollars in Millions)
 
Amortization of net transition obligation
—

Amortization of net actuarial losses
944

Amortization of prior service credit
33
Rates Used to Develop Actuarial Present Value of Projected Benefit Obligation
The weighted-average assumptions in the following table represent the rates used to develop the actuarial present value of projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.
 
 
Retirement Plans
 
Other Benefit Plans
 
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Worldwide Benefit Plans
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.78
%
 
4.78
%
 
4.25
%
 
4.31
%
 
5.25
%
 
4.55
%
Expected long-term rate of return on plan assets
 
8.53
%
 
8.46
%
 
8.45
%
 
 
 
 
 
 
Rate of increase in compensation levels
 
4.05
%
 
4.08
%
 
4.08
%
 
4.11
%
 
4.29
%
 
4.28
%
Assumed health care cost trend rates
The following table displays the assumed health care cost trend rates, for all individuals:
Health Care Plans
 
2014
 
2013
Health care cost trend rate assumed for next year
 
6.00
%
 
6.50
%
Rate to which the cost trend rate is assumed to decline (ultimate trend)
 
4.50
%
 
4.50
%
Year the rate reaches the ultimate trend rate
 
2032

 
2032
Effect of one percentage point change in assumed health care cost trend rates
A one-percentage-point change in assumed health care cost trend rates would have the following effect:
 
 
One-Percentage-
 
One-Percentage-
(Dollars in Millions)
 
Point Increase
 
Point Decrease
Health Care Plans
 
 

 
 

Total interest and service cost
 
$
45

 
$
(34
)
Post-retirement benefit obligation
 
560

 
(444
)
Schedule of Net Funded Status
The following table sets forth information related to the benefit obligation and the fair value of plan assets at year-end 2014 and 2013 for the Company’s defined benefit retirement plans and other post-retirement plans:
 
 
Retirement Plans
 
Other Benefit Plans
(Dollars in Millions)
 
2014
 
2013
 
2014
 
2013
Change in Benefit Obligation
 
 
 
 
 
 
 
 
Projected benefit obligation — beginning of year
 
$
21,488

 
21,829

 
4,407

 
4,159

Service cost
 
882

 
906

 
211

 
196

Interest cost
 
1,018

 
908

 
197

 
151

Plan participant contributions
 
59

 
54

 
—

 
—

Amendments
 
(60
)
 
35

 
(254
)
 
7

Actuarial (gains) losses
 
5,395

 
(1,432
)
 
1,030

 
296

Divestitures & acquisitions
 
(121
)
 
8

 
—

 
—

Curtailments, settlements & restructuring
 
(53
)
 
(15
)
 
—

 
(11
)
Benefits paid from plan
 
(813
)
 
(751
)
 
(493
)
 
(373
)
Effect of exchange rates
 
(906
)
 
(54
)
 
(17
)
 
(18
)
Projected benefit obligation — end of year
 
$
26,889

 
21,488

 
5,081

 
4,407

Change in Plan Assets
 
 
 
 
 
 
 
 
Plan assets at fair value — beginning of year
 
$
20,901

 
17,536

 
87

 
122

Actual return on plan assets
 
2,078

 
3,573

 
8

 
15

Company contributions
 
1,176

 
565

 
477

 
323

Plan participant contributions
 
59

 
54

 
—

 
—

Settlements
 
(40
)
 
(4
)
 
—

 
—

Divestitures & acquisitions
 
(109
)
 
9

 
—

 
—

Benefits paid from plan assets
 
(813
)
 
(751
)
 
(493
)
 
(373
)
Effect of exchange rates
 
(677
)
 
(81
)
 
—

 
—

Plan assets at fair value — end of year
 
$
22,575

 
20,901

 
79

 
87

Funded status — end of year
 
$
(4,314
)
 
(587
)
 
(5,002
)
 
(4,320
)
Amounts Recognized in the Company’s Balance Sheet consist of the following:
 
 
 
 
 
 
 
 
Non-current assets
 
$
233

 
2,363

 
$
—

 
—

Current liabilities
 
(74
)
 
(71
)
 
(309
)
 
(302
)
Non-current liabilities
 
(4,473
)
 
(2,879
)
 
(4,693
)
 
(4,018
)
Total recognized in the consolidated balance sheet — end of year
 
$
(4,314
)
 
(587
)
 
$
(5,002
)
 
(4,320
)
Amounts Recognized in Accumulated Other Comprehensive Income consist of the following:
 
 
 
 
 
 
 
 
Net actuarial loss
 
$
7,547

 
3,344

 
$
2,611

 
1,732

Prior service cost (credit)
 
(33
)
 
26

 
(225
)
 
(6
)
Unrecognized net transition obligation
 
1

 
2

 
—

 
—

Total before tax effects
 
$
7,515

 
3,372

 
$
2,386

 
1,726

 
 
 
 
 
 
 
 
 
Accumulated Benefit Obligations — end of year
 
$
23,816

 
19,203

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retirement Plans
 
Other Benefit Plans
(Dollars in Millions)
 
2014
 
2013
 
2014
 
2013
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
 
 
 
 
 
 
 
 
Net periodic benefit cost
 
$
743

 
1,055

 
$
503

 
452

Net actuarial (gain) loss
 
4,942

 
(3,559
)
 
1,015

 
248

Amortization of net actuarial loss
 
(460
)
 
(681
)
 
(136
)
 
(111
)
Prior service cost (credit)
 
(60
)
 
34

 
(253
)
 
8

Amortization of prior service (cost) credit
 
(6
)
 
(13
)
 
34

 
—

Effect of exchange rates
 
(273
)
 
(6
)
 
—

 
(6
)
Total recognized in other comprehensive income, before tax
 
$
4,143

 
(4,225
)
 
$
660

 
139

Total recognized in net periodic benefit cost and other comprehensive income
 
$
4,886

 
(3,170
)
 
$
1,163

 
591
Information related to the benefit obligation and the fair value of plan assets
The following table displays the funded status of the Company's U.S. Qualified & Non-Qualified pension plans and international funded and unfunded pension plans at December 28, 2014 and December 29, 2013, respectively:

 
U.S. Plans
International Plans
 
Qualified Plans
Non-Qualified Plans
Funded Plans
Unfunded Plans
(Dollars in Millions)
2014
2013
2014
2013
2014
2013
2014
2013
Plan Assets
$
15,201

13,990

—

—

7,374

6,911

—

—

Projected Benefit Obligation
15,571

11,921

1,683

1,296

9,203

7,797

432

474

Accumulated Benefit Obligation
13,875

10,745

1,363

1,065

8,205

6,974

373

419

Over (Under) Funded Status
 
 
 
 
 
 
 
 
Projected Benefit Obligation
$
(370
)
2,069

(1,683
)
(1,296
)
(1,829
)
(886
)
(432
)
(474
)
Accumulated Benefit Obligation
1,326

3,245

(1,363
)
(1,065
)
(831
)
(63
)
(373
)
(419
)
Projected future benefit payments from company's retirement and other benefit plans
The following table displays the projected future benefit payments from the Company’s retirement and other benefit plans:
(Dollars in Millions)
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020-2024
Projected future benefit payments
 
 
 
 
 
 
 
 
 
 
 
 
Retirement plans
 
$
793

 
813

 
868

 
907

 
963

 
5,858

Other benefit plans 
 
$
316

 
309

 
306

 
303

 
300

 
1,475
Projected future minimum contributions to the Company's U.S. and international unfunded retirement plans
The following table displays the projected future minimum contributions to the unfunded retirement plans. These amounts do not include any discretionary contributions that the Company may elect to make in the future.
(Dollars in Millions)
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020-2024
Projected future contributions
 
$
74

 
75

 
78

 
84

 
89

 
531
Company' retirement plan asset allocation and target allocations
The Company’s retirement plan asset allocation at the end of 2014 and 2013 and target allocations for 2015 are as follows:
 
 
Percent of
Plan Assets
 
Target
Allocation
 
 
2014
 
2013
 
2015
Worldwide Retirement Plans
 
 
 
 
 
 
Equity securities
 
77
%
 
76
%
 
73
%
Debt securities
 
23

 
24

 
27

Total plan assets
 
100
%
 
100
%
 
100
%
Schedule of Defined Benefit Plans Disclosures
The following table sets forth the Retirement Plans' investments measured at fair value as of December 28, 2014 and December 29, 2013:
 
 
Quoted Prices
in Active
Markets for
Identical Assets
 
Significant
Other
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
 
 
 
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total Assets
(Dollars in Millions)
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Short-term investment funds
 
$
168

 
304

 
551

 
561

 
—

 
—

 
719

 
865

Government and agency securities
 
—

 
—

 
1,934

 
1,965

 
—

 
—

 
1,934

 
1,965

Debt instruments
 
—

 
—

 
1,143

 
1,215

 
1

 
1

 
1,144

 
1,216

Equity securities
 
11,204

 
10,526

 
21

 
23

 
—

 
4

 
11,225

 
10,553

Commingled funds
 
—

 
—

 
7,205

 
5,846

 
46

 
44

 
7,251

 
5,890

Insurance contracts
 
—

 
—

 
—

 
2

 
24

 
23

 
24

 
25

Other assets
 
1

 
4

 
214

 
314

 
63

 
69

 
278

 
387

Investments at fair value
 
$
11,373

 
10,834

 
11,068

 
9,926

 
134

 
141

 
22,575

 
20,901
Summary of changes in the fair value of the Plan's Level 3 assets
The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 assets for the years ended December 28, 2014 and December 29, 2013:
(Dollars in Millions)
 
Debt Instruments
 
Equity Securities
 
Commingled Funds
 
Insurance Contracts
 
Other Assets
 
Total Level 3
Balance December 30, 2012
 
$
3

 
4

 
50

 
24

 
69

 
150

Realized gains (losses)
 
—

 
—

 
—

 
—

 
(5
)
 
(5
)
Unrealized gains (losses)
 
—

 
(1
)
 
—

 
(1
)
 
—

 
(2
)
Purchases, sales, issuances and settlements, net
 
(2
)
 
1

 
(6
)
 
—

 
5

 
(2
)
Balance December 29, 2013
 
1

 
4

 
44

 
23

 
69

 
141

Realized gains (losses)
 
—

 
—

 
—

 
—

 
(5
)
 
(5
)
Unrealized gains (losses)
 
—

 
—

 
2

 
—

 
—

 
2

Purchases, sales, issuances and settlements, net
 
—

 
—

 
(2
)
 
3

 
(1
)
 
—

Transfers in/out and exchange rate changes
 
—

 
(4
)
 
2

 
(2
)
 
—

 
(4
)
Balance December 28, 2014
 
$
1

 
—

 
46

 
24

 
63

 
134