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Pensions and other benefit plans (Tables)
 12 Months Ended
Dec. 29, 2024
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost
Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans for 2024, 2023 and 2022 include the following components:
Retirement PlansOther Benefit Plans
(Dollars in Millions)202420232022202420232022
Service cost$9488931,319277264320
Interest cost1,4021,437908209214104
Expected return on plan assets(2,560)(2,716)(2,756)(7)(7)(8)
Amortization of prior service cost (184)(184)(184)(2)(2)(5)
Recognized actuarial losses (gains)174(199)6505323122
Curtailments and settlements(2)931—(5)—
Net periodic benefit cost (credit)$(222)(676)(62)530487533
Rates Used to Develop Actuarial Present Value of Projected Benefit Obligation
The following table represents the weighted-average actuarial assumptions:
Retirement PlansOther Benefit Plans
Worldwide Benefit Plans202420232022202420232022
Net Periodic Benefit Cost
Service cost discount rate4.39 %4.85 2.46 5.09 5.40 2.59 
Interest cost discount rate4.95 %5.25 2.80 5.12 5.43 2.64 
Rate of increase in compensation levels3.70 %3.71 4.02 4.22 4.22 4.21 
Expected long-term rate of return on plan assets7.25 %7.21 7.25 
Benefit Obligation
Discount rate4.95 %4.58 5.01 5.54 5.11 5.42 
Rate of increase in compensation levels3.70 %3.69 4.00 4.22 4.22 4.21 
Assumed Health Care Cost Trend Rates
The following table displays the assumed healthcare cost trend rates, for all individuals:
Healthcare Plans20242023
Healthcare cost trend rate assumed for next year9.33 %13.90 %
Rate to which the cost trend rate is assumed to decline (ultimate trend)4.02 %4.00 %
Year the rate reaches the ultimate trend rate2048 2048 
Schedule of Net Funded Status
The following table sets forth information related to the benefit obligation and the fair value of plan assets at fiscal year-end 2024 and 2023 for the Company’s defined benefit retirement plans and other post-retirement plans:
Retirement PlansOther Benefit Plans
(Dollars in Millions)2024202320242023
Change in Benefit Obligation
Projected benefit obligation — beginning of year$31,74429,3904,1084,192
Service cost948893277264
Interest cost1,4021,437209214
Plan participant contributions7573——
Amendments—(6)——
Actuarial (gains) losses(1)
(1,245)2,068398469
Divestitures & acquisitions(2)
—(352)—1
Curtailments, settlements & restructuring(121)(238)—(332)
Benefits paid from plan(3)
(1,801)(2,122)(556)(702)
Effect of exchange rates(685)601(11)2
Projected benefit obligation — end of year$30,31731,7444,4254,108
Change in Plan Assets
Plan assets at fair value — beginning of year$33,60731,4968678
Actual return (loss) on plan assets2,1133,9511516
Company contributions229268548694
Plan participant contributions7573——
Settlements(114)(176)——
Divestitures & acquisitions(2)
—(509)——
Benefits paid from plan assets(3)
(1,801)(2,122)(556)(702)
Effect of exchange rates(714)626——
Plan assets at fair value — end of year$33,39533,6079386
Funded status — end of year$3,0781,863(4,332)(4,022)
Amounts Recognized in the Company’s Balance Sheet consist of the following:
Non-current assets$6,0464,992——
Current liabilities(136)(119)(453)(416)
Non-current liabilities(2,832)(3,010)(3,879)(3,606)
Total recognized in the consolidated balance sheet — end of year$3,0781,863(4,332)(4,022)
Amounts Recognized in Accumulated Other Comprehensive Income consist of the following:
Net actuarial loss$3,9034,962691354
Prior service cost (credit)(1,051)(1,236)(4)(6)
Unrecognized net transition obligation———
Total before tax effects$2,8523,726687348
Accumulated Benefit Obligations — end of year$28,88330,139
(1)The actuarial (gains)/losses for retirement plans in 2024 and 2023 were primarily driven by changes in the discount rates.
(2)Driven by the Kenvue separation.
(3)The fiscal years 2024 and 2023 includes approximately $400 million and $800 million, respectively, transferred to a group annuity contract issued by a third-party insurer for the U.S. Salaried Pension Plan.
Retirement PlansOther Benefit Plans
(Dollars in Millions)2024202320242023
Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income
Net periodic benefit cost (credit)$(222)(676)530487
Net actuarial (gain) loss(807)711389136
Amortization of net actuarial loss(172)199(53)(22)
Prior service cost (credit)—(2)——
Amortization of prior service (cost) credit18418522
Effect of exchange rates(79)1031—
Total loss/(income) recognized in other comprehensive income, before tax$(874)1,195339116
Total recognized in net periodic benefit cost and other comprehensive income$(1,096)519869603
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 31, 2024 and December 31, 2023, respectively:
U.S. PlansInternational Plans
Qualified PlansNon-Qualified PlansFunded PlansUnfunded Plans
(Dollars in Millions)20242023202420232024202320242023
Plan Assets$22,25022,298——11,14511,309——
Projected Benefit Obligation18,14619,1521,9902,03710,06910,431112124
Accumulated Benefit Obligation17,72618,5571,9491,9829,1159,49893102
Over (Under) Funded Status
Projected Benefit Obligation$4,1043,146(1,990)(2,037)1,076878(112)(124)
Accumulated Benefit Obligation4,5243,741(1,949)(1,982)2,0301,811(93)(102)
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)202520262027202820292030-2034
Projected future benefit payments
Retirement plans$1,4801,5031,6041,7021,79710,401
Other benefit plans $4644784324454622,537
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)202520262027202820292030-2034
Projected future contributions$133135140145150815
Company' Retirement Plan Asset Allocation and Target Allocations
The Company’s retirement plan asset allocation at the end of 2024 and 2023 and target allocations for 2025 are as follows:
Percent of
Plan Assets		Target
Allocation
Worldwide Retirement Plans202420232025
Equity securities55 %58 %54 %
Debt securities45 42 46 
Total plan assets100 %100 %100 %
Schedule of Defined Benefit Plans Disclosures
The following table sets forth the Retirement Plans' investments measured at fair value as of December 31, 2024 and December 31, 2023:
Quoted Prices
in Active
Markets for
Identical Assets		Significant
Other
Observable
Inputs
Significant
Unobservable
Inputs(1)
Investments
Measured at Net
Asset Value
(Level 1)(Level 2)(Level 3)Total Assets
(Dollars in Millions)2024202320242023202420232024202320242023
Short-term investment funds$— 12511829————511841
Government and agency securities——7,8855,985————7,8855,985
Debt instruments——2,3213,899————2,3213,899
Equity securities7,1447,764——————7,1447,764
Commingled funds——5,0044,96737436,1906,67211,23111,682
Other assets——8849128924,0873,2954,3033,436
Investments at fair value$7,144 7,77615,80915,72916513510,2779,96733,39533,607
(1)The activity for the Level 3 assets is not significant for all years presented.