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RETIREMENT BENEFITS (Tables)
 12 Months Ended
Jan. 03, 2025
Retirement Benefits [Abstract]  
Schedule of Fair Value of Deferred Compensation Plan Investments and Liabilities by Category and Fair Value Hierarchy Level The following table provides the fair value
of our deferred compensation plan investments and liabilities by category and by fair value hierarchy level:
January 3, 2025
December 29, 2023
(In millions)
Total
Level 1
Total
Level 1
Assets
Deferred compensation plan assets:(1)
Equity and fixed income securities
$219
$219
$106
$106
Investments measured at NAV:
Corporate-owned life insurance
41
37
Total fair value of deferred compensation plan assets
$260
$143
Liabilities
Deferred compensation plan liabilities:(2)
Equity securities and mutual funds
$10
$10
$18
$18
Investments measured at NAV:
Common/collective trusts and guaranteed
investment contracts
357
274
Total fair value of deferred compensation plan liabilities
$367
$292
_______________
(1)Represents diversified assets held in rabbi trusts primarily associated with our non-qualified deferred compensation plans, which are
measured at fair value and included in the “Other current assets” and “Other non-current assets” line items in our Consolidated Balance
Sheet. In fiscal 2024, we contributed $100 million to our rabbi trust assets.
(2)Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the
“Compensation and benefits” and “Other long-term liabilities” line items in our Consolidated Balance Sheet. Under these plans, participants
designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of
their accounts.
Schedule of Roll-forward of Projected Benefit Obligation The following table summarizes the funded status of our defined benefit plans:
 
January 3, 2025
December 29, 2023
(In millions)
Pension
Other
Benefits
Total
Pension
Other
Benefits
Total
Change in benefit obligation
PBO at beginning of fiscal year
$8,563
$231
$8,794
$7,494
$228
$7,722
Service cost
34
2
36
33
2
35
Interest cost
394
10
404
386
11
397
Actuarial (gain) loss
(374)
(4)
(378)
280
(1)
279
Benefits paid(1)
(967)
(22)
(989)
(568)
(23)
(591)
Expenses paid
(19)
—
(19)
(34)
—
(34)
Currency translation adjustment
(24)
(1)
(25)
10
—
10
Acquisitions(2)
—
—
—
960
14
974
Other
(12)
(1)
(13)
2
—
2
PBO at end of fiscal year
$7,595
$215
$7,810
$8,563
$231
$8,794
Change in plan assets
Plan assets at beginning of fiscal year
$8,595
$265
$8,860
$7,411
$242
$7,653
Actual return on plan assets
700
22
722
1,004
37
1,041
Employer contributions
45
9
54
20
9
29
Benefits paid(1)
(967)
(22)
(989)
(568)
(23)
(591)
Expenses paid
(19)
—
(19)
(34)
—
(34)
Currency translation adjustment
(31)
—
(31)
12
—
12
Acquisitions(2)
—
—
—
749
—
749
Other
2
—
2
1
—
1
Plan assets at end of fiscal year
$8,325
$274
$8,599
$8,595
$265
$8,860
Funded status at end of fiscal year
$730
$59
$789
$32
$34
$66
_______________
(1)Fiscal 2024 includes approximately $333 million associated with the purchase of group annuity policies and transfer of plan assets to an
insurance company. The transaction is reflected in this caption as settlement accounting had not been met.
(2)PBO assumed and plan assets acquired in the AJRD acquisition. Net defined benefit plan liability is included in our “Other long-term
liabilities” and “Compensation and benefits” line items in “Acquisition of AJRD” section of Note 13: Acquisitions and Divestitures.
Schedule of Roll-forward of Plan Assets The following table summarizes the funded status of our defined benefit plans:
 
January 3, 2025
December 29, 2023
(In millions)
Pension
Other
Benefits
Total
Pension
Other
Benefits
Total
Change in benefit obligation
PBO at beginning of fiscal year
$8,563
$231
$8,794
$7,494
$228
$7,722
Service cost
34
2
36
33
2
35
Interest cost
394
10
404
386
11
397
Actuarial (gain) loss
(374)
(4)
(378)
280
(1)
279
Benefits paid(1)
(967)
(22)
(989)
(568)
(23)
(591)
Expenses paid
(19)
—
(19)
(34)
—
(34)
Currency translation adjustment
(24)
(1)
(25)
10
—
10
Acquisitions(2)
—
—
—
960
14
974
Other
(12)
(1)
(13)
2
—
2
PBO at end of fiscal year
$7,595
$215
$7,810
$8,563
$231
$8,794
Change in plan assets
Plan assets at beginning of fiscal year
$8,595
$265
$8,860
$7,411
$242
$7,653
Actual return on plan assets
700
22
722
1,004
37
1,041
Employer contributions
45
9
54
20
9
29
Benefits paid(1)
(967)
(22)
(989)
(568)
(23)
(591)
Expenses paid
(19)
—
(19)
(34)
—
(34)
Currency translation adjustment
(31)
—
(31)
12
—
12
Acquisitions(2)
—
—
—
749
—
749
Other
2
—
2
1
—
1
Plan assets at end of fiscal year
$8,325
$274
$8,599
$8,595
$265
$8,860
Funded status at end of fiscal year
$730
$59
$789
$32
$34
$66
_______________
(1)Fiscal 2024 includes approximately $333 million associated with the purchase of group annuity policies and transfer of plan assets to an
insurance company. The transaction is reflected in this caption as settlement accounting had not been met.
(2)PBO assumed and plan assets acquired in the AJRD acquisition. Net defined benefit plan liability is included in our “Other long-term
liabilities” and “Compensation and benefits” line items in “Acquisition of AJRD” section of Note 13: Acquisitions and Divestitures.
Schedule of Funded Status of Defined Benefit Plans and Balance Sheet Information The following table summarizes amounts recognized in our Consolidated Balance Sheet:
 
January 3, 2025
December 29, 2023
(In millions)
Pension
Other
Benefits
Total
Pension
Other
Benefits
Total
Assets of business held for sale
$8
$—
$8
$4
$—
$4
Other non-current assets
873
113
986
193
96
289
Compensation and benefits
(12)
(6)
(18)
(12)
(7)
(19)
Other long-term liabilities
(139)
(48)
(187)
(153)
(55)
(208)
Schedule of Pre-tax Amounts Recognized in Other Comprehensive Income (Loss) The following table summarizes pre-tax amounts recognized in the “Accumulated other comprehensive income
(loss)” line item in our Consolidated Balance Sheet:
 
January 3, 2025
December 29, 2023
(In millions)
Pension
Other
Benefits
Total
Pension
Other
Benefits
Total
Actuarial (gain) loss
$(245)
$(86)
$(331)
$162
$(98)
$64
Net prior service (credit) cost
(144)
2
(142)
(157)
4
(153)
Total recognized in accumulated other
comprehensive income (loss), pre-tax
$(389)
$(84)
$(473)
$5
$(94)
$(89)
Schedule of Accumulated Benefit Obligations The following table provides information for our defined benefit plans with PBO in excess of plan assets:
January 3, 2025
December 29, 2023
(In millions)
Pension
Other
Benefits
Pension
Other
Benefits
PBO
154
55
226
62
Fair value of plan assets
3
—
60
—
The following table provides information
for our defined benefit plans with ABO in excess of plan assets:
January 3, 2025
December 29, 2023
(In millions)
Pension
Other
Benefits
Pension
Other
Benefits
ABO
$153
N/A
$225
N/A
Fair value of plan assets
3
N/A
60
N/A
Schedule of Components of Net Benefit Income The following table provides the components of net periodic benefit income and other amounts recognized in
other comprehensive income:
Fiscal Year Ended
January 3, 2025
December 29, 2023
December 30, 2022
(In millions)
Pension
Other
Benefits
Pension
Other
Benefits
T
o
t
a
l
Pension
Other
Benefits
Net periodic benefit income
Operating
Service cost
$34
$2
$33
$2
$44
$2
Non-operating
Interest cost
394
10
386
11
220
7
Expected return on plan assets
(660)
(20)
(633)
(20)
(624)
(20)
Amortization of net actuarial (gain) loss
(4)
(17)
(9)
(20)
9
(7)
Amortization of prior service (credit) cost
(26)
1
(26)
1
(27)
1
Non-service cost periodic benefit income
(296)
(26)
(282)
(28)
(422)
(19)
Net periodic benefit income
$(262)
$(24)
$(249)
$(26)
$(378)
$(17)
Other changes in plan assets and benefit obligations recognized in other comprehensive income
Net actuarial (gain) loss
$(414)
$(7)
$(90)
$(18)
$42
$(34)
Prior service (credit) cost
(14)
—
—
—
8
—
Amortization of net actuarial gain (loss)
4
17
9
20
(9)
7
Amortization of prior service credit (cost)
26
(1)
26
(1)
27
(1)
Currency translation adjustment
4
—
—
—
1
—
Total change recognized in other
comprehensive income
(394)
9
(55)
1
69
(28)
Total impact from net periodic benefit
income and changes in other
comprehensive income
$(656)
$(15)
$(304)
$(25)
$(309)
$(45)
Schedule of Weighted-average Assumptions Used The following table presents the weighted-average assumptions used to determine the benefit
obligation:
January 3, 2025
December 29, 2023
Pension(1)
Other
Benefits
Pension
Other
Benefits
Discount rate
5.46%
5.38%
4.91%
4.87%
Rate of future compensation increase
3.01%
N/A
3.01%
N/A
Cash balance interest crediting rate
4.50%
N/A
4.50%
N/A
_______________
(1)Key assumptions for our Consolidated Pension Plan include a discount rate of 5.49%, cash balance interest crediting rate of 4.50% and a
4.25% interest crediting rate for the frozen pension equity benefit.
The following table presents the weighted-average assumptions used to determine net periodic benefit income:
Fiscal Year Ended
January 3, 2025
December 29, 2023
December 30, 2022
Pension(1)
Other
Benefits
Pension
Other
Benefits
Pension
Other
Benefits
Discount rate to determine service cost
4.92%
5.00%
5.18%
5.26%
2.69%
2.91%
Discount rate to determine interest cost
4.80%
4.78%
5.08%
5.06%
2.27%
2.06%
Expected return on plan assets
7.45%
7.50%
7.46%
7.50%
7.44%
7.50%
Rate of future compensation increase
3.01%
N/A
3.01%
N/A
3.01%
N/A
Cash balance interest crediting rate
4.50%
N/A
4.00%
N/A
3.50%
N/A
_______________
(1)Key assumptions for our Consolidated Pension Plan include expected return on plan assets of 7.50%, which is being maintained at 7.50% for
fiscal 2025.
Schedule of Strategic Target Assets Allocation and Fair Value of Plan Assets The following table provides the current strategic target asset allocation ranges by asset category:
 
Target Asset Allocation
Equity investments
30%
—
45%
Fixed income investments
30%
—
50%
Alternative investments
10%
—
30%
Cash and cash equivalents
0%
—
10%
The following tables provide the fair value of plan assets held by our defined benefit plans by asset category
and by fair value hierarchy level:
 
January 3, 2025
(In millions)
Total
Level 1
Level 2
Level 3
Asset category
Equities:
Domestic equities
$1,048
$1,048
$—
$—
International equities
968
968
—
—
Real estate investment trusts
186
186
—
—
Fixed income:
Corporate bonds
1,685
—
1,642
43
Government securities
698
—
698
—
Securitized assets
79
—
79
—
Fixed income funds
132
4
128
—
Cash and cash equivalents
498
14
484
—
Other
53
—
—
53
Total
5,347
$2,220
$3,031
$96
Investments measured at NAV:
Equity funds
1,389
Fixed income funds
106
Hedge funds
219
Private equity funds
1,127
Real asset funds
323
Other
2
Total investments measured at NAV
3,166
Receivables, net
86
Total fair value of plan assets
$8,599
December 29, 2023
(In millions)
Total
Level 1
Level 2
Level 3
Asset category
Equities:
Domestic equities
$1,294
$1,294
$—
$—
International equities
1,138
1,138
—
—
Real estate investment trusts
214
214
—
—
Fixed income:
Corporate bonds
1,457
—
1,331
126
Government securities
485
—
485
—
Securitized assets
164
—
164
—
Fixed income funds
137
4
133
—
Cash and cash equivalents
545
18
527
—
Other
61
—
—
61
Total
5,495
$2,668
$2,640
$187
Investments measured at NAV:
Equity funds
1,529
Fixed income funds
3
Hedge funds
396
Private equity funds
1,019
Real asset funds
379
Other
2
Total investments measured at NAV
3,328
Receivables, net
37
Total fair value of plan assets
$8,860
Schedule of Expected Benefit Payments The following table provides the projected timing of payments for benefits
earned to date and benefits expected to be earned for future service by current active employees under our defined
benefit plans:
(In millions)
Pension
Other
    Benefits(1)
Total
Fiscal Years:
2025
$627
$22
$649
2026
613
21
634
2027
612
21
633
2028
608
20
628
2029
603
19
622
2030 — 2034
2,867
83
2,950
_______________
(1)Projected payments for Other Benefits reflect net payments from the Company, which include subsidies that reduce the gross payments by
less than 1%.