XML 63 R46.htm IDEA: XBRL DOCUMENT v3.24.0.1
Retirement Plans (Tables)
 12 Months Ended
Dec. 30, 2023
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost (Income)
The components of net periodic benefit cost (income) and other amounts recognized in other comprehensive income (loss) (OCI) are as follows:
Pension BenefitsPostretirement Benefits
Other than Pensions
(In millions)202320222021202320222021
Net periodic benefit cost (income)
Service cost$67 $108 $116 $2 $2 $3 
Interest cost364 272 252 8 6 5 
Expected return on plan assets(610)(609)(573)— — — 
Amortization of prior service cost (credit)11 13 12 (3)(5)(5)
Amortization of net actuarial loss (gain)1 87 152 (8)(4)(2)
Net periodic benefit cost (income)*$(167)$(129)$(41)$(1)$(1)$1 
Other changes in plan assets and benefit obligations recognized in OCI
Current year actuarial loss (gain)$109 $(246)$(1,135)$(7)$(39)$(13)
Current year prior service cost7 4 20 — — — 
Amortization of net actuarial gain (loss)(1)(87)(152)8 4 2 
Amortization of prior service credit (cost)(11)(13)(12)3 5 5 
Total recognized in OCI, before taxes$104 $(342)$(1,279)$4 $(30)$(6)
Total recognized in net periodic benefit cost (income) and OCI$(63)$(471)$(1,320)$3 $(31)$(5)
* Excludes the cost associated with the defined contribution component that is included in certain of our U.S.-based defined benefit pension plans, of $11 million in 2023, 2022, and 2021.
Changes In The Projected Benefit Obligation And In The Fair Value of Plan Assets The changes in the projected benefit obligation and in the fair value of plan assets, along with our funded status, are as follows:
Pension BenefitsPostretirement Benefits
Other than Pensions
(In millions)December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Change in projected benefit obligation
Projected benefit obligation at beginning of year$6,848 $9,339 $150 $202 
Service cost67 108 2 2 
Interest cost364 272 8 6 
Plan participants’ contributions— — 3 4 
Actuarial losses (gains)330 (2,373)(7)(40)
Benefits paid(444)(448)(20)(24)
Plan amendment7 1 — — 
Foreign exchange rate changes and other33 (51)— — 
Projected benefit obligation at end of year$7,205 $6,848 $136 $150 
Change in fair value of plan assets
Fair value of plan assets at beginning of year$7,943 $9,947 
Actual return on plan assets832 (1,520)
Employer contributions36 37 
Benefits paid(444)(448)
Foreign exchange rate changes and other46 (73)
Fair value of plan assets at end of year$8,413 $7,943 
Funded status at end of year$1,208 $1,095 $(136)$(150)
Amounts Recognized In Our Balance Sheets
Amounts recognized in our balance sheets are as follows:
Pension BenefitsPostretirement Benefits
Other than Pensions
(In millions)December 30, 2023December 31, 2022December 30, 2023December 31, 2022
Non-current assets$1,569 $1,440 $— $— 
Current liabilities(28)(28)(17)(19)
Non-current liabilities(333)(317)(119)(131)
Recognized in Accumulated other comprehensive loss, pre-tax:
Net loss (gain)730 623 (69)(70)
Prior service cost (credit)42 46 (3)(6)
Pension Plans With Accumulated Benefit Obligations Exceeding The Fair Value Of Plan Assets
Pension plans with accumulated benefit obligation exceeding the fair value of plan assets are as follows:
(In millions)December 30, 2023December 31, 2022
Accumulated benefit obligation$336 $326 
Fair value of plan assets— — 
Pension Plans With Projected Benefit Obligations Exceeding The Fair Value of Plan Assets
Pension plans with projected benefit obligation exceeding the fair value of plan assets are as follows:
(In millions)December 30, 2023December 31, 2022
Projected benefit obligation$652 $597 
Fair value of plan assets292 252 
Weighted-average Assumptions Used For Pension and Postretirement Plans
The weighted-average assumptions we use for our pension and postretirement plans are as follows:
Pension BenefitsPostretirement Benefits
Other than Pensions
202320222021202320222021
Net periodic benefit cost
Discount rate5.51%2.99%2.62%5.70%2.80%2.35%
Expected long-term rate of return on assets7.14%7.10%7.10%
Rate of compensation increase3.97%3.95%3.49%
Benefit obligations at year-end
Discount rate5.19%5.51%2.99%5.40%5.70%2.80%
Rate of compensation increase3.97%3.97%3.95%
Interest crediting rate for cash balance plans5.25%5.25%5.25%
Target Allocation Ranges Our target allocation ranges are as follows:
U.S. Plan Assets
Domestic equity securities17 %to33%
International equity securities6 %to17%
Global equities5 %to17%
Debt securities27 %to38%
Real estate7 %to13%
Private investment partnerships7 %to13%
Non-U.S. Plan Assets
Equity securities55 %to75%
Debt securities25 %to45%
Real estate0% to13%
Fair Value of Total Pension Plan Assets
The fair value of our pension plan assets by major category and valuation method is as follows:
December 30, 2023December 31, 2022
(In millions)Level 1Level 2Level 3Not
Subject to
Leveling		Level 1Level 2Level 3Not
Subject to
Leveling
Cash and equivalents$231 $1 $— $— $378 $3 $— $— 
Equity securities:
Domestic2,754 — — 299 2,304 — — 225 
International1,061 — — 281 1,171 — — 230 
Mutual funds117 — — — 150 — — — 
Debt securities:
National, state and local governments679 142 — 88 332 239 — 27 
Corporate debt164 610 — 90 58 663 — 129 
Private investment partnerships— — — 1,000 — — — 1,070 
Real estate— — 508 388 — — 569 395 
Total$5,006 $753 $508 $2,146 $4,393 $905 $569 $2,076 
Reconciliation for Fair Value Measurements That Use Significant Unobservable Inputs
The table below presents a reconciliation of the fair value measurements for owned real estate properties, which use significant unobservable inputs (Level 3):
(In millions)20232022
Balance at beginning of year$569 $599 
Unrealized losses, net(60)(10)
Realized gains, net10 11 
Purchases, sales and settlements, net(11)(31)
Balance at end of year$508 $569 
Estimated Future Benefit Payments Which Reflect Expected Future Service To Be Paid By The Plans Benefit payments that we expect to pay on an undiscounted basis are as follows:
(In millions)20242025202620272028
2029-2033
Pension benefits$455 $463 $471 $480 $487 $2,501 
Postretirement benefits other than pensions17 17 16 15 14 56