Retirement Benefit Plans (Tables)
|
12 Months Ended |
Dec. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
|
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] |
The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Dec 30, 2023 |
|
Dec 31, 2022 |
Changes in projected benefit obligation: |
|
|
|
|
Beginning projected benefit obligation |
|
$ |
2,705
|
|
|
$ |
4,456
|
|
Service cost |
|
36 |
|
|
58 |
|
Interest cost |
|
127 |
|
|
91 |
|
Actuarial (gain) loss |
|
57 |
|
|
(1,500) |
|
Currency exchange rate changes |
|
38 |
|
|
(233) |
|
|
|
|
|
|
Plan settlements |
|
(103) |
|
|
(96) |
|
Other |
|
(35) |
|
|
(71) |
|
Ending projected benefit obligation1
|
|
2,825
|
|
|
2,705
|
|
|
|
|
|
|
Changes in fair value of plan assets: |
|
|
|
|
Beginning fair value of plan assets |
|
2,130
|
|
|
2,817
|
|
Actual return on plan assets |
|
151 |
|
|
(478) |
|
Currency exchange rate changes |
|
34 |
|
|
(102) |
|
|
|
|
|
|
Plan settlements |
|
(103) |
|
|
(96) |
|
Other |
|
— |
|
|
(11) |
|
Ending fair value of plan assets2
|
|
2,212
|
|
|
2,130
|
|
|
|
|
|
|
Net unfunded status |
|
$ |
613
|
|
|
$ |
575
|
|
|
|
|
|
|
Amounts recognized in the Consolidated Balance Sheets |
|
|
|
|
Other long-term assets |
|
$ |
62 |
|
|
$ |
74 |
|
Other long-term liabilities |
|
$ |
675 |
|
|
$ |
649 |
|
Accumulated other comprehensive loss (income), before tax3
|
|
$ |
410 |
|
|
$ |
406 |
|
|
|
|
|
|
Accumulated benefit obligation |
|
$ |
2,706 |
|
|
$ |
2,507 |
|
1 The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 30, 2023 and December 31, 2022.
2 The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 30, 2023 and December 31, 2022.
3 The accumulated other comprehensive loss (income), before tax, was approximately 70% in the US and 30% outside of the US as of December 30, 2023 (approximately 90% in the US and 10% outside of the US as of December 31, 2022).
|
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 30, 2023 |
|
Dec 31, 2022 |
Plan with accumulated benefit obligation in excess of plan assets |
|
|
|
|
Accumulated benefit obligation |
|
$ |
1,857 |
|
|
$ |
559 |
|
Plan assets |
|
$ |
1,301 |
|
|
$ |
97 |
|
|
|
|
|
|
Plan with projected benefit obligation in excess of plan assets |
|
|
|
|
Projected benefit obligation |
|
$ |
1,976 |
|
|
$ |
1,048 |
|
Plan assets |
|
$ |
1,301 |
|
|
$ |
399 |
|
|
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 30, 2023 |
|
Dec 31, 2022 |
Plan with accumulated benefit obligation in excess of plan assets |
|
|
|
|
Accumulated benefit obligation |
|
$ |
1,857 |
|
|
$ |
559 |
|
Plan assets |
|
$ |
1,301 |
|
|
$ |
97 |
|
|
|
|
|
|
Plan with projected benefit obligation in excess of plan assets |
|
|
|
|
Projected benefit obligation |
|
$ |
1,976 |
|
|
$ |
1,048 |
|
Plan assets |
|
$ |
1,301 |
|
|
$ |
399 |
|
|
Defined Benefit Plan, Assumptions [Table Text Block] |
Assumptions for Pension Benefit Plans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 30, 2023 |
|
Dec 31, 2022 |
Weighted average actuarial assumptions used to determine benefit obligations |
|
|
|
|
Discount rate |
|
4.5 |
% |
|
4.9 |
% |
Rate of compensation increase |
|
3.3 |
% |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
2021 |
Weighted average actuarial assumptions used to determine costs |
|
|
|
|
|
|
Discount rate |
|
4.9 |
% |
|
2.2 |
% |
|
1.9 |
% |
Expected long-term rate of return on plan assets |
|
5.0 |
% |
|
3.2 |
% |
|
2.7 |
% |
Rate of compensation increase |
|
3.7 |
% |
|
3.2 |
% |
|
3.2 |
% |
|
Schedule of Allocation of Plan Assets [Table Text Block] |
Pension Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 30, 2023 |
|
Dec 31, 2022 |
|
|
Fair Value Measured at Reporting Date Using |
|
|
|
|
(In Millions) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Total |
Equity securities |
|
$ |
— |
|
|
$ |
383 |
|
|
$ |
— |
|
|
$ |
383 |
|
|
$ |
297 |
|
Fixed income |
|
— |
|
|
139 |
|
|
25 |
|
|
164 |
|
|
130 |
|
Assets measured by fair value hierarchy |
|
$ |
—
|
|
|
$ |
522
|
|
|
$ |
25
|
|
|
$ |
547
|
|
|
$ |
427
|
|
Assets measured at net asset value |
|
|
|
|
|
|
|
1,648 |
|
|
1,683 |
|
Cash and cash equivalents |
|
|
|
|
|
|
|
17 |
|
|
20 |
|
Total pension plan assets at fair value |
|
|
|
|
|
|
|
$ |
2,212
|
|
|
$ |
2,130
|
|
|
Postretirement Health Coverage [Member] |
|
Defined Benefit Plan Disclosure [Line Items] |
|
Schedule of Expected Benefit Payments [Table Text Block] |
As of December 30, 2023, the estimated benefit payments for this plan over the next 10 years are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029-2033 |
Postretirement medical benefits |
|
$ |
34 |
|
|
$ |
35 |
|
|
$ |
35 |
|
|
$ |
35 |
|
|
$ |
36 |
|
|
$ |
187 |
|
|
Pension Plan [Member] |
|
Defined Benefit Plan Disclosure [Line Items] |
|
Schedule of Expected Benefit Payments [Table Text Block] |
As of December 30, 2023, estimated benefit payments over the next 10 years are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
2029-2033 |
Pension benefits |
|
$ |
95 |
|
|
$ |
97 |
|
|
$ |
101 |
|
|
$ |
106 |
|
|
$ |
109 |
|
|
$ |
638 |
|
|