Annual report pursuant to Section 13 and 15(d)

Retirement Benefit Plans (Tables)

v3.8.0.1
Retirement Benefit Plans (Tables)
12 Months Ended
Dec. 30, 2017
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,
2017
 
Dec 31,
2016
Changes in projected benefit obligation:
 
 
 
 
Beginning projected benefit obligation
 
$
3,640

 
$
3,130

Service cost
 
84

 
130

Interest cost
 
117

 
106

Actuarial (gain) loss
 
24

 
575

Currency exchange rate changes
 
281

 
(80
)
Plan curtailments
 
(162
)
 
17

Plan settlements
 
(101
)
 
(202
)
Other
 
(41
)
 
(36
)
Ending projected benefit obligation1
 
3,842

 
3,640

 
 
 
 
 
Changes in fair value of plan assets:
 
 
 
 
Beginning fair value of plan assets
 
1,696

 
1,638

Actual return on plan assets
 
136

 
81

Employer contributions
 
471

 
416

Currency exchange rate changes
 
124

 
(26
)
Plan settlements
 
(101
)
 
(202
)
Benefits paid to plan participants
 
(42
)
 
(84
)
Other
 
3

 
(127
)
Ending fair value of plan assets2
 
2,287

 
1,696

 
 
 
 
 
Amounts recognized in the consolidated balance sheet3
 
$
1,555

 
$
1,944

 
 
 
 
 
Accumulated other comprehensive loss (income), before tax4
 
$
1,257

 
$
1,603

 
 
 
 
 
Accumulated benefit obligation5
 
$
3,423

 
$
2,976

Schedule of Assumptions Used [Table Text Block]
ASSUMPTIONS FOR PENSION BENEFIT PLANS
 
 
Dec 30,
2017
 
Dec 31,
2016
Weighted average actuarial assumptions used to determine benefit obligations
 
 
 
 
Discount rate
 
3.0
%
 
3.2
%
Rate of compensation increase
 
3.3
%
 
3.6
%
 
 
2017
 
2016
 
2015
Weighted average actuarial assumptions used to determine costs
 
 
 
 
 
 
Discount rate
 
3.2
%
 
3.3
%
 
3.1
%
Expected long-term rate of return on plan assets
 
4.6
%
 
5.5
%
 
5.9
%
Rate of compensation increase
 
3.6
%
 
3.8
%
 
3.9
%
Schedule of Allocation of Plan Assets [Table Text Block]
PENSION PLAN ASSETS
 
 
December 30, 2017
 
Dec 31,
2016
 
 
Fair Value Measured at Reporting Date Using
 
 
 
 
(In Millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Total
Equity securities
 
$
451

 
$

 
$
22

 
$
473

 
$
328

Fixed income
 
45

 
326

 
94

 
465

 
304

Other investments
 
19

 

 

 
19

 

Assets measured by fair value hierarchy
 
$
515

 
$
326

 
$
116

 
$
957

 
$
632

Assets measured at net asset value
 
 
 
 
 
 
 
1,208

 
1,044

Cash and cash equivalents
 
 
 
 
 
 
 
122

 
20

Total pension plan assets at fair value
 
 
 
 
 
 
 
$
2,287

 
$
1,696

Postretirement Health Coverage [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
The estimated benefit payments for this plan over the next 10 fiscal years are as follows:
(In Millions)
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023-2027
Postretirement Medical Benefits
 
$
28

 
$
29

 
$
30

 
$
31

 
$
32

 
$
179

Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
Estimated benefit payments over the next 10 fiscal years are as follows:
(In Millions)
 
2018
 
2019
 
2020
 
2021
 
2022
 
2023-2027
Pension benefits
 
$
125

 
$
117

 
$
115

 
$
121

 
$
124

 
$
673