Retirement Benefit Plans (Tables)
|
12 Months Ended |
Dec. 28, 2019 |
|---|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Schedule of Net Funded Status [Table Text Block] |
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|
|
|
|
|
|
|
|
(In Millions) |
|
Dec 28,
2019 |
|
Dec 29,
2018 |
Plans with accumulated benefit obligation in excess of plan assets |
|
|
|
|
Accumulated benefit obligation |
|
$ |
3,862 |
|
|
$ |
1,965 |
|
Plan assets |
|
$ |
2,654 |
|
|
$ |
1,106 |
|
|
|
|
|
|
Plans with projected benefit obligation in excess of plan assets |
|
|
|
|
Projected benefit obligation |
|
$ |
4,284 |
|
|
$ |
2,232 |
|
Plan assets |
|
$ |
2,654 |
|
|
$ |
1,106 |
|
|
| 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.
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(In Millions) |
|
Dec 28,
2019 |
|
Dec 29,
2018 |
Changes in projected benefit obligation: |
|
|
|
|
Beginning projected benefit obligation |
|
$ |
3,433 |
|
|
$ |
3,842 |
|
Service cost |
|
54 |
|
|
65 |
|
Interest cost |
|
113 |
|
|
113 |
|
Actuarial (gain) loss |
|
829 |
|
|
(204 |
) |
Currency exchange rate changes |
|
(2 |
) |
|
(121 |
) |
Plan curtailments |
|
— |
|
|
(150 |
) |
Plan settlements |
|
(57 |
) |
|
(74 |
) |
Other |
|
(86 |
) |
|
(38 |
) |
Ending projected benefit obligation1
|
|
4,284 |
|
|
3,433 |
|
|
|
|
|
|
Changes in fair value of plan assets: |
|
|
|
|
Beginning fair value of plan assets |
|
2,551 |
|
|
2,287 |
|
Actual return on plan assets |
|
193 |
|
|
(38 |
) |
Employer contributions |
|
30 |
|
|
480 |
|
Currency exchange rate changes |
|
3 |
|
|
(62 |
) |
Plan settlements |
|
(57 |
) |
|
(74 |
) |
Other |
|
(66 |
) |
|
(42 |
) |
Ending fair value of plan assets2
|
|
2,654 |
|
|
2,551 |
|
|
|
|
|
|
Net funded status |
|
$ |
1,630 |
|
|
$ |
882 |
|
|
|
|
|
|
Amounts recognized in the Consolidated Balance Sheets |
|
|
|
|
Other long-term assets |
|
$ |
— |
|
|
$ |
244 |
|
Other long-term liabilities |
|
$ |
1,630 |
|
|
$ |
1,126 |
|
Accumulated other comprehensive loss (income), before tax3
|
|
$ |
1,730 |
|
|
$ |
1,038 |
|
|
|
1 |
The projected benefit obligation was approximately 35% in the U.S. and 65% outside of the U.S. as of December 28, 2019 and December 29, 2018.
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|
|
2 |
The fair value of plan assets was approximately 55% in the U.S. and 45% outside of the U.S. as of December 28, 2019 and December 29, 2018.
|
3
The accumulated other comprehensive loss (income), before tax, was approximately 35% in the U.S. and 65% outside of the U.S. as of December 28, 2019 and December 29, 2018.
|
| Defined Benefit Plan, Assumptions [Table Text Block] |
ASSUMPTIONS FOR PENSION BENEFIT PLANS
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|
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|
Dec 28,
2019 |
|
Dec 29,
2018 |
Weighted average actuarial assumptions used to determine benefit obligations |
|
|
|
|
Discount rate |
|
2.3 |
% |
|
3.3 |
% |
Rate of compensation increase |
|
3.5 |
% |
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Weighted average actuarial assumptions used to determine costs |
|
|
|
|
|
|
Discount rate |
|
3.4 |
% |
|
3.0 |
% |
|
3.2 |
% |
Expected long-term rate of return on plan assets |
|
4.7 |
% |
|
4.7 |
% |
|
4.6 |
% |
Rate of compensation increase |
|
3.5 |
% |
|
3.3 |
% |
|
3.6 |
% |
|
| Schedule of Allocation of Plan Assets [Table Text Block] |
PENSION PLAN ASSETS
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|
December 28, 2019 |
|
Dec 29,
2018 |
|
|
Fair Value Measured at Reporting Date Using |
|
|
|
|
(In Millions) |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Total |
Equity securities |
|
$ |
— |
|
|
$ |
278 |
|
|
$ |
— |
|
|
$ |
278 |
|
|
$ |
261 |
|
Fixed income |
|
— |
|
|
99 |
|
|
20 |
|
|
119 |
|
|
111 |
|
Assets measured by fair value hierarchy |
|
$ |
— |
|
|
$ |
377 |
|
|
$ |
20 |
|
|
$ |
397 |
|
|
$ |
372 |
|
Assets measured at net asset value |
|
|
|
|
|
|
|
2,236 |
|
|
2,138 |
|
Cash and cash equivalents |
|
|
|
|
|
|
|
21 |
|
|
41 |
|
Total pension plan assets at fair value |
|
|
|
|
|
|
|
$ |
2,654 |
|
|
$ |
2,551 |
|
|
| 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 years are as follows:
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|
|
|
|
|
|
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|
|
|
|
(In Millions) |
|
2020 |
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025-2029 |
Postretirement Medical Benefits |
|
$ |
28 |
|
|
$ |
30 |
|
|
$ |
31 |
|
|
$ |
32 |
|
|
$ |
34 |
|
|
$ |
183 |
|
|
| Pension Plan [Member] |
|
| Defined Benefit Plan Disclosure [Line Items] |
|
| Schedule of Expected Benefit Payments [Table Text Block] |
Estimated benefit payments over the next 10 years are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
2020 |
|
2021 |
|
2022 |
|
2023 |
|
2024 |
|
2025-2029 |
Pension benefits |
|
$ |
151 |
|
|
$ |
145 |
|
|
$ |
139 |
|
|
$ |
135 |
|
|
$ |
132 |
|
|
$ |
694 |
|
|