Annual report pursuant to Section 13 and 15(d)

Retirement Benefit Plans (Tables)

v3.21.4
Retirement Benefit Plans (Tables)
12 Months Ended
Dec. 25, 2021
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 25, 2021 Dec 26, 2020
Changes in projected benefit obligation:
Beginning projected benefit obligation $ 4,929  $ 4,284 
Service cost 54  49 
Interest cost 91  97 
Actuarial (gain) loss (284) 373 
Currency exchange rate changes (150) 261 
Plan settlements (126) (79)
Other (58) (56)
Ending projected benefit obligation1
4,456  4,929 
Changes in fair value of plan assets:
Beginning fair value of plan assets 2,878  2,654 
Actual return on plan assets 145  203 
Currency exchange rate changes (63) 113
Plan settlements (126) (79)
Other (17) (13)
Ending fair value of plan assets2
2,817  2,878 
Net unfunded status $ 1,639  $ 2,051 
Amounts recognized in the Consolidated Balance Sheets
Other long-term liabilities $ 1,639  $ 2,051 
Accumulated other comprehensive loss (income), before tax3
$ 1,445  $ 1,911 
Accumulated benefit obligation4
$ 4,086  $ 4,429 
1    The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 25, 2021 and approximately 35% in the US and 65% outside of the US as of December 26, 2020.
2    The fair value of plan assets was approximately 50% in the US and 50% outside of the US as of December 25, 2021 and approximately 55% in the US and 45% outside of the US as of December 26, 2020.
3    The accumulated other comprehensive loss (income), before tax, was approximately 30% in the US and 70% outside of the US as of December 25, 2021 and approximately 35% in the US and 65% outside of the US as of December 26, 2020.
4    All plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets for all periods presented.
Defined Benefit Plan, Assumptions [Table Text Block]
Assumptions for Pension Benefit Plans
Dec 25, 2021 Dec 26, 2020
Weighted average actuarial assumptions used to determine benefit obligations
Discount rate 2.2  % 1.9  %
Rate of compensation increase 3.2  % 3.2  %
2021 2020 2019
Weighted average actuarial assumptions used to determine costs
Discount rate 1.9  % 2.3  % 3.4  %
Expected long-term rate of return on plan assets 2.7  % 3.3  % 4.7  %
Rate of compensation increase 3.2  % 3.2  % 3.5  %
Schedule of Allocation of Plan Assets [Table Text Block]
Pension Plan Assets
December 25, 2021 Dec 26, 2020
Fair Value Measured at Reporting Date Using
(In Millions)
Level 1
Level 2
Level 3
Total Total
Equity securities $ —  $ 342  $ —  $ 342  $ 320 
Fixed income —  122  20  142  135 
Assets measured by fair value hierarchy $   $ 464  $ 20  $ 484  $ 455 
Assets measured at net asset value 2,311  2,401 
Cash and cash equivalents 22  22 
Total pension plan assets at fair value $ 2,817  $ 2,878 
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:
(In Millions) 2022 2023 2024 2025 2026 2027-2031
Postretirement Medical Benefits $ 37  $ 38  $ 39  $ 41  $ 42  $ 219 
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)
2022 2023 2024 2025 2026 2027-2031
Pension benefits $ 147  $ 144  $ 141  $ 142  $ 146  $ 765