Retirement Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Defined Benefit Plan Disclosure [Line Items] |
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| 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) |
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Dec 31, 2022 |
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Dec 25, 2021 |
| Changes in projected benefit obligation: |
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| Beginning projected benefit obligation |
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$ |
4,456
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$ |
4,929
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| Service cost |
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58 |
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54 |
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| Interest cost |
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91 |
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91 |
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| Actuarial (gain) loss |
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(1,500) |
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(284) |
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| Currency exchange rate changes |
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(233) |
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(150) |
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| Plan settlements |
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(96) |
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(126) |
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| Other |
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(71) |
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(58) |
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Ending projected benefit obligation1
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2,705
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4,456
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| Changes in fair value of plan assets: |
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| Beginning fair value of plan assets |
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2,817
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2,878
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| Actual return on plan assets |
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(478) |
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145 |
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| Currency exchange rate changes |
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(102) |
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(63) |
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| Plan settlements |
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(96) |
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(126) |
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| Other |
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(11) |
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(17) |
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Ending fair value of plan assets2
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2,130
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2,817
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| Net unfunded status |
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$ |
575
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$ |
1,639
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| Amounts recognized in the Consolidated Balance Sheets |
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| Other long-term assets |
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$ |
74 |
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$ |
— |
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| Other long-term liabilities |
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$ |
649 |
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$ |
1,639 |
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Accumulated other comprehensive loss (income), before tax3
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$ |
406 |
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$ |
1,445 |
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| Accumulated benefit obligation |
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$ |
2,507 |
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$ |
4,086 |
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1 The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 31, 2022 and December 25, 2021.
2 The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 31, 2022 and approximately 50% in the US and 50% outside of the US as of December 25, 2021.
3 The accumulated other comprehensive loss (income), before tax, was approximately 90% in the US and 10% outside of the US as of December 31, 2022 and approximately 30% in the US and 70% outside of the US as of December 25, 2021.
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| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] |
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Dec 31, 2022 |
Dec 25, 2021 |
| Plan with accumulated benefit obligation in excess of plan assets |
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| Accumulated benefit obligation |
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$ |
559 |
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$ |
4,086 |
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| Plan assets |
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$ |
97 |
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$ |
2,817 |
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| Plan with projected benefit obligation in excess of plan assets |
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| Projected benefit obligation |
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$ |
1,048 |
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$ |
4,456 |
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| Plan assets |
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$ |
399 |
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$ |
2,817 |
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| Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] |
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Dec 31, 2022 |
Dec 25, 2021 |
| Plan with accumulated benefit obligation in excess of plan assets |
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| Accumulated benefit obligation |
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$ |
559 |
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$ |
4,086 |
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| Plan assets |
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$ |
97 |
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$ |
2,817 |
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| Plan with projected benefit obligation in excess of plan assets |
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| Projected benefit obligation |
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$ |
1,048 |
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$ |
4,456 |
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| Plan assets |
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$ |
399 |
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$ |
2,817 |
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| Defined Benefit Plan, Assumptions [Table Text Block] |
Assumptions for Pension Benefit Plans
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Dec 31, 2022 |
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Dec 25, 2021 |
| Weighted average actuarial assumptions used to determine benefit obligations |
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| Discount rate |
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4.9 |
% |
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2.2 |
% |
| Rate of compensation increase |
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3.7 |
% |
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3.2 |
% |
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2022 |
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2021 |
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2020 |
| Weighted average actuarial assumptions used to determine costs |
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| Discount rate |
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2.2 |
% |
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1.9 |
% |
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2.3 |
% |
| Expected long-term rate of return on plan assets |
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3.2 |
% |
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2.7 |
% |
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3.3 |
% |
| Rate of compensation increase |
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3.2 |
% |
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3.2 |
% |
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3.2 |
% |
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| Schedule of Allocation of Plan Assets [Table Text Block] |
Pension Plan Assets
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December 31, 2022 |
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Dec 25, 2021 |
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Fair Value Measured at Reporting Date Using |
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(In Millions) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Total |
| Equity securities |
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$ |
— |
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$ |
297 |
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$ |
— |
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$ |
297 |
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$ |
342 |
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| Fixed income |
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— |
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106 |
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24 |
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130 |
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142 |
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| Assets measured by fair value hierarchy |
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$ |
—
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$ |
403
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$ |
24
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$ |
427
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$ |
484
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| Assets measured at net asset value |
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1,683 |
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2,311 |
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| Cash and cash equivalents |
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20 |
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22 |
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| Total pension plan assets at fair value |
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$ |
2,130
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$ |
2,817
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| Postretirement Health Coverage [Member] |
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| Defined Benefit Plan Disclosure [Line Items] |
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| Schedule of Expected Benefit Payments [Table Text Block] |
December 31, 2022, the estimated benefit payments for this plan over the next 10 years are as follows:
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| (In Millions) |
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2023 |
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2024 |
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2025 |
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2026 |
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2027 |
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2028-2032 |
| Postretirement medical benefits |
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$ |
40 |
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$ |
41 |
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$ |
41 |
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$ |
43 |
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$ |
44 |
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$ |
222 |
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| Pension Plan [Member] |
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| Defined Benefit Plan Disclosure [Line Items] |
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| Schedule of Expected Benefit Payments [Table Text Block] |
As of December 31, 2022, estimated benefit payments over the next 10 years are as follows:
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(In Millions) |
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2023 |
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2024 |
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2025 |
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2026 |
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2027 |
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2028-2032 |
| Pension benefits |
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$ |
125 |
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$ |
113 |
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$ |
118 |
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$ |
126 |
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$ |
129 |
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$ |
700 |
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