Annual report pursuant to Section 13 and 15(d)

Retirement Benefit Plans (Tables)

v3.24.4
Retirement Benefit Plans (Tables)
12 Months Ended
Dec. 28, 2024
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.
Years Ended (In Millions)
Dec 28, 2024 Dec 30, 2023
Changes in projected benefit obligation:
Beginning projected benefit obligation $ 2,825  $ 2,705 
Service cost 33  36 
Interest cost 122  127 
Actuarial (gain) loss (40) 57 
Currency exchange rate changes (107) 38 
Plan settlements (143) (103)
Other (44) (35)
Ending projected benefit obligation1
2,646  2,825 
Changes in fair value of plan assets:
Beginning fair value of plan assets 2,212  2,130 
Actual return on plan assets 121  151 
Currency exchange rate changes (74) 34 
Plan settlements (143) (103)
Other 26  — 
Ending fair value of plan assets2
2,142  2,212 
Net unfunded status $ 504  $ 613 
Amounts recognized in the Consolidated Balance Sheets
Other long-term assets $ 135  $ 62 
Other long-term liabilities $ 639  $ 675 
Accumulated other comprehensive loss (income), before tax3
$ 337  $ 410 
Accumulated benefit obligation $ 2,509  $ 2,706 
1    The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 28, 2024 and December 30, 2023.
2    The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 28, 2024 and December 30, 2023.
3    The accumulated other comprehensive loss (income), before tax, was approximately 80% in the US and 20% outside of the US as of December 28, 2024 (approximately 70% in the US and 30% outside of the US as of December 30, 2023).
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
(In Millions)
Dec 28, 2024 Dec 30, 2023
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation $ 850  $ 1,857 
Plan assets $ 348  $ 1,301 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation $ 987  $ 1,976 
Plan assets $ 348  $ 1,301 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
(In Millions)
Dec 28, 2024 Dec 30, 2023
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation $ 850  $ 1,857 
Plan assets $ 348  $ 1,301 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation $ 987  $ 1,976 
Plan assets $ 348  $ 1,301 
Defined Benefit Plan, Assumptions [Table Text Block]
Assumptions for Pension Benefit Plans
Years Ended
Dec 28, 2024 Dec 30, 2023
Weighted average actuarial assumptions used to determine benefit obligations
Discount rate 4.6  % 4.5  %
Rate of compensation increase 3.4  % 3.3  %
Years Ended
2024 2023 2022
Weighted average actuarial assumptions used to determine costs
Discount rate 4.5  % 4.9  % 2.2  %
Expected long-term rate of return on plan assets 5.1  % 5.0  % 3.2  %
Rate of compensation increase 3.3  % 3.7  % 3.2  %
Schedule of Allocation of Plan Assets [Table Text Block]
Pension Plan Assets
December 28, 2024
Fair Value Measured at Reporting Date Using
(In Millions)
Level 1
Level 2
Level 3
Total
Equity securities $ —  $ 344  $ —  $ 344 
Fixed income —  142  24  166 
Assets measured by fair value hierarchy $   $ 486  $ 24  $ 510 
Assets measured at net asset value 1,618 
Cash and cash equivalents 14 
Total pension plan assets at fair value $ 2,142 
December 30, 2023
Fair Value Measured at Reporting Date Using
(In Millions)
Level 1
Level 2
Level 3
Total
Equity securities $ —  $ 383  $ —  $ 383 
Fixed income —  139  25  164 
Assets measured by fair value hierarchy $   $ 522  $ 25  $ 547 
Assets measured at net asset value 1,648 
Cash and cash equivalents 17 
Total pension plan assets at fair value $ 2,212 
Postretirement Health Coverage  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
As of December 28, 2024, the estimated benefit payments for this plan over the next 10 years are as follows:
(In Millions) 2025 2026 2027 2028 2029 2030-2034
Postretirement medical benefits $ 37  $ 45  $ 45  $ 44  $ 44  $ 209 
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
As of December 28, 2024, estimated benefit payments over the next 10 years are as follows:
(In Millions)
2025 2026 2027 2028 2029 2030-2034
Pension benefits $ 145  $ 86  $ 95  $ 97  $ 106  $ 623