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