Annual report [Section 13 and 15(d), not S-K Item 405]

Retirement Benefit Plans (Tables)

v3.25.4
Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 27, 2025
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 27, 2025 Dec 28, 2024
Changes in projected benefit obligation for pension benefit plans:
Beginning projected benefit obligation $ 2,646  $ 2,825 
Service cost 35  33 
Interest cost 124  122 
Actuarial (gain) loss (137) (40)
Currency exchange rate changes 249  (107)
Plan curtailments (12) (4)
Plan settlements (182) (143)
Other (66) (40)
Ending projected benefit obligation1
2,657  2,646 
Changes in fair value of plan assets for pension benefit plans:
Beginning fair value of plan assets 2,142  2,212 
Actual return on plan assets 34  121 
Currency exchange rate changes 178  (74)
Plan settlements (182) (143)
Other 26  26 
Ending fair value of plan assets2
2,198  2,142 
Net unfunded status of pension benefit plans
 $ 459  $ 504 
Amounts recognized in the Consolidated Balance Sheets:
Other long-term assets $ 217  $ 135 
Current liabilities
 $ 12  $ 7 
Other long-term liabilities $ 664  $ 632 
Accumulated other comprehensive loss (income), before tax3
$ 240  $ 337 
Accumulated benefit obligation $ 2,479  $ 2,509 
1    The projected benefit obligation was approximately 30% in the U.S. and 70% outside of the U.S. as of December 27, 2025 and December 28, 2024.
2    The fair value of plan assets was approximately 35% in the U.S. and 65% outside of the U.S. as of December 27, 2025 (approximately 40% in the U.S. and 60% outside of the U.S. as of December 28, 2024).
3    The accumulated other comprehensive loss (income), before tax, was approximately 95% in the U.S. and 5% outside of the U.S. as of December 27, 2025 (approximately 80% in the U.S. and 20% outside of the U.S. as of December 28, 2024).
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
(In Millions)
 Dec 27, 2025 Dec 28, 2024
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation $ 888  $ 850 
Plan assets $ 366  $ 348 
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation $ 1,042  $ 987 
Plan assets $ 366  $ 348 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
(In Millions)
 Dec 27, 2025 Dec 28, 2024
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation $ 888  $ 850 
Plan assets $ 366  $ 348 
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation $ 1,042  $ 987 
Plan assets $ 366  $ 348 
Defined Benefit Plan, Assumptions [Table Text Block]
Assumptions for Pension Benefit Plans
Dec 27, 2025 Dec 28, 2024
Weighted average actuarial assumptions used to determine benefit obligations
Discount rate 4.8  % 4.6  %
Rate of compensation increase 3.8  % 3.4  %
Years Ended
 Dec 27, 2025 Dec 28, 2024 Dec 30, 2023
Weighted average actuarial assumptions used to determine costs
Discount rate 4.6  % 4.5  % 4.9  %
Expected long-term rate of return on plan assets 4.8  % 5.1  % 5.0  %
Rate of compensation increase 3.4  % 3.3  % 3.7  %
Schedule of Allocation of Plan Assets [Table Text Block]
Pension Plan Assets
December 27, 2025 December 28, 2024
Fair Value Measurements Fair Value Measurements
(In Millions)
Level 1
Level 2
Level 3
 Total
Level 1
Level 2
Level 3
 Total
Equity securities $ —  $ 259  $ —  $ 259  $ —  $ 344  $ —  $ 344 
Fixed income investments
 —  184  28  212  —  142  24  166 
Assets measured by fair value hierarchy $ —  $ 443  $ 28  $ 471  $ —  $ 486  $ 24  $ 510 
Assets measured at net asset value 1,712  1,618 
Cash and cash equivalents 15  14 
Total pension plan assets at fair value $ 2,198  $ 2,142 
Postretirement Health Coverage  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
As of December 27, 2025, the estimated benefit payments for this plan over the next 10 years are as follows:
(In Millions) 2026 2027 2028 2029 2030 2031-2035
Postretirement medical benefits $ 47  $ 46  $ 46  $ 45  $ 44  $ 208 
Pension Plan  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
As of December 27, 2025, estimated benefit payments over the next 10 years are as follows:
(In Millions)
 2026 2027 2028 2029 2030 2031-2035
Pension benefits $ 108  $ 97  $ 99  $ 108  $ 115  $ 668