Annual report pursuant to Section 13 and 15(d)

Retirement Benefit Plans (Tables)

v3.20.4
Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 26, 2020
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 26, 2020 Dec 28, 2019
Changes in projected benefit obligation:
Beginning projected benefit obligation $ 4,284  $ 3,433 
Service cost 49  54 
Interest cost 97  113 
Actuarial (gain) loss 373  829 
Currency exchange rate changes 261  (2)
Plan settlements (79) (57)
Other (56) (86)
Ending projected benefit obligation1
4,929  4,284 
Changes in fair value of plan assets:
Beginning fair value of plan assets 2,654  2,551 
Actual return on plan assets 203  193 
Currency exchange rate changes 113 3
Other (92) (93)
Ending fair value of plan assets2
2,878  2,654 
Net unfunded status $ 2,051  $ 1,630 
Amounts recognized in the Consolidated Balance Sheets
Other long-term liabilities $ 2,051  $ 1,630 
Accumulated other comprehensive loss (income), before tax3
$ 1,911  $ 1,730 
Accumulated benefit obligation4
$ 4,429  $ 3,862 
1    The projected benefit obligation was approximately 35% in the U.S. and 65% outside of the U.S. as of December 26, 2020 and December 28, 2019.
2    The fair value of plan assets was approximately 55% in the U.S. and 45% outside of the U.S. as of December 26, 2020 and December 28, 2019.
3    The accumulated other comprehensive loss (income), before tax, was approximately 35% in the U.S. and 65% outside of the U.S. as of December 26, 2020 and December 28, 2019.
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 26, 2020 Dec 28, 2019
Weighted average actuarial assumptions used to determine benefit obligations
Discount rate 1.9  % 2.3  %
Rate of compensation increase 3.2  % 3.5  %
2020 2019 2018
Weighted average actuarial assumptions used to determine costs
Discount rate 2.3  % 3.4  % 3.0  %
Expected long-term rate of return on plan assets 3.3  % 4.7  % 4.7  %
Rate of compensation increase 3.2  % 3.5  % 3.3  %
Schedule of Allocation of Plan Assets [Table Text Block]
Pension Plan Assets
December 26, 2020 Dec 28, 2019
Fair Value Measured at Reporting Date Using
(In Millions)
Level 1
Level 2
Level 3
 Total Total
Equity securities $ —  $ 320  $ —  $ 320  $ 278 
Fixed income —  114  21  135  119 
Assets measured by fair value hierarchy $ —  $ 434  $ 21  $ 455  $ 397 
Assets measured at net asset value 2,401  2,236 
Cash and cash equivalents 22  21 
Total pension plan assets at fair value $ 2,878  $ 2,654 
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) 2021 2022 2023 2024 2025 2026-2030
Postretirement Medical Benefits $ 37  $ 38  $ 39  $ 40  $ 41  $ 218 
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)
 2021 2022 2023 2024 2025 2026-2030
Pension benefits $ 158  $ 151  $ 155  $ 149  $ 154  $ 814