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Retirement Plans (Tables)
 12 Months Ended
Jan. 02, 2021
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost (Credit)
The components of net periodic benefit cost (credit) and other amounts recognized in other comprehensive income (loss) (OCI) are as follows:
Pension BenefitsPostretirement Benefits
Other than Pensions
(In millions)202020192018202020192018
Net periodic benefit cost (credit)
Service cost$106 $91 $104 $2 $3 $3 
Interest cost293 326 306 8 10 10 
Expected return on plan assets(574)(556)(553)— — — 
Amortization of prior service cost (credit)11 14 15 (5)(6)(6)
Amortization of net actuarial loss (gain)185 101 153 (1)(2)(1)
Net periodic benefit cost (credit)*$21 $(24)$25 $4 $5 $6 
Other changes in plan assets and benefit obligations recognized in OCI
Current year actuarial loss (gain)$146 $207 $270 $(2)$11 $(22)
Current year prior service cost8 — 20 — — — 
Amortization of net actuarial gain (loss)(185)(101)(153)1 2 1 
Amortization of prior service credit (cost)(11)(14)(15)5 6 6 
Business disposition— — (7)— — — 
Total recognized in OCI, before taxes$(42)$92 $115 $4 $19 $(15)
Total recognized in net periodic benefit cost (credit) and OCI$(21)$68 $140 $8 $24 $(9)
* Excludes the cost associated with the defined contribution component, included in certain of our U.S.-based defined benefit pension plans, that totaled $11 million in 2020 and $13 million for both 2019 and 2018.
Changes In The Projected Benefit Obligation And In The Fair Value of Plan Assets The changes in the projected benefit obligation and in the fair value of plan assets, along with our funded status, are as follows:
Pension BenefitsPostretirement Benefits
Other than Pensions
(In millions)January 2, 2021January 4, 2020January 2, 2021January 4, 2020
Change in projected benefit obligation
Projected benefit obligation at beginning of year$8,938 $7,901 $246 $250 
Service cost106 91 2 3 
Interest cost293 326 8 10 
Plan participants’ contributions— — 5 5 
Actuarial losses (gains)888 1,001 (2)11 
Benefits paid(429)(421)(29)(33)
Plan amendment8 — — — 
Foreign exchange rate changes and other29 40 — — 
Projected benefit obligation at end of year$9,833 $8,938 $230 $246 
Change in fair value of plan assets
Fair value of plan assets at beginning of year$8,129 $7,122 
Actual return on plan assets1,312 1,350 
Employer contributions37 38 
Benefits paid(429)(421)
Foreign exchange rate changes and other31 40 
Fair value of plan assets at end of year$9,080 $8,129 
Funded status at end of year$(753)$(809)$(230)$(246)
Amounts Recognized In Our Balance Sheets
Amounts recognized in our balance sheets are as follows:
Pension BenefitsPostretirement Benefits
Other than Pensions
(In millions)January 2, 2021January 4, 2020January 2, 2021January 4, 2020
Non-current assets$216 $152 $— $— 
Current liabilities(28)(27)(23)(26)
Non-current liabilities(941)(934)(207)(220)
Recognized in Accumulated other comprehensive loss, pre-tax:
Net loss (gain)2,238 2,271 (23)(21)
Prior service cost (credit)52 55 (15)(20)
Pension Plans With Accumulated Benefit Obligations Exceeding The Fair Value Of Plan Assets
Pension plans with accumulated benefit obligation exceeding the fair value of plan assets are as follows:
(In millions)January 2, 2021January 4, 2020
Accumulated benefit obligation$789 $8,050 
Fair value of plan assets282 7,500 
Pension Plans With Projected Benefit Obligations Exceeding The Fair Value of Plan Assets
Pension plans with projected benefit obligation exceeding the fair value of plan assets are as follows:
(In millions)January 2, 2021January 4, 2020
Projected benefit obligation$9,333 $8,462 
Fair value of plan assets8,363 7,500 
Weighted-average Assumptions Used For Pension and Postretirement Plans
The weighted-average assumptions we use for our pension and postretirement plans are as follows:
Pension BenefitsPostretirement Benefits
Other than Pensions
202020192018202020192018
Net periodic benefit cost
Discount rate3.36%4.24%3.67%3.20%4.25%3.50%
Expected long-term rate of return on assets7.55%7.55%7.58%
Rate of compensation increase3.50%3.50%3.50%
Benefit obligations at year-end
Discount rate2.62%3.36%4.24%2.35%3.20%4.25%
Rate of compensation increase3.50%3.50%3.50%
Interest crediting rate for cash balance plans5.25%5.25%5.25%
Target Allocation Ranges Our target allocation ranges are as follows:
U.S. Plan Assets
Domestic equity securities17 %to33%
International equity securities8 %to19%
Global equities5 %to17%
Debt securities27 %to38%
Real estate7 %to13%
Private investment partnerships5 %to11%
Non-U.S. Plan Assets
Equity securities55 %to75%
Debt securities25 %to45%
Real estate0 %to13%
Fair Value of Total Pension Plan Assets
The fair value of our pension plan assets by major category and valuation method is as follows:
January 2, 2021January 4, 2020
(In millions)Level 1Level 2Level 3Not
Subject to
Leveling		Level 1Level 2Level 3Not
Subject to
Leveling
Cash and equivalents$49 $3 $— $132 $18 $12 $— $174 
Equity securities:
Domestic1,591 — — 1,241 1,257 — — 1,160 
International1,221 — — 735 929 — — 780 
Mutual funds195 — — — 176 — — — 
Debt securities:
National, state and local governments482 306 — 95 414 308 — 56 
Corporate debt69 1,134 — 236 14 1,062 — 240 
Asset-backed securities— — — — — — — 18 
Private investment partnerships— — — 819 — — — 745 
Real estate— — 458 314 — — 473 293 
Total$3,607 $1,443 $458 $3,572 $2,808 $1,382 $473 $3,466 
Reconciliation for Fair Value Measurements That Use Significant Unobservable Inputs
The table below presents a reconciliation of the fair value measurements for owned real estate properties, which use significant unobservable inputs (Level 3):
(In millions)20202019
Balance at beginning of year$473 $460 
Unrealized gains (losses), net(18)7 
Realized gains, net6 5 
Purchases, sales and settlements, net(3)1 
Balance at end of year$458 $473 
Estimated Future Benefit Payments Which Reflect Expected Future Service To Be Paid By The Plans Benefit payments that we expect to pay on an undiscounted basis are as follows:
(In millions)20212022202320242025
2026-2030
Pension benefits$434 $441 $450 $459 $470 $2,460 
Postretirement benefits other than pensions24 23 22 20 19 77