XML 80 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Retirement Plans (Tables)
12 Months Ended
Dec. 28, 2013
Retirement Plans  
Components of net periodic benefit cost

 

 

 

 

 

Pension Benefits

 

Postretirement Benefits
Other than Pensions

 

(In millions)

 

 

2013

 

 

2012

 

2011

 

 

2013

 

 

2012

 

2011

 

Net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

 

$

133

 

 

$

119

 

$

129

 

 

$

6

 

 

$

6

 

$

8

 

Interest cost

 

 

290

 

 

305

 

327

 

 

19

 

 

25

 

33

 

Expected return on plan assets

 

 

(418

)

 

(407

)

(393

)

 

 

 

 

 

Amortization of prior service cost (credit)

 

 

15

 

 

16

 

16

 

 

(17

)

 

(11

)

(8

)

Amortization of net actuarial loss

 

 

183

 

 

118

 

75

 

 

6

 

 

7

 

11

 

Curtailment and special termination charges

 

 

 

 

 

(1

)

 

 

 

 

 

Net periodic benefit cost

 

 

$

203

 

 

$

151

 

$

153

 

 

$

14

 

 

$

27

 

$

44

 

Other changes in plan assets and benefit obligations recognized in OCI

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current year actuarial loss (gain)

 

 

$

(964

)

 

$

402

 

$

556

 

 

$

(55

)

 

$

15

 

$

(17

)

Current year prior service cost (credit)

 

 

16

 

 

 

7

 

 

(45

)

 

(2

)

(23

)

Amortization of net actuarial loss

 

 

(183

)

 

(118

)

(75

)

 

(6

)

 

(7

)

(11

)

Amortization of prior service credit (cost)

 

 

(15

)

 

(16

)

(16

)

 

17

 

 

11

 

8

 

Curtailments and settlements

 

 

 

 

 

1

 

 

 

 

 

 

Total recognized in OCI, before taxes

 

 

$

(1,146

)

 

$

268

 

$

473

 

 

$

(89

)

 

$

17

 

$

(43

)

Total recognized in net periodic benefit cost and OCI

 

 

$

(943

)

 

$

419

 

$

626

 

 

$

(75

)

 

$

44

 

$

1

 

 

Amortized amount from accumulated other comprehensive income

 

 

(In millions)

 

Pension
Benefits

 

Postretirement
Benefits

Other than
Pensions

 

Net actuarial loss

 

$

112

 

$

2

 

Prior service cost (credit)

 

15

 

(22

)

 

 

$

127

 

$

(20

)

 

Changes in the projected benefit obligation and in the fair value of plan assets

 

 

 

 

Pension Benefits

 

Postretirement Benefits
Other than Pensions

 

(In millions)

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

 

$

7,053

 

 

$

6,325

 

 

$

564

 

 

$

561

 

Service cost

 

 

133

 

 

119

 

 

6

 

 

6

 

Interest cost

 

 

290

 

 

305

 

 

19

 

 

25

 

Amendments

 

 

16

 

 

 

 

(45

)

 

(2

)

Plan participants’ contributions

 

 

 

 

 

 

4

 

 

5

 

Actuarial losses (gains)

 

 

(566

)

 

644

 

 

(55

)

 

15

 

Benefits paid

 

 

(373

)

 

(360

)

 

(48

)

 

(52

)

Foreign exchange rate changes

 

 

(13

)

 

29

 

 

 

 

 

Other

 

 

4

 

 

(9

)

 

 

 

6

 

Benefit obligation at end of year

 

 

$

6,544

 

 

$

7,053

 

 

$

445

 

 

$

564

 

Change in fair value of plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

 

$

5,715

 

 

$

5,013

 

 

 

 

 

 

 

Actual return on plan assets

 

 

819

 

 

649

 

 

 

 

 

 

 

Employer contributions

 

 

185

 

 

389

 

 

 

 

 

 

 

Benefits paid

 

 

(373

)

 

(360

)

 

 

 

 

 

 

Foreign exchange rate changes

 

 

(1

)

 

24

 

 

 

 

 

 

 

Fair value of plan assets at end of year

 

 

$

6,345

 

 

$

5,715

 

 

 

 

 

 

 

Funded status at end of year

 

 

$

(199

)

 

$

(1,338

)

 

$

(445

)

 

$

(564

)

 

Amounts recognized in our balance sheets

 

 

 

 

Pension Benefits

 

Postretirement Benefits
Other than Pensions

 

(In millions)

 

 

2013

 

 

2012

 

 

2013

 

 

2012

 

Non-current assets

 

 

$

413

 

 

$

61

 

 

$

 

 

$

 

Current liabilities

 

 

(26

)

 

(26

)

 

(48

)

 

(52

)

Non-current liabilities

 

 

(586

)

 

(1,373

)

 

(397

)

 

(512

)

Recognized in Accumulated other comprehensive loss, pre-tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

1,596

 

 

2,750

 

 

38

 

 

99

 

Prior service cost (credit)

 

 

114

 

 

113

 

 

(69

)

 

(41

)

 

Pension plans with accumulated benefit obligations exceeding the fair value of plan assets

 

 

(In millions)

 

 

2013

 

 

2012

 

Projected benefit obligation

 

 

$

2,828

 

 

$

6,869

 

Accumulated benefit obligation

 

 

2,629

 

 

6,404

 

Fair value of plan assets

 

 

2,215

 

 

5,470

 

 

Weighted-average assumptions used for pension and postretirement plans

 

 

 

 

Pension Benefits

 

Postretirement Benefits
Other than Pensions

 

 

 

 

2013

 

 

2012

 

2011

 

 

2013

 

 

2012

 

2011

 

Net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.23%

 

 

4.94%

 

5.71%

 

 

3.75%

 

 

4.75%

 

5.50%

 

Expected long-term rate of return on assets

 

 

7.56%

 

 

7.58%

 

7.84%

 

 

 

 

 

 

 

 

 

Rate of compensation increase

 

 

3.31%

 

 

3.49%

 

3.99%

 

 

 

 

 

 

 

 

 

Benefit obligations at year-end

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

4.94%

 

 

4.23%

 

4.95%

 

 

4.50%

 

 

3.75%

 

4.75%

 

Rate of compensation increases

 

 

3.34%

 

 

3.48%

 

3.49%

 

 

 

 

 

 

 

 

 

 

Assumed healthcare cost trend rates

 

 

 

 

 

2013

 

 

2012

 

Medical cost trend rate

 

 

7.2%

 

 

8.4%

 

Prescription drug cost trend rate

 

 

7.2%

 

 

8.4%

 

Rate to which medical and prescription drug cost trend rates will gradually decline

 

 

5.0%

 

 

5.0%

 

Year that the rates reach the rate where we assume they will remain

 

 

2021

 

 

2021

 

 

Effects of one-percentage-point change in assumed healthcare cost trend rates

 

 

(In millions)

 

One-
Percentage-
Point
Increase

 

One-
Percentage-
Point
Decrease

 

Effect on total of service and interest cost components

 

$

2

 

$

(2

)

Effect on postretirement benefit obligations other than pensions

 

23

 

(21

)

 

Target allocation ranges

 

 

U.S. Plan Assets

 

 

 

Domestic equity securities

 

26% to 40%

 

International equity securities

 

11% to 22%

 

Debt securities

 

25% to 35%

 

Private equity partnerships

 

5% to 11%

 

Real estate

 

7% to 13%

 

Hedge funds

 

0% to 5%

 

Foreign Plan Assets

 

 

 

Equity securities

 

38% to 65%

 

Debt securities

 

29% to 38%

 

Real estate

 

3% to 14%

 

 

Fair value of total pension plan assets

 

 

 

 

December 28, 2013

 

December 29, 2012

 

(In millions)

 

 

Level 1

 

Level 2

 

Level 3

 

 

Level 1

 

Level 2

 

Level 3

 

Cash and equivalents

 

 

$

17

 

$

144

 

$

 

 

$

16

 

$

157

 

$

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic

 

 

1,179

 

866

 

 

 

1,149

 

560

 

 

International

 

 

1,140

 

258

 

 

 

981

 

268

 

 

Debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

National, state and local governments

 

 

506

 

411

 

 

 

594

 

318

 

 

Corporate debt

 

 

 

638

 

 

 

13

 

647

 

 

Asset-backed securities

 

 

 

153

 

 

 

1

 

91

 

 

Private equity partnerships

 

 

 

 

305

 

 

 

 

308

 

Real estate

 

 

 

 

553

 

 

 

 

508

 

Hedge funds

 

 

 

 

175

 

 

 

 

104

 

Total

 

 

$

2,842

 

$

2,470

 

$

1,033

 

 

$

2,754

 

$

2,041

 

$

920

 

 

Reconciliation for fair value measurements that use significant unobservable inputs

 

 

(In millions)

 

Hedge Funds

 

Private Equity
Partnerships

 

Real Estate

 

Balance at beginning of year

 

$

104

 

$

308

 

$

508

 

Actual return on plan assets:

 

 

 

 

 

 

 

Related to assets still held at reporting date

 

16

 

(5

)

26

 

Related to assets sold during the period

 

 

44

 

23

 

Purchases, sales and settlements, net

 

55

 

(42

)

(4

)

Balance at end of year

 

$

175

 

$

305

 

$

553

 

 

Estimated future benefit payments which reflect expected future service to be paid by the plans

 

 

(In millions)

 

2014

 

2015

 

2016

 

2017

 

2018

 

2019-2023

 

Pension benefits

 

$

367

 

$

369

 

$

373

 

$

378

 

$

384

 

$

2,047

 

Post-retirement benefits other than pensions

 

49

 

48

 

46

 

44

 

42

 

171