Retirement Plans (Tables)

12 Months Ended

Dec. 29, 2018

Retirement Plans

Components of net periodic benefit cost (credit)

	Pension Benefits						Postretirement Benefits Other than Pensions
(In millions)		2018		2017		2016		2018		2017		2016
Net periodic benefit cost (credit)
Service cost	$	104	$	100	$	98	$	3	$	3	$	3
Interest cost		306		323		338		10		12		16
Expected return on plan assets		(553)		(507)		(490)		—		—		—
Amortization of prior service cost (credit)		15		15		15		(6)		(8)		(22)
Amortization of net actuarial loss (gain)		153		137		104		(1)		(1)		—
Net periodic benefit cost (credit)	$	25	$	68	$	65	$	6	$	6	$	(3)
Other changes in plan assets and benefit obligations recognized in OCI
Current year actuarial loss (gain)	$	270	$	(11)	$	399	$	(22)	$	(7)	$	(17)
Current year prior service cost (credit)		20		1		—		—		—		(12)
Amortization of net actuarial gain (loss)		(153)		(137)		(104)		1		1		—
Amortization of prior service credit (cost)		(15)		(15)		(15)		6		8		22
Business disposition		(7)		—		—		—		—		—
Total recognized in OCI, before taxes	$	115	$	(162)	$	280	$	(15)	$	2	$	(7)
Total recognized in net periodic benefit cost (credit) and OCI	$	140	$	(94)	$	345	$	(9)	$	8	$	(10)

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

	Pension Benefits				Postretirement Benefits Other than Pensions
(In millions)		2018		2017		2018		2017
Change in projected benefit obligation
Projected benefit obligation at beginning of year	$	8,563	$	7,991	$	289	$	317
Service cost		104		100		3		3
Interest cost		306		323		10		12
Plan participants’ contributions		—		—		5		5
Actuarial (gains) losses		(615)		494		(22)		(7)
Benefits paid		(422)		(413)		(35)		(41)
Plan amendment		20		1		—		—
Business disposition		(15)		—		—		—
Foreign exchange rate changes and other		(40)		67		—		—
Projected benefit obligation at end of year	$	7,901	$	8,563	$	250	$	289
Change in fair value of plan assets
Fair value of plan assets at beginning of year	$	7,877	$	6,874
Actual return on plan assets		(335)		1,011
Employer contributions*		39		345
Benefits paid		(422)		(413)
Foreign exchange rate changes and other		(37)		60
Fair value of plan assets at end of year	$	7,122	$	7,877
Funded status at end of year	$	(779)	$	(686)	$	(250)	$	(289)

*In 2017, employer contributions included a $300 million discretionary contribution to fund a U.S. pension plan.

Amounts recognized in our balance sheets

	Pension Benefits				Postretirement Benefits Other than Pensions
(In millions)		2018		2017		2018		2017
Non-current assets	$	112	$	106	$	—	$	—
Current liabilities		(27)		(27)		(28)		(31)
Non-current liabilities		(864)		(765)		(222)		(258)
Recognized in Accumulated other comprehensive loss, pre-tax:
Net loss (gain)		2,157		2,055		(34)		(13)
Prior service cost (credit)		69		64		(27)		(33)

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

(In millions)		2018		2017
Accumulated benefit obligation	$	7,137	$	670
Fair value of plan assets		6,589		237

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

(In millions)		2018		2017
Projected benefit obligation	$	7,481	$	8,078
Fair value of plan assets		6,589		7,285

Weighted-average assumptions used for pension and postretirement plans

	Pension Benefits				Postretirement Benefits Other than Pensions
		2018	2017	2016		2018	2017	2016
Net periodic benefit cost
Discount rate		3.67%	4.13%	4.66%		3.50%	4.00%	4.50%
Expected long-term rate of return on assets		7.58%	7.57%	7.58%
Rate of compensation increase		3.50%	3.50%	3.49%
Benefit obligations at year-end
Discount rate		4.24%	3.66%	4.13%		4.25%	3.50%	4.00%
Rate of compensation increase		3.50%	3.50%	3.50%
Interest crediting rate for cash balance plans		5.25%	5.25%	5.25%

Target allocation ranges

U.S. Plan Assets
Domestic equity securities	17% to 33%
International equity securities	8% to 19%
Global equities	5% to 17%
Debt securities	27% to 38%
Real estate	7% to 13%
Private investment partnerships	5% to 11%
Hedge funds	0%
Non-U.S. Plan Assets
Equity securities	51% to 74%
Debt securities	26% to 46%
Real estate	0% to 13%

Fair value of total pension plan assets

		December 29, 2018								December 30, 2017
(In millions)		Level 1		Level 2		Level 3		Not Subject to Leveling		Level 1		Level 2		Level 3		Not Subject to Leveling
Cash and equivalents	$	19	$	19	$	—	$	113	$	22	$	10	$	—	$	149
Equity securities:
Domestic		1,256		—		—		828		1,404		—		—		665
International		835		—		—		450		919		—		—		636
Mutual funds		266		—		—		—		387		—		—		—
Debt securities:
National, state and local governments		366		290		—		53		645		289		—		56
Corporate debt		—		908		—		220		—		912		—		148
Asset-backed securities		—		—		—		104		—		—		—		103
Private investment partnerships		—		—		—		650		—		—		—		591
Real estate		—		—		460		285		—		—		460		284
Hedge funds		—		—		—		—		—		—		—		197
Total	$	2,742	$	1,217	$	460	$	2,703	$	3,377	$	1,211	$	460	$	2,829

Reconciliation for fair value measurements that use significant unobservable inputs

(In millions)		2018		2017
Balance at beginning of year	$	460	$	494
Unrealized gains (losses), net		13		(6)
Realized gains, net		12		24
Purchases, sales and settlements, net		(25)		(52)
Balance at end of year	$	460	$	460

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

(In millions)		2019		2020		2021		2022		2023		2024-2028
Pension benefits	$	418	$	424	$	432	$	441	$	449	$	2,379
Post-retirement benefits other than pensions		29		27		26		25		24		96