Retirement Benefit Plans (Tables)
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12 Months Ended |
Dec. 30, 2023 |
Defined Benefit Plan Disclosure [Line Items] |
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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 30, 2023 | | Dec 31, 2022 | Changes in projected benefit obligation: | | | | | Beginning projected benefit obligation | | $ | 2,705 | | | $ | 4,456 | | Service cost | | 36 | | | 58 | | Interest cost | | 127 | | | 91 | | Actuarial (gain) loss | | 57 | | | (1,500) | | Currency exchange rate changes | | 38 | | | (233) | | | | | | | Plan settlements | | (103) | | | (96) | | Other | | (35) | | | (71) | | Ending projected benefit obligation1 | | 2,825 | | | 2,705 | | | | | | | Changes in fair value of plan assets: | | | | | Beginning fair value of plan assets | | 2,130 | | | 2,817 | | Actual return on plan assets | | 151 | | | (478) | | Currency exchange rate changes | | 34 | | | (102) | | | | | | | Plan settlements | | (103) | | | (96) | | Other | | — | | | (11) | | Ending fair value of plan assets2 | | 2,212 | | | 2,130 | | | | | | | Net unfunded status | | $ | 613 | | | $ | 575 | | | | | | | Amounts recognized in the Consolidated Balance Sheets | | | | | Other long-term assets | | $ | 62 | | | $ | 74 | | Other long-term liabilities | | $ | 675 | | | $ | 649 | | Accumulated other comprehensive loss (income), before tax3 | | $ | 410 | | | $ | 406 | | | | | | | Accumulated benefit obligation | | $ | 2,706 | | | $ | 2,507 | |
1 The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 30, 2023 and December 31, 2022. 2 The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 30, 2023 and December 31, 2022. 3 The accumulated other comprehensive loss (income), before tax, was approximately 70% in the US and 30% outside of the US as of December 30, 2023 (approximately 90% in the US and 10% outside of the US as of December 31, 2022).
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Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] |
| | | | | | | | | | | | | | | | | Dec 30, 2023 | | Dec 31, 2022 | Plan with accumulated benefit obligation in excess of plan assets | | | | | Accumulated benefit obligation | | $ | 1,857 | | | $ | 559 | | Plan assets | | $ | 1,301 | | | $ | 97 | | | | | | | Plan with projected benefit obligation in excess of plan assets | | | | | Projected benefit obligation | | $ | 1,976 | | | $ | 1,048 | | Plan assets | | $ | 1,301 | | | $ | 399 | |
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Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] |
| | | | | | | | | | | | | | | | | Dec 30, 2023 | | Dec 31, 2022 | Plan with accumulated benefit obligation in excess of plan assets | | | | | Accumulated benefit obligation | | $ | 1,857 | | | $ | 559 | | Plan assets | | $ | 1,301 | | | $ | 97 | | | | | | | Plan with projected benefit obligation in excess of plan assets | | | | | Projected benefit obligation | | $ | 1,976 | | | $ | 1,048 | | Plan assets | | $ | 1,301 | | | $ | 399 | |
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Defined Benefit Plan, Assumptions [Table Text Block] |
Assumptions for Pension Benefit Plans | | | | | | | | | | | | | | | | | Dec 30, 2023 | | Dec 31, 2022 | Weighted average actuarial assumptions used to determine benefit obligations | | | | | Discount rate | | 4.5 | % | | 4.9 | % | Rate of compensation increase | | 3.3 | % | | 3.7 | % |
| | | | | | | | | | | | | | | | | | | | | | | 2023 | | 2022 | | 2021 | Weighted average actuarial assumptions used to determine costs | | | | | | | Discount rate | | 4.9 | % | | 2.2 | % | | 1.9 | % | Expected long-term rate of return on plan assets | | 5.0 | % | | 3.2 | % | | 2.7 | % | Rate of compensation increase | | 3.7 | % | | 3.2 | % | | 3.2 | % |
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Schedule of Allocation of Plan Assets [Table Text Block] |
Pension Plan Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 30, 2023 | | Dec 31, 2022 | | | Fair Value Measured at Reporting Date Using | | | | | (In Millions) | | Level 1 | | Level 2 | | Level 3 | | Total | | Total | Equity securities | | $ | — | | | $ | 383 | | | $ | — | | | $ | 383 | | | $ | 297 | | Fixed income | | — | | | 139 | | | 25 | | | 164 | | | 130 | | Assets measured by fair value hierarchy | | $ | — | | | $ | 522 | | | $ | 25 | | | $ | 547 | | | $ | 427 | | Assets measured at net asset value | | | | | | | | 1,648 | | | 1,683 | | Cash and cash equivalents | | | | | | | | 17 | | | 20 | | Total pension plan assets at fair value | | | | | | | | $ | 2,212 | | | $ | 2,130 | |
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Postretirement Health Coverage [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Expected Benefit Payments [Table Text Block] |
As of December 30, 2023, the estimated benefit payments for this plan over the next 10 years are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In Millions) | | 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | 2029-2033 | Postretirement medical benefits | | $ | 34 | | | $ | 35 | | | $ | 35 | | | $ | 35 | | | $ | 36 | | | $ | 187 | |
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Pension Plan [Member] |
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Defined Benefit Plan Disclosure [Line Items] |
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Schedule of Expected Benefit Payments [Table Text Block] |
As of December 30, 2023, estimated benefit payments over the next 10 years are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (In Millions) | | 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | 2029-2033 | Pension benefits | | $ | 95 | | | $ | 97 | | | $ | 101 | | | $ | 106 | | | $ | 109 | | | $ | 638 | |
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