XML 105 R43.htm IDEA: XBRL DOCUMENT v3.23.4
Retirement Benefit Plans (Tables)
12 Months Ended
Dec. 30, 2023
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 30, 2023Dec 31, 2022
Changes in projected benefit obligation:
Beginning projected benefit obligation$2,705 $4,456 
Service cost36 58 
Interest cost127 91 
Actuarial (gain) loss57 (1,500)
Currency exchange rate changes38 (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 assets2,130 2,817 
Actual return on plan assets151 (478)
Currency exchange rate changes34 (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).
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
Dec 30, 2023Dec 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 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
Dec 30, 2023Dec 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 $399 
Defined Benefit Plan, Assumptions [Table Text Block]
Assumptions for Pension Benefit Plans
Dec 30, 2023Dec 31, 2022
Weighted average actuarial assumptions used to determine benefit obligations
Discount rate4.5 %4.9 %
Rate of compensation increase3.3 %3.7 %
202320222021
Weighted average actuarial assumptions used to determine costs
Discount rate4.9 %2.2 %1.9 %
Expected long-term rate of return on plan assets5.0 %3.2 %2.7 %
Rate of compensation increase3.7 %3.2 %3.2 %
Schedule of Allocation of Plan Assets [Table Text Block]
Pension Plan Assets
December 30, 2023Dec 31, 2022
Fair Value Measured at Reporting Date Using
(In Millions)
Level 1
Level 2
Level 3
TotalTotal
Equity securities$— $383 $— $383 $297 
Fixed income— 139 25 164 130 
Assets measured by fair value hierarchy$ $522 $25 $547 $427 
Assets measured at net asset value1,648 1,683 
Cash and cash equivalents17 20 
Total pension plan assets at fair value$2,212 $2,130 
Postretirement Health Coverage [Member]  
Defined Benefit Plan Disclosure [Line Items]  
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)202420252026202720282029-2033
Postretirement medical benefits$34 $35 $35 $35 $36 $187 
Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
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)
202420252026202720282029-2033
Pension benefits$95 $97 $101 $106 $109 $638