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Pension, Retiree Medical and Savings Plans (Tables)
 12 Months Ended
Dec. 25, 2021
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of Plan Assets Measured At Fair Value Table Text Block
Plan assets measured at fair value as of year-end 2021 and 2020 are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) in both years and are as follows:
 Fair Value Hierarchy Level20212020
U.S. plan assets (a)
Equity securities, including preferred stock (b)
1$6,387 $7,179 
Government securities (c)
22,523 2,177 
Corporate bonds (c)
26,210 5,437 
Mortgage-backed securities (c)
2199 119 
Contracts with insurance companies (d)
39 9 
Cash and cash equivalents (e)
1, 2352 278 
Sub-total U.S. plan assets15,680 15,199 
Real estate commingled funds measured at net asset value (f)
478 517 
Dividends and interest receivable, net of payables
45 64 
Total U.S. plan assets$16,203 $15,780 
International plan assets
Equity securities (b)
1$2,232 $2,119 
Government securities (c)
21,053 937 
Corporate bonds (c)
2400 445 
Fixed income commingled funds (g)
1632 509 
Contracts with insurance companies (d)
343 50 
Cash and cash equivalents134 33 
Sub-total international plan assets4,394 4,093 
Real estate commingled funds measured at net asset value (f)
221 202 
Dividends and interest receivable9 8 
Total international plan assets$4,624 $4,303 
(a)Includes $299 million and $315 million in 2021 and 2020, respectively, of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries.
(b)Invested in U.S. and international common stock and commingled funds, and the preferred stock portfolio was invested in domestic and international corporate preferred stock investments. The common and preferred stock investments are based on quoted prices in active markets. The commingled funds are based on the published price of the fund and include one large-cap fund that represents 11% and 13% of total U.S. plan assets for 2021 and 2020, respectively.
(c)These investments are based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets. Corporate bonds of U.S.-based companies represent 32% and 30% of total U.S. plan assets for 2021 and 2020, respectively.
(d)Based on the fair value of the contracts as determined by the insurance companies using inputs that are not observable. The changes in Level 3 amounts were not significant in the years ended December 25, 2021 and December 26, 2020.
(e)Includes Level 1 assets of $216 million and $178 million for 2021 and 2020, respectively, and Level 2 assets of $136 million and $100 million for 2021 and 2020, respectively.
(f)The real estate commingled funds include investments in limited partnerships. These funds are based on the net asset value of the appraised value of investments owned by these funds as determined by independent third parties using inputs that are not observable. The majority of the funds are redeemable quarterly subject to availability of cash and have notice periods ranging from 45 to 90 days.
(g)Based on the published price of the fund.
Selected Financial Information For Pension And Retiree Medical Plans
Selected financial information for our pension and retiree medical plans is as follows: 
 PensionRetiree Medical
 U.S.International  
 202120202021202020212020
Change in projected benefit obligation
Obligation at beginning of year$16,753 $15,230 $4,430 $3,753 $1,006 $988 
Service cost518 434 104 86 33 25 
Interest cost324 435 74 85 15 25 
Plan amendments23 (221)3 (17)— (25)
Participant contributions— — 3 2 — — 
Experience (gain)/loss(215)2,042 (178)467 (17)81 
Benefit payments(976)(378)(106)(92)(83)(89)
Settlement/curtailment (220)(808)(99)(24)— — 
Special termination benefits9 19 — — — — 
Other, including foreign currency adjustment— — (56)170 — 1 
Obligation at end of year$16,216 $16,753 $4,175 $4,430 $954 $1,006 
Change in fair value of plan assets
Fair value at beginning of year$15,465 $14,302 $4,303 $3,732 $315 $302 
Actual return on plan assets1,052 1,908 387 401 20 47 
Employer contributions/funding580 387 158 120 47 55 
Participant contributions— — 3 2 — — 
Benefit payments(976)(378)(106)(92)(83)(89)
Settlement(217)(754)(52)(29)— — 
Other, including foreign currency adjustment— — (69)169 — — 
Fair value at end of year$15,904 $15,465 $4,624 $4,303 $299 $315 
Funded status$(312)$(1,288)$449 $(127)$(655)$(691)
Amounts recognized
Other assets$692 $797 $564 $110 $— $— 
Other current liabilities(48)(53)(1)(1)(57)(51)
Other liabilities(956)(2,032)(114)(236)(598)(640)
Net amount recognized$(312)$(1,288)$449 $(127)$(655)$(691)
Amounts included in accumulated other comprehensive loss (pre-tax)
Net loss/(gain)$3,550 $4,116 $696 $1,149 $(220)$(212)
Prior service (credit)/cost(63)(119)(11)(19)(34)(45)
Total$3,487 $3,997 $685 $1,130 $(254)$(257)
Changes recognized in net (gain)/loss included in other comprehensive loss
Net (gain)/loss arising in current year$(301)$1,009 $(355)$268 $(22)$50 
Amortization and settlement recognition(265)(409)(95)(75)14 23 
Foreign currency translation (gain)/loss— — (3)42 — — 
Total$(566)$600 $(453)$235 $(8)$73 
Accumulated benefit obligation at end of year$15,489 $15,949 $4,021 $4,108 
Schedule of Net Benefit Costs [Table Text Block]
The components of total pension and retiree medical benefit costs are as follows:
 PensionRetiree Medical
 U.S.International   
 202120202019202120202019202120202019
Service cost$518 $434 $381 $104 $86 $73 $33 $25 $23 
Other pension and retiree medical benefits (income)/expense:
Interest cost$324 $435 $543 $74 $85 $97 $15 $25 $36 
Expected return on plan assets(970)(929)(892)(231)(202)(188)(15)(16)(18)
Amortization of prior service (credits)/cost(31)12 10 (2)— — (11)(12)(19)
Amortization of net losses/(gains)224 196 161 77 61 32 (14)(23)(27)
Settlement/curtailment losses/(gains) (a)
40 213 296 (11)19 12 — — — 
Special termination benefits9 19 1 — — — — — — 
Total other pension and retiree medical benefits (income)/expense$(404)$(54)$119 $(93)$(37)$(47)$(25)$(26)$(28)
Total$114 $380 $500 $11 $49 $26 $8 $(1)$(5)
(a)In 2020, U.S. includes a settlement charge of $205 million ($158 million after-tax or $0.11 per share) related to lump sum distributions exceeding the total of annual service and interest cost. In 2019, U.S. includes settlement charges related to the purchase of a group annuity contract of $220 million ($170 million after-tax or $0.12 per share) and a pension lump sum settlement charge of $53 million ($41 million after-tax or $0.03 per share).
Weighted-Average Assumptions Used To Determine Projected Benefit Liability And Benefit Expense For Pension And Retiree Medical Plans
The following table provides the weighted-average assumptions used to determine net periodic benefit cost and projected benefit obligation for our pension and retiree medical plans:
 PensionRetiree Medical
 U.S.International   
 202120202019202120202019202120202019
Net Periodic Benefit Cost
Service cost discount rate 2.6 %3.4 %4.4 %2.7 %3.2 %4.2 %2.3 %3.2 %4.3 %
Interest cost discount rate 2.0 %2.9 %4.1 %1.7 %2.4 %3.2 %1.6 %2.6 %3.8 %
Expected return on plan assets6.4 %6.8 %7.1 %5.3 %5.6 %5.8 %5.4 %5.8 %6.6 %
Rate of salary increases3.0 %3.1 %3.1 %3.3 %3.3 %3.7 %
Projected Benefit Obligation
Discount rate2.9 %2.5 %3.3 %2.4 %2.0 %2.5 %2.7 %2.3 %3.1 %
Rate of salary increases3.0 %3.0 %3.1 %3.3 %3.3 %3.3 %
Future Benefit Payments
Our estimated future benefit payments are as follows:
202220232024202520262027 - 2031
Pension$1,110 $960 $960 $995 $1,030 $5,385 
Retiree medical (a)
$95 $90 $90 $85 $80 $355 
(a)Expected future benefit payments for our retiree medical plans do not reflect any estimated subsidies expected to be received under the 2003 Medicare Act. Subsidies are expected to be approximately $1 million for each of the years from 2022 through 2026 and approximately $4 million in total for 2027 through 2031.
Target Investment Allocation
For 2022 and 2021, our expected long-term rate of return on U.S. plan assets is 6.3% and 6.4%, respectively. Our target investment allocations for U.S. plan assets are as follows:
20222021
Fixed income56 %51 %
U.S. equity22 %24 %
International equity18 %21 %
Real estate4 %4 %
Effects Of 1-Percentage-Point Change In The Assumed Health Care Trend Rate
Retiree Medical Cost Trend Rates
20222021
Average increase assumed6 %6 %
Ultimate projected increase 4 %5 %
Year of ultimate projected increase
20462040
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
The following table provides selected information about plans with accumulated benefit obligation and total projected benefit obligation in excess of plan assets:
 PensionRetiree Medical
 U.S.International  
 202120202021202020212020
Selected information for plans with accumulated benefit obligation in excess of plan assets (a)
Obligation for service to date$(1,499)$(5,537)$(127)$(172)
Fair value of plan assets$705 $4,156 $102 $123 
Selected information for plans with projected benefit obligation in excess of plan assets (a)
Benefit obligation$(1,709)$(9,172)$(286)$(2,933)$(954)$(1,006)
Fair value of plan assets$705 $7,088 $171 $2,696 $299 $315 
(a)The decrease in U.S. pension plans with obligations in excess of plan assets primarily reflects employer contributions to Plan H.
Employer Contributions
Contributions to our pension and retiree medical plans were as follows:
PensionRetiree Medical
202120202019202120202019
Discretionary (a)
$525 $339 $417 $— $— $— 
Non-discretionary213 168 255 47 55 44 
Total$738 $507 $672 $47 $55 $44 
(a)Includes $500 million contribution in 2021, $325 million contribution in 2020 and $400 million contribution in 2019 to fund our qualified defined benefit plans in the United States.