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Pensions and Other Benefit Plans (Tables) | 12 Months Ended
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Jan. 02, 2022
Retirement Benefits [Abstract] |
Components of Net Periodic Benefit Cost | Net periodic benefit costs for the Company’s defined benefit retirement plans and other benefit plans for 2021, 2020 and 2019 include the following components:
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost |  | $ | 1,421 |  |  | 1,380 |  |  | 1,163 |  |  | 309 |  |  | 287 |  |  | 274 |
Interest cost |  | 770 |  |  | 955 |  |  | 1,096 |  |  | 81 |  |  | 133 |  |  | 185 |
Expected return on plan assets |  | (2,645) |  |  | (2,461) |  |  | (2,322) |  |  | (7) |  |  | (7) |  |  | (6) |
Amortization of prior service cost |  | (181) |  |  | 2 |  |  | 4 |  |  | (31) |  |  | (31) |  |  | (31) |
Recognized actuarial losses (gains) |  | 1,257 |  |  | 891 |  |  | 579 |  |  | 151 |  |  | 142 |  |  | 129 |
Curtailments and settlements |  | 1 |  |  | 23 |  |  | 73 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost |  | $ | 623 |  |  | 790 |  |  | 593 |  |  | 503 |  |  | 524 |  |  | 551 |
Rates Used to Develop Actuarial Present Value of Projected Benefit Obligation | The following table represents the weighted-average actuarial assumptions:
|  | Retirement Plans |  | Other Benefit Plans
Worldwide Benefit Plans |  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost discount rate |  | 2.14 | % |  | 2.82 |  |  | 3.63 |  |  | 2.09 |  |  | 3.04 |  |  | 4.45 |
Interest cost discount rate |  | 2.34 | % |  | 3.13 |  |  | 4.13 |  |  | 2.33 |  |  | 3.08 |  |  | 4.25 |
Rate of increase in compensation levels |  | 4.01 | % |  | 4.00 |  |  | 3.99 |  |  | 4.25 |  |  | 4.25 |  |  | 4.29 |
Expected long-term rate of return on plan assets |  | 7.71 | % |  | 8.12 |  |  | 8.31 |  |  |  |  |  |  |
Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 2.49 | % |  | 2.14 |  |  | 2.91 |  |  | 2.68 |  |  | 2.23 |  |  | 3.39 |
Rate of increase in compensation levels |  | 4.01 | % |  | 4.00 |  |  | 4.01 |  |  | 4.21 |  |  | 4.27 |  |  | 4.29 |
Assumed Health Care Cost Trend Rates | The following table displays the assumed healthcare cost trend rates, for all individuals:
Healthcare Plans |  | 2021 |  | 2020
Healthcare cost trend rate assumed for next year |  | 5.33 | % |  | 5.68 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend) |  | 3.73 | % |  | 4.49 | %
Year the rate reaches the ultimate trend rate |  | 2046 |  |  | 2040 |
Schedule of Net Funded Status | The following table sets forth information related to the benefit obligation and the fair value of plan assets at fiscal year-end 2021 and 2020 for the Company’s defined benefit retirement plans and other post-retirement plans:
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation — beginning of year |  | $ | 43,300 |  |  | 37,188 |  |  | 5,028 |  |  | 5,076 |
Service cost |  | 1,421 |  |  | 1,380 |  |  | 309 |  |  | 287 |
Interest cost |  | 770 |  |  | 955 |  |  | 81 |  |  | 133 |
Plan participant contributions |  | 67 |  |  | 61 |  |  | — |  |  | — |
Amendments(1) |  | 5 |  |  | (1,780) |  |  | — |  |  | — |
Actuarial (gains) losses(2) |  | (2,132) |  |  | 5,716 |  |  | (188) |  |  | (75) |
Divestitures & acquisitions |  | (2) |  |  | (88) |  |  | — |  |  | — |
Curtailments, settlements & restructuring |  | (7) |  |  | (24) |  |  | — |  |  | — |
Benefits paid from plan |  | (1,157) |  |  | (1,111) |  |  | (348) |  |  | (396) |
Effect of exchange rates |  | (683) |  |  | 1,003 |  |  | (4) |  |  | 3 |
Projected benefit obligation — end of year |  | $ | 41,582 |  |  | 43,300 |  |  | 4,878 |  |  | 5,028 |
Change in Plan Assets |  |  |  |  |  |  |  |
Plan assets at fair value — beginning of year |  | $ | 38,195 |  |  | 32,201 |  |  | 90 |  |  | 115 |
Actual return on plan assets |  | 4,439 |  |  | 5,524 |  |  | 17 |  |  | 14 |
Company contributions |  | 969 |  |  | 870 |  |  | 343 |  |  | 357 |
Plan participant contributions |  | 67 |  |  | 61 |  |  | — |  |  | — |
Settlements |  | (7) |  |  | (13) |  |  | — |  |  | — |
Divestitures & acquisitions |  | (2) |  |  | (84) |  |  | — |  |  | — |
Benefits paid from plan assets |  | (1,157) |  |  | (1,111) |  |  | (348) |  |  | (396) |
Effect of exchange rates |  | (574) |  |  | 747 |  |  | — |  |  | — |
Plan assets at fair value — end of year |  | $ | 41,930 |  |  | 38,195 |  |  | 102 |  |  | 90 |
Funded status — end of year |  | $ | 348 |  |  | (5,105) |  |  | (4,776) |  |  | (4,938) |
Amounts Recognized in the Company’s Balance Sheet consist of the following: |  |  |  |  |  |  |  |
Non-current assets |  | $ | 4,436 |  |  | 656 |  |  | — |  |  | — |
Current liabilities |  | (115) |  |  | (125) |  |  | (438) |  |  | (418) |
Non-current liabilities |  | (3,973) |  |  | (5,636) |  |  | (4,338) |  |  | (4,520) |
Total recognized in the consolidated balance sheet — end of year |  | $ | 348 |  |  | (5,105) |  |  | (4,776) |  |  | (4,938) |
Amounts Recognized in Accumulated Other Comprehensive Income consist of the following: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 5,539 |  |  | 10,860 |  |  | 1,113 |  |  | 1,463 |
Prior service cost (credit)(1) |  | (1,610) |  |  | (1,797) |  |  | (13) |  |  | (44) |
Unrecognized net transition obligation |  | — |  |  | — |  |  | — |  |  | — |
Total before tax effects |  | $ | 3,929 |  |  | 9,063 |  |  | 1,100 |  |  | 1,419 |
Accumulated Benefit Obligations — end of year |  | $ | 39,049 |  |  | 40,356 |  |  |  |  |
(1)In January 2021, the Company announced that, effective on January 1, 2026, all eligible U.S. non-union employees, regardless of hire date, will earn benefits under the Retirement Value formula. This amendment does not affect the benefits accrued under the Final Average Pay formula for service before January 1, 2026. (2)The actuarial gain for retirement plans in 2021 was primarily related to increases in discount rates; the actuarial losses for retirement plans in 2020 were primarily related to decreases in discount rates.
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income |  |  |  |  |  |  |  |
Net periodic benefit cost |  | $ | 623 |  |  | 790 |  |  | 503 |  |  | 524 |
Net actuarial (gain) loss |  | (3,927) |  |  | 2,616 |  |  | (199) |  |  | (81) |
Amortization of net actuarial loss |  | (1,257) |  |  | (891) |  |  | (151) |  |  | (142) |
Prior service cost (credit) |  | 5 |  |  | (1,780) |  |  | — |  |  | — |
Amortization of prior service (cost) credit |  | 181 |  |  | (2) |  |  | 31 |  |  | 31 |
Effect of exchange rates |  | (136) |  |  | 293 |  |  | — |  |  | 1 |
Total loss/(income) recognized in other comprehensive income, before tax |  | $ | (5,134) |  |  | 236 |  |  | (319) |  |  | (191) |
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | (4,511) |  |  | 1,026 |  |  | 184 |  |  | 333 |
Information Related to the Benefit Obligation and the Fair Value of Plan Assets | The following table displays the funded status of the Company's U.S. Qualified & Non-Qualified pension plans and international funded and unfunded pension plans at December 31, 2021 and December 31, 2020, respectively:
| U.S. Plans | International Plans
| Qualified Plans | Non-Qualified Plans | Funded Plans | Unfunded Plans
(Dollars in Millions) | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020
Plan Assets | $ | 27,944 |  | 25,554 |  | — |  | — |  | 13,986 |  | 12,641 |  | — |  | — |
Projected Benefit Obligation | 25,041 |  | 25,466 |  | 2,703 |  | 2,748 |  | 13,428 |  | 14,541 |  | 410 |  | 545 |
Accumulated Benefit Obligation | 23,985 |  | 24,158 |  | 2,479 |  | 2,495 |  | 12,212 |  | 13,210 |  | 373 |  | 493 |
Over (Under) Funded Status |  |  |  |  |  |  |  |
Projected Benefit Obligation | $ | 2,903 |  | 88 |  | (2,703) |  | (2,748) |  | 558 |  | (1,900) |  | (410) |  | (545) |
Accumulated Benefit Obligation | 3,959 |  | 1,396 |  | (2,479) |  | (2,495) |  | 1,774 |  | (569) |  | (373) |  | (493) |
Projected Future Benefit Payments from Company's Retirement and Other Benefit Plans | The following table displays the projected future benefit payments from the Company’s retirement and other benefit plans:
(Dollars in Millions) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027-2031
Projected future benefit payments |  |  |  |  |  |  |  |  |  |  |  |
Retirement plans |  | $ | 1,317 |  |  | 1,386 |  |  | 1,421 |  |  | 1,496 |  |  | 1,572 |  |  | 9,279 |
Other benefit plans |  | $ | 447 |  |  | 459 |  |  | 472 |  |  | 485 |  |  | 434 |  |  | 2,379 |
Projected Future Minimum Contributions to the Company's U.S. and International Unfunded Retirement Plans | The following table displays the projected future minimum contributions to the unfunded retirement plans. These amounts do not include any discretionary contributions that the Company may elect to make in the future.
(Dollars in Millions) |  | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027-2031
Projected future contributions |  | $ | 114 |  |  | 119 |  |  | 126 |  |  | 133 |  |  | 139 |  |  | 794 |
Company' Retirement Plan Asset Allocation and Target Allocations | The Company’s retirement plan asset allocation at the end of 2021 and 2020 and target allocations for 2022 are as follows:
|  | Percent of Plan Assets |  | Target Allocation
|  | 2021 |  | 2020 |  | 2022
Worldwide Retirement Plans |  |  |  |  |  |
Equity securities |  | 65 | % |  | 66 | % |  | 61 | %
Debt securities |  | 35 |  |  | 34 |  |  | 39 |
Total plan assets |  | 100 | % |  | 100 | % |  | 100 | %
Schedule of Defined Benefit Plans Disclosures | The following table sets forth the Retirement Plans' investments measured at fair value as of December 31, 2021 and December 31, 2020:
|  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs(1) |  | Investments Measured at Net Asset Value |  |  |  |
|  | (Level 1) |  | (Level 2) |  | (Level 3) |  |  |  |  |  | Total Assets
(Dollars in Millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020
Short-term investment funds |  | $ | 102 |  |  | 127 |  |  | 1,033 |  |  | 763 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,135 |  |  | 890 |
Government and agency securities |  | — |  |  | — |  |  | 7,016 |  |  | 5,023 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,016 |  |  | 5,023 |
Debt instruments |  | — |  |  | — |  |  | 3,505 |  |  | 3,931 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,505 |  |  | 3,931 |
Equity securities |  | 14,107 |  |  | 14,375 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,109 |  |  | 14,377 |
Commingled funds |  | — |  |  | — |  |  | 5,496 |  |  | 4,690 |  |  | 105 |  |  | 160 |  |  | 8,708 |  |  | 8,236 |  |  | 14,309 |  |  | 13,086 |
Other assets |  | — |  |  | — |  |  | 34 |  |  | 11 |  |  | 15 |  |  | 21 |  |  | 1,807 |  |  | 856 |  |  | 1,856 |  |  | 888 |
Investments at fair value |  | $ | 14,209 |  |  | 14,502 |  |  | 17,086 |  |  | 14,420 |  |  | 120 |  |  | 181 |  |  | 10,515 |  |  | 9,092 |  |  | 41,930 |  |  | 38,195 |
(1) The activity for the Level 3 assets is not significant for all years presented.

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