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Pensions and other benefit plans (Tables) | 12 Months Ended
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Dec. 29, 2024
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 2024, 2023 and 2022 include the following components:
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Service cost |  | $948 |  | 893 |  | 1,319 |  | 277 |  | 264 |  | 320
Interest cost |  | 1,402 |  | 1,437 |  | 908 |  | 209 |  | 214 |  | 104
Expected return on plan assets |  | (2,560) |  | (2,716) |  | (2,756) |  | (7) |  | (7) |  | (8)
Amortization of prior service cost |  | (184) |  | (184) |  | (184) |  | (2) |  | (2) |  | (5)
Recognized actuarial losses (gains) |  | 174 |  | (199) |  | 650 |  | 53 |  | 23 |  | 122
Curtailments and settlements |  | (2) |  | 93 |  | 1 |  | — |  | (5) |  | —
Net periodic benefit cost (credit) |  | $(222) |  | (676) |  | (62) |  | 530 |  | 487 |  | 533
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 |  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost discount rate |  | 4.39 | % |  | 4.85 |  |  | 2.46 |  |  | 5.09 |  |  | 5.40 |  |  | 2.59 |
Interest cost discount rate |  | 4.95 | % |  | 5.25 |  |  | 2.80 |  |  | 5.12 |  |  | 5.43 |  |  | 2.64 |
Rate of increase in compensation levels |  | 3.70 | % |  | 3.71 |  |  | 4.02 |  |  | 4.22 |  |  | 4.22 |  |  | 4.21 |
Expected long-term rate of return on plan assets |  | 7.25 | % |  | 7.21 |  |  | 7.25 |  |  |  |  |  |  |
Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.95 | % |  | 4.58 |  |  | 5.01 |  |  | 5.54 |  |  | 5.11 |  |  | 5.42 |
Rate of increase in compensation levels |  | 3.70 | % |  | 3.69 |  |  | 4.00 |  |  | 4.22 |  |  | 4.22 |  |  | 4.21 |
Assumed Health Care Cost Trend Rates | The following table displays the assumed healthcare cost trend rates, for all individuals:
Healthcare Plans |  | 2024 |  | 2023
Healthcare cost trend rate assumed for next year |  | 9.33 | % |  | 13.90 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend) |  | 4.02 | % |  | 4.00 | %
Year the rate reaches the ultimate trend rate |  | 2048 |  |  | 2048 |
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 2024 and 2023 for the Company’s defined benefit retirement plans and other post-retirement plans:
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in Benefit Obligation |  |  |  |  |  |  |  |
Projected benefit obligation — beginning of year |  | $31,744 |  | 29,390 |  | 4,108 |  | 4,192
Service cost |  | 948 |  | 893 |  | 277 |  | 264
Interest cost |  | 1,402 |  | 1,437 |  | 209 |  | 214
Plan participant contributions |  | 75 |  | 73 |  | — |  | —
Amendments |  | — |  | (6) |  | — |  | —
Actuarial (gains) losses(1) |  | (1,245) |  | 2,068 |  | 398 |  | 469
Divestitures & acquisitions(2) |  | — |  | (352) |  | — |  | 1
Curtailments, settlements & restructuring |  | (121) |  | (238) |  | — |  | (332)
Benefits paid from plan(3) |  | (1,801) |  | (2,122) |  | (556) |  | (702)
Effect of exchange rates |  | (685) |  | 601 |  | (11) |  | 2
Projected benefit obligation — end of year |  | $30,317 |  | 31,744 |  | 4,425 |  | 4,108
Change in Plan Assets |  |  |  |  |  |  |  |
Plan assets at fair value — beginning of year |  | $33,607 |  | 31,496 |  | 86 |  | 78
Actual return (loss) on plan assets |  | 2,113 |  | 3,951 |  | 15 |  | 16
Company contributions |  | 229 |  | 268 |  | 548 |  | 694
Plan participant contributions |  | 75 |  | 73 |  | — |  | —
Settlements |  | (114) |  | (176) |  | — |  | —
Divestitures & acquisitions(2) |  | — |  | (509) |  | — |  | —
Benefits paid from plan assets(3) |  | (1,801) |  | (2,122) |  | (556) |  | (702)
Effect of exchange rates |  | (714) |  | 626 |  | — |  | —
Plan assets at fair value — end of year |  | $33,395 |  | 33,607 |  | 93 |  | 86
Funded status — end of year |  | $3,078 |  | 1,863 |  | (4,332) |  | (4,022)
Amounts Recognized in the Company’s Balance Sheet consist of the following: |  |  |  |  |  |  |  |
Non-current assets |  | $6,046 |  | 4,992 |  | — |  | —
Current liabilities |  | (136) |  | (119) |  | (453) |  | (416)
Non-current liabilities |  | (2,832) |  | (3,010) |  | (3,879) |  | (3,606)
Total recognized in the consolidated balance sheet — end of year |  | $3,078 |  | 1,863 |  | (4,332) |  | (4,022)
Amounts Recognized in Accumulated Other Comprehensive Income consist of the following: |  |  |  |  |  |  |  |
Net actuarial loss |  | $3,903 |  | 4,962 |  | 691 |  | 354
Prior service cost (credit) |  | (1,051) |  | (1,236) |  | (4) |  | (6)
Unrecognized net transition obligation |  | — |  | — |  | — |  |
Total before tax effects |  | $2,852 |  | 3,726 |  | 687 |  | 348
Accumulated Benefit Obligations — end of year |  | $28,883 |  | 30,139 |  |  |  |
(1)The actuarial (gains)/losses for retirement plans in 2024 and 2023 were primarily driven by changes in the discount rates. (2)Driven by the Kenvue separation. (3)The fiscal years 2024 and 2023 includes approximately $400 million and $800 million, respectively, transferred to a group annuity contract issued by a third-party insurer for the U.S. Salaried Pension Plan.
|  | Retirement Plans |  | Other Benefit Plans
(Dollars in Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amounts Recognized in Net Periodic Benefit Cost and Other Comprehensive Income |  |  |  |  |  |  |  |
Net periodic benefit cost (credit) |  | $(222) |  | (676) |  | 530 |  | 487
Net actuarial (gain) loss |  | (807) |  | 711 |  | 389 |  | 136
Amortization of net actuarial loss |  | (172) |  | 199 |  | (53) |  | (22)
Prior service cost (credit) |  | — |  | (2) |  | — |  | —
Amortization of prior service (cost) credit |  | 184 |  | 185 |  | 2 |  | 2
Effect of exchange rates |  | (79) |  | 103 |  | 1 |  | —
Total loss/(income) recognized in other comprehensive income, before tax |  | $(874) |  | 1,195 |  | 339 |  | 116
Total recognized in net periodic benefit cost and other comprehensive income |  | $(1,096) |  | 519 |  | 869 |  | 603
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, 2024 and December 31, 2023, respectively:
| U.S. Plans |  | International Plans
| Qualified Plans |  | Non-Qualified Plans |  | Funded Plans |  | Unfunded Plans
(Dollars in Millions) | 2024 | 2023 |  | 2024 | 2023 |  | 2024 | 2023 |  | 2024 | 2023
Plan Assets | $22,250 | 22,298 |  | — | — |  | 11,145 | 11,309 |  | — | —
Projected Benefit Obligation | 18,146 | 19,152 |  | 1,990 | 2,037 |  | 10,069 | 10,431 |  | 112 | 124
Accumulated Benefit Obligation | 17,726 | 18,557 |  | 1,949 | 1,982 |  | 9,115 | 9,498 |  | 93 | 102
Over (Under) Funded Status |  |  |  |  |  |  |  |  |  |  |
Projected Benefit Obligation | $4,104 | 3,146 |  | (1,990) | (2,037) |  | 1,076 | 878 |  | (112) | (124)
Accumulated Benefit Obligation | 4,524 | 3,741 |  | (1,949) | (1,982) |  | 2,030 | 1,811 |  | (93) | (102)
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) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030-2034
Projected future benefit payments |  |  |  |  |  |  |  |  |  |  |  |
Retirement plans |  | $1,480 |  | 1,503 |  | 1,604 |  | 1,702 |  | 1,797 |  | 10,401
Other benefit plans |  | $464 |  | 478 |  | 432 |  | 445 |  | 462 |  | 2,537
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) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030-2034
Projected future contributions |  | $133 |  | 135 |  | 140 |  | 145 |  | 150 |  | 815
Company' Retirement Plan Asset Allocation and Target Allocations | The Company’s retirement plan asset allocation at the end of 2024 and 2023 and target allocations for 2025 are as follows:
|  | Percent of Plan Assets |  | Target Allocation
Worldwide Retirement Plans |  | 2024 |  | 2023 |  | 2025
Equity securities |  | 55 | % |  | 58 | % |  | 54 | %
Debt securities |  | 45 |  |  | 42 |  |  | 46 |
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, 2024 and December 31, 2023:
|  | 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) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Short-term investment funds |  | $— |  |  | 12 |  | 511 |  | 829 |  | — |  | — |  | — |  | — |  | 511 |  | 841
Government and agency securities |  | — |  | — |  | 7,885 |  | 5,985 |  | — |  | — |  | — |  | — |  | 7,885 |  | 5,985
Debt instruments |  | — |  | — |  | 2,321 |  | 3,899 |  | — |  | — |  | — |  | — |  | 2,321 |  | 3,899
Equity securities |  | 7,144 |  | 7,764 |  | — |  | — |  | — |  | — |  | — |  | — |  | 7,144 |  | 7,764
Commingled funds |  | — |  | — |  | 5,004 |  | 4,967 |  | 37 |  | 43 |  | 6,190 |  | 6,672 |  | 11,231 |  | 11,682
Other assets |  | — |  | — |  | 88 |  | 49 |  | 128 |  | 92 |  | 4,087 |  | 3,295 |  | 4,303 |  | 3,436
Investments at fair value |  | $7,144 |  |  | 7,776 |  | 15,809 |  | 15,729 |  | 165 |  | 135 |  | 10,277 |  | 9,967 |  | 33,395 |  | 33,607
(1)The activity for the Level 3 assets is not significant for all years presented.

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