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Pension, Retiree Medical and Retiree Savings Plans (Tables)
 12 Months Ended
Dec. 26, 2015
Compensation and Retirement Disclosure [Abstract]  
Funded status of pension plans
The following chart summarizes the balance sheet impact, as well as benefit obligations, assets, and funded status associated with our two significant U.S. pension plans.  The actuarial valuations for all plans reflect measurement dates coinciding with our fiscal year end.

 
 
2015
 
2014
Change in benefit obligation
 
 
 
 
Benefit obligation at beginning of year
 
$
1,301

 
$
1,025

Service cost
 
18

 
17

Interest cost
 
55

 
54

Plan amendments
 
28

 
1

Curtailments
 
(2
)
 
(2
)
Special termination benefits
 
1

 
3

Benefits paid
 
(50
)
 
(65
)
Settlements(a)
 
(16
)
 
(17
)
Actuarial (gain) loss
 
(196
)
 
290

Administrative expense
 
(5
)
 
(5
)
Benefit obligation at end of year
 
$
1,134

 
$
1,301

 
 
 
 
 
Change in plan assets
 
 
 
 
Fair value of plan assets at beginning of year
 
$
991

 
$
933

Actual return on plan assets
 
(10
)
 
124

Employer contributions
 
94

 
21

Settlement payments(a)
 
(16
)
 
(17
)
Benefits paid
 
(50
)
 
(65
)
Administrative expenses
 
(5
)
 
(5
)
Fair value of plan assets at end of year
 
$
1,004

 
$
991

 Funded status at end of year
 
$
(130
)
 
$
(310
)


(a)
For discussion of the settlement payments and settlement losses, see Components of net periodic benefit cost below.
Amounts recognized in the Consolidated Balance Sheet
Amounts recognized in the Consolidated Balance Sheet:
 
 
2015
 
2014
Accrued benefit liability - current
 
$
(13
)
 
$
(11
)
Accrued benefit liability - non-current
 
(117
)
 
(299
)
 
 
$
(130
)
 
$
(310
)
Pension plans with an accumulated benefit obligation in excess of pan assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
 
 
2015
 
2014
Projected benefit obligation
 
$
101

 
$
1,301

Accumulated benefit obligation
 
88

 
1,254

Fair value of plan assets
 
—

 
991
Pension plans with a projected benefit obligation in excess of plan assets
Information for pension plans with a projected benefit obligation in excess of plan assets:
 
 
2015
 
2014
Projected benefit obligation
 
$
1,134

 
$
1,301

Accumulated benefit obligation
 
1,088

 
1,254

Fair value of plan assets
 
1,004

 
991
Components of net periodic benefit cost
Components of net periodic benefit cost:
Net periodic benefit cost
 
2015
 
2014
 
2013
Service cost
 
$
18

 
$
17

 
$
21

Interest cost
 
55

 
54

 
54

Amortization of prior service cost(a)
 
1


1


2

Expected return on plan assets
 
(62
)
 
(56
)
 
(59
)
Amortization of net loss
 
45

 
17

 
48

Net periodic benefit cost
 
$
57

 
$
33

 
$
66


Additional (gain) loss recognized due to:

Settlements(b)
 
$
5

 
$
6

 
$
30

Special termination benefits
 
$
1

 
$
3

 
$
5


(a)
Prior service costs are amortized on a straight-line basis over the average remaining service period of employees expected to receive benefits.

(b)
Settlement losses result when benefit payments exceed the sum of the service cost and interest cost within a plan during the year. During 2013 the Company allowed certain former employees with deferred vested balances an opportunity to voluntarily elect an early payout of their pension benefits. The majority of these payouts were funded from existing pension plan assets.

Pension losses in accumulated other comprehensive income (loss)
Pension gains (losses) in Accumulated other comprehensive income (loss):
 
 
2015
 
2014
Beginning of year
 
$
(319
)
 
$
(124
)
Net actuarial (gain) loss
 
124

 
(220
)
Curtailments
 
2

 
2

Amortization of net loss
 
45

 
17

Amortization of prior service cost
 
1

 
1

Prior service cost
 
(28
)
 
(1
)
Settlement charges
 
5

 
6

End of year
 
$
(170
)
 
$
(319
)
Schedule of Accumulated pre-tax losses recognized in Accumulated Other Comprehensive Income
Accumulated pre-tax losses recognized within Accumulated Other Comprehensive Income:
 
 
2015
 
2014
Actuarial net loss
 
$
(138
)
 
$
(314
)
Prior service cost
 
(32
)
 
(5
)
 
 
$
(170
)
 
$
(319
)
Weighted-average assumptions used to determine benefit obligations and net periodic benefit cost
Weighted-average assumptions used to determine benefit obligations at the measurement dates:
 
 
2015
 
2014
Discount rate
 
4.90
%
 
4.30
%
Rate of compensation increase
 
3.75
%
 
3.75
%

Weighted-average assumptions used to determine the net periodic benefit cost for fiscal years:
 
 
2015
 
2014
 
2013
Discount rate
 
4.30
%
 
5.40
%
 
4.40
%
Long-term rate of return on plan assets
 
6.75
%
 
6.90
%
 
7.25
%
Rate of compensation increase
 
3.75
%
 
3.75
%
 
3.75
%
Fair values of pension plan assets
The fair values of our pension plan assets at December 26, 2015 and December 27, 2014 by asset category and level within the fair value hierarchy are as follows:

 
 
2015
 
2014
Level 1:
 
 
 
 
Cash
 
$
3

 
$
—

Level 2:
 
 
 
 
Cash Equivalents(a)
 
9

 
5

Equity Securities – U.S. Large cap(b)
 
310

 
298

Equity Securities – U.S. Mid cap(b)
 
50

 
50

Equity Securities – U.S. Small cap(b)
 
51

 
50

Equity Securities – Non-U.S.(b)
 
100

 
91

Fixed Income Securities – U.S. Corporate(d)
 
289

 
305

Fixed Income Securities – U.S. Government and Government Agencies(c)
 
195

 
178

Fixed Income Securities – Other(d)
 
17

 
11

Total fair value of plan assets(e)
 
$
1,024

 
$
988


(a)
Short-term investments in money market funds

(b)
Securities held in common trusts

(c)
Investments held directly by the Plan

(d)
Includes securities held in common trusts and investments held directly by the Plan

(e)
2015 and 2014 exclude net unsettled trades (payable) receivable of $(20) million and $3 million, respectively.
Expected benefit payments
The benefits expected to be paid in each of the next five years and in the aggregate for the five years thereafter are set forth below:

Year ended:
 
 
2016
 
$
61

2017
 
50

2018
 
55

2019
 
56

2020
 
56

2021 - 2025
 
331