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Pension (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligations

	January 3, 2022
Plan assets	$	2,615
	January 3, 2022
Projected benefit obligation ("PBO") funded status
Fair value of plan assets	$	2,615
Benefit obligations		(2,041	)
Funded status of plans	$	574

Summary of Supplemental Condensed Consolidated Balance Sheets Information Related to Pension

Supplemental condensed consolidated balance sheets information related to pension is as follows:

	January 3, 2022
Pension and post-retirement benefits	$	626
Other accrued liabilities		—
Other noncurrent liabilities		(52	)
Net amount recognized	$	574

Information for Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Information for pension plans with accumulated benefit obligations in excess of plan assets:

		January 3, 2022
PBO		$	78
Accumulated benefit obligation			64
Fair value of plan assets			26

Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets

Information for pension plans with projected benefit obligations in excess of plan assets:

		January 3, 2022
PBO		$	78
Accumulated benefit obligation			64
Fair value of plan assets			26

Components of Net Periodic Pension Benefit

The components of the net periodic pension benefit for the defined benefit pension plans are as follows:

		Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
Service cost		$	4			$	6
Interest cost			8				17
Expected return on plan assets			(18	)			(38	)
Net periodic pension benefit		$	(6	)		$	(15	)

Major Assumptions Used to Determine Benefit Obligation

Major assumptions used in determining the benefit obligation and net periodic benefit cost for pension plans are presented in the following table as weighted averages:

	Three and Six Months Ended June 30, 2022
	Benefit Obligation				Net Periodic Benefit Cost
Discount rates:
PBO		1.9	%			1.9	%
Interest cost		—				1.7	%
Service cost		—				2.2	%
Salary scale		2.9	%			2.9	%
Expected return on plan assets		—				3.1	%

Summary of Fair Value of Pension Plan Assets by Asset Category

The fair value of the pension plan assets by asset category are as follows:

	Quoted Prices in			Significant			Significant
	Active Markets for			Observable			Unobservable			Not
	Identical Assets			Inputs			Inputs			Subject to
Asset Category	Level 1			Level 2			Level 3			Leveling			Total
Public equities:
Global equity funds at net asset value 1	$	—		$	—		$	—		$	238		$	238
Fixed income securities:
Governments		—			1,608			—			69			1,677
Corporate bonds		—			638			—			—			638
Fixed income securities 1		—			—			—			106			106
Real estate 1,2		—			—			—			11			11
Other 1,3		—			(212	)		—			59			(153	)
Cash & cash equivalents 1,4		—			33			—			65			98
Subtotal	$	—		$	2,067		$	—		$	548		$	2,615
Other assets & liabilities 5														—
Total at January 3, 2022													$	2,615

(1)In accordance with ASU 2015-07 Fair Value Measurement (Topic 820) certain investments that are measured at fair value using net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts

presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented for the total pension assets.

(2)Represents investments in real estate, including commingled funds and directly held properties.

(3)Represents insurance contracts and global risk balanced commingled funds consisting mainly of equity, bonds and some commodities.

(4)Represents short-term commercial paper, bonds, and other cash or cash-like investments.

(5)Represents trust receivables and payables that are not leveled.

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