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Retirement Plans (Tables) | 12 Months Ended
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Dec. 28, 2024
Retirement Benefits [Abstract] |
Components of Net Periodic Benefit Cost (Income) | The components of net periodic benefit cost (income) and other amounts recognized in other comprehensive income (loss) (OCI) are as follows:
| Pension Benefits | Postretirement Benefits Other than Pensions
(In millions) | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Net periodic benefit cost (income) |  |  |  |  |  |
Service cost | $ | 69 |  | $ | 67 |  | $ | 108 |  | $ | 1 |  | $ | 2 |  | $ | 2 |
Interest cost | 362 |  | 364 |  | 272 |  | 7 |  | 8 |  | 6 |
Expected return on plan assets | (635) |  | (610) |  | (609) |  | — |  | — |  | — |
Amortization of prior service cost (credit) | 9 |  | 11 |  | 13 |  | (1) |  | (3) |  | (5) |
Amortization of net actuarial loss (gain) | 3 |  | 1 |  | 87 |  | (8) |  | (8) |  | (4) |
Net periodic benefit cost (income)* | $ | (192) |  | $ | (167) |  | $ | (129) |  | $ | (1) |  | $ | (1) |  | $ | (1) |
Other changes in plan assets and benefit obligations recognized in OCI |  |  |  |  |  |
Current year actuarial loss (gain) | $ | (561) |  | $ | 109 |  | $ | (246) |  | $ | (7) |  | $ | (7) |  | $ | (39) |
Current year prior service cost | 19 |  | 7 |  | 4 |  | — |  | — |  | — |
Amortization of net actuarial gain (loss) | (3) |  | (1) |  | (87) |  | 8 |  | 8 |  | 4 |
Amortization of prior service credit (cost) | (9) |  | (11) |  | (13) |  | 1 |  | 3 |  | 5 |
Total recognized in OCI, before taxes | $ | (554) |  | $ | 104 |  | $ | (342) |  | $ | 2 |  | $ | 4 |  | $ | (30) |
Total recognized in net periodic benefit cost (income) and OCI | $ | (746) |  | $ | (63) |  | $ | (471) |  | $ | 1 |  | $ | 3 |  | $ | (31) |
* Excludes the cost associated with the defined contribution component that is included in certain of our U.S.-based defined benefit pension plans, of $10 million in 2024, and $11 million for both 2023 and 2022.
Changes In The Projected Benefit Obligation And In The Fair Value of Plan Assets | The changes in the projected benefit obligation and in the fair value of plan assets, along with our funded status, are as follows:
| Pension Benefits | Postretirement Benefits Other than Pensions
(In millions) | December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023
Change in projected benefit obligation |  |  |  |
Projected benefit obligation at beginning of year | $ | 7,205 |  | $ | 6,848 |  | $ | 136 |  | $ | 150 |
Service cost | 69 |  | 67 |  | 1 |  | 2 |
Interest cost | 362 |  | 364 |  | 7 |  | 8 |
Plan participants’ contributions | — |  | — |  | 3 |  | 3 |
Actuarial losses (gains) | (392) |  | 330 |  | (7) |  | (7) |
Benefits paid | (454) |  | (444) |  | (19) |  | (20) |
Plan amendment | 19 |  | 7 |  | — |  | — |
Foreign exchange rate changes and other | (21) |  | 33 |  | — |  | — |
Projected benefit obligation at end of year | $ | 6,788 |  | $ | 7,205 |  | $ | 121 |  | $ | 136 |
Change in fair value of plan assets |  |  |  |
Fair value of plan assets at beginning of year | $ | 8,413 |  | $ | 7,943 |  |  |
Actual return on plan assets | 806 |  | 832 |  |  |
Employer contributions | 34 |  | 36 |  |  |
Benefits paid | (454) |  | (444) |  |  |
Foreign exchange rate changes and other | (27) |  | 46 |  |  |
Fair value of plan assets at end of year | $ | 8,772 |  | $ | 8,413 |  |  |
Funded status at end of year | $ | 1,984 |  | $ | 1,208 |  | $ | (121) |  | $ | (136) |
Amounts Recognized In Our Balance Sheets | Amounts recognized in our balance sheets are as follows:
| Pension Benefits | Postretirement Benefits Other than Pensions
(In millions) | December 28, 2024 | December 30, 2023 | December 28, 2024 | December 30, 2023
Non-current assets | $ | 2,311 |  | $ | 1,569 |  | $ | — |  | $ | — |
Current liabilities | (29) |  | (28) |  | (15) |  | (17) |
Non-current liabilities | (298) |  | (333) |  | (106) |  | (119) |
Recognized in Accumulated other comprehensive loss, pre-tax: |  |  |  |
Net loss (gain) | 167 |  | 730 |  | (69) |  | (69) |
Prior service cost (credit) | 52 |  | 42 |  | (1) |  | (3) |
Pension Plans With Accumulated Benefit Obligations Exceeding The Fair Value Of Plan Assets | Pension plans with accumulated benefit obligation exceeding the fair value of plan assets are as follows:
(In millions) | December 28, 2024 | December 30, 2023
Accumulated benefit obligation | $ | 316 |  | $ | 336 |
Fair value of plan assets | — |  | — |
Pension Plans With Projected Benefit Obligations Exceeding The Fair Value of Plan Assets | Pension plans with projected benefit obligation exceeding the fair value of plan assets are as follows:
(In millions) | December 28, 2024 | December 30, 2023
Projected benefit obligation | $ | 327 |  | $ | 652 |
Fair value of plan assets | — |  | 292 |
Weighted-average Assumptions Used For Pension and Postretirement Plans | The weighted-average assumptions we use for our pension and postretirement plans are as follows:
| Pension Benefits | Postretirement Benefits Other than Pensions
| 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Net periodic benefit cost |  |  |  |  |  |
Discount rate | 5.19% | 5.51% | 2.99% | 5.40% | 5.70% | 2.80%
Expected long-term rate of return on assets | 7.16% | 7.14% | 7.10% |  |  |
Rate of compensation increase | 3.97% | 3.97% | 3.95% |  |  |
Benefit obligations at year-end |  |  |  |  |  |
Discount rate | 5.73% | 5.19% | 5.51% | 5.75% | 5.40% | 5.70%
Rate of compensation increase | 3.97% | 3.97% | 3.97% |  |  |
Interest crediting rate for cash balance plans | 5.25% | 5.25% | 5.25% |  |  |
Target Allocation Ranges | Our target allocation ranges are as follows:
U.S. Plan Assets |  |  |
Domestic equity securities | 17 | % | to | 33%
International equity securities | 6 | % | to | 17%
Global equities | 5 | % | to | 17%
Debt securities | 27 | % | to | 38%
Real estate | 7 | % | to | 13%
Private investment partnerships | 7 | % | to | 13%
Non-U.S. Plan Assets |  |  |
Equity securities | 55 | % | to | 75%
Debt securities | 25 | % | to | 45%
Real estate | — | % | to | 13%
Fair Value of Total Pension Plan Assets | The fair value of our pension plan assets by major category and valuation method is as follows:
| December 28, 2024 | December 30, 2023
(In millions) | Level 1 | Level 2 | Level 3 | Not Subject to Leveling | Level 1 | Level 2 | Level 3 | Not Subject to Leveling
Cash and equivalents | $ | 159 |  | $ | 1 |  | $ | — |  | $ | — |  | $ | 231 |  | $ | 1 |  | $ | — |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
Domestic | 3,151 |  | — |  | — |  | 307 |  | 2,754 |  | — |  | — |  | 299 |
International | 1,028 |  | — |  | — |  | 290 |  | 1,061 |  | — |  | — |  | 281 |
Mutual funds | 194 |  | — |  | — |  | — |  | 117 |  | — |  | — |  | — |
Debt securities: |  |  |  |  |  |  |  |
National, state and local governments | 899 |  | 60 |  | — |  | 13 |  | 679 |  | 142 |  | — |  | 88 |
Corporate debt | 46 |  | 618 |  | — |  | 148 |  | 164 |  | 610 |  | — |  | 90 |
Private investment partnerships | — |  | — |  | — |  | 974 |  | — |  | — |  | — |  | 1,000 |
Real estate | — |  | — |  | 479 |  | 405 |  | — |  | — |  | 508 |  | 388 |
Total | $ | 5,477 |  | $ | 679 |  | $ | 479 |  | $ | 2,137 |  | $ | 5,006 |  | $ | 753 |  | $ | 508 |  | $ | 2,146 |
Reconciliation for Fair Value Measurements That Use Significant Unobservable Inputs | The table below presents a reconciliation of the fair value measurements for owned real estate properties, which use significant unobservable inputs (Level 3):
(In millions) | 2024 | 2023
Balance at beginning of year | $ | 508 |  | $ | 569 |
Unrealized losses, net | (25) |  | (60) |
Realized gains, net | 16 |  | 10 |
Purchases, sales and settlements, net | (20) |  | (11) |
Balance at end of year | $ | 479 |  | $ | 508 |
Estimated Future Benefit Payments Which Reflect Expected Future Service To Be Paid By The Plans | Benefit payments that we expect to pay on an undiscounted basis are as follows:
(In millions) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030-2034
Pension benefits | $ | 459 |  | $ | 467 |  | $ | 476 |  | $ | 484 |  | $ | 491 |  | $ | 2,510 |
Postretirement benefits other than pensions | 16 |  | 15 |  | 14 |  | 13 |  | 13 |  | 50 |

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