v3.25.4

Retirement Plans (Tables) | 12 Months Ended
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Jan. 03, 2026
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) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023
Net periodic benefit income |  |  |  |  |  |
Service cost | $ | 63 |  | $ | 69 |  | $ | 67 |  | $ | 1 |  | $ | 1 |  | $ | 2 |
Interest cost | 376 |  | 362 |  | 364 |  | 6 |  | 7 |  | 8 |
Expected return on plan assets | (648) |  | (635) |  | (610) |  | — |  | — |  | — |
Amortization of prior service cost (credit) | 10 |  | 9 |  | 11 |  | (1) |  | (1) |  | (3) |
Amortization of net actuarial loss (gain) | (1) |  | 3 |  | 1 |  | (8) |  | (8) |  | (8) |
Net periodic benefit income* | $ | (200) |  | $ | (192) |  | $ | (167) |  | $ | (2) |  | $ | (1) |  | $ | (1) |
Other changes in plan assets and benefit obligations recognized in OCI |  |  |  |  |  |
Current year actuarial loss (gain) | $ | (427) |  | $ | (561) |  | $ | 109 |  | $ | (3) |  | $ | (7) |  | $ | (7) |
Current year prior service cost | 29 |  | 19 |  | 7 |  | — |  | — |  | — |
Amortization of net actuarial gain (loss) | 1 |  | (3) |  | (1) |  | 8 |  | 8 |  | 8 |
Amortization of prior service credit (cost) | (10) |  | (9) |  | (11) |  | 1 |  | 1 |  | 3 |
Total recognized in OCI, before taxes | $ | (407) |  | $ | (554) |  | $ | 104 |  | $ | 6 |  | $ | 2 |  | $ | 4 |
Total recognized in net periodic benefit income and OCI | $ | (607) |  | $ | (746) |  | $ | (63) |  | $ | 4 |  | $ | 1 |  | $ | 3 |
* 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 both 2025 and 2024, and $11 million in 2023.
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) | January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024
Change in projected benefit obligation |  |  |  |
Projected benefit obligation at beginning of year | $ | 6,788 |  | $ | 7,205 |  | $ | 121 |  | $ | 136 |
Service cost | 63 |  | 69 |  | 1 |  | 1 |
Interest cost | 376 |  | 362 |  | 6 |  | 7 |
Plan participants’ contributions | — |  | — |  | 2 |  | 3 |
Actuarial losses (gains) | 75 |  | (392) |  | 2 |  | (7) |
Benefits paid | (458) |  | (454) |  | (21) |  | (19) |
Plan amendment | 29 |  | 19 |  | — |  | — |
Foreign exchange rate changes and other | 45 |  | (21) |  | — |  | — |
Projected benefit obligation at end of year | $ | 6,918 |  | $ | 6,788 |  | $ | 111 |  | $ | 121 |
Change in fair value of plan assets |  |  |  |
Fair value of plan assets at beginning of year | $ | 8,772 |  | $ | 8,413 |  |  |
Actual return on plan assets | 1,145 |  | 806 |  |  |
Employer contributions | 31 |  | 34 |  |  |
Benefits paid | (458) |  | (454) |  |  |
Foreign exchange rate changes and other | 69 |  | (27) |  |  |
Fair value of plan assets at end of year | $ | 9,559 |  | $ | 8,772 |  |  |
Funded status at end of year | $ | 2,641 |  | $ | 1,984 |  | $ | (111) |  | $ | (121) |
Amounts Recognized In Our Balance Sheets | Amounts recognized in our balance sheets are as follows:
| Pension Benefits | Postretirement Benefits Other than Pensions
(In millions) | January 3, 2026 | December 28, 2024 | January 3, 2026 | December 28, 2024
Non-current assets | $ | 2,973 |  | $ | 2,311 |  | $ | — |  | $ | — |
Current liabilities | (29) |  | (29) |  | (14) |  | (15) |
Non-current liabilities | (303) |  | (298) |  | (97) |  | (106) |
Recognized in Accumulated other comprehensive income (loss), pre-tax: |  |  |  |
Net loss (gain) | (261) |  | 167 |  | (63) |  | (69) |
Prior service cost (credit) | 71 |  | 52 |  | — |  | (1) |
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) | January 3, 2026 | December 28, 2024
Accumulated benefit obligation | $ | 320 |  | $ | 316 |
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) | January 3, 2026 | December 28, 2024
Projected benefit obligation | $ | 332 |  | $ | 327 |
Fair value of plan assets | — |  | — |
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
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023
Net periodic benefit cost |  |  |  |  |  |
Discount rate | 5.73% | 5.19% | 5.51% | 5.75% | 5.40% | 5.70%
Expected long-term rate of return on assets | 7.16% | 7.16% | 7.14% |  |  |
Rate of compensation increase | 3.97% | 3.97% | 3.97% |  |  |
Benefit obligations at year-end |  |  |  |  |  |
Discount rate | 5.60% | 5.73% | 5.19% | 5.40% | 5.75% | 5.40%
Rate of compensation increase | 3.96% | 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:
| January 3, 2026 | December 28, 2024
(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 | $ | 254 |  | $ | 6 |  | $ | — |  | $ | — |  | $ | 159 |  | $ | 1 |  | $ | — |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
Domestic | 2,969 |  | — |  | — |  | 342 |  | 3,151 |  | — |  | — |  | 307 |
International | 1,317 |  | — |  | — |  | 349 |  | 1,028 |  | — |  | — |  | 290 |
Mutual funds | 184 |  | — |  | — |  | — |  | 194 |  | — |  | — |  | — |
Debt securities: |  |  |  |  |  |  |  |
National, state and local governments | 1,327 |  | 112 |  | — |  | 21 |  | 899 |  | 60 |  | — |  | 13 |
Corporate debt | 83 |  | 607 |  | — |  | 154 |  | 46 |  | 618 |  | — |  | 148 |
Private investment partnerships | — |  | — |  | — |  | 992 |  | — |  | — |  | — |  | 974 |
Real estate | — |  | — |  | 449 |  | 393 |  | — |  | — |  | 479 |  | 405 |
Total | $ | 6,134 |  | $ | 725 |  | $ | 449 |  | $ | 2,251 |  | $ | 5,477 |  | $ | 679 |  | $ | 479 |  | $ | 2,137 |
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) | 2025 | 2024
Balance at beginning of year | $ | 479 |  | $ | 508 |
Unrealized gains (losses), net | 9 |  | (25) |
Realized gains (losses), net | (19) |  | 16 |
Purchases, sales and settlements, net | (20) |  | (20) |
Balance at end of year | $ | 449 |  | $ | 479 |
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) | 2026 | 2027 | 2028 | 2029 | 2030 | 2031-2035
Pension benefits | $ | 466 |  | $ | 475 |  | $ | 484 |  | $ | 492 |  | $ | 497 |  | $ | 2,536 |
Postretirement benefits other than pensions | 14 |  | 14 |  | 13 |  | 12 |  | 12 |  | 44 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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