v3.22.4
Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] The vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement.
 
(In Millions)
Dec 31, 2022Dec 25, 2021
Changes in projected benefit obligation:
Beginning projected benefit obligation$4,456 $4,929 
Service cost58 54 
Interest cost91 91 
Actuarial (gain) loss(1,500)(284)
Currency exchange rate changes(233)(150)
Plan settlements(96)(126)
Other(71)(58)
Ending projected benefit obligation1
2,705 4,456 
Changes in fair value of plan assets:
Beginning fair value of plan assets2,817 2,878 
Actual return on plan assets(478)145 
Currency exchange rate changes(102)(63)
Plan settlements(96)(126)
Other(11)(17)
Ending fair value of plan assets2
2,130 2,817 
Net unfunded status$575 $1,639 
Amounts recognized in the Consolidated Balance Sheets
Other long-term assets$74 $— 
Other long-term liabilities$649 $1,639 
Accumulated other comprehensive loss (income), before tax3
$406 $1,445 
Accumulated benefit obligation$2,507 $4,086 
1    The projected benefit obligation was approximately 30% in the US and 70% outside of the US as of December 31, 2022 and December 25, 2021.
2    The fair value of plan assets was approximately 40% in the US and 60% outside of the US as of December 31, 2022 and approximately 50% in the US and 50% outside of the US as of December 25, 2021.
3    The accumulated other comprehensive loss (income), before tax, was approximately 90% in the US and 10% outside of the US as of December 31, 2022 and approximately 30% in the US and 70% outside of the US as of December 25, 2021.
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
Dec 31, 2022Dec 25, 2021
Plan with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation$559 $4,086 
Plan assets$97 $2,817 
Plan with projected benefit obligation in excess of plan assets
Projected benefit obligation$1,048 $4,456 
Plan assets$399 $2,817 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
Dec 31, 2022Dec 25, 2021
Plan with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation$559 $4,086 
Plan assets$97 $2,817 
Plan with projected benefit obligation in excess of plan assets
Projected benefit obligation$1,048 $4,456 
Plan assets$399 $2,817 
Defined Benefit Plan, Assumptions [Table Text Block]
Assumptions for Pension Benefit Plans
Dec 31, 2022Dec 25, 2021
Weighted average actuarial assumptions used to determine benefit obligations
Discount rate4.9 %2.2 %
Rate of compensation increase3.7 %3.2 %
202220212020
Weighted average actuarial assumptions used to determine costs
Discount rate2.2 %1.9 %2.3 %
Expected long-term rate of return on plan assets3.2 %2.7 %3.3 %
Rate of compensation increase3.2 %3.2 %3.2 %
Schedule of Allocation of Plan Assets [Table Text Block]
Pension Plan Assets
December 31, 2022Dec 25, 2021
Fair Value Measured at Reporting Date Using
(In Millions)
Level 1
Level 2
Level 3
TotalTotal
Equity securities$— $297 $— $297 $342 
Fixed income— 106 24 130 142 
Assets measured by fair value hierarchy$— $403 $24 $427 $484 
Assets measured at net asset value1,683 2,311 
Cash and cash equivalents20 22 
Total pension plan assets at fair value$2,130 $2,817 
Postretirement Health Coverage [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block] December 31, 2022, the estimated benefit payments for this plan over the next 10 years are as follows:
(In Millions)202320242025202620272028-2032
Postretirement medical benefits$40 $41 $41 $43 $44 $222 
Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
As of December 31, 2022, estimated benefit payments over the next 10 years are as follows:
(In Millions)
202320242025202620272028-2032
Pension benefits$125 $113 $118 $126 $129 $700