v3.25.4
Retirement Plans (Tables)
 12 Months Ended
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 BenefitsPostretirement Benefits
Other than Pensions
(In millions)202520242023202520242023
Net periodic benefit income
Service cost$63 $69 $67 $1 $1 $2 
Interest cost376 362 364 6 7 8 
Expected return on plan assets(648)(635)(610)— — — 
Amortization of prior service cost (credit)10 9 11 (1)(1)(3)
Amortization of net actuarial loss (gain)(1)3 1 (8)(8)(8)
Net periodic benefit income*$(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)$(7)
Current year prior service cost29 19 7 — — — 
Amortization of net actuarial gain (loss)1 (3)(1)8 8 8 
Amortization of prior service credit (cost)(10)(9)(11)1 1 3 
Total recognized in OCI, before taxes$(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 BenefitsPostretirement Benefits
Other than Pensions
(In millions)January 3, 2026December 28, 2024January 3, 2026December 28, 2024
Change in projected benefit obligation
Projected benefit obligation at beginning of year$6,788 $7,205 $121 $136 
Service cost63 69 1 1 
Interest cost376 362 6 7 
Plan participants’ contributions— — 2 3 
Actuarial losses (gains)75 (392)2 (7)
Benefits paid(458)(454)(21)(19)
Plan amendment29 19 — — 
Foreign exchange rate changes and other45 (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 assets1,145 806 
Employer contributions31 34 
Benefits paid(458)(454)
Foreign exchange rate changes and other69 (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 BenefitsPostretirement Benefits
Other than Pensions
(In millions)January 3, 2026December 28, 2024January 3, 2026December 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, 2026December 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, 2026December 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 BenefitsPostretirement Benefits
Other than Pensions
202520242023202520242023
Net periodic benefit cost
Discount rate5.73%5.19%5.51%5.75%5.40%5.70%
Expected long-term rate of return on assets7.16%7.16%7.14%
Rate of compensation increase3.97%3.97%3.97%
Benefit obligations at year-end
Discount rate5.60%5.73%5.19%5.40%5.75%5.40%
Rate of compensation increase3.96%3.97%3.97%
Interest crediting rate for cash balance plans5.25%5.25%5.25%
Target Allocation Ranges Our target allocation ranges are as follows:
U.S. Plan Assets
Domestic equity securities17%to33%
International equity securities6%to17%
Global equities5%to17%
Debt securities27%to38%
Real estate7%to13%
Private investment partnerships7%to13%
Non-U.S. Plan Assets
Equity securities55%to75%
Debt securities25%to45%
Real estate—%to13%
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, 2026December 28, 2024
(In millions)Level 1Level 2Level 3Not
Subject to
Leveling		Level 1Level 2Level 3Not
Subject to
Leveling
Cash and equivalents$254 $6 $— $— $159 $1 $— $— 
Equity securities:
Domestic2,969 — — 342 3,151 — — 307 
International1,317 — — 349 1,028 — — 290 
Mutual funds184 — — — 194 — — — 
Debt securities:
National, state and local governments1,327 112 — 21 899 60 — 13 
Corporate debt83 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)20252024
Balance at beginning of year$479 $508 
Unrealized gains (losses), net9 (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)20262027202820292030
2031-2035
Pension benefits$466 $475 $484 $492 $497 $2,536 
Postretirement benefits other than pensions14 14 13 12 12 44