v3.25.4
Pension, Retiree Medical and Savings Plans (Tables)
 12 Months Ended
Dec. 27, 2025
Defined Benefit Plan Disclosure [Line Items]  
Selected Financial Information For Pension And Retiree Medical Plans
Selected financial information for our pension and retiree medical plans is as follows: 
 PensionRetiree Medical
 U.S.International  
 202520242025202420252024
Change in projected benefit obligation
Obligation at beginning of year$11,324 $12,035 $2,786 $2,986 $616 $677 
Service cost312 347 47 46 31 31 
Interest cost586 585 152 144 30 32 
Plan amendments10 12 1 1 — — 
Participant contributions— — 2 2 — — 
Experience loss/(gain)247 (563)(74)(55)18 (44)
Benefit payments(640)(617)(112)(108)(74)(78)
Settlement/curtailment (678)(506)(109)(62)— — 
Special termination benefits21 31 — — — 1 
Other, including foreign currency adjustment— — 234 (168)2 (3)
Obligation at end of year11,182 11,324 2,927 2,786 623 616 
Change in fair value of plan assets
Fair value at beginning of year10,609 11,541 3,397 3,528 163 183 
Actual return on plan assets1,296 (10)149 142 15 5 
Employer contributions/funding354 236 67 59 51 53 
Participant contributions— — 2 2 — — 
Benefit payments(640)(617)(112)(108)(74)(78)
Settlement(670)(539)(109)(62)— — 
Other, including foreign currency adjustment— (2)258 (164)— — 
Fair value at end of year10,949 10,609 3,652 3,397 155 163 
Funded status$(233)$(715)$725 $611 $(468)$(453)
Amounts recognized
Other assets$413 $388 $983 $792 $— $— 
Other current liabilities(61)(85)(14)(10)(55)(52)
Other liabilities(585)(1,018)(244)(171)(413)(401)
Net amount recognized$(233)$(715)$725 $611 $(468)$(453)
Amounts included in accumulated other comprehensive loss (pre-tax)
Net loss/(gain)$3,035 $3,618 $612 $633 $(295)$(333)
Prior service cost/(credit)61 54 (3)(5)(9)(14)
Total$3,096 $3,672 $609 $628 $(304)$(347)
Changes recognized in net loss/(gain) included in other comprehensive loss
Net (gain)/loss arising in current year$(252)$320 $(21)$8 $14 $(36)
Amortization and settlement recognition(331)(298)(59)(43)25 25 
Foreign currency translation loss/(gain)— — 59 (39)(1)1 
Total$(583)$22 $(21)$(74)$38 $(10)
Accumulated benefit obligation at end of year$11,093 $11,069 $2,740 $2,638 
Schedule of Net Benefit Costs [Table Text Block]
The components of total pension and retiree medical benefit costs are as follows:
 PensionRetiree Medical
 U.S.International   
 202520242023202520242023202520242023
Service cost$312 $347 $327 $47 $46 $43 $31 $31 $29 
Other pension and retiree medical benefits expense/(income):
Interest cost586 585 593 152 144 141 30 32 36 
Expected return on plan assets(805)(871)(851)(202)(205)(192)(11)(13)(13)
Amortization of prior service costs/(credits)3 (24)(26)(1)(2)(1)(5)(5)(6)
Amortization of net losses/(gains)84 77 70 27 21 13 (25)(25)(27)
Net settlement/curtailment losses (a)
247 254 4 32 22 10 — — — 
Special termination benefits21 31 (1)— — — — 1 — 
Total other pension and retiree medical benefits expense/(income)136 52 (211)8 (20)(29)(11)(10)(10)
Total$448 $399 $116 $55 $26 $14 $20 $21 $19 
(a)In 2025 and 2024, U.S. includes settlement charges of $237 million ($183 million after-tax or $0.13 per share) and $213 million ($165 million after-tax or $0.12 per share), respectively, related to the aggregate of lump sum distributions and the purchases of group annuity contracts exceeding the total of annual service and interest cost.
Weighted-Average Assumptions Used To Determine Projected Benefit Liability And Benefit Expense For Pension And Retiree Medical Plans
The following table provides the weighted-average assumptions used to determine net periodic benefit cost and projected benefit obligation for our pension and retiree medical plans:
 PensionRetiree Medical
 U.S.International   
 202520242023202520242023202520242023
Net Periodic Benefit Cost
Service cost discount rate 5.8 %5.1 %5.4 %7.8 %6.9 %7.0 %5.6 %5.1 %5.4 %
Interest cost discount rate 5.4 %5.1 %5.4 %5.3 %5.0 %5.4 %5.2 %5.0 %5.3 %
Expected return on plan assets 7.5 %7.4 %7.4 %5.8 %5.8 %5.7 %7.1 %7.1 %7.1 %
Rate of salary increases3.9 %3.9 %3.2 %4.0 %4.3 %4.2 %
Projected Benefit Obligation
Discount rate5.5 %5.7 %5.1 %5.8 %5.5 %5.1 %5.2 %5.5 %5.1 %
Rate of salary increases3.1 %3.9 %3.9 %4.5 %4.0 %4.3 %
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
The following table provides selected information about plans with accumulated benefit obligation and total projected benefit obligation in excess of plan assets:
 PensionRetiree Medical
 U.S.International  
 202520242025202420252024
Selected information for plans with accumulated benefit obligation in excess of plan assets
Obligation for service to date$(7,123)$(7,315)$(279)$(194)
Fair value of plan assets$6,480 $6,399 $177 $135 
Selected information for plans with projected benefit obligation in excess of plan assets
Benefit obligation$(7,126)$(7,502)$(435)$(346)$(623)$(616)
Fair value of plan assets$6,480 $6,399 $177 $165 $155 $163 
Future Benefit Payments
Our estimated future benefit payments are as follows:
202620272028202920302031 - 2035
Pension$1,259 $963 $951 $977 $999 $5,242 
Retiree medical (a)
$76 $74 $72 $70 $68 $305 
(a)Expected future benefit payments for our retiree medical plans do not reflect any estimated subsidies expected to be received under the 2003 Medicare Act. Subsidies are expected to be less than $1 million for each of the years from 2026 through 2030 and approximately $2 million in total for 2031 through 2035.
Employer Contributions
Contributions to our pension and retiree medical plans were as follows:
PensionRetiree Medical
202520242023202520242023
Discretionary (a)
$261 $161 $267 $— $— $— 
Non-discretionary160 134 97 51 53 46 
Total$421 $295 $364 $51 $53 $46 
(a)Includes $250 million contribution in 2025, $150 million contribution in 2024 and $250 million contribution in 2023 to fund our U.S. qualified defined benefit plans.
Target Investment Allocation
For 2026 and 2025, our expected long-term rate of return on U.S. plan assets is 7.8% and 7.5%, respectively. Our target investment allocations for U.S. plan assets are as follows:
20262025
Fixed income58 %56 %
U.S. equity22 %22 %
International equity16 %18 %
Real estate4 %4 %
Schedule Of Plan Assets Measured At Fair Value Table Text Block
Plan assets measured at fair value as of year-end 2025 and 2024 are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 in both years and are as follows:
 Fair Value Hierarchy Level20252024
U.S. plan assets (a)(b)
Equity securities, including preferred stock (c)
1$4,248 $4,270 
Government securities (d)
21,573 1,538 
Corporate bonds (d)
23,963 3,903 
Mortgage-backed securities (d)
2134 125 
Contracts with insurance companies (e)
31 1 
Cash and cash equivalents (f) (g)
1, 2700 732 
Sub-total U.S. plan assets10,619 10,569 
Investments measured at net asset value (h)
817 561 
Securities lending payables, net of dividends and interest receivable (g)
(332)(358)
Total U.S. plan assets$11,104 $10,772 
International plan assets
Equity securities (c)
1$1,215 $1,172 
Government securities (d)
2987 932 
Corporate bonds (d)
2610 469 
Fixed income commingled funds (i)
1616 557 
Contracts with insurance companies (e)
3— 29 
Cash and cash equivalents185 128 
Sub-total international plan assets3,513 3,287 
Investments measured at net asset value (h)
122 79 
Dividends and interest receivable17 31 
Total international plan assets$3,652 $3,397 
(a)Includes $155 million and $163 million in 2025 and 2024, respectively, of retiree medical plan assets that are restricted for purposes of providing health benefits for U.S. retirees and their beneficiaries.
(b)Includes securities loaned to borrowers under the securities lending program with fair value of $649 million and $630 million in 2025 and 2024, respectively.
(c)Invested in U.S. and international common stock and commingled funds, and the preferred stock portfolio was invested in domestic and international corporate preferred stock investments. The common and preferred stock investments are based on quoted prices in active markets. The commingled funds are based on the published price of the fund and include one large-cap fund that represents 12% of total U.S. plan assets for both 2025 and 2024.
(d)These investments are based on quoted bid prices for comparable securities in the marketplace and broker/dealer quotes in active markets. Corporate bonds of U.S.-based companies represents 31% of total U.S. plan assets for both 2025 and 2024.
(e)Based on the fair value of the contracts as determined by the insurance companies using inputs that are not observable. During 2025, our international plans liquidated Level 3 investments, resulting in no Level 3 assets as of year-end. The changes in U.S. Level 3 amounts were not significant in the years ended December 27, 2025 and December 28, 2024.
(f)Includes Level 1 assets of $446 million and $456 million, and Level 2 assets of $254 million and $276 million for 2025 and 2024, respectively.
(g)Includes $430 million and $447 million of cash collateral for 2025 and 2024, respectively, under the securities lending program offset by corresponding securities lending payable of the same amount. The net impact on the fair value of U.S. plan assets is zero.
(h)Includes investments in private credit funds, limited partnerships and mortgage funds. These funds are based on the net asset value of the investments owned by these funds as determined by independent third parties using inputs that are not observable. The majority of the funds are redeemable quarterly subject to availability of cash and have notice periods ranging from 30 to 90 days.
(i)Based on the published price of the fund.
Schedule of Health Care Cost Trend Rates
Retiree Medical Cost Trend Rates
The assumed health care cost trend rates are as follows:
20262025
Average increase assumed8 %5 %
Ultimate projected increase 4 %4 %
Year of ultimate projected increase
20462046