v3.26.1
Accumulated Other Comprehensive Income/(Losses) (Notes)
 3 Months Ended
Mar. 28, 2026
Equity [Abstract]  
Accumulated Other Comprehensive Income/(Losses) Accumulated Other Comprehensive Income/(Losses)
The components of, and changes in, accumulated other comprehensive income/(losses), net of tax, were as follows (in millions):
Foreign Currency Translation AdjustmentsNet Postemployment Benefit Plan AdjustmentsNet Cash Flow Hedge AdjustmentsNet Fair Value HedgesTotal
Balance as of December 27, 2025$(2,301)$(61)$(2)$(6)$(2,370)
Foreign currency translation adjustments(122)— — — (122)
Net deferred gains/(losses) on net investment hedges67 — — — 67 
Amounts excluded from the effectiveness assessment of net investment hedges3 — — — 3 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(6)— — — (6)
Net deferred gains/(losses) on cash flow hedges— — 10 — 10 
Amounts excluded from the effectiveness assessment of cash flow hedges— — (1)— (1)
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)— — 2 — 2 
Amounts excluded from the effectiveness assessment of fair value hedges— — — 7 7 
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss)— — — (3)(3)
Net actuarial gains/(losses) arising during the period— 3 — — 3 
Net postemployment benefit losses/(gains) reclassified to net income/(loss)— (38)— — (38)
Total other comprehensive income/(loss)(58)(35)11 4 (78)
Balance as of March 28, 2026$(2,359)$(96)$9 $(2)$(2,448)
The gross amount and related tax benefit/(expense) recorded in, and associated with, each component of other comprehensive income/(loss) were as follows (in millions):
For the Three Months Ended
March 28, 2026March 29, 2025
Before Tax AmountTaxNet of Tax AmountBefore Tax AmountTaxNet of Tax Amount
Foreign currency translation adjustments$(122)$— $(122)$309 $— $309 
Net deferred gains/(losses) on net investment hedges89 (22)67 (79)19 (60)
Amounts excluded from the effectiveness assessment of net investment hedges4 (1)3 9 (2)7 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(8)2 (6)(9)2 (7)
Net deferred gains/(losses) on cash flow hedges13 (3)10 26 (6)20 
Amounts excluded from the effectiveness assessment of cash flow hedges(1)— (1)(1)— (1)
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)2 — 2 (77)19 (58)
Amounts excluded from the effectiveness assessment of fair value hedges8 (1)7 26 (7)19 
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss)(4)1 (3)(3)1 (2)
Net deferred gains/(losses) on available-for-sale debt securities— — — (1)— (1)
Net actuarial gains/(losses) arising during the period4 (1)3 — — — 
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(50)12 (38)(5)1 (4)
The amounts reclassified from accumulated other comprehensive income/(losses) were as follows (in millions):
Accumulated Other Comprehensive Income/(Losses) Component Reclassified from Accumulated Other Comprehensive Income/(Losses) to Net Income/(Loss)Affected Line Item in the Statements of Income
For the Three Months Ended
March 28, 2026March 29, 2025
Losses/(gains) on net investment hedges:
Foreign exchange contracts(a)
$(1)$— Interest expense
Cross-currency contracts(a)
(7)(9)Interest expense
Losses/(gains) on cash flow hedges:
Foreign exchange contracts(a) (b)
3 (9)Cost of products sold
Cross-currency contracts(a) (b)
(1)(74)Other expense/(income)
Cross-currency contracts(a) (b)
— 6 Interest expense
Losses/(gains) on fair value hedges:
Cross-currency contracts(a)
(4)(3)Other expense/(income)
Losses/(gains) on hedges before income taxes(10)(89)
Losses/(gains) on hedges, income taxes3 22 
Losses/(gains) on hedges$(7)$(67)
Losses/(gains) on postemployment benefits:
Amortization of unrecognized losses/(gains)(c)
$(3)$(3)
Amortization of prior service costs/(credits)(c)
(2)(2)
Settlement and curtailment losses/(gains)(c)
(45)— 
Losses/(gains) on postemployment benefits before income taxes(50)(5)
Losses/(gains) on postemployment benefits, income taxes12 1 
Losses/(gains) on postemployment benefits$(38)$(4)
(a)    Represents recognition of the excluded component in net income/(loss) following a systematic and rational approach.
(b)    Includes the effective portion of the related hedges.
(c)    These components are included in the computation of net periodic postemployment benefit costs. See Note 10, Postemployment Benefits, for additional information.
In this note we have excluded activity and balances related to noncontrolling interest due to their insignificance. This activity was primarily related to foreign currency translation adjustments.