v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 28, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Values of Outstanding Derivatives
The notional values of our outstanding derivative instruments were (in millions):
Notional Amount
March 28, 2026December 27, 2025
Commodity contracts$980 $976 
Foreign exchange contracts3,647 4,229 
Cross-currency contracts3,083 3,083 
Schedule of Derivative Fair Values
The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the condensed consolidated balance sheets were (in millions):
March 28, 2026
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)		Significant Other Observable Inputs
(Level 2)		Total Fair Value
AssetsLiabilitiesAssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$— $— $18 $37 $18 $37 
Cross-currency contracts(b)
— — 49 143 49 143 
Derivatives not designated as hedging instruments:
Commodity contracts(c)
69 17 71 5 140 22 
Foreign exchange contracts(a)
— — 8 14 8 14 
Total fair value$69 $17 $146 $199 $215 $216 
(a)    At March 28, 2026, the fair value of our derivative assets was recorded in other current assets ($20 million) and other non-current assets ($6 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($40 million) and other non-current liabilities ($11 million).
(b)    At March 28, 2026, the fair value of our derivative assets was recorded in other current assets ($39 million) and other non-current assets ($10 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($2 million) and other non-current liabilities ($141 million).
(c)     At March 28, 2026, the fair value of our derivative assets was recorded in other current assets ($132 million) and other non-current assets ($8 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($21 million) and other non-current liabilities ($1 million).
December 27, 2025
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)		Significant Other Observable Inputs
(Level 2)		Total Fair Value
AssetsLiabilitiesAssetsLiabilitiesAssetsLiabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts(a)
$— $— $7 $30 $7 $30 
Cross-currency contracts(b)
— — 46 210 46 210 
Derivatives not designated as hedging instruments:
Commodity contracts(c)
11 53 2 20 13 73 
Foreign exchange contracts(a)
— — 14 13 14 13 
Total fair value$11 $53 $69 $273 $80 $326 
(a)    At December 27, 2025, the fair value of our derivative assets was recorded in other current assets and the fair value of our derivative liabilities was recorded in other current liabilities ($42 million) and other non-current liabilities ($1 million).
(b)    At December 27, 2025, the fair value of our derivative assets was recorded in other current assets ($38 million) and other non-current assets ($8 million), and the fair value of our derivative liabilities was recorded in other current liabilities ($2 million) and other non-current liabilities ($208 million).
(c)    At December 27, 2025, the fair value of our derivative assets was recorded in other current assets and the fair value of our derivative liabilities was recorded in other current liabilities ($70 million) and other non-current liabilities ($3 million).
Derivative Impact on Statements of Other Comprehensive Income
The following table presents the pre-tax amounts of derivative gains/(losses) deferred into accumulated other comprehensive income/(losses) and the income statement line item that will be affected when reclassified to net income/(loss) (in millions):
Accumulated Other Comprehensive Income/(Losses) ComponentGains/(Losses) Recognized in Other Comprehensive Income/(Losses) Related to Derivatives Designated as Hedging InstrumentsLocation of Gains/(Losses) When Reclassified to Net Income/(Loss)
For the Three Months Ended
March 28, 2026March 29, 2025
Cash flow hedges:
Foreign exchange contracts12 (10)Cost of products sold
Foreign exchange contracts (excluded component)(1)(1)Cost of products sold
Foreign exchange contracts 1 (1)SG&A
Cross-currency contracts— 43 Other expense/(income)
Cross-currency contracts— (6)Interest expense
Net investment hedges:
Foreign exchange contracts(16)— Other expense/(income)
Foreign exchange contracts (excluded component)(3)— Interest expense
Cross-currency contracts41 (30)Other expense/(income)
Cross-currency contracts (excluded component)7 9 Interest expense
Fair value hedges:
Foreign exchange contracts (excluded component)(1)(3)Other expense/(income)
Cross-currency contracts (excluded component)9 29 Other expense/(income)
Total gains/(losses) recognized in statements of comprehensive income$49 $30 
Derivative Impact on Statements of Income
The following tables present the pre-tax amounts of derivative gains/(losses) recorded to net income/(loss) and the affected income statement line items (in millions):
For the Three Months Ended
March 28, 2026March 29, 2025
Cost of products soldInterest expenseOther expense/(income)Cost of products soldInterest expenseOther expense/(income)
Total amounts presented in the condensed consolidated statements of income in which the following effects were recorded$3,828 $236 $(101)$3,935 $229 $(51)
Gains/(losses) related to derivatives designated as hedging instruments:
Cash flow hedges:(a)
Foreign exchange contracts$(3)$— $— $10 $— $— 
Foreign exchange contracts (excluded component)— — — (1)— — 
Cross-currency contracts— — 1 — (6)74 
Net investment hedges:(a)
Foreign exchange contracts (excluded component)— 1 — — — — 
Cross-currency contracts (excluded component)— 7 — — 9 — 
Fair Value hedges:(b)
Foreign exchange contracts— — (9)— — — 
Cross-currency contracts — — 19 — — (34)
Cross-currency contracts (excluded component)(a)
— — 4 — — 3 
Hedged items
— — (10)— — 34 
Gains/(losses) related to derivatives not designated as hedging instruments:
Commodity contracts145 — — (11)— — 
Foreign exchange contracts— — (7)— — 9 
Cross-currency contracts— — — — — 1 
Total gains/(losses) recognized in statements of income$142 $8 $(2)$(2)$3 $87 
Debt Securities, Available-for-Sale
The following table presents our available-for-sale debt securities’ amortized cost basis, fair value and unrealized gains and losses by significant investment category (in millions):
March 28, 2026
December 27, 2025
Amortized Cost Basis(a)
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
Amortized Cost Basis(a)
Gross Unrealized Gains
Gross Unrealized Losses
Estimated Fair Value
Debt securities:
Corporate bonds
$348 $— $— $348 $456 $— $— $456 
Commercial paper
1,086 — — 1,086 752 — — 752 
U.S. treasury and agency60 — — 60 72 — — 72 
Money market funds— — — — 1 — — 1 
Total
$1,494 $— $— $1,494 $1,281 $— $— $1,281 
(a)    Amortized cost basis excludes approximately $3 million of accrued interest at March 28, 2026 and $4 million at December 27, 2025.
Summary of Carrying Values of Available-for-Sale Debt Securities
The carrying values of our available-for-sale debt securities were included in the following line items in our condensed consolidated balance sheet (in millions):
March 28, 2026December 27, 2025
Cash and cash equivalents
$711 $221 
Marketable securities
783 1,060 
Total
$1,494 $1,281