Hedging Transactions and Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 26, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the notional values as of June 26, 2026 and June 27, 2025 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated OCI for the three and six-month periods ended June 26, 2026 and June 27, 2025 ($ in millions):


	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI		Amounts Reclassified from OCI
For the Three-Month Period Ended June 26, 2026:
Net investment hedges:
Cross-currency contracts	$	3,875	$	2,500	$	(5)	$	—
Foreign currency denominated debt	12,919		12,919		230		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		(25)		(29)
Interest rate swaps	1,600		—		—		1
Total	$	22,394	$	18,019	$	200	$	(28)

For the Three-Month Period Ended June 27, 2025:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	(202)	$	—
Foreign currency denominated debt	4,509		4,509		(290)		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		(200)		213
Interest rate swaps	1,600		—		—		—
Total	$	13,984	$	10,109	$	(692)	$	213

For the Six-Month Period Ended June 26, 2026:
Net investment hedges:
Cross-currency contracts	$	3,875	$	2,500	$	40	$	—
Foreign currency denominated debt	12,919		12,919		323		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		33		(81)
Interest rate swaps	1,600		—		—		2
Total	$	22,394	$	18,019	$	396	$	(79)

For the Six-Month Period Ended June 27, 2025:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	(256)	$	—
Foreign currency denominated debt	4,509		4,509		(426)		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		(161)		329
Interest rate swaps	1,600		—		—		1
Total	$	13,984	$	10,109	$	(843)	$	330

Schedule of Notional Amounts of Outstanding Derivative Positions


	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI		Amounts Reclassified from OCI
For the Three-Month Period Ended June 26, 2026:
Net investment hedges:
Cross-currency contracts	$	3,875	$	2,500	$	(5)	$	—
Foreign currency denominated debt	12,919		12,919		230		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		(25)		(29)
Interest rate swaps	1,600		—		—		1
Total	$	22,394	$	18,019	$	200	$	(28)

For the Three-Month Period Ended June 27, 2025:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	(202)	$	—
Foreign currency denominated debt	4,509		4,509		(290)		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		(200)		213
Interest rate swaps	1,600		—		—		—
Total	$	13,984	$	10,109	$	(692)	$	213

For the Six-Month Period Ended June 26, 2026:
Net investment hedges:
Cross-currency contracts	$	3,875	$	2,500	$	40	$	—
Foreign currency denominated debt	12,919		12,919		323		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		33		(81)
Interest rate swaps	1,600		—		—		2
Total	$	22,394	$	18,019	$	396	$	(79)

For the Six-Month Period Ended June 27, 2025:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	(256)	$	—
Foreign currency denominated debt	4,509		4,509		(426)		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		(161)		329
Interest rate swaps	1,600		—		—		1
Total	$	13,984	$	10,109	$	(843)	$	330

Schedule of Derivative and Non Derivative Instruments in Consolidated Condensed Balance Sheets

The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified in the Company’s Consolidated Condensed Balance Sheets as follows ($ in millions):


	June 26, 2026		December 31, 2025
Derivative assets:

Other long-term assets	$	194	$	150

Derivative liabilities:
Accrued expenses and other liabilities	13		42

Nonderivative hedging instruments:
Notes payable and current portion of long-term debt	1,410		—
Long-term debt	11,509		6,054