Fair Value Measurements (Tables)

6 Months Ended

Jun. 27, 2026

Schedule of Information About the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:


	June 27,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
(In millions)	2026		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	655	$	655	$	—	$	—

Investments	135		43		—		92

Insurance contracts	308		—		308		—
Derivative contracts	268		—		268		—
Contingent consideration	68		—		—		68
Total assets	$	1,434	$	697	$	576	$	160

Liabilities
Derivative contracts	$	667	$	—	$	667	$	—
Contingent consideration	178		—		—		178
Total liabilities	$	845	$	—	$	667	$	178


	December 31,		Quoted prices in active markets		Significant other observable inputs		Significant unobservable inputs
(In millions)	2025		(Level 1)		(Level 2)		(Level 3)
Assets
Cash equivalents	$	6,907	$	6,907	$	—	$	—
Bank time deposits	250		250		—		—
Investments	103		27		—		76

Insurance contracts	280		—		280		—
Derivative contracts	685		—		685		—
Contingent consideration	67		—		—		67
Total assets	$	8,292	$	7,184	$	966	$	143

Liabilities
Derivative contracts	$	506	$	—	$	506	$	—
Contingent consideration	16		—		—		16
Total liabilities	$	522	$	—	$	506	$	16

Schedule of Fair Value of Investments, Assets Measured on Recurring Basis

The following table provides a rollforward of investments classified as level 3:


	Three months ended				Six months ended
(In millions)	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Investments
Beginning balance	$	85	$	31	$	76	$	21
Purchases	8		28		16		38


Ending balance	$	92	$	59	$	92	$	59

The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of a qualifying transaction), of the contingent consideration asset:


	Three months ended		Six months ended
(In millions)	June 27, 2026			June 27, 2026
Contingent consideration asset
Beginning balance	$	67		$	67


Changes in fair value included in earnings	1			2
Ending balance	$	68		$	68

Schedule of Fair Value of Investments, Liabilities Measured on Recurring Basis

The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration liabilities.


	Three months ended				Six months ended
(In millions)	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Contingent consideration liabilities
Beginning balance	$	168	$	13	$	16	$	13
Acquisitions (including assumed balances)	2		—		156		—
Payments	(9)		(6)		(9)		(6)
Changes in fair value included in earnings	17		(2)		16		(1)
Currency translation	(1)		—		(1)		—
Ending balance	$	178	$	5	$	178	$	5

Schedule of the Fair Value of the Company's Debt Instruments

The carrying value and fair value of the company’s debt instruments are as follows:


	June 27, 2026				December 31, 2025
(In millions)	Carrying value		Fair value		Carrying value		Fair value
Senior notes	$	42,284	$	39,604	$	39,171	$	36,606


Other	—		—		1		1
	$	42,284	$	39,604	$	39,172	$	36,607

Schedule of the Carrying Value of the Company's Debt Instruments

The carrying value and fair value of the company’s debt instruments are as follows:


	June 27, 2026				December 31, 2025
(In millions)	Carrying value		Fair value		Carrying value		Fair value
Senior notes	$	42,284	$	39,604	$	39,171	$	36,606


Other	—		—		1		1
	$	42,284	$	39,604	$	39,172	$	36,607

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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