v3.26.1
Accumulated Other Comprehensive Income/(Losses) (Tables) - AOCI Attributable to Parent
 6 Months Ended
Jun. 27, 2026
Accumulated Other Comprehensive Income/(Loss) [Line Items]  
Components of and Changes in 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)$(2,370)
Foreign currency translation adjustments(161)— — — (161)
Net deferred gains/(losses) on net investment hedges96 — — — 96 
Amounts excluded from the effectiveness assessment of net investment hedges14 — — — 14 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(12)— — — (12)
Net deferred gains/(losses) on cash flow hedges— — 9 — 9 
Amounts excluded from the effectiveness assessment of cash flow hedges— — (2)— (2)
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)— — 5 — 5 
Amounts excluded from the effectiveness assessment of fair value hedges— — — 10 10 
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss)— — — (9)(9)
Net actuarial gains/(losses) arising during the period— 3 — — 3 
Net postemployment benefit losses/(gains) reclassified to net income/(loss)— (41)— — (41)
Total other comprehensive income/(loss)(63)(38)12 1 (88)
Balance as of June 27, 2026$(2,364)$(99)$10 $(5)$(2,458)
Gross Amount and Related Tax Benefit/(Expense) Recorded in and Associated with each Component of Other Comprehensive Income/(Loss)
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
June 27, 2026June 28, 2025
Before Tax AmountTaxNet of Tax AmountBefore Tax AmountTaxNet of Tax Amount
Foreign currency translation adjustments$(39)$— $(39)$684 $— $684 
Net deferred gains/(losses) on net investment hedges38 (9)29 (315)76 (239)
Amounts excluded from the effectiveness assessment of net investment hedges15 (4)11 13 (3)10 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(8)2 (6)(16)4 (12)
Net deferred gains/(losses) on cash flow hedges(1)— (1)115 (29)86 
Amounts excluded from the effectiveness assessment of cash flow hedges(2)1 (1)— — — 
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)5 (2)3 (161)41 (120)
Amounts excluded from the effectiveness assessment of fair value hedges7 (4)3 (7)— (7)
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss)(8)2 (6)— 1 1 
Net actuarial gains/(losses) arising during the period— — — (44)11 (33)
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(4)1 (3)5 (1)4 
For the Six Months Ended
June 27, 2026June 28, 2025
Before Tax AmountTaxNet of Tax AmountBefore Tax AmountTaxNet of Tax Amount
Foreign currency translation adjustments$(161)$— $(161)$993 $— $993 
Net deferred gains/(losses) on net investment hedges127 (31)96 (394)95 (299)
Amounts excluded from the effectiveness assessment of net investment hedges19 (5)14 22 (5)17 
Net deferred losses/(gains) on net investment hedges reclassified to net income/(loss)(16)4 (12)(25)6 (19)
Net deferred gains/(losses) on cash flow hedges12 (3)9 141 (35)106 
Amounts excluded from the effectiveness assessment of cash flow hedges(3)1 (2)(1)— (1)
Net deferred losses/(gains) on cash flow hedges reclassified to net income/(loss)7 (2)5 (238)60 (178)
Amounts excluded from the effectiveness assessment of fair value hedges15 (5)10 19 (7)12 
Net deferred losses/(gains) on fair value hedges reclassified to net income/(loss)(12)3 (9)(3)2 (1)
Net deferred gains/(losses) on available-for-sale debt securities— — — (1)— (1)
Net actuarial gains/(losses) arising during the period4 (1)3 (44)11 (33)
Net postemployment benefit losses/(gains) reclassified to net income/(loss)(54)13 (41)— — — 
Amounts Reclassified From Accumulated Other Comprehensive Income/(Losses)
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 EndedFor the Six Months Ended
June 27, 2026June 28, 2025June 27, 2026June 28, 2025
Losses/(gains) on net investment hedges:
Foreign exchange contracts(a)
$(1)$— $(2)$— Interest expense
Cross-currency contracts(a)
(7)(16)(14)(25)Interest expense
Losses/(gains) on cash flow hedges:
Foreign exchange contracts(a) (b)
5 (5)8 (14)Cost of products sold
Cross-currency contracts(a) (b)
(2)(161)(3)(235)Other expense/(income)
Cross-currency contracts(a) (b)
— 5 — 11 Interest expense
Interest rate contracts(b)
2 — 2 — Interest expense
Losses/(gains) on fair value hedges:
Cross-currency contracts(a)
(8)— (12)(3)Other expense/(income)
Losses/(gains) on hedges before income taxes(11)(177)(21)(266)
Losses/(gains) on hedges, income taxes2 46 5 68 
Losses/(gains) on hedges$(9)$(131)$(16)$(198)
Losses/(gains) on postemployment benefits:
Amortization of unrecognized losses/(gains)(c)
$(3)$(3)$(6)$(6)
Amortization of prior service costs/(credits)(c)
(1)(2)(3)(4)
Settlement and curtailment losses/(gains)(c)
— 10 (45)10 
Losses/(gains) on postemployment benefits before income taxes(4)5 (54)— 
Losses/(gains) on postemployment benefits, income taxes1 (1)13 — 
Losses/(gains) on postemployment benefits$(3)$4 $(41)$— 
(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.