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Financial Instruments (Tables) | 3 Months Ended
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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, 2026 |  | December 27, 2025
Commodity contracts | $ | 980 |  |  | $ | 976 |
Foreign exchange contracts | 3,647 |  |  | 4,229 |
Cross-currency contracts | 3,083 |  |  | 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
| Assets |  | Liabilities |  | Assets |  | Liabilities |  | Assets |  | Liabilities
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
| Assets |  | Liabilities |  | Assets |  | Liabilities |  | Assets |  | Liabilities
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) Component |  | Gains/(Losses) Recognized in Other Comprehensive Income/(Losses) Related to Derivatives Designated as Hedging Instruments |  | Location of Gains/(Losses) When Reclassified to Net Income/(Loss)
|  | For the Three Months Ended |  |  |  |
|  | March 28, 2026 |  | March 29, 2025 |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | 12 |  |  | (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 contracts |  | 41 |  |  | (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, 2026 |  | March 29, 2025
| Cost of products sold |  |  |  | Interest expense |  | Other expense/(income) |  | Cost of products sold |  |  |  | Interest expense |  | Other 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 contracts | 145 |  |  |  |  | — |  |  | — |  |  | (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 agency | 60 |  |  | — |  |  | — |  |  | 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, 2026 |  | December 27, 2025
Cash and cash equivalents | $ | 711 |  |  | $ | 221 |
Marketable securities | 783 |  |  | 1,060 |
Total | $ | 1,494 |  |  | $ | 1,281 |

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