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Fair value measurements (Tables)
 12 Months Ended
Dec. 29, 2024
Fair Value Disclosures [Abstract]  
Summary of Derivative Activity
The following table is a summary of the activity related to derivatives and hedges for the fiscal years ended December 29, 2024 and December 31, 2023, net of tax:
December 29, 2024December 31, 2023
(Dollars in Millions)SalesCost of
Products
 Sold		R&D
 Expense		Interest
(Income)
 Expense		Other
(Income)
Expense		SalesCost of
Products
Sold		R&D
Expense		Interest
(Income)
Expense		Other
(Income)
Expense
The effects of fair value, net investment and cash flow hedging:
Gain (Loss) on fair value hedging relationship:
Interest rate swaps contracts:
Hedged items$———64————168—
Derivatives designated as hedging instruments———(64)————(168)—
Gain (Loss) on net investment hedging relationship:
Cross currency interest rate swaps contracts:
Amount of gain or (loss) recognized in income on derivative amount excluded from effectiveness testing$———148————130—
Amount of gain or (loss) recognized in AOCI———148————130—
Gain (Loss) on cash flow hedging relationship:
Forward foreign exchange contracts:
Amount of gain or (loss) reclassified from AOCI into income242633—67186(37)—8
Amount of gain or (loss) recognized in AOCI(7)(156)80—2110447(18)—9
Cross currency interest rate swaps contracts:
Amount of gain or (loss) reclassified from AOCI into income———247————275—
Amount of gain or (loss) recognized in AOCI$———(597)————(156)—
As of December 29, 2024 and December 31, 2023, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustment for fair value hedges:
Line item in the Consolidated Balance Sheet
in which the hedged item is included		Carrying Amount of the Hedged LiabilityCumulative Amount of Fair Value Hedging
Adjustment Included in the Carrying
Amount of the Hedged Liability
(Dollars in Millions)December 29, 2024December 31, 2023December 29, 2024December 31, 2023
Long-term Debt$7,935$8,862$(1,132)$(1,216)
Schedule of Effect of Derivatives not Designated as Hedging Instruments
The following table is the effect of derivatives not designated as hedging instrument for the fiscal years ended
December 29, 2024 and December 31, 2023:
(Dollars in Millions)Location of Gain /(Loss)
Recognized in Income on
Derivative		Gain/(Loss)
Recognized In
Income on Derivative
Derivatives Not Designated as Hedging InstrumentsDecember 29, 2024December 31, 2023
Foreign Exchange ContractsOther (income) expense$8(60)
Schedule of Effect of Net Investment Hedges
The following table is the effect of net investment hedges for the fiscal years ended December 29, 2024 and
December 31, 2023:
Gain/(Loss)
Recognized In
Accumulated OCI		Location of Gain or
(Loss) Reclassified
from Accumulated Other Comprehensive Income Into Income		Gain/(Loss)
Reclassified from
Accumulated OCI
Into Income
(Dollars in Millions)December 29, 2024December 31, 2023December 29, 2024December 31, 2023
Debt$282(131)Interest (income) expense——
Cross Currency interest rate swaps$955642Interest (income) expense——
Summary of Activity Related to Equity Investments
The following table is a summary of the activity related to equity investments for the fiscal years ended December 29, 2024 and December 31, 2023:
December 31, 2023December 29, 2024
(Dollars in Millions)Carrying Value
Changes in Fair
Value Reflected in
Net Income(1)
Sales/
Purchases/
Other(2)
Carrying ValueNon-Current
Other Assets
Equity Investments with readily determinable value *$4,473(17)(4,005)451451
Equity Investments without readily determinable value$696(197)274773773
January 1, 2023December 31, 2023
(Dollars in Millions)Carrying Value
Changes in Fair
Value Reflected in
Net Income(1)
Sales/
Purchases/
Other(2)
Carrying ValueNon-Current
Other Assets
Equity Investments with readily determinable value *$576(368)4,2654,4734,473
Equity Investments without readily determinable value$613182696696
(1)Recorded in Other Income/Expense
(2)Other includes impact of currency
*    The December 31, 2023 balance includes the 9.5% remaining stake in Kenvue. A debt-for-equity exchange was completed in the fiscal second quarter of 2024.
Financial Assets and Liabilities at Fair Value
The Company’s significant financial assets and liabilities measured at fair value as of the fiscal year ended December 29, 2024 and December 31, 2023 were as follows:
20242023
(Dollars in Millions)Level 1Level 2Level 3Total
Total(1)
Derivatives designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—660—660539
Interest rate contracts(2)
—1,484—1,484988
Total$—2,144—2,1441,527
Liabilities:     
Forward foreign exchange contracts—794—794624
Interest rate contracts(2)
—3,753—3,7535,338
Total$—4,547—4,5475,962
Derivatives not designated as hedging instruments:     
Assets:     
Forward foreign exchange contracts $—50—5064
Liabilities:     
Forward foreign exchange contracts—17—1775
Available For Sale Other Investments:
Equity investments(3)
451——4514,473
Debt securities(4)
—7,216—7,2168,874
Other Liabilities
Contingent Consideration(5)
$1,2171,2171,092

Gross to Net Derivative Reconciliation20242023
(Dollars in Millions)
Total Gross Assets$2,1941,591
Credit Support Agreements (CSA)(2,172)(1,575)
Total Net Asset2216
Total Gross Liabilities4,5646,037
Credit Support Agreements (CSA)(4,412)(5,604)
Total Net Liabilities$152433
Summarized information about changes in liabilities for contingent consideration is as follows:
202420232022
(Dollars in Millions)
Beginning Balance$1,0921,120533
Changes in estimated fair value 8829(194)
Additions(6)
112—792
Payments/Other(75)(57)(11)
Ending Balance(5)
$1,2171,0921,120
(1)2023 assets and liabilities are all classified as Level 2 with the exception of equity investments of $4,473 million, which are classified as Level 1 and contingent consideration of $1,092 million, classified as Level 3.
(2)Includes cross currency interest rate swaps and interest rate swaps.
(3)Classified as non-current other assets.
(4)Classified as cash equivalents and current marketable securities.
(5)Includes $1,217 million, $1,092 million and $1,116 million, classified as non-current other liabilities as of December 29, 2024,
December 31, 2023 and January 1, 2023, respectively. Includes $4 million classified as current liabilities as of January 1, 2023.
(6)In fiscal year 2024, the Company recorded $105 million of contingent consideration related to Proteologix. In fiscal year 2022, the Company recorded $704 million of contingent consideration related to Abiomed.