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HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 27, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments designated and qualified as part of hedging relationship

The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions):

						Fair Value1,2
Derivatives Designated as Hedging Instruments			Financial Statement Line Item Impacted1			June 27, 2025			December 31, 2024
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	66		$	311
Foreign currency contracts			Other noncurrent assets			10			82
Commodity contracts			Prepaid expenses and other current assets			—			2
Interest rate contracts			Other noncurrent assets			120			27
Total assets						$	196		$	422
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	324		$	14
Foreign currency contracts			Other noncurrent liabilities			111			39
Commodity contracts			Accounts payable and accrued expenses			7			—
Interest rate contracts			Other noncurrent liabilities			767			922
Total liabilities						$	1,209		$	975

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments.

2Refer to Note 16 for additional information related to the estimated fair value.

Derivatives Not Designated as Hedging Instruments

The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions):

						Fair Value1,2
Derivatives Not Designated as Hedging Instruments			Financial Statement Line Item Impacted1			June 27, 2025			December 31, 2024
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	82		$	152
Foreign currency contracts			Other noncurrent assets			32			8
Commodity contracts			Prepaid expenses and other current assets			4			7
Commodity contracts			Other noncurrent assets			2			—
Other derivative instruments			Prepaid expenses and other current assets			4			—
Total assets						$	124		$	167
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	144		$	86
Foreign currency contracts			Other noncurrent liabilities			8			12
Commodity contracts			Accounts payable and accrued expenses			27			40
Commodity contracts			Other noncurrent liabilities			2			—
Other derivative instruments			Accounts payable and accrued expenses			—			6
Total liabilities						$	181		$	144

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 16 for the net presentation of the Company’s derivative instruments.

2Refer to Note 16 for additional information related to the estimated fair value.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI)

The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions):

			Gain (Loss) Recognized in OCI						Financial Statement Line Item Impacted			Gain (Loss) Reclassified from AOCI into Income
Three Months Ended June 27, 2025
Foreign currency contracts			$	(501)					Net operating revenues			$	(69)
Foreign currency contracts			(11)						Cost of goods sold			1
Foreign currency contracts			—						Interest expense			(1)
Foreign currency contracts			41						Other income (loss) — net			44
Commodity contracts			(13)						Cost of goods sold			(5)
Interest rate contracts			(1)						Interest expense			—
Total			$	(485)								$	(30)
Three Months Ended June 28, 2024
Foreign currency contracts			$	160					Net operating revenues			$	(1)
Foreign currency contracts			9						Cost of goods sold			6
Foreign currency contracts			—						Interest expense			(1)
Foreign currency contracts			(9)						Other income (loss) — net			2
Commodity contracts			(3)						Cost of goods sold			(2)
Interest rate contracts			1						Interest expense			—
Total			$	158								$	4

			Gain (Loss) Recognized in OCI						Financial Statement Line Item Impacted			Gain (Loss) Reclassified from AOCI into Income
Six Months Ended June 27, 2025
Foreign currency contracts			$	(770)					Net operating revenues			$	(28)
Foreign currency contracts			(18)						Cost of goods sold			4
Foreign currency contracts			—						Interest expense			(2)
Foreign currency contracts			37						Other income (loss) — net			68
Commodity contracts			(10)						Cost of goods sold			(2)
Interest rate contracts			(1)						Interest expense			(1)
Total			$	(762)								$	39
Six Months Ended June 28, 2024
Foreign currency contracts			$	208					Net operating revenues			$	(18)
Foreign currency contracts			20						Cost of goods sold			9
Foreign currency contracts			—						Interest expense			(2)
Foreign currency contracts			(24)						Other income (loss) — net			(26)
Commodity contracts			(2)						Cost of goods sold			(3)
Interest rate contracts			2						Interest expense			—
Total			$	204								$	(40)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions):

Hedging Instruments and Hedged Items			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
						Three Months Ended
						June 27, 2025			June 28, 2024
Interest rate contracts			Interest expense			$	168		$	(19)
Fixed-rate debt			Interest expense			(170)			20
Net impact of fair value hedging instruments						$	(2)		$	1

Hedging Instruments and Hedged Items			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
						Six Months Ended
						June 27, 2025			June 28, 2024
Interest rate contracts			Interest expense			$	248		$	(164)
Fixed-rate debt			Interest expense			(246)			167
Net impact of fair value hedging instruments						$	2		$	3

The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions):

												Cumulative Amount of Fair Value Hedging Adjustments1
			Carrying Values of Hedged Items									Included in the Carrying Values of Hedged Items									Remaining for Which Hedge Accounting Has Been Discontinued
Balance Sheet Location of Hedged Items			June 27, 2025			December 31, 2024						June 27, 2025			December 31, 2024						June 27, 2025			December 31, 2024
Long-term debt			$	13,083		$	11,824					$	(755)		$	(915)					$	114		$	130

1Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.

Notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges

The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions):

			Notional Values									Gain (Loss) Recognized in OCI
			as of									Three Months Ended									Six Months Ended
			June 27, 2025			December 31, 2024						June 27, 2025			June 28, 2024						June 27, 2025			June 28, 2024
Foreign currency contracts			$	1,067		$	59					$	—		$	22					$	(1)		$	24
Foreign currency denominated debt			14,965			13,221						(1,139)			85						(1,744)			357
Total			$	16,032		$	13,280					$	(1,139)		$	107					$	(1,745)		$	381

Derivative Instruments, Not Designated as Hedging Instruments, Gain (Loss) in Earnings

The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions):

Derivatives Not Designated as Hedging Instruments			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
						Three Months Ended
						June 27, 2025			June 28, 2024
Foreign currency contracts			Net operating revenues			$	(111)		$	58
Foreign currency contracts			Cost of goods sold			58			(22)
Foreign currency contracts			Other income (loss) — net			67			(96)
Commodity contracts			Cost of goods sold			(10)			(49)
Other derivative instruments			Selling, general and administrative expenses			11			6
Total						$	15		$	(103)

Derivatives Not Designated as Hedging Instruments			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
						Six Months Ended
						June 27, 2025			June 28, 2024
Foreign currency contracts			Net operating revenues			$	(182)		$	119
Foreign currency contracts			Cost of goods sold			79			(8)
Foreign currency contracts			Other income (loss) — net			96			(58)
Commodity contracts			Cost of goods sold			(6)			(68)
Other derivative instruments			Selling, general and administrative expenses			12			12
Total						$	(1)		$	(3)

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