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HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 26, 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			September 26, 2025			December 31, 2024
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	84		$	311
Foreign currency contracts			Other noncurrent assets			31			82
Commodity contracts			Prepaid expenses and other current assets			—			2
Interest rate contracts			Other noncurrent assets			125			27
Total assets						$	240		$	422
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	252		$	14
Foreign currency contracts			Other noncurrent liabilities			56			39
Commodity contracts			Accounts payable and accrued expenses			2			—
Interest rate contracts			Accounts payable and accrued expenses			23			—
Interest rate contracts			Other noncurrent liabilities			722			922
Total liabilities						$	1,055		$	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			September 26, 2025			December 31, 2024
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	116		$	152
Foreign currency contracts			Other noncurrent assets			26			8
Commodity contracts			Prepaid expenses and other current assets			13			7
Commodity contracts			Other noncurrent assets			2			—
Other derivative instruments			Prepaid expenses and other current assets			2			—
Total assets						$	159		$	167
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	79		$	86
Foreign currency contracts			Other noncurrent liabilities			3			12
Commodity contracts			Accounts payable and accrued expenses			16			40
Commodity contracts			Other noncurrent liabilities			1			—
Other derivative instruments			Accounts payable and accrued expenses			4			6
Total liabilities						$	103		$	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 income (in millions):

			Gain (Loss) Recognized in OCI						Financial Statement Line Item Impacted			Gain (Loss) Reclassified from AOCI into Income
Three Months Ended September 26, 2025
Foreign currency contracts			$	41					Net operating revenues			$	(109)
Foreign currency contracts			12						Cost of goods sold			—
Foreign currency contracts			—						Interest expense			(1)
Foreign currency contracts			(6)						Other income (loss) — net			(1)
Commodity contracts			4						Cost of goods sold			—
Interest rate contracts			—						Interest expense			(1)
Total			$	51								$	(112)
Three Months Ended September 27, 2024
Foreign currency contracts			$	(150)					Net operating revenues			$	48
Foreign currency contracts			(15)						Cost of goods sold			4
Foreign currency contracts			—						Interest expense			(1)
Foreign currency contracts			10						Other income (loss) — net			22
Commodity contracts			1						Cost of goods sold			—
Interest rate contracts			(55)						Interest expense			(1)
Total			$	(209)								$	72

			Gain (Loss) Recognized in OCI						Financial Statement Line Item Impacted			Gain (Loss) Reclassified from AOCI into Income
Nine Months Ended September 26, 2025
Foreign currency contracts			$	(729)					Net operating revenues			$	(137)
Foreign currency contracts			(6)						Cost of goods sold			4
Foreign currency contracts			—						Interest expense			(3)
Foreign currency contracts			31						Other income (loss) — net			67
Commodity contracts			(6)						Cost of goods sold			(2)
Interest rate contracts			(1)						Interest expense			(2)
Total			$	(711)								$	(73)
Nine Months Ended September 27, 2024
Foreign currency contracts			$	58					Net operating revenues			$	30
Foreign currency contracts			5						Cost of goods sold			13
Foreign currency contracts			—						Interest expense			(3)
Foreign currency contracts			(14)						Other income (loss) — net			(4)
Commodity contracts			(1)						Cost of goods sold			(3)
Interest rate contracts			(53)						Interest expense			(1)
Total			$	(5)								$	32

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

The following table summarizes the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on income (in millions):

Hedging Instruments and Hedged Items			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
						Three Months Ended									Nine Months Ended
						September 26, 2025			September 27, 2024						September 26, 2025			September 27, 2024
Interest rate contracts			Interest expense			$	26		$	447					$	274		$	283
Fixed-rate debt			Interest expense			(19)			(449)						(265)			(282)
Net impact of fair value hedging instruments						$	7		$	(2)					$	9		$	1

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			September 26, 2025			December 31, 2024						September 26, 2025			December 31, 2024						September 26, 2025			December 31, 2024
Current maturities of long-term debt			$	1,469		$	—					$	(15)		$	—					$	—		$	—
Long-term debt			11,614			11,824						(722)			(915)						106			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									Nine Months Ended
			September 26, 2025			December 31, 2024						September 26, 2025			September 27, 2024						September 26, 2025			September 27, 2024
Foreign currency contracts			$	1,067		$	59					$	12		$	(8)					$	11		$	16
Foreign currency denominated debt			14,942			13,221						23			(567)						(1,721)			(210)
Total			$	16,009		$	13,280					$	35		$	(575)					$	(1,710)		$	(194)

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 income (in millions):

Derivatives Not Designated as Hedging Instruments			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
						Three Months Ended
						September 26, 2025			September 27, 2024
Foreign currency contracts			Net operating revenues			$	1		$	(83)
Foreign currency contracts			Cost of goods sold			28			(33)
Foreign currency contracts			Other income (loss) — net			58			(42)
Commodity contracts			Cost of goods sold			3			(24)
Other derivative instruments			Selling, general and administrative expenses			4			15
Total						$	94		$	(167)

Derivatives Not Designated as Hedging Instruments			Financial Statement Line Item Impacted			Gain (Loss) Recognized in Income
						Nine Months Ended
						September 26, 2025			September 27, 2024
Foreign currency contracts			Net operating revenues			$	(181)		$	36
Foreign currency contracts			Cost of goods sold			107			(41)
Foreign currency contracts			Other income (loss) — net			154			(100)
Commodity contracts			Cost of goods sold			(3)			(92)
Other derivative instruments			Selling, general and administrative expenses			16			27
Total						$	93		$	(170)

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