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Fair Value Measurements (Tables)

3 Months Ended

Mar. 28, 2026

Fair Value Disclosures [Abstract]

Schedule of Information About the Company's Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about the company’s financial assets and liabilities measured at fair value on a recurring basis:

						March 28,						Quoted prices in active markets						Significant other observable inputs						Significant unobservable inputs
(In millions)						2026						(Level 1)						(Level 2)						(Level 3)
Assets
Cash equivalents						$	137					$	137					$	—					$	—
Investments						110						25						—						85
Insurance contracts						266						—						266						—
Derivative contracts						780						—						780						—
Contingent consideration						67						—						—						67
Total assets						$	1,362					$	163					$	1,047					$	152
Liabilities
Derivative contracts						$	598					$	—					$	598					$	—
Contingent consideration						168						—						—						168
Total liabilities						$	767					$	—					$	598					$	168

						December 31,						Quoted prices in active markets						Significant other observable inputs						Significant unobservable inputs
(In millions)						2025						(Level 1)						(Level 2)						(Level 3)
Assets
Cash equivalents						$	6,907					$	6,907					$	—					$	—
Bank time deposits						250						250						—						—
Investments						103						27						—						76
Insurance contracts						280						—						280						—
Derivative contracts						685						—						685						—
Contingent consideration						67						—						—						67
Total assets						$	8,292					$	7,184					$	966					$	143
Liabilities
Derivative contracts						$	506					$	—					$	506					$	—
Contingent consideration						16						—						—						16
Total liabilities						$	522					$	—					$	506					$	16

Schedule of Fair Value of Investments, Assets Measured on Recurring Basis

The following table provides a rollforward of investments classified as level 3:

												Three months ended
(In millions)																		March 28, 2026						March 29, 2025
Investments
Beginning balance																		$	76					$	21
Purchases																		9						11
Ending balance																		$	85					$	31

The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of a qualifying transaction), of the contingent consideration asset:

						Three months ended
(In millions)						March 28, 2026
Contingent consideration asset
Beginning balance						$	67
Changes in fair value included in earnings						1
Ending balance						$	67

Schedule of Fair Value of Investments, Liabilities Measured on Recurring Basis

The following table provides a rollforward of the fair value, as determined by level 3 inputs (such as likelihood of achieving production or revenue milestones, as well as changes in the fair values of the investments underlying a recapitalization investment portfolio), of the contingent consideration liabilities.

												Three months ended
(In millions)																		March 28, 2026						March 29, 2025
Contingent consideration liabilities
Beginning balance																		$	16					$	13
Acquisitions (including assumed balances)																		153						—
Changes in fair value included in earnings																		—						1
Ending balance																		$	168					$	13

Schedule of the Fair Value of the Company's Debt Instruments

The carrying value and fair value of the company’s debt instruments are as follows:

						March 28, 2026												December 31, 2025
(In millions)						Carrying value						Fair value						Carrying value						Fair value
Senior notes						$	42,554					$	39,354					$	39,171					$	36,606
Commercial paper						393						393						—						—
Other						1						1						1						1
						$	42,947					$	39,747					$	39,172					$	36,607

Schedule of the Carrying Value of the Company's Debt Instruments

The carrying value and fair value of the company’s debt instruments are as follows:

						March 28, 2026												December 31, 2025
(In millions)						Carrying value						Fair value						Carrying value						Fair value
Senior notes						$	42,554					$	39,354					$	39,171					$	36,606
Commercial paper						393						393						—						—
Other						1						1						1						1
						$	42,947					$	39,747					$	39,172					$	36,607

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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