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Derivative Financial Instruments | 9 Months Ended
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Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments |
Note 12 : | Derivative Financial Instruments
Volume of Derivative Activity Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows:
(In Millions) |  | Sep 27, 2025 |  | Dec 28, 2024 |  |
Foreign currency contracts |  | $ | 20,967 |  |  | $ | 25,472 |  |  |
Interest rate contracts |  | 21,130 |  |  | 17,899 |  |  |
Equity contracts 1 |  | 2,507 |  |  | 2,593 |  |  |
Total |  | $ | 44,604 |  |  | $ | 45,964 |  |  |
1 Relates to our deferred compensation program. The total notional amount of outstanding pay-variable, receive-fixed interest rate swaps was $9.7 billion as of September 27, 2025 and $12.0 billion as of December 28, 2024. Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets
|  | Sep 27, 2025 |  | Dec 28, 2024
(In Millions) |  | Assets 1 |  | Liabilities 2 |  | Assets 1 |  | Liabilities 2
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts 3 |  | $ | 177 |  |  | $ | 35 |  |  | $ | 40 |  |  | $ | 405 |
Interest rate contracts |  | — |  |  | 299 |  |  | — |  |  | 582 |
Total derivatives designated as hedging instruments |  | $ | 177 |  |  | $ | 334 |  |  | $ | 40 |  |  | $ | 987 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts 3 |  | $ | 193 |  |  | $ | 261 |  |  | $ | 510 |  |  | $ | 100 |
Interest rate contracts |  | 111 |  |  | 115 |  |  | 184 |  |  | 25 |
Equity contracts 4 |  | 342 |  |  | 2 |  |  | 348 |  |  | — |
Escrowed Shares |  | — |  |  | 5,611 |  |  | — |  |  | — |
Ireland SCIP arrangement |  | — |  |  | 755 |  |  | — |  |  | 755 |
Total derivatives not designated as hedging instruments |  | $ | 646 |  |  | $ | 6,744 |  |  | $ | 1,042 |  |  | $ | 880 |
Total derivatives |  | $ | 823 |  |  | $ | 7,078 |  |  | $ | 1,082 |  |  | $ | 1,867 |
1 Derivative assets are recorded as other assets, current and long-term. 2 Derivative liabilities are recorded as other liabilities, current and long-term. 3 A substantial majority of these instruments mature within 12 months. 4 Relates to our deferred compensation program. Amounts Offset in the Consolidated Condensed Balance Sheets Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows:
|  | Sep 27, 2025 |  |  |  |
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Balance Sheet |  |  |  |  |  |
(In Millions) |  | Gross Amounts Recognized |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts Presented in the Balance Sheet |  | Financial Instruments |  | Cash and Non-Cash Collateral Received or Pledged |  | Net Amount |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets subject to master netting arrangements |  | $ | 710 |  |  | $ | — |  |  | $ | 710 |  |  | $ | (339) |  |  | $ | (371) |  |  | $ | — |  |  |  |  |
Reverse repurchase agreements |  | 4,369 |  |  | — |  |  | 4,369 |  |  | — |  |  | (4,369) |  |  | — |  |  |  |  |
Total assets |  | $ | 5,079 |  |  | $ | — |  |  | $ | 5,079 |  |  | $ | (339) |  |  | $ | (4,740) |  |  | $ | — |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities subject to master netting arrangements |  | $ | 643 |  |  | $ | — |  |  | $ | 643 |  |  | $ | (339) |  |  | $ | (325) |  |  | $ | (21) |  |  |  |  |
Total liabilities |  | $ | 643 |  |  | $ | — |  |  | $ | 643 |  |  | $ | (339) |  |  | $ | (325) |  |  | $ | (21) |  |  |  |  |
|  | Dec 28, 2024
|  |  |  |  |  |  |  | Gross Amounts Not Offset in the Balance Sheet |  |
(In Millions) |  | Gross Amounts Recognized |  | Gross Amounts Offset in the Balance Sheet |  | Net Amounts Presented in the Balance Sheet |  | Financial Instruments |  | Cash and Non-Cash Collateral Received or Pledged |  | Net Amount
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets subject to master netting arrangements |  | $ | 948 |  |  | $ | — |  |  | $ | 948 |  |  | $ | (269) |  |  | $ | (679) |  |  | $ | — |
Reverse repurchase agreements |  | 2,654 |  |  | — |  |  | 2,654 |  |  | — |  |  | (2,654) |  |  | — |
Total assets |  | $ | 3,602 |  |  | $ | — |  |  | $ | 3,602 |  |  | $ | (269) |  |  | $ | (3,333) |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities subject to master netting arrangements |  | $ | 1,084 |  |  | $ | — |  |  | $ | 1,084 |  |  | $ | (269) |  |  | $ | (745) |  |  | $ | 70 |
Total liabilities |  | $ | 1,084 |  |  | $ | — |  |  | $ | 1,084 |  |  | $ | (269) |  |  | $ | (745) |  |  | $ | 70 |
We obtain and secure available collateral from counterparties against obligations, including securities lending transactions and reverse repurchase agreements, when we deem it appropriate. Derivatives in Cash Flow Hedging Relationships The before-tax net gains or losses attributed to the effective portion of cash flow hedges recognized in other comprehensive income (loss) were $7 million net losses in the third quarter of 2025 and $706 million net gains in the first nine months of 2025 ($609 million net gains in the third quarter of 2024 and $49 million net losses in the first nine months of 2024). Derivatives in Fair Value Hedging Relationships The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:
|  | Gains (Losses) on Derivatives Recognized in Consolidated Condensed Statements of Operations
|  | Three Months Ended |  | Nine Months Ended
(In Millions) |  | Sep 27, 2025 |  | Sep 28, 2024 |  | Sep 27, 2025 |  | Sep 28, 2024
Interest rate contracts |  | $ | 36 |  |  | $ | 345 |  |  | $ | 283 |  |  | $ | 225 |
Hedged items |  | (36) |  |  | (345) |  |  | (283) |  |  | (225) |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:
Line Item in the Consolidated Condensed Balance Sheets in Which the Hedged Item is Included |  | Carrying Amount of the Hedged Item Assets/(Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions) |  | Sep 27, 2025 |  | Dec 28, 2024 |  | Sep 27, 2025 |  | Dec 28, 2024 |
Short-term debt |  | $ | (988) |  |  | $ | (2,214) |  |  | $ | 12 |  |  | $ | 36 |  |
Long-term debt |  | (8,460) |  |  | (9,201) |  |  | 287 |  |  | 546 |  |
Total |  | $ | (9,448) |  |  | $ | (11,415) |  |  | $ | 299 |  |  | $ | 582 |  |
Derivatives Not Designated as Hedging Instruments The effects of derivative instruments not designated as hedging instruments on the Consolidated Condensed Statements of Operations for each period were as follows:
|  |  |  | Three Months Ended |  | Nine Months Ended
(In Millions) |  | Location of Gains (Losses) Recognized in Income on Derivatives |  | Sep 27, 2025 |  | Sep 28, 2024 |  | Sep 27, 2025 |  | Sep 28, 2024
Foreign currency contracts |  | Interest and other, net |  | $ | 108 |  |  | $ | (344) |  |  | $ | 4 |  |  | $ | 192 |
Interest rate contracts |  | Interest and other, net |  | 23 |  |  | (127) |  |  | (62) |  |  | 24 |
Escrowed Shares |  | Interest and other, net |  | (1,687) |  |  | — |  |  | (1,687) |  |  | — |
Other |  | Various |  | 167 |  |  | 97 |  |  | 209 |  |  | 290 |
Total |  |  |  | $ | (1,389) |  |  | $ | (374) |  |  | $ | (1,536) |  |  | $ | 506 |
$1.7 billion of losses for the three and nine months ended September 27, 2025 related to changes in fair value of the Escrowed Shares released during the periods ended and held as of September 27, 2025 (refer to "Note 4: Earnings (Loss) Per Share and Stockholders' Equity" within Notes to Consolidated Condensed Financial Statements).

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