XML 45 R32.htm IDEA: XBRL DOCUMENT v3.25.2
Hedging Transactions and Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss)
The following table summarizes the notional values as of June 27, 2025 and June 28, 2024 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated OCI for the three and six-month periods ended June 27, 2025 and June 28, 2024 ($ in millions):
Original Notional AmountNotional Amount OutstandingGain (Loss) Recognized in OCIAmounts Reclassified from OCI
For the Three-Month Period Ended June 27, 2025:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(202)$— 
Foreign currency denominated debt4,509 4,509 (290)— 
Cash flow hedges:
Cross-currency contracts4,000 2,600 (200)213 
Interest rate swaps1,600 — — — 
Total$13,984 $10,109 $(692)$213 
For the Three-Month Period Ended June 28, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $52 $— 
Foreign currency denominated debt3,109 3,109 48 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 55 (25)
Interest rate swaps1,600 — — 1 
Total$12,584 $9,409 $155 $(24)
For the Six-Month Period Ended June 27, 2025:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(256)$— 
Foreign currency denominated debt4,509 4,509 (426)— 
Cash flow hedges:
Cross-currency contracts4,000 2,600 (161)329 
Interest rate swaps1,600 — — 1 
Total$13,984 $10,109 $(843)$330 
For the Six-Month Period Ended June 28, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $107 $— 
Foreign currency denominated debt3,109 3,109 182 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 78 (99)
Interest rate swaps1,600 — — 2 
Total$12,584 $9,409 $367 $(97)
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the notional values as of June 27, 2025 and June 28, 2024 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated OCI for the three and six-month periods ended June 27, 2025 and June 28, 2024 ($ in millions):
Original Notional AmountNotional Amount OutstandingGain (Loss) Recognized in OCIAmounts Reclassified from OCI
For the Three-Month Period Ended June 27, 2025:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(202)$— 
Foreign currency denominated debt4,509 4,509 (290)— 
Cash flow hedges:
Cross-currency contracts4,000 2,600 (200)213 
Interest rate swaps1,600 — — — 
Total$13,984 $10,109 $(692)$213 
For the Three-Month Period Ended June 28, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $52 $— 
Foreign currency denominated debt3,109 3,109 48 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 55 (25)
Interest rate swaps1,600 — — 1 
Total$12,584 $9,409 $155 $(24)
For the Six-Month Period Ended June 27, 2025:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(256)$— 
Foreign currency denominated debt4,509 4,509 (426)— 
Cash flow hedges:
Cross-currency contracts4,000 2,600 (161)329 
Interest rate swaps1,600 — — 1 
Total$13,984 $10,109 $(843)$330 
For the Six-Month Period Ended June 28, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $107 $— 
Foreign currency denominated debt3,109 3,109 182 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 78 (99)
Interest rate swaps1,600 — — 2 
Total$12,584 $9,409 $367 $(97)
Schedule of Derivative and Non Derivative Instruments in Consolidated Condensed Balance Sheets
The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified in the Company’s Consolidated Condensed Balance Sheets as follows ($ in millions):
June 27, 2025December 31, 2024
Derivative assets:
Other long-term assets$84 $415 
Derivative liabilities:
Accrued expenses and other liabilities86 — 
Nonderivative hedging instruments:
Long-term debt4,509 3,042