Hedging Transactions and Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 27, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table summarizes the notional values as of March 27, 2026 and March 28, 2025 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-month periods ended March 27, 2026 and March 28, 2025 ($ in millions):


	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI		Amounts Reclassified from OCI
For the Three-Month Period Ended March 27, 2026:
Net investment hedges:
Cross-currency contracts	$	3,875	$	2,500	$	45	$	—
Foreign currency denominated debt	7,701		7,701		93		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		58		(52)
Interest rate swaps	1,600		—		—		1
Total	$	17,176	$	12,801	$	196	$	(51)

For the Three-Month Period Ended March 28, 2025:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	(54)	$	—
Foreign currency denominated debt	3,333		3,333		(136)		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		39		116
Interest rate swaps	1,600		—		—		1
Total	$	12,808	$	8,933	$	(151)	$	117

Schedule of Notional Amounts of Outstanding Derivative Positions


	Original Notional Amount		Notional Amount Outstanding		Gain (Loss) Recognized in OCI		Amounts Reclassified from OCI
For the Three-Month Period Ended March 27, 2026:
Net investment hedges:
Cross-currency contracts	$	3,875	$	2,500	$	45	$	—
Foreign currency denominated debt	7,701		7,701		93		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		58		(52)
Interest rate swaps	1,600		—		—		1
Total	$	17,176	$	12,801	$	196	$	(51)

For the Three-Month Period Ended March 28, 2025:
Net investment hedges:
Cross-currency contracts	$	3,875	$	3,000	$	(54)	$	—
Foreign currency denominated debt	3,333		3,333		(136)		—
Cash flow hedges:
Cross-currency contracts	4,000		2,600		39		116
Interest rate swaps	1,600		—		—		1
Total	$	12,808	$	8,933	$	(151)	$	117

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):


	March 27, 2026		December 31, 2025
Derivative assets:

Other long-term assets	$	217	$	150

Derivative liabilities:
Accrued expenses and other liabilities	6		42

Nonderivative hedging instruments:
Notes payable and current portion of long-term debt	921		—
Long-term debt	6,780		6,054