Derivatives (Tables)

6 Months Ended

Jun. 28, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Aggregate Notional Value of Outstanding Derivative Contracts

The following table provides the aggregate notional value of outstanding derivative contracts.

(In millions)	June 28, 2025		December 31, 2024
Notional amount
Cross-currency interest rate swaps designated as net investment hedge - euro	$	1,000	$	1,000
Cross-currency interest rate swaps designated as net investment hedge - Japanese yen	4,650		4,650
Cross-currency interest rate swaps designated as net investment hedge - Swiss franc	2,500		2,500
Currency exchange contracts	1,392		1,588

Schedule of the Fair Value of Derivative Instruments

While certain derivatives are subject to netting arrangements with counterparties, the company does not offset derivative assets and liabilities within the balance sheet. The following tables present the fair value of derivative instruments in the accompanying balance sheets and statements of income.

	Fair value – assets				Fair value – liabilities
	June 28,		December 31,		June 28,		December 31,
(In millions)	2025		2024		2025		2024
Derivatives designated as hedging instruments
Cross-currency interest rate swaps	$	174	$	458	$	407	$	57
Derivatives not designated as hedging instruments
Currency exchange contracts	1		2		2		2
Total derivatives	$	175	$	460	$	409	$	59

Schedule of Derivative Instruments Gains and Losses

	Gain/(loss) recognized
	Three months ended				Six months ended
	June 28,		June 29,		June 28,		June 29,
(In millions)	2025		2024		2025		2024
Derivatives designated as cash flow hedges
Interest rate swaps
Amount reclassified from accumulated other comprehensive income/(loss) to interest expense	$	(1)	$	(1)	$	(2)	$	(2)
Financial instruments designated as net investment hedges
Foreign currency-denominated debt and other payables
Included in currency translation adjustment within other comprehensive income/(loss)	(788)		85		(1,238)		361
Cross-currency interest rate swaps
Included in currency translation adjustment within other comprehensive income/(loss)	(515)		293		(634)		736
Included in interest expense	67		68		134		134
Derivatives not designated as hedging instruments
Currency exchange contracts
Included in cost of product revenues	(3)		4		(2)		7
Included in other income/(expense)	3		(4)		13		(10)