Quarterly report [Sections 13 or 15(d)]

Derivative Financial Instruments (Tables)

v3.26.1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 28, 2026
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: 
(In Millions)
 Mar 28, 2026 Dec 27, 2025
Foreign currency contracts
$
19,177 
$
22,740 
Interest rate contracts
18,528 
21,796 
Equity contracts1
2,488 
2,689 
Total
$
40,193 
$
47,225 
1 Relates to our deferred compensation program.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets
 
 Mar 28, 2026 Dec 27, 2025
(In Millions)
Assets1
Liabilities2
Assets1
Liabilities2
Derivatives designated as hedging instruments:
Foreign currency contracts
$
103 
$
80 
$
173 
$
49 
Interest rate contracts
— 
325 
— 
266 
Total derivatives designated as hedging instruments
103 
405 
173 
315 
Derivatives not designated as hedging instruments:
Foreign currency contracts
227 
209 
351 
278 
Interest rate contracts
114 
51 
86 
116 
Equity contracts3
— 
157 
431 
6 
Escrowed Shares
— 
3,593 
— 
2,654 
Ireland SCIP arrangement
— 
532 
— 
755 
Total derivatives not designated as hedging instruments
341 
4,542 
868 
3,809 
Total derivatives
444 
4,947 
1,041 
4,124 
Netted cash and non-cash collateral received or pledged
(369)
(755)
(907)
(571)
Net derivatives
$
75 
$
4,192 
$
134 
$
3,553 
1Derivative assets are recorded as other assets, current and long-term.
2Derivative liabilities are recorded as other liabilities, current and long-term.
3Relates to our deferred compensation program.
Gross derivative assets and liabilities subject to master netting agreements were $369 million and $784 million, respectively, as of March 28, 2026 and $937 million and $654 million, respectively, as of December 27, 2025. Gross amounts recognized for reverse repurchase agreements are fully offset by cash collateral pledged.
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) Mar 28, 2026 Dec 27, 2025 Mar 28, 2026 Dec 27, 2025
Short-term debt
$
(997)
$
(993)
$
3 
$
7 
Long-term debt
(8,425)
(8,488)
322 
259 
Total
$
(9,422)
$
(9,481)
$
325 
$
266 
Not Designated as Hedging Instrument  
Derivative [Line Items]  
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
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
(In Millions)
Location of Gains (Losses)
Recognized in Income on Derivatives
 Mar 28, 2026 Mar 29, 2025
Foreign currency contracts
Interest and other, net
 $ 175  $ (85)
Interest rate contracts
Interest and other, net
 108  (57)
Escrowed Shares
Interest and other, net
 (1,090) — 
Other
Various
 35  (157)
Total
 $ (772) $ (299)
Interest and other, net [Member] | Fair Value Hedging  
Derivative [Line Items]  
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
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
(In Millions) Mar 28, 2026 Mar 29, 2025
Interest rate contracts
$
(59)
$
141 
Hedged items
59 
(141)
Total
$
— 
$
—