The following tables summarize assets and liabilities measured at fair value on a recurring basis (in millions):


April 3, 2026	Level 1		Level 2		Level 3		Other3		Netting Adjustment		4	Fair Value Measurements
Assets:
Equity securities with readily determinable values1	$	2,131	$	493	$	70	$	187	$	—		$	2,881
Debt securities1	—		2,630		—		—		—			2,630
Derivatives2	—		610		—		—		(506)		5	104		7
Total assets	$	2,131	$	3,733	$	70	$	187	$	(506)		$	5,615
Liabilities:
Derivatives2	$	26	$	1,015	$	—	$	—	$	(999)	6	$	42	7
Total liabilities	$	26	$	1,015	$	—	$	—	$	(999)		$	42

1Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities.

2Refer to Note 6 for additional information related to the composition of our derivatives portfolio.

3Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in Note 4.

4Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle net positive and negative positions and also cash collateral held or placed with the same counterparties. There were no amounts subject to legally enforceable master netting agreements that management has chosen not to offset or that do not meet the offsetting requirements. Refer to Note 6.

5The Company is obligated to return $60 million in cash collateral it has netted against its derivative position.

6The Company has the right to reclaim $551 million in cash collateral it has netted against its derivative position.

7The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $12 million in the line item assets held for sale, $92 million in the line item other noncurrent assets, $2 million in the line item liabilities held for sale and $40 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio.


December 31, 2025	Level 1		Level 2		Level 3		Other3		Netting Adjustment		4	Fair Value Measurements
Assets:
Equity securities with readily determinable values1	$	2,148	$	237	$	61	$	143	$	—		$	2,589
Debt securities1	—		1,824		—		—		—			1,824
Derivatives2	—		441		—		—		(403)		5	38		7
Total assets	$	2,148	$	2,502	$	61	$	143	$	(403)		$	4,451
Liabilities:

Derivatives2	$	9	$	1,040	$	—	$	—	$	(954)	6	$	95	7
Total liabilities	$	9	$	1,040	$	—	$	—	$	(954)		$	95

1Refer to Note 4 for additional information related to the composition of our equity securities with readily determinable values and debt securities.

2Refer to Note 6 for additional information related to the composition of our derivatives portfolio.

5The Company was obligated to return $48 million in cash collateral it had netted against its derivative position.

6The Company had the right to reclaim $597 million in cash collateral it had netted against its derivative position.

7The Company’s derivative financial instruments were recorded at fair value in our consolidated balance sheet as follows: $3 million in the line item assets held for sale, $35 million in the line item other noncurrent assets, $5 million in the line item liabilities held for sale and $90 million in the line item other noncurrent liabilities. Refer to Note 6 for additional information related to the composition of our derivatives portfolio.