There have been no material changes during the 12 weeks ended March 21, 2026 with respect to our risk management policies or strategies and valuation techniques used in measuring the fair value of the financial assets or liabilities disclosed in Note 9 to our consolidated financial statements in our 2025 Form 10-K.

Certain of our agreements with our counterparties require us to post full collateral on derivative instruments in a net liability position if our credit rating is at A2 (Moody’s Investors Service, Inc.) or A (S&P Global Ratings) and we have been placed on credit watch for possible downgrade or if our credit rating falls below either of these levels. The fair value of all derivative instruments with credit-risk-related contingent features that were in a net liability position as of March 21, 2026 was $97 million. We have posted no collateral under these contracts and no credit-risk-related contingent features were triggered as of March 21, 2026.


	Notional Amounts(a)
	3/21/2026		12/27/2025
Commodity contracts	$	1.4	$	1.5
Interest rate swap contracts	$	2.0	$	2.0
Foreign exchange contracts (b)	$	2.9	$	3.1
Cross-currency contracts	$	1.7	$	1.7
Non-derivative debt instruments (b)	$	11.6	$	4.4

(b)During the 12 weeks ended March 21, 2026, we designated $4.5 billion of existing euro denominated debt and $2.9 billion of euro denominated debt issued in February 2026 as net investment hedges to partially offset the effects of foreign currency on our investments in certain of our foreign subsidiaries. As of March 21, 2026, there are no foreign exchange contracts designated as net investment hedges.

As of March 21, 2026, approximately 16% of total debt was subject to variable rates, after the impact of the related interest rate swap contracts, compared to approximately 11% as of December 27, 2025.



	12 Weeks Ended

		3/21/2026		3/22/2025
Celsius Holdings, Inc. (Celsius):
Balance, beginning of period		$	1,852	$	785

Net unrealized (loss)/gain		(82)		110
Cash dividends received		(14)		(7)
Balance, end of period		1,756		888
Other:
Balance, beginning of period		275		256
Net unrealized loss		(33)		(14)
Balance, end of period		242		242
Total Level 3 available-for-sale balance, end of period		$	1,998	$	1,130

There were no impairment charges related to our investments in available-for-sale debt securities in both the 12 weeks ended March 21, 2026 and March 22, 2025. There were net unrealized gains of $745 million


	Fair Value Hierarchy Levels(a)	3/21/2026				12/27/2025
		Assets(a)		Liabilities(a)		Assets(a)		Liabilities(a)

Available-for-sale debt securities (b)	3	$	1,998	$	—	$	2,127	$	—
Index funds (c)	1	336		—		341		—

Deferred compensation (d)	2	—		469		—		495
Contingent consideration (e)	3	—		162		—		278
Derivatives designated as fair value hedging instruments:
Interest rate swap contracts (f)	2	5		10		19		3

Derivatives designated as cash flow hedging instruments:
Foreign exchange contracts (g)	2	7		32		6		28
Cross-currency contracts (g)	2	—		113		—		102
Commodity contracts (h)	2	138		2		116		5
		145		147		122		135
Derivatives designated as net investment hedging instruments:
Foreign exchange contracts (g)	2	—		—		—		1
Cross-currency contracts (g)	2	—		71		—		34
		—		71		—		35
Derivatives not designated as hedging instruments:
Foreign exchange contracts (g)	2	4		8		6		32
Commodity contracts (h)	2	31		1		4		9
		35		9		10		41
Total derivatives at fair value (i)		185		237		151		214
Total		$	2,519	$	868	$	2,619	$	987

(a)Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 in both years. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities.

(b)Classified as other assets. The fair value of our investment in Celsius is estimated using probability-weighted discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs, such as an 80% probability that a certain market-based condition will be met and an average estimated discount rate of 8.5%. The fair value of the other investment is estimated using a lattice model primarily based on the underlying stock price, volatility and certain significant unobservable inputs, such as a discount rate of 8.3% based on an estimated synthetic credit rating. An increase in the probability that certain market-based conditions will be met or a decrease in the discount rate would result in a higher fair value measurement, while a decrease in the probability that certain market-based conditions will be met or an increase in the discount rate would result in a lower fair value measurement.

(e)In connection with our acquisition of VNGR Beverage, LLC (poppi), we recorded a liability at fair value for the contingent consideration of $300 million payable upon achievement of certain performance milestones by the third quarter of 2027. If these performance milestones are not met, no payment will be made. The fair value of the liability is estimated using discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs such as forecasts of net revenue and margin. An increase in the net revenue and margin forecasts would result in a higher fair value measurement, while a decrease in the net revenue and margin forecasts would result in a lower fair value measurement. As of March 21, 2026, the fair value of the contingent consideration was $162 million, comprised of the $278 million liability as of December 27, 2025 and a fair value decrease of $116 million in the 12 weeks ended March 21, 2026 recorded in selling, general and administrative expenses.

(f)Based on Secured Overnight Financing Rate forward rates. As of March 21, 2026, the carrying amount of hedged fixed-rate debt was $2.0 billion, which was classified on the balance sheet within long-term debt obligations.

(i)Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on our balance sheet as of March 21, 2026 and December 27, 2025 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table.

The carrying amounts of our cash and cash equivalents and short-term investments recorded at amortized cost approximate fair value (classified as Level 2 in the fair value hierarchy) due to their short-term maturity. The fair value of our debt obligations as of March 21, 2026 and December 27, 2025 was $49 billion and $46 billion, respectively, based upon prices of identical or similar instruments in the marketplace, which are considered Level 2 inputs.

(a)Interest rate derivative losses/(gains) are included in net interest expense and other. These losses/(gains) are substantially offset by decreases/increases in the value of the underlying debt, which are also included in net interest expense and other.


		12 Weeks Ended
	Recognized in Accumulated Other Comprehensive Loss			Reclassified from Accumulated Other Comprehensive Loss into Income Statement(a)
		3/21/2026		3/22/2025		3/21/2026		3/22/2025
Foreign exchange contracts		$	17	$	16	$	14	$	(16)
Cross-currency contracts		11		(19)		10		(21)
Commodity contracts		(136)		(55)		(61)		6
Total		$	(108)	$	(58)	$	(37)	$	(31)

(a)Foreign exchange derivative losses/(gains) are included in net revenue and cost of sales. Cross-currency interest rate swap derivative losses/(gains) are included in selling, general and administrative expenses. Commodity derivative losses/(gains) are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. See Note 10 for further information.

As of March 21, 2026, we expect to reclassify net gains of $171 million related to our cash flow hedges from accumulated other comprehensive loss within common shareholders’ equity into net income during the next 12 months.


		12 Weeks Ended
	Recognized in Accumulated Other Comprehensive Loss			Recognized in Income Statement(a)
		3/21/2026		3/22/2025		3/21/2026		3/22/2025
Non-derivative debt instruments		$	(182)	$	110	$	—	$	—
Cross-currency contracts		38		(3)		(4)		(2)
Foreign exchange contracts		(11)		—		(2)		—
Total		$	(155)	$	107	$	(6)	$	(2)


	12 Weeks Ended
	3/21/2026						3/22/2025
	Cost of sales		Selling, general and administrative expenses		Total		Cost of sales		Selling, general and administrative expenses		Total
Foreign exchange contracts	$	—	$	(3)	$	(3)	$	—	$	11	$	11
Commodity contracts	(31)		(159)		(190)		(9)		(2)		(11)
Total	$	(31)	$	(162)	$	(193)	$	(9)	$	9	$	—