Financial Instruments (Tables)

12 Months Ended

Dec. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Values of Outstanding Derivatives

The notional values of our outstanding derivative instruments were (in millions):

	Notional Amount
	December 30, 2017		December 31, 2016
Commodity contracts	$	272	$	459
Foreign exchange contracts	2,876		2,997
Cross-currency contracts	3,161		3,173

Schedule of Derivative Fair Values

The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the consolidated balance sheets were (in millions):

	December 30, 2017
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
	Assets		Liabilities		Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	—	$	—	$	8	$	42	$	—	$	—	$	8	$	42
Cross-currency contracts	—		—		344		—		—		—		344		—
Derivatives not designated as hedging instruments:
Commodity contracts	4		8		—		—		—		—		4		8
Foreign exchange contracts	—		—		17		3		—		—		17		3
Cross-currency contracts	—		—		19		—		—		—		19		—
Total fair value	$	4	$	8	$	388	$	45	$	—	$	—	$	392	$	53

	December 31, 2016
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)				Total Fair Value
	Assets		Liabilities		Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	—	$	—	$	69	$	13	$	—	$	—	$	69	$	13
Cross-currency contracts	—		—		580		36		—		—		580		36
Derivatives not designated as hedging instruments:
Commodity contracts	28		7		—		—		—		—		28		7
Foreign exchange contracts	—		—		35		30		—		—		35		30
Cross-currency contracts	—		—		44		—		—		—		44		—
Total fair value	$	28	$	7	$	728	$	79	$	—	$	—	$	756	$	86

Schedule of Cross-Currency Swaps Designated as Net Investment Hedges

At December 30, 2017, our cross-currency swaps designated as net investment hedges consisted of:

Instrument	Notional (local) (in billions)		Notional (USD) (in billions)		Maturity
Cross-currency swap	£	0.8	$	1.4	October 2019
Cross-currency swap	C$	1.8	$	1.6	December 2019

Derivative Impact on Statements of Income and Comprehensive Income

The following tables present the pre-tax effect of derivative instruments on the consolidated statements of income and statements of comprehensive income:

	December 30, 2017 (52 weeks)												December 31, 2016 (52 weeks)
	Commodity Contracts			Foreign Exchange Contracts			Cross-Currency Contracts			Interest Rate Contracts			Commodity Contracts		Foreign Exchange Contracts			Cross-Currency Contracts			Interest Rate Contracts
	(in millions)
Derivatives designated as hedging instruments:
Cash flow hedges:
Gains/(losses) recognized in other comprehensive income/(loss) (effective portion)	$	—		$	(123	)	$	—		$	—		$	—	$	48		$	—		$	(8	)
Net investment hedges:
Gains/(losses) recognized in other comprehensive income/(loss) (effective portion)	—			(23		)	(184		)	—			—		45			147			—
Total gains/(losses) recognized in other comprehensive income/(loss) (effective portion)	$	—		$	(146	)	$	(184	)	$	—		$	—	$	93		$	147		$	(8	)
Cash flow hedges reclassified to net income/(loss):
Net sales	$	—		$	—		$	—		$	—		$	—	$	6		$	—		$	—
Cost of products sold (effective portion)	—			—			—			—			—		41			—			—
Other expense/(income), net	—			(81		)	—			—			—		38			—			—
Interest expense	—			—			—			(4		)	—		—			—			(4		)
	—			(81		)	—			(4		)	—		85			—			(4		)
Derivatives not designated as hedging instruments:
Gains/(losses) on derivatives recognized in cost of products sold	(37		)	—			—			—			9		—			—			—
Gains/(losses) on derivatives recognized in other expense/(income), net	—			54			(2		)	—			—		(63		)	(3		)	—
	(37		)	54			(2		)	—			9		(63		)	(3		)	—
Total gains/(losses) recognized in statements of income	$	(37	)	$	(27	)	$	(2	)	$	(4	)	$	9	$	22		$	(3	)	$	(4	)

	January 3, 2016 (53 weeks)
	Commodity Contracts			Foreign Exchange Contracts			Cross-Currency Contracts		Interest Rate Contracts
	(in millions)
Derivatives designated as hedging instruments:
Cash flow hedges:
Gains/(losses) recognized in other comprehensive income/(loss) (effective portion)	$	—		$	73		$	—	$	(111	)
Net investment hedges:
Gains/(losses) recognized in other comprehensive income/(loss) (effective portion)	—			—			736		—
Total gains/(losses) recognized in other comprehensive income/(loss) (effective portion)	$	—		$	73		$	736	$	(111	)
Cash flow hedges reclassified to net income/(loss):
Net sales	$	—		$	(2	)	$	—	$	—
Cost of products sold (effective portion)	—			45			—		—
Other expense/(income), net	—			1			—		—
Interest expense	—			—			—		(239		)
	—			44			—		(239		)
Derivatives not designated as hedging instruments:
Gains/(losses) on derivatives recognized in cost of products sold	(57		)	—			—		—
Gains/(losses) on derivatives recognized in other expense/(income), net	—			92			53		8
	(57		)	92			53		8
Total gains/(losses) recognized in statements of income	$	(57	)	$	136		$	53	$	(231	)