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Hedging Transactions and Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss)
The following table summarizes the notional values as of September 27, 2024 and September 29, 2023 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated OCI for the three and nine-month periods ended September 27, 2024 and September 29, 2023 ($ in millions):
Original Notional AmountNotional Amount OutstandingGain (Loss) Recognized in OCIAmounts Reclassified from OCI
For the Three-Month Period Ended September 27, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(97)$— 
Foreign currency denominated debt3,294 3,294 (185)— 
Cash flow hedges:
Cross-currency contracts4,000 3,300 (77)140 
Interest rate swaps1,600 — — — 
Total$12,769 $9,594 $(359)$140 
For the Three-Month Period Ended September 29, 2023:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $28 $— 
Foreign currency denominated debt6,179 6,179 181 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 22 (102)
Interest rate swaps1,600 — — — 
Total$15,654 $12,479 $231 $(102)
For the Nine-Month Period Ended September 27, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $10 $— 
Foreign currency denominated debt3,294 3,294 (3)— 
Cash flow hedges:
Cross-currency contracts4,000 3,300 41 
Interest rate swaps1,600 — — 
Total$12,769 $9,594 $$43 
For the Nine-Month Period Ended September 29, 2023:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(38)$— 
Foreign currency denominated debt6,179 6,179 130 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 (68)(39)
Interest rate swaps1,600 — — 
Total$15,654 $12,479 $24 $(37)
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the notional values as of September 27, 2024 and September 29, 2023 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated OCI for the three and nine-month periods ended September 27, 2024 and September 29, 2023 ($ in millions):
Original Notional AmountNotional Amount OutstandingGain (Loss) Recognized in OCIAmounts Reclassified from OCI
For the Three-Month Period Ended September 27, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(97)$— 
Foreign currency denominated debt3,294 3,294 (185)— 
Cash flow hedges:
Cross-currency contracts4,000 3,300 (77)140 
Interest rate swaps1,600 — — — 
Total$12,769 $9,594 $(359)$140 
For the Three-Month Period Ended September 29, 2023:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $28 $— 
Foreign currency denominated debt6,179 6,179 181 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 22 (102)
Interest rate swaps1,600 — — — 
Total$15,654 $12,479 $231 $(102)
For the Nine-Month Period Ended September 27, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $10 $— 
Foreign currency denominated debt3,294 3,294 (3)— 
Cash flow hedges:
Cross-currency contracts4,000 3,300 41 
Interest rate swaps1,600 — — 
Total$12,769 $9,594 $$43 
For the Nine-Month Period Ended September 29, 2023:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(38)$— 
Foreign currency denominated debt6,179 6,179 130 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 (68)(39)
Interest rate swaps1,600 — — 
Total$15,654 $12,479 $24 $(37)
Schedule of Derivative and Non Derivative Instruments in Consolidated Condensed Balance Sheets
The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified in the Company’s Consolidated Condensed Balance Sheets as follows ($ in millions):
September 27, 2024December 31, 2023
Derivative assets:
Other long-term assets$302 $291 
Nonderivative hedging instruments:
Notes payable and current portion of long-term debt— 993 
Long-term debt3,294 3,270