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DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 30, 2024
Derivative Instruments and Fair Value Measurements [Abstract]  
Schedule of Total Notional Amounts of Derivative Instruments
Total notional amounts of the Company’s derivative instruments as of March 30, 2024 and December 30, 2023 were as follows:
(millions)March 30,
2024
December 30,
2023
Foreign currency exchange contracts$3,320 $3,141 
Cross-currency contracts1,776 1,707 
Interest rate contracts2,268 2,289 
Commodity contracts337 201 
Total$7,701 $7,338 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of March 30, 2024 and December 30, 2023:
Derivatives designated as hedging instruments
 March 30, 2024December 30, 2023
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Cross-currency contracts:
Other current assets$ $11 $11 $— $12 $12 
Other assets 17 17 — 
Interest rate contracts:
Other current assets   — — — 
Other assets   — — — 
Total assets$ $28 $28 $— $16 $16 
Liabilities:
Cross-currency contracts:
Other current liabilities$ $ $ $— $(17)$(17)
   Other liabilities (3)(3)— (15)(15)
Interest rate contracts(a):
Other current liabilities (15)(15)— (44)(44)
Other liabilities (50)(50)— (45)(45)
Total liabilities$ $(68)$(68)$— $(121)$(121)
(a) The fair value of the related hedged portion of the Company's long-term debt, a Level 2 liability, was $1.1 billion as of March 30, 2024 and December 30, 2023, respectively.
Derivatives not designated as hedging instruments
 March 30, 2024December 30, 2023
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Foreign currency exchange contracts:
Other current assets$ $46 $46 $— $51 $51 
Other assets 4 4 — 
Interest rate contracts:
Other current assets 9 9 — 
Other assets 5 5 — 
Commodity contracts:
Other current assets7  7 — 
Total assets$7 $64 $71 $$68 $70 
Liabilities:
Foreign currency exchange contracts:
Other current liabilities$ $(45)$(45)$— $(54)$(54)
Other liabilities (5)(5)— (6)(6)
Interest rate contracts:
Other current liabilities (11)(11)— (11)(11)
Other liabilities (7)(7)— (6)(6)
Commodity contracts:
Other current liabilities(3) (3)(2)— (2)
Total liabilities$(3)$(68)$(71)$(2)$(77)$(79)
Schedule of Derivative Instruments in Statement of Financial Position Fair Value
The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of March 30, 2024 and December 30, 2023.
(millions)Line Item in the Consolidated Balance Sheet in which the hedged item is includedCarrying amount of the hedged liabilitiesCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a)
March 30,
2024
December 30,
2023
March 30,
2024
December 30,
2023
Interest rate contractsCurrent maturities of long-term debt$1,297 $655 $2 $(8)
Interest rate contractsLong-term debt$994 $1,666 $(53)$(43)
(a) The fair value adjustment related to current maturities of long-term debt includes $5 million and $2 million from discontinued hedging relationships as of March 30, 2024 and December 30, 2023, respectively. The fair value adjustment related to long-term debt includes $(2) million and $3 million from discontinued hedging relationships as of March 30, 2024 and December 30, 2023, respectively.
Schedule of Offsetting Assets
    
As of March 30, 2024:
  
Gross Amounts Not Offset in the
Consolidated Balance Sheet
  
  
Amounts
Presented in the
Consolidated
Balance Sheet
Financial
Instruments
Cash Collateral
Received/
Posted
Net
Amount
Total asset derivatives$99 $(81)$6 $24 
Total liability derivatives$(139)$81 $58 $ 

 
As of December 30, 2023:
  
Gross Amounts Not Offset in the
Consolidated Balance Sheet
  
  
Amounts
Presented in the
Consolidated
Balance Sheet
Financial
Instruments
Cash Collateral
Received/
Posted
Net
Amount
Total asset derivatives$86 $(84)$— $
Total liability derivatives$(200)$84 $68 $(48)
Schedule of Offsetting Liabilities
    
As of March 30, 2024:
  
Gross Amounts Not Offset in the
Consolidated Balance Sheet
  
  
Amounts
Presented in the
Consolidated
Balance Sheet
Financial
Instruments
Cash Collateral
Received/
Posted
Net
Amount
Total asset derivatives$99 $(81)$6 $24 
Total liability derivatives$(139)$81 $58 $ 

 
As of December 30, 2023:
  
Gross Amounts Not Offset in the
Consolidated Balance Sheet
  
  
Amounts
Presented in the
Consolidated
Balance Sheet
Financial
Instruments
Cash Collateral
Received/
Posted
Net
Amount
Total asset derivatives$86 $(84)$— $
Total liability derivatives$(200)$84 $68 $(48)
Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income
The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the quarters ended March 30, 2024 and April 1, 2023 was as follows:
Derivatives and non-derivatives in net investment hedging relationships
(millions)Gain (loss)
recognized in
AOCI
Gain (loss) excluded from assessment of hedge effectivenessLocation of gain (loss) in income of excluded component
 March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Foreign currency denominated long-term debt$37 $(32)$ $— 
Cross-currency contracts34 (25)8 14 Interest expense
Total$71 $(57)$8 $14 
Derivatives not designated as hedging instruments
(millions)Location of gain
(loss) recognized
in income
Gain (loss)
recognized in
income
  March 30,
2024
April 1,
2023
Foreign currency exchange contractsCOGS$(1)$(8)
Foreign currency exchange contractsOther income (expense), net4 (4)
Foreign currency exchange contractsSG&A9 (2)
Interest rate contractsInterest expense — 
Commodity contractsCOGS(17)(35)
Total$(5)$(49)
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the quarters ended March 30, 2024 and April 1, 2023:
March 30, 2024April 1, 2023
(millions)Interest ExpenseInterest Expense
Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded$83 $70 
Gain (loss) on fair value hedging relationships:
Interest contracts:
Hedged items1 (12)
Derivatives designated as hedging instruments1 13 
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income(2)(3)