Financial Instruments (Tables)

12 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedges, Assets [Abstract]

Fair Values Of Financial Assets And Liabilities

The fair values of our financial assets and liabilities as of December 30, 2023 and December 31, 2022 are categorized as follows:

		2023				2022
	Fair Value Hierarchy Levels(a)	Assets(a)		Liabilities(a)		Assets(a)		Liabilities(a)
Available-for-sale debt securities (b)	2, 3	$	1,334	$	—	$	660	$	—
Index funds (c)	1	$	292	$	—	$	257	$	—
Prepaid forward contracts (d)	2	$	13	$	—	$	14	$	—
Deferred compensation (e)	2	$	—	$	477	$	—	$	434
Derivatives designated as cash flow hedging instruments:
Foreign exchange (f)	2	$	3	$	31	$	24	$	22
Interest rate (f)	2	5		135		—		164
Commodity (g)	2	10		24		2		60
		$	18	$	190	$	26	$	246
Derivatives not designated as hedging instruments:
Foreign exchange (f)	2	$	33	$	38	$	21	$	21
Commodity (g)	2	5		13		11		51
		$	38	$	51	$	32	$	72
Total derivatives at fair value (h)		$	56	$	241	$	58	$	318
Total		$	1,695	$	718	$	989	$	752

(a)Fair value hierarchy levels are defined in Note 7. 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)Includes Level 2 assets of $178 million and Level 3 assets of $1,156 million as of December 30, 2023, and Level 2 assets of $660 million as of December 31, 2022. As of December 30, 2023, $1,334 million was classified as other assets. As of December 31, 2022, $3 million, $104 million and $553 million were classified as cash equivalents, short-term investments and other assets, respectively. The fair values of these Level 2 investments approximate the transaction price and any accrued dividends, as well as the amortized cost. The fair value of our Level 3 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 8.1% based on Celsius’ 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.

(c)Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability.

(d)Based primarily on the price of our common stock.

(e)Based on the fair value of investments corresponding to employees’ investment elections.

(f)Based on recently reported market transactions of spot and forward rates.

(g)Primarily based on recently reported market transactions of swap arrangements.

(h)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 December 30, 2023 and December 31, 2022 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.

Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments

Losses/(gains) on our cash flow and net investment hedges are categorized as follows:

	Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss				Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(a)
	2023		2022		2023		2022
Foreign exchange	$	93	$	(3)	$	61	$	(21)
Interest	(34)		138		(31)		159
Commodity	149		(57)		125		(267)
Net investment	122		(120)		—		—
Total	$	330	$	(42)	$	155	$	(129)

(a)Foreign exchange derivative losses/gains are included in net revenue and cost of sales. Interest rate derivative losses/gains on cross-currency interest rate swaps 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 11 for further information.

Losses/(gains) recognized in the income statement related to our non-designated hedges are categorized as follows:

	2023						2022
	Cost of Sales		Selling, general and administrative expenses		Total		Cost of Sales		Selling, general and administrative expenses		Total
Foreign exchange	$	(1)	$	41	$	40	$	—	$	(58)	$	(58)
Commodity	39		33		72		(8)		(171)		(179)
Total	$	38	$	74	$	112	$	(8)	$	(229)	$	(237)