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Financial Instruments - Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
3 Months Ended
Apr. 02, 2023
Apr. 03, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Amount of Gains/(Losses) Recognized in OID [1] $ 17 $ (19)
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI 2 203
Amount of Gains/(Losses) Recognized in OCI [1] (160) 436
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2] (303) 213
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] (269) 243
Designated as Hedging Instrument [Member] | Foreign currency short-term borrowings [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Non-Derivative, Amount of Gains/(Losses) Recognized in OCI [1],[3] 0 26
Non-Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[3] 0 0
Designated as Hedging Instrument [Member] | Foreign currency long-term debt [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Non-Derivative, Amount of Gains/(Losses) Recognized in OCI [1],[3] (16) 23
Non-Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[3] 0 0
Derivative Financial Instruments Not Designated as Hedges [Member] | Foreign exchange contracts [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Amount of Gains/(Losses) Recognized in OID [1] 17 (19)
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI [1],[4] (53) 187
Derivative, Amount of Gains/(Losses) Recognized in OCI, excluded from effectiveness testing and amortized into earnings [1],[5] 55 16
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[4] (356) 195
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS, excluded from effectiveness testing [1],[5] 53 18
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest rate contracts [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Amount of Gains/(Losses), Fair Value Hedge, Recognized in OID [1] 48 (156)
Derivative, Amount of Gains/(Losses), Hedged Item, Recognized in OID [1] (48) 156
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Amount of Gains/(Losses) Recognized in OCI, excluded from effectiveness testing and amortized into earnings [1],[5] 67 (74)
Derivative, Amount of Gains/(Losses), Net Investment Hedge, Recognized in OCI [1] (213) 259
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS, excluded from effectiveness testing [1],[5] 34 30
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] $ 0 $ 0
[1] OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income
[2] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[3] Short-term borrowings and long-term debt include foreign currency borrowings, which are used in net investment hedges. The related long-term debt carrying values as of April 2, 2023 and December 31, 2022 were $811 million and $795 million, respectively.
[4] The amounts reclassified from OCI into COS were a net gain of $91 million in the first quarter of 2023 and a net gain of $34 million in the first quarter of 2022. The remaining amounts were reclassified from OCI into OID. Based on quarter-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax gain of $235 million within the next 12 months into income. The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 20 years and relates to foreign currency debt.
[5] The amounts reclassified from OCI were reclassified into OID.