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HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges Included in OCI, AOCI and Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jul. 01, 2022 | Jul. 02, 2021 | Jul. 01, 2022 | Jul. 02, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Gains (Losses) arising during the period | $ 97 | $ (40) | $ 180 | $ 134
Reclassification adjustments recognized in net income, before tax | 36 | 112 | 39 | 76
Cash Flow Hedging |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Gains (Losses) arising during the period | 99 | (39) | 181 | 141
Reclassification adjustments recognized in net income, before tax | (36) | (106) | (39) | (70)
Net operating revenues |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Reclassification adjustments recognized in net income, before tax | (52) |  | (60) |
Net operating revenues | Foreign currency contracts | Cash Flow Hedging |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Gains (Losses) arising during the period | 197 | 7 | 278 | (16)
Reclassification adjustments recognized in net income, before tax | 52 | (27) | 60 | (50)
Cost of goods sold |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Reclassification adjustments recognized in net income, before tax | (2) |  | (3) |
Cost of goods sold | Foreign currency contracts | Cash Flow Hedging |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Gains (Losses) arising during the period | 16 | (6) | 22 | (11)
Reclassification adjustments recognized in net income, before tax | 2 | (2) | 3 | (3)
Interest expense |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Reclassification adjustments recognized in net income, before tax | 89 |  | 2 |
Interest expense | Foreign currency contracts | Cash Flow Hedging |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Gains (Losses) arising during the period | 0 | 0 | 0 | 0
Reclassification adjustments recognized in net income, before tax | (1) | (10) | (2) | (11)
Interest expense | Interest Rate Contract | Cash Flow Hedging |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Gains (Losses) arising during the period |  | (11) |  | 110
Reclassification adjustments recognized in net income, before tax |  | (85) |  | (90)
Other Income (loss) - net | Foreign currency contracts | Cash Flow Hedging |  |  |  |
Fair Value, Derivatives Designated and Not Designated as Hedges |  |  |  |
Gains (Losses) arising during the period | (114) | (29) | (119) | 58
Reclassification adjustments recognized in net income, before tax | $ (89) | $ 18 | $ (100) | $ 84

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