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HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair value of derivative instruments designated and qualified as part of hedging relationship

The following table presents the fair values of the Company’s derivative instruments that were designated and qualified as part of a hedging relationship (in millions):

						Fair Value1,2
Derivatives Designated as Hedging Instruments			Balance Sheet Location1			September 30, 2022			December 31, 2021
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	391		$	151
Foreign currency contracts			Other noncurrent assets			83			27
Interest rate contracts			Prepaid expenses and other current assets			—			1
Interest rate contracts			Other noncurrent assets			—			282
Total assets						$	474		$	461
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	52		$	15
Foreign currency contracts			Other noncurrent liabilities			151			17
Interest rate contracts			Other noncurrent liabilities			1,604			14
Total liabilities						$	1,807		$	46

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company’s derivative instruments.

2Refer to Note 15 for additional information related to the estimated fair value.

Derivatives Not Designated as Hedging Instruments

The following table presents the fair values of the Company’s derivative instruments that were not designated as hedging instruments (in millions):

						Fair Value1,2
Derivatives Not Designated as Hedging Instruments			Balance Sheet Location1			September 30, 2022			December 31, 2021
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	105		$	53
Foreign currency contracts			Other noncurrent assets			10			—
Commodity contracts			Prepaid expenses and other current assets			131			131
Commodity contracts			Other noncurrent assets			—			3
Other derivative instruments			Prepaid expenses and other current assets			—			9
Total assets						$	246		$	196
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	22		$	34
Foreign currency contracts			Other noncurrent liabilities			3			9
Commodity contracts			Accounts payable and accrued expenses			40			6
Commodity contracts			Other noncurrent liabilities			6			1
Other derivative instruments			Accounts payable and accrued expenses			19			—
Total liabilities						$	90		$	50

1All of the Company’s derivative instruments are carried at fair value in our consolidated balance sheets after considering the impact of legally enforceable master netting agreements and cash collateral held or placed with the same counterparties, as applicable. Current disclosure requirements mandate that derivatives must also be disclosed without reflecting the impact of master netting agreements and cash collateral. Refer to Note 15 for the net presentation of the Company’s derivative instruments.

2Refer to Note 15 for additional information related to the estimated fair value.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) and Other Comprehensive Income (OCI)

The following tables present the pretax impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings (in millions):

			Gain (Loss) Recognized in OCI						Location of Gain (Loss) Recognized in Income			Gain (Loss) Reclassified from AOCI into Income
Three Months Ended September 30, 2022
Foreign currency contracts			$	197					Net operating revenues			$	88
Foreign currency contracts			12						Cost of goods sold			10
Foreign currency contracts			—						Interest expense			(1)
Foreign currency contracts			(56)						Other income (loss) — net			(71)
Total			$	153								$	26
Three Months Ended October 1, 2021
Foreign currency contracts			$	15					Net operating revenues			$	(21)
Foreign currency contracts			6						Cost of goods sold			(6)
Foreign currency contracts			—						Interest expense			(1)
Foreign currency contracts			(43)						Other income (loss) — net			(35)
Total			$	(22)								$	(63)

			Gain (Loss) Recognized in OCI						Location of Gain (Loss) Recognized in Income			Gain (Loss) Reclassified from AOCI into Income
Nine Months Ended September 30, 2022
Foreign currency contracts			$	475					Net operating revenues			$	148
Foreign currency contracts			34						Cost of goods sold			13
Foreign currency contracts			—						Interest expense			(3)
Foreign currency contracts			(175)						Other income (loss) — net			(171)
Total			$	334								$	(13)
Nine Months Ended October 1, 2021
Foreign currency contracts			$	(1)					Net operating revenues			$	(71)
Foreign currency contracts			(5)						Cost of goods sold			(9)
Foreign currency contracts			—						Interest expense			(12)
Foreign currency contracts			15						Other income (loss) — net			49
Interest rate contracts			110						Interest expense			(90)
Total			$	119								$	(133)

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The following tables summarize the pretax impact that changes in the fair values of derivatives designated as fair value hedges had on earnings (in millions):

Hedging Instruments and Hedged Items			Location of Gain (Loss) Recognized in Income			Gain (Loss) Recognized in Income
						Three Months Ended
						September 30, 2022			October 1, 2021
Interest rate contracts			Interest expense			$	(688)		$	(56)
Fixed-rate debt			Interest expense			705			55
Net impact of fair value hedging instruments						$	17		$	(1)

Hedging Instruments and Hedged Items			Location of Gain (Loss) Recognized in Income			Gain (Loss) Recognized in Income
						Nine Months Ended
						September 30, 2022			October 1, 2021
Interest rate contracts			Interest expense			$	(1,873)		$	(236)
Fixed-rate debt			Interest expense			1,871			237
Net impact of fair value hedging instruments						$	(2)		$	1

The following table summarizes the amounts recorded in our consolidated balance sheets related to hedged items in fair value hedging relationships (in millions):

												Cumulative Amount of Fair Value Hedging Adjustments1
			Carrying Values of Hedged Items									Included in the Carrying Values of Hedged Items									Remaining for Which Hedge Accounting Has Been Discontinued
Balance Sheet Location of Hedged Items			September 30, 2022			December 31, 2021						September 30, 2022			December 31, 2021						September 30, 2022			December 31, 2021
Current maturities of long-term debt			$	—		$	200					$	—		$	1					$	—		$	—
Long-term debt			11,243			12,353						(1,568)			255						203			228

1Cumulative amount of fair value hedging adjustments does not include changes due to foreign currency exchange rate fluctuations.

Notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges

The following table summarizes the notional values and pretax impact of changes in the fair values of instruments designated as net investment hedges (in millions):

			Notional Values									Gain (Loss) Recognized in OCI
			as of									Three Months Ended									Nine Months Ended
			September 30, 2022			December 31, 2021						September 30, 2022			October 1, 2021						September 30, 2022			October 1, 2021
Foreign currency contracts			$	37		$	40					$	(1)		$	6					$	(2)		$	(1)
Foreign currency denominated debt			11,043			12,812						709			304						1,768			673
Total			$	11,080		$	12,852					$	708		$	310					$	1,766		$	672

Derivative Instruments, Not Designated as Hedging Instruments, Gain (Loss) in Earnings

The following tables present the pretax impact that changes in the fair values of derivatives not designated as hedging instruments had on earnings (in millions):

Derivatives Not Designated as Hedging Instruments			Location of Gain (Loss) Recognized in Income			Gain (Loss) Recognized in Income
						Three Months Ended
						September 30, 2022			October 1, 2021
Foreign currency contracts			Net operating revenues			$	16		$	2
Foreign currency contracts			Cost of goods sold			21			(10)
Foreign currency contracts			Other income (loss) — net			41			(43)
Commodity contracts			Cost of goods sold			(10)			(32)
Other derivative instruments			Selling, general and administrative expenses			(17)			(2)
Total						$	51		$	(85)

Derivatives Not Designated as Hedging Instruments			Location of Gain (Loss) Recognized in Income			Gain (Loss) Recognized in Income
						Nine Months Ended
						September 30, 2022			October 1, 2021
Foreign currency contracts			Net operating revenues			$	23		$	2
Foreign currency contracts			Cost of goods sold			44			(17)
Foreign currency contracts			Other income (loss) — net			79			(39)
Interest rate contracts			Interest expense			—			(187)
Commodity contracts			Cost of goods sold			(5)			178
Other derivative instruments			Selling, general and administrative expenses			(38)			18
Other derivative instruments			Other income (loss) — net			—			(3)
Total						$	103		$	(48)

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