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HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2023
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 Value 1,2
Derivatives Designated as Hedging Instruments | Balance Sheet Location 1 | June 30, 2023 | December 31, 2022
Assets: |  |  |
Foreign currency contracts | Prepaid expenses and other current assets | $ | 153 |  | $ | 126 |
Foreign currency contracts | Other noncurrent assets | 34 |  | 13 |
Total assets |  | $ | 187 |  | $ | 139 |
Liabilities: |  |  |
Foreign currency contracts | Accounts payable and accrued expenses | $ | 91 |  | $ | 54 |
Foreign currency contracts | Other noncurrent liabilities | 69 |  | 108 |
Commodity contracts | Accounts payable and accrued expenses | 7 |  | 2 |
Interest rate contracts | Accounts payable and accrued expenses | 13 |  | — |
Interest rate contracts | Other noncurrent liabilities | 1,557 |  | 1,676 |
Total liabilities |  | $ | 1,737 |  | $ | 1,840 |
1 All 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 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 Value 1,2
Derivatives Not Designated as Hedging Instruments | Balance Sheet Location 1 | June 30, 2023 | December 31, 2022
Assets: |  |  |
Foreign currency contracts | Prepaid expenses and other current assets | $ | 90 |  | $ | 46 |
Foreign currency contracts | Other noncurrent assets | 21 |  | 22 |
Commodity contracts | Prepaid expenses and other current assets | 6 |  | 34 |
Other derivative instruments | Prepaid expenses and other current assets | 2 |  | — |
Total assets |  | $ | 119 |  | $ | 102 |
Liabilities: |  |  |
Foreign currency contracts | Accounts payable and accrued expenses | $ | 63 |  | $ | 87 |
Foreign currency contracts | Other noncurrent liabilities | — |  | 1 |
Commodity contracts | Accounts payable and accrued expenses | 104 |  | 35 |
Commodity contracts | Other noncurrent liabilities | 15 |  | — |
Other derivative instruments | Accounts payable and accrued expenses | 5 |  | 3 |
Total liabilities |  | $ | 187 |  | $ | 126 |
1 All 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 16 for the net presentation of the Company’s derivative instruments. 2 Refer to Note 16 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 June 30, 2023 |  |  |
Foreign currency contracts | $ | (22) |  | Net operating revenues | $ | (7) |
Foreign currency contracts | 13 |  | Cost of goods sold | 4 |
Foreign currency contracts | — |  | Interest expense | (1) |
Foreign currency contracts | 22 |  | Other income (loss) — net | 3 |
Commodity contracts | (9) |  | Cost of goods sold | (3) |
Total | $ | 4 |  |  | $ | (4) |
Three Months Ended July 1, 2022 |  |  |
Foreign currency contracts | $ | 197 |  | Net operating revenues | $ | 52 |
Foreign currency contracts | 16 |  | Cost of goods sold | 2 |
Foreign currency contracts | — |  | Interest expense | (1) |
Foreign currency contracts | (114) |  | Other income (loss) — net | (89) |
Total | $ | 99 |  |  | $ | (36) |
| Gain (Loss) Recognized in OCI | Location of Gain (Loss) Recognized in Income | Gain (Loss) Reclassified from AOCI into Income
Six Months Ended June 30, 2023 |  |  |
Foreign currency contracts | $ | (58) |  | Net operating revenues | $ | (6) |
Foreign currency contracts | 17 |  | Cost of goods sold | 8 |
Foreign currency contracts | — |  | Interest expense | (2) |
Foreign currency contracts | 9 |  | Other income (loss) — net | 3 |
Commodity contracts | (11) |  | Cost of goods sold | (6) |
Total | $ | (43) |  |  | $ | (3) |
Six Months Ended July 1, 2022 |  |  |
Foreign currency contracts | $ | 278 |  | Net operating revenues | $ | 60 |
Foreign currency contracts | 22 |  | Cost of goods sold | 3 |
Foreign currency contracts | — |  | Interest expense | (2) |
Foreign currency contracts | (119) |  | Other income (loss) — net | (100) |
Total | $ | 181 |  |  | $ | (39) |
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
June 30, 2023 | July 1, 2022
Interest rate contracts | Interest expense | $ | (102) |  | $ | (474) |
Fixed-rate debt | Interest expense | 131 |  | 457 |
Net impact of fair value hedging instruments |  | $ | 29 |  | $ | (17) |
Hedging Instruments and Hedged Items | Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income
Six Months Ended
June 30, 2023 | July 1, 2022
Interest rate contracts | Interest expense | $ | 106 |  | $ | (1,185) |
Fixed-rate debt | Interest expense | (91) |  | 1,166 |
Net impact of fair value hedging instruments |  | $ | 15 |  | $ | (19) |
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 Adjustments 1
| 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 | June 30, 2023 | December 31, 2022 |  | June 30, 2023 | December 31, 2022 |  | June 30, 2023 | December 31, 2022
Current maturities of long-term debt | $ | 545 |  | $ | — |  |  | $ | (9) |  | $ | — |  |  | $ | — |  | $ | — |
Long-term debt | 11,601 |  | 11,900 |  |  | (1,584) |  | (1,664) |  |  | 179 |  | 195 |
1 Cumulative 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 |  | Six Months Ended
| June 30, 2023 | December 31, 2022 |  | June 30, 2023 | July 1, 2022 |  | June 30, 2023 | July 1, 2022
Foreign currency contracts | $ | — |  | $ | — |  |  | $ | (1) |  | $ | 5 |  |  | $ | (1) |  | $ | (1) |
Foreign currency denominated debt | 11,750 |  | 12,061 |  |  | (80) |  | 704 |  |  | (234) |  | 1,059 |
Total | $ | 11,750 |  | $ | 12,061 |  |  | $ | (81) |  | $ | 709 |  |  | $ | (235) |  | $ | 1,058 |
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
June 30, 2023 | July 1, 2022
Foreign currency contracts | Net operating revenues | $ | (10) |  | $ | 22 |
Foreign currency contracts | Cost of goods sold | 23 |  | 10 |
Foreign currency contracts | Other income (loss) — net | 11 |  | (4) |
Commodity contracts | Cost of goods sold | (84) |  | (155) |
Other derivative instruments | Selling, general and administrative expenses | 1 |  | (18) |
Total |  | $ | (59) |  | $ | (145) |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income
Six Months Ended
June 30, 2023 | July 1, 2022
Foreign currency contracts | Net operating revenues | $ | (17) |  | $ | 7 |
Foreign currency contracts | Cost of goods sold | 51 |  | 23 |
Foreign currency contracts | Other income (loss) — net | — |  | 38 |
Commodity contracts | Cost of goods sold | (130) |  | 5 |
Other derivative instruments | Selling, general and administrative expenses | 4 |  | (21) |
Total |  | $ | (92) |  | $ | 52 |

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