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HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 29, 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 Value1,2
Derivatives Designated as Hedging Instruments			Balance Sheet Location1			September 29, 2023			December 31, 2022
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	181		$	126
Foreign currency contracts			Other noncurrent assets			38			13
Interest rate contracts			Prepaid expenses and other current assets			1			—
Total assets						$	220		$	139
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	56		$	54
Foreign currency contracts			Other noncurrent liabilities			55			108
Commodity contracts			Accounts payable and accrued expenses			8			2
Interest rate contracts			Accounts payable and accrued expenses			8			—
Interest rate contracts			Other noncurrent liabilities			1,665			1,676
Total liabilities						$	1,792		$	1,840

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 16 for the net presentation of the Company’s derivative instruments.

2Refer 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 Value1,2
Derivatives Not Designated as Hedging Instruments			Balance Sheet Location1			September 29, 2023			December 31, 2022
Assets:
Foreign currency contracts			Prepaid expenses and other current assets			$	106		$	46
Foreign currency contracts			Other noncurrent assets			10			22
Commodity contracts			Prepaid expenses and other current assets			22			34
Commodity contracts			Other noncurrent assets			3			—
Total assets						$	141		$	102
Liabilities:
Foreign currency contracts			Accounts payable and accrued expenses			$	29		$	87
Foreign currency contracts			Other noncurrent liabilities			3			1
Commodity contracts			Accounts payable and accrued expenses			65			35
Commodity contracts			Other noncurrent liabilities			1			—
Other derivative instruments			Accounts payable and accrued expenses			10			3
Total liabilities						$	108		$	126

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 16 for the net presentation of the Company’s derivative instruments.

2Refer 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 September 29, 2023
Foreign currency contracts			$	90		Net operating revenues			$	(2)
Foreign currency contracts			8			Cost of goods sold			—
Foreign currency contracts			—			Interest expense			(1)
Foreign currency contracts			(12)			Other income (loss) — net			(29)
Commodity contracts			(5)			Cost of goods sold			(4)
Total			$	81					$	(36)
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

			Gain (Loss) Recognized in OCI			Location of Gain (Loss) Recognized in Income			Gain (Loss) Reclassified from AOCI into Income
Nine Months Ended September 29, 2023
Foreign currency contracts			$	32		Net operating revenues			$	(8)
Foreign currency contracts			25			Cost of goods sold			8
Foreign currency contracts			—			Interest expense			(3)
Foreign currency contracts			(3)			Other income (loss) — net			(26)
Commodity contracts			(16)			Cost of goods sold			(10)
Total			$	38					$	(39)
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)

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 29, 2023			September 30, 2022
Interest rate contracts			Interest expense			$	(103)		$	(688)
Fixed-rate debt			Interest expense			109			705
Net impact of fair value hedging instruments						$	6		$	17

Hedging Instruments and Hedged Items			Location of Gain (Loss) Recognized in Income			Gain (Loss) Recognized in Income
						Nine Months Ended
						September 29, 2023			September 30, 2022
Interest rate contracts			Interest expense			$	3		$	(1,873)
Fixed-rate debt			Interest expense			18			1,871
Net impact of fair value hedging instruments						$	21		$	(2)

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 29, 2023			December 31, 2022						September 29, 2023			December 31, 2022						September 29, 2023			December 31, 2022
Current maturities of long-term debt			$	528		$	—					$	(4)		$	—					$	—		$	—
Long-term debt			11,233			11,900						(1,685)			(1,664)						171			195

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 29, 2023			December 31, 2022						September 29, 2023			September 30, 2022						September 29, 2023			September 30, 2022
Foreign currency contracts			$	—		$	—					$	1		$	(1)					$	—		$	(2)
Foreign currency denominated debt			11,384			12,061						383			709						149			1,768
Total			$	11,384		$	12,061					$	384		$	708					$	149		$	1,766

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 29, 2023			September 30, 2022
Foreign currency contracts			Net operating revenues			$	40		$	16
Foreign currency contracts			Cost of goods sold			(1)			21
Foreign currency contracts			Other income (loss) — net			(15)			41
Commodity contracts			Cost of goods sold			40			(10)
Other derivative instruments			Selling, general and administrative expenses			(10)			(17)
Total						$	54		$	51

Derivatives Not Designated as Hedging Instruments			Location of Gain (Loss) Recognized in Income			Gain (Loss) Recognized in Income
						Nine Months Ended
						September 29, 2023			September 30, 2022
Foreign currency contracts			Net operating revenues			$	23		$	23
Foreign currency contracts			Cost of goods sold			50			44
Foreign currency contracts			Other income (loss) — net			(15)			79
Commodity contracts			Cost of goods sold			(90)			(5)
Other derivative instruments			Selling, general and administrative expenses			(6)			(38)
Total						$	(38)		$	103

X

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