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Financial Instruments (Tables) | 8 Months Ended
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Sep. 09, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts of Financial Instruments | The notional amounts of our financial instruments used to hedge the above risks as of September 9, 2023 and December 31, 2022 are as follows:
| Notional Amounts(a)
| 9/9/2023 |  | 12/31/2022
Commodity | $ | 1.6 |  |  | $ | 1.8 |
Foreign exchange | $ | 2.9 |  |  | $ | 3.0 |
Interest rate | $ | 1.3 |  |  | $ | 1.3 |
Net investment (b) | $ | 2.9 |  |  | $ | 2.9 |
(a)In billions. (b)The total notional of our net investment hedge consists of non-derivative debt instruments.
Summary of Fair Values of Financial Assets and Liabilities | The fair values of our financial assets and liabilities as of September 9, 2023 and December 31, 2022 are categorized as follows:
|  |  | 9/9/2023 |  | 12/31/2022
| Fair Value Hierarchy Levels(a) |  | Assets(a) |  | Liabilities(a) |  | Assets(a) |  | Liabilities(a)
Available-for-sale debt securities (b) | 2 |  | $ | 558 |  |  | $ | — |  |  | $ | 660 |  |  | $ | — |
Index funds (c) | 1 |  | $ | 265 |  |  | $ | — |  |  | $ | 257 |  |  | $ | — |
Prepaid forward contracts (d) | 2 |  | $ | 14 |  |  | $ | — |  |  | $ | 14 |  |  | $ | — |
Deferred compensation (e) | 2 |  | $ | — |  |  | $ | 439 |  |  | $ | — |  |  | $ | 434 |
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange (f) | 2 |  | $ | 11 |  |  | $ | 37 |  |  | $ | 24 |  |  | $ | 22 |
Interest rate (f) | 2 |  | — |  |  | 161 |  |  | — |  |  | 164 |
Commodity (g) | 2 |  | — |  |  | 49 |  |  | 2 |  |  | 60 |
|  |  | $ | 11 |  |  | $ | 247 |  |  | $ | 26 |  |  | $ | 246 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange (f) | 2 |  | $ | 18 |  |  | $ | 18 |  |  | $ | 21 |  |  | $ | 21 |
Commodity (g) | 2 |  | 10 |  |  | 17 |  |  | 11 |  |  | 51 |
|  |  | $ | 28 |  |  | $ | 35 |  |  | $ | 32 |  |  | $ | 72 |
Total derivatives at fair value (h) |  |  | $ | 39 |  |  | $ | 282 |  |  | $ | 58 |  |  | $ | 318 |
Total |  |  | $ | 876 |  |  | $ | 721 |  |  | $ | 989 |  |  | $ | 752 |
(a)Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets) and Level 2 (significant other observable inputs) in both years. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. (b)Primarily related to our investment in Celsius convertible preferred stock. The fair value of our investment approximates the transaction price and any accrued dividends, as well as the amortized cost. As of September 9, 2023, $558 million were classified as other assets. As of December 31, 2022, $3 million, $104 million and $553 million were classified as cash equivalents, short-term investments and other assets, respectively. (c)Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability. (d)Based primarily on the price of our common stock. (e)Based on the fair value of investments corresponding to employees’ investment elections. (f)Based on recently reported market transactions of spot and forward rates. (g)Primarily based on recently reported market transactions of swap arrangements. (h)Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on our balance sheet as of September 9, 2023 and December 31, 2022 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table.
Summary of Losses (Gains) On Derivative Instruments | Losses/(gains) on our cash flow and net investment hedges are categorized as follows:
| 12 Weeks Ended
| Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss |  | Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(a)
| 9/9/2023 |  | 9/3/2022 |  | 9/9/2023 |  | 9/3/2022
Foreign exchange | $ | 15 |  |  | $ | (31) |  |  | $ | 26 |  |  | $ | 1 |
Interest rate | 23 |  |  | 81 |  |  | 31 |  |  | 94 |
Commodity | 65 |  |  | 141 |  |  | 24 |  |  | (51) |
Net investment | (68) |  |  | (144) |  |  | — |  |  | — |
Total | $ | 35 |  |  | $ | 47 |  |  | $ | 81 |  |  | $ | 44 |
|  |  |  |  | 36 Weeks Ended
|  |  | Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss |  | Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(a)
|  |  |  |  | 9/9/2023 |  | 9/3/2022 |  | 9/9/2023 |  | 9/3/2022
Foreign exchange |  |  |  |  | $ | 74 |  |  | $ | (13) |  |  | $ | 41 |  |  | $ | (20) |
Interest rate |  |  |  |  | (3) |  |  | 160 |  |  | 4 |  |  | 175 |
Commodity |  |  |  |  | 115 |  |  | (49) |  |  | 61 |  |  | (203) |
Net investment |  |  |  |  | 40 |  |  | (283) |  |  | — |  |  | — |
Total |  |  |  |  | $ | 226 |  |  | $ | (185) |  |  | $ | 106 |  |  | $ | (48) |
(a)Foreign exchange derivative losses/(gains) are included in net revenue and cost of sales. Interest rate derivative losses/(gains) are included in selling, general and administrative expenses. Commodity derivative losses/(gains) are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity. See Note 11 for further information. Losses/(gains) recognized in the income statement related to our non-designated hedges are categorized as follows:
| 12 Weeks Ended
| 9/9/2023 |  | 9/3/2022
| Cost of sales |  | Selling, general and administrative expenses |  | Total |  | Cost of sales |  | Selling, general and administrative expenses |  | Total
Foreign exchange | $ | — |  |  | $ | (7) |  |  | $ | (7) |  |  | $ | — |  |  | $ | (60) |  |  | $ | (60) |
Commodity | (9) |  |  | (65) |  |  | (74) |  |  | (2) |  |  | 55 |  |  | 53 |
Total | $ | (9) |  |  | $ | (72) |  |  | $ | (81) |  |  | $ | (2) |  |  | $ | (5) |  |  | $ | (7) |
| 36 Weeks Ended
| 9/9/2023 |  | 9/3/2022
| Cost of sales |  | Selling, general and administrative expenses |  | Total |  | Cost of sales |  | Selling, general and administrative expenses |  | Total
Foreign exchange | $ | (1) |  |  | $ | 32 |  |  | $ | 31 |  |  | $ | (3) |  |  | $ | (52) |  |  | $ | (55) |
Commodity | 27 |  |  | (12) |  |  | 15 |  |  | (136) |  |  | (158) |  |  | (294) |
Total | $ | 26 |  |  | $ | 20 |  |  | $ | 46 |  |  | $ | (139) |  |  | $ | (210) |  |  | $ | (349) |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A + Details
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