XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.24.3

Financial Instruments (Tables) | 8 Months Ended
--- | ---
Sep. 07, 2024
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 7, 2024 and December 30, 2023 are as follows:
| Notional Amounts(a)
| 9/7/2024 |  | 12/30/2023
Commodity contracts | $ | 1.4 |  |  | $ | 1.7 |
Foreign exchange contracts | $ | 3.1 |  |  | $ | 3.8 |
Cross-currency contracts | $ | 1.2 |  |  | $ | 1.3 |
Non-derivative debt instruments | $ | 3.1 |  |  | $ | 3.0 |
(a)In billions.
Summary of Fair Values of Financial Assets and Liabilities | The fair values of our financial assets and liabilities as of September 7, 2024 and December 30, 2023 are categorized as follows:
|  |  | 9/7/2024 |  | 12/30/2023
| Fair Value Hierarchy Levels(a) |  | Assets(a) |  | Liabilities(a) |  | Assets(a) |  | Liabilities(a)
Available-for-sale debt securities (b) | 2,3 |  | $ | 1,061 |  |  | $ | — |  |  | $ | 1,334 |  |  | $ | — |
Index funds (c) | 1 |  | $ | 318 |  |  | $ | — |  |  | $ | 292 |  |  | $ | — |
Prepaid forward contracts (d) | 2 |  | $ | 17 |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |
Deferred compensation (e) | 2 |  | $ | — |  |  | $ | 490 |  |  | $ | — |  |  | $ | 477 |
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange contracts (f) | 2 |  | $ | 35 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | 31 |
Cross-currency contracts (f) | 2 |  | — |  |  | 138 |  |  | 5 |  |  | 135 |
Commodity contracts (g) | 2 |  | 4 |  |  | 16 |  |  | 10 |  |  | 24 |
|  |  | $ | 39 |  |  | $ | 165 |  |  | $ | 18 |  |  | $ | 190 |
Derivatives designated as net investment hedging instruments: |  |  |  |  |  |  |  |  |
Cross-currency contracts (f) | 2 |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |
|  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange contracts (f) | 2 |  | $ | 17 |  |  | $ | 14 |  |  | $ | 33 |  |  | $ | 38 |
Commodity contracts (g) | 2 |  | 3 |  |  | 9 |  |  | 5 |  |  | 13 |
|  |  | $ | 20 |  |  | $ | 23 |  |  | $ | 38 |  |  | $ | 51 |
Total derivatives at fair value (h) |  |  | $ | 59 |  |  | $ | 201 |  |  | $ | 56 |  |  | $ | 241 |
Total |  |  | $ | 1,455 |  |  | $ | 691 |  |  | $ | 1,695 |  |  | $ | 718 |
(a)Fair value hierarchy levels are categorized consistently by Level 1 (quoted prices in active markets for identical assets), Level 2 (significant other observable inputs) and Level 3 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)Includes Level 2 assets of $184 million and Level 3 assets of $877 million as of September 7, 2024, and Level 2 assets of $178 million and Level 3 assets of $1,156 million as of December 30, 2023. As of September 7, 2024 and December 30, 2023, $1,061 million and $1,334 million were classified as other assets, respectively. The fair values of our Level 2 investments approximate the transaction price and any accrued returns, as well as the amortized cost. The fair value of our Level 3 investment in Celsius is estimated using probability-weighted discounted future cash flows based on a Monte Carlo simulation using significant unobservable inputs such as an 80% probability that a certain market-based condition will be met and an average estimated discount rate of 5.8% and 8.1% as of September 7, 2024 a nd December 30, 2023, respectively, based on Celsius’ estimated synthetic credit rating. An increase in the probability that certain market-based conditions will be met or a decrease in the discount rate would result in a higher fair value measurement, while a decrease in the probability that certain market-based conditions will be met or an increase in the discount rate would result in a lower fair value measurement. (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 7, 2024 and December 30, 2023 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 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)
| 9/7/2024 |  | 9/9/2023 |  | 9/7/2024 |  | 9/9/2023
Foreign exchange contracts | $ | (33) |  |  | $ | 15 |  |  | $ | (3) |  |  | $ | 26 |
Cross-currency contracts | (15) |  |  | 23 |  |  | (21) |  |  | 31 |
Commodity contracts | 75 |  |  | 65 |  |  | 34 |  |  | 24 |
Total | $ | 27 |  |  | $ | 103 |  |  | $ | 10 |  |  | $ | 81 |
|  |  |  |  | 36 Weeks Ended
|  |  | Losses/(Gains) Recognized in Accumulated Other Comprehensive Loss |  | Losses/(Gains) Reclassified from Accumulated Other Comprehensive Loss into Income Statement(a)
|  |  |  |  | 9/7/2024 |  | 9/9/2023 |  | 9/7/2024 |  | 9/9/2023
Foreign exchange contracts |  |  |  |  | $ | (48) |  |  | $ | 74 |  |  | $ | 15 |  |  | $ | 41 |
Cross-currency contracts |  |  |  |  | 19 |  |  | (3) |  |  | 14 |  |  | 4 |
Commodity contracts |  |  |  |  | 103 |  |  | 115 |  |  | 85 |  |  | 61 |
Total |  |  |  |  | $ | 74 |  |  | $ | 186 |  |  | $ | 114 |  |  | $ | 106 |
(a)Foreign exchange derivative losses/(gains) are included in net revenue and cost of sales. Cross-currency interest rate swap 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
| 9/7/2024 |  | 9/9/2023
| Cost of sales |  | Selling, general and administrative expenses |  | Total |  | Cost of sales |  | Selling, general and administrative expenses |  | Total
Foreign exchange contracts | $ | 1 |  |  | $ | (8) |  |  | $ | (7) |  |  | $ | — |  |  | $ | (7) |  |  | $ | (7) |
Commodity contracts | 24 |  |  | 36 |  |  | 60 |  |  | (9) |  |  | (65) |  |  | (74) |
Total | $ | 25 |  |  | $ | 28 |  |  | $ | 53 |  |  | $ | (9) |  |  | $ | (72) |  |  | $ | (81) |
| 36 Weeks Ended
| 9/7/2024 |  | 9/9/2023
| Cost of sales |  | Selling, general and administrative expenses |  | Total |  | Cost of sales |  | Selling, general and administrative expenses |  | Total
Foreign exchange contracts | $ | 1 |  |  | $ | 34 |  |  | $ | 35 |  |  | $ | (1) |  |  | $ | 32 |  |  | $ | 31 |
Commodity contracts | 9 |  |  | 16 |  |  | 25 |  |  | 27 |  |  | (12) |  |  | 15 |
Total | $ | 10 |  |  | $ | 50 |  |  | $ | 60 |  |  | $ | 26 |  |  | $ | 20 |  |  | $ | 46 |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration