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Hedging Transactions and Derivative Financial Instruments (Tables) | 3 Months Ended
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Apr. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | The following table summarizes the notional values as of April 1, 2022 and April 2, 2021 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the three-month periods ended April 1, 2022 and April 2, 2021 ($ in millions):
| Original Notional Amount |  | Notional Amount Outstanding |  | Gain (Loss) Recognized in OCI |  | Amounts Reclassified from OCI
For the Three-Month Period Ended April 1, 2022: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | 51 |  |  | $ | — |
Foreign currency denominated debt | 3,761 |  |  | 3,761 |  |  | 124 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 125 |  |  | (116) |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 13,236 |  |  | $ | 10,761 |  |  | $ | 300 |  |  | $ | (115) |
For the Three-Month Period Ended April 2, 2021: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts: | $ | 2,875 |  |  | $ | 2,000 |  |  | $ | 23 |  |  | $ | — |
Foreign currency denominated debt | 3,783 |  |  | 3,783 |  |  | 220 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 110 |  |  | (152) |
Interest rate swaps | 850 |  |  | — |  |  | — |  |  | — |
Total | $ | 11,508 |  |  | $ | 9,783 |  |  | $ | 353 |  |  | $ | (152) |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes the notional values as of April 1, 2022 and April 2, 2021 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated other comprehensive income (“OCI”) for the three-month periods ended April 1, 2022 and April 2, 2021 ($ in millions):
| Original Notional Amount |  | Notional Amount Outstanding |  | Gain (Loss) Recognized in OCI |  | Amounts Reclassified from OCI
For the Three-Month Period Ended April 1, 2022: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | 51 |  |  | $ | — |
Foreign currency denominated debt | 3,761 |  |  | 3,761 |  |  | 124 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 125 |  |  | (116) |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 13,236 |  |  | $ | 10,761 |  |  | $ | 300 |  |  | $ | (115) |
For the Three-Month Period Ended April 2, 2021: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts: | $ | 2,875 |  |  | $ | 2,000 |  |  | $ | 23 |  |  | $ | — |
Foreign currency denominated debt | 3,783 |  |  | 3,783 |  |  | 220 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 110 |  |  | (152) |
Interest rate swaps | 850 |  |  | — |  |  | — |  |  | — |
Total | $ | 11,508 |  |  | $ | 9,783 |  |  | $ | 353 |  |  | $ | (152) |
Schedule of Derivative and Non Derivative Instruments in Consolidated Condensed Balance Sheets | The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified in the Company’s Consolidated Condensed Balance Sheets as follows ($ in millions):
| April 1, 2022 |  | December 31, 2021
Derivative assets: |  |  |
Other long-term assets | $ | 226 |  |  | $ | 50 |
Nonderivative hedging instruments: |  |  |
Long-term debt | 3,761 |  |  | 3,883 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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