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Hedging Transactions and Derivative Financial Instruments (Tables) | 6 Months Ended
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Jul. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) | The following table summarizes the notional values as of July 1, 2022 and July 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 and six-month periods ended July 1, 2022 and July 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 July 1, 2022: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | 216 |  |  | $ | — |
Foreign currency denominated debt | 5,870 |  |  | 5,870 |  |  | 271 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 381 |  |  | (224) |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 15,345 |  |  | $ | 12,870 |  |  | $ | 868 |  |  | $ | (223) |
For the Three-Month Period Ended July 2, 2021: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 2,875 |  |  | $ | 2,000 |  |  | $ | 43 |  |  | $ | — |
Foreign currency denominated debt | 3,524 |  |  | 3,524 |  |  | (36) |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 192 |  |  | 35 |
Interest rate swaps | 850 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 11,249 |  |  | $ | 9,524 |  |  | $ | 199 |  |  | $ | 36 |
For the Six-Month Period Ended July 1, 2022: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | 267 |  |  | $ | — |
Foreign currency denominated debt | 5,870 |  |  | 5,870 |  |  | 395 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 506 |  |  | (340) |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 2 |
Total | $ | 15,345 |  |  | $ | 12,870 |  |  | $ | 1,168 |  |  | $ | (338) |
For the Six-Month Period Ended July 2, 2021 |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 2,875 |  |  | $ | 2,000 |  |  | $ | 66 |  |  | $ | — |
Foreign currency denominated debt | 3,524 |  |  | 3,524 |  |  | 184 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 302 |  |  | (117) |
Interest rate swaps | 850 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 11,249 |  |  | $ | 9,524 |  |  | $ | 552 |  |  | $ | (116) |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table summarizes the notional values as of July 1, 2022 and July 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 and six-month periods ended July 1, 2022 and July 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 July 1, 2022: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | 216 |  |  | $ | — |
Foreign currency denominated debt | 5,870 |  |  | 5,870 |  |  | 271 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 381 |  |  | (224) |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 15,345 |  |  | $ | 12,870 |  |  | $ | 868 |  |  | $ | (223) |
For the Three-Month Period Ended July 2, 2021: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 2,875 |  |  | $ | 2,000 |  |  | $ | 43 |  |  | $ | — |
Foreign currency denominated debt | 3,524 |  |  | 3,524 |  |  | (36) |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 192 |  |  | 35 |
Interest rate swaps | 850 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 11,249 |  |  | $ | 9,524 |  |  | $ | 199 |  |  | $ | 36 |
For the Six-Month Period Ended July 1, 2022: |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 3,875 |  |  | $ | 3,000 |  |  | $ | 267 |  |  | $ | — |
Foreign currency denominated debt | 5,870 |  |  | 5,870 |  |  | 395 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 506 |  |  | (340) |
Interest rate swaps | 1,600 |  |  | — |  |  | — |  |  | 2 |
Total | $ | 15,345 |  |  | $ | 12,870 |  |  | $ | 1,168 |  |  | $ | (338) |
For the Six-Month Period Ended July 2, 2021 |  |  |  |  |  |  |
Net investment hedges: |  |  |  |  |  |  |
Cross-currency contracts | $ | 2,875 |  |  | $ | 2,000 |  |  | $ | 66 |  |  | $ | — |
Foreign currency denominated debt | 3,524 |  |  | 3,524 |  |  | 184 |  |  | — |
Cash flow hedges: |  |  |  |  |  |  |
Cross-currency contracts | 4,000 |  |  | 4,000 |  |  | 302 |  |  | (117) |
Interest rate swaps | 850 |  |  | — |  |  | — |  |  | 1 |
Total | $ | 11,249 |  |  | $ | 9,524 |  |  | $ | 552 |  |  | $ | (116) |
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):
| July 1, 2022 |  | December 31, 2021
Derivative assets: |  |  |
Other long-term assets | $ | 823 |  |  | $ | 50 |
Nonderivative hedging instruments: |  |  |
Long-term debt | 5,870 |  |  | 3,883 |

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