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Equity (Tables) | 6 Months Ended
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Jul. 02, 2022
Equity [Abstract] |
Reclassifications Out of AOCI | Reclassifications out of Accumulated other comprehensive income (AOCI) for the quarter and year-to-date periods ended July 2, 2022 and July 3, 2021, consisted of the following:
(millions) |  |  |
Details about AOCI components | Amount reclassified from AOCI | Line item impacted within Income Statement
| Quarter ended July 2, 2022 | Year-to-date period ended July 2, 2022 |
(Gains) losses on cash flow hedges: |  |  |
Interest rate contracts (a) | $ | 4 |  | $ | 8 |  | Interest expense
| $ | 4 |  | $ | 8 |  | Total before tax
| (1) |  | (2) |  | Tax expense (benefit)
| $ | 3 |  | $ | 6 |  | Net of tax
Amortization of postretirement and postemployment benefits: |  |  |
Net experience (gain) loss (b) | $ | (1) |  | $ | (2) |  | OIE
| $ | (1) |  | $ | (2) |  | Total before tax
| 1 |  | 1 |  | Tax expense (benefit)
| $ | — |  | $ | (1) |  | Net of tax
Total reclassifications | $ | 3 |  | $ | 5 |  | Net of tax
(millions) |  |  |
Details about AOCI components | Amount reclassified from AOCI | Line item impacted within Income Statement
| Quarter ended July 3, 2021 | Year-to-date period ended July 3, 2021 |
(Gains) losses on cash flow hedges: |  |  |
Interest rate contracts (a) | $ | 10 |  | $ | 15 |  | Interest expense
| $ | 10 |  | $ | 15 |  | Total before tax
| (3) |  | (4) |  | Tax expense (benefit)
| $ | 7 |  | $ | 11 |  | Net of tax
Amortization of postretirement and postemployment benefits: |  |  |
Net experience (gain) loss (b) | $ | (1) |  | $ | (2) |  | OIE
| $ | (1) |  | $ | (2) |  | Total before tax
| 1 |  | 1 |  | Tax expense (benefit)
| $ | — |  | $ | (1) |  | Net of tax
Total reclassifications | $ | 7 |  | $ | 10 |  | Net of tax
Summary of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss), net of tax, as of July 2, 2022 and January 1, 2022 consisted of the following:
(millions) | July 2, 2022 | January 1, 2022
Foreign currency translation adjustments | $ | (2,002) |  | $ | (1,748) |
Net investment hedges gain (loss) | 329 |  | 67 |
Cash flow hedges — unrealized net gain (loss) | 104 |  | (13) |
Postretirement and postemployment benefits: |  |
Net experience gain (loss) | (2) |  | (1) |
Prior service credit (cost) | (26) |  | (26) |
Available-for-sale securities unrealized net gain (loss) | (4) |  | — |
Total accumulated other comprehensive income (loss) | $ | (1,601) |  | $ | (1,721) |

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