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DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 28, 2024
Derivative Instruments and Fair Value Measurements [Abstract] |
Schedule of Total Notional Amounts of Derivative Instruments | Total notional amounts of the Company’s derivative instruments as of September 28, 2024 and December 30, 2023 were as follows:
(millions) | September 28, 2024 | December 30, 2023
Foreign currency exchange contracts | $ | 4,707 |  | $ | 3,141 |
Cross-currency contracts | 2,178 |  | 1,707 |
Interest rate contracts | 1,050 |  | 2,289 |
Commodity contracts | 282 |  | 201 |
Total | $ | 8,217 |  | $ | 7,338 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of September 28, 2024 and December 30, 2023: Derivatives designated as hedging instruments
| September 28, 2024 |  | December 30, 2023
(millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total
Assets: |  |  |  |  |  |  |
Cross-currency contracts: |  |  |  |  |  |  |
Other current assets | $ | — |  | $ | 16 |  | $ | 16 |  |  | $ | — |  | $ | 12 |  | $ | 12 |
Other assets | — |  | 4 |  | 4 |  |  | — |  | 4 |  | 4 |
Interest rate contracts: |  |  |  |  |  |  |
Other current assets | — |  | — |  | — |  |  | — |  | — |  | — |
Other assets | — |  | — |  | — |  |  | — |  | — |  | — |
Total assets | $ | — |  | $ | 20 |  | $ | 20 |  |  | $ | — |  | $ | 16 |  | $ | 16 |
Liabilities: |  |  |  |  |  |  |
Cross-currency contracts: |  |  |  |  |  |  |
Other current liabilities | $ | — |  | $ | (25) |  | $ | (25) |  |  | $ | — |  | $ | (17) |  | $ | (17) |
Other liabilities | — |  | (29) |  | (29) |  |  | — |  | (15) |  | (15) |
Interest rate contracts(a): |  |  |  |  |  |  |
Other current liabilities | — |  | — |  | — |  |  | — |  | (44) |  | (44) |
Other liabilities | — |  | (31) |  | (31) |  |  | — |  | (45) |  | (45) |
Total liabilities | $ | — |  | $ | (85) |  | $ | (85) |  |  | $ | — |  | $ | (121) |  | $ | (121) |
(a) The fair value of the related hedged portion of the Company's long-term debt, a Level 2 liability, was $0.4 billion as of September 28, 2024 and $1.1 billion as of December 30, 2023, respectively. Derivatives not designated as hedging instruments
| September 28, 2024 |  | December 30, 2023
(millions) | Level 1 | Level 2 | Total |  | Level 1 | Level 2 | Total
Assets: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Other current assets | $ | — |  | $ | 65 |  | $ | 65 |  |  | $ | — |  | $ | 51 |  | $ | 51 |
Other assets | — |  | 4 |  | 4 |  |  | — |  | 4 |  | 4 |
Interest rate contracts: |  |  |  |  |  |  |
Other current assets | — |  | 8 |  | 8 |  |  | — |  | 9 |  | 9 |
Other assets | — |  | 1 |  | 1 |  |  | — |  | 4 |  | 4 |
Commodity contracts: |  |  |  |  |  |  |
Other current assets | 9 |  | — |  | 9 |  |  | 2 |  | — |  | 2 |
Total assets | $ | 9 |  | $ | 78 |  | $ | 87 |  |  | $ | 2 |  | $ | 68 |  | $ | 70 |
Liabilities: |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |
Other current liabilities | $ | — |  | $ | (48) |  | $ | (48) |  |  | $ | — |  | $ | (54) |  | $ | (54) |
Other liabilities | — |  | (5) |  | (5) |  |  | — |  | (6) |  | (6) |
Interest rate contracts: |  |  |  |  |  |  |
Other current liabilities | — |  | (10) |  | (10) |  |  | — |  | (11) |  | (11) |
Other liabilities | — |  | (2) |  | (2) |  |  | — |  | (6) |  | (6) |
Commodity contracts: |  |  |  |  |  |  |
Other current liabilities | (1) |  | — |  | (1) |  |  | (2) |  | — |  | (2) |
Total liabilities | $ | (1) |  | $ | (65) |  | $ | (66) |  |  | $ | (2) |  | $ | (77) |  | $ | (79) |
Schedule of Derivative Instruments in Statement of Financial Position Fair Value | The following amounts were recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for existing fair value hedges as of September 28, 2024 and December 30, 2023.
(millions) |  | Line Item in the Consolidated Balance Sheet in which the hedged item is included |  | Carrying amount of the hedged liabilities |  | Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a)
|  |  |  | September 28, 2024 | December 30, 2023 |  | September 28, 2024 | December 30, 2023
Interest rate contracts |  | Current maturities of long-term debt |  | $ | 674 |  | $ | 655 |  |  | $ | 2 |  | $ | (8) |
Interest rate contracts |  | Long-term debt |  | $ | 1,015 |  | $ | 1,666 |  |  | $ | (33) |  | $ | (43) |
(a) The fair value adjustment related to current maturities of long-term debt includes $2 million from discontinued hedging relationships as of September 28, 2024 and December 30, 2023, respectively. The fair value adjustment related to long-term debt includes $(2) million and $3 million from discontinued hedging relationships as of September 28, 2024 and December 30, 2023, respectively.
Schedule of Offsetting Assets |
As of September 28, 2024: |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |
| Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received/ Posted | Net Amount
Total asset derivatives | $ | 107 |  | $ | (92) |  | $ | 1 |  | $ | 16 |
Total liability derivatives | $ | (151) |  | $ | 92 |  | $ | 59 |  | $ | — |
As of December 30, 2023: |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |
| Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received/ Posted | Net Amount
Total asset derivatives | $ | 86 |  | $ | (84) |  | $ | — |  | $ | 2 |
Total liability derivatives | $ | (200) |  | $ | 84 |  | $ | 68 |  | $ | (48) |
Schedule of Offsetting Liabilities |
As of September 28, 2024: |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |
| Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received/ Posted | Net Amount
Total asset derivatives | $ | 107 |  | $ | (92) |  | $ | 1 |  | $ | 16 |
Total liability derivatives | $ | (151) |  | $ | 92 |  | $ | 59 |  | $ | — |
As of December 30, 2023: |  | Gross Amounts Not Offset in the Consolidated Balance Sheet |
| Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received/ Posted | Net Amount
Total asset derivatives | $ | 86 |  | $ | (84) |  | $ | — |  | $ | 2 |
Total liability derivatives | $ | (200) |  | $ | 84 |  | $ | 68 |  | $ | (48) |
Schedule of the Effect of Derivative Instruments on the Consolidated Statements of Income and Comprehensive Income | The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the quarters ended September 28, 2024 and September 30, 2023 was as follows: Derivatives and non-derivatives in net investment hedging relationships
(millions) | Gain (loss) recognized in AOCI |  | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023 |
Foreign currency denominated long-term debt | $ | (60) |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |  |
Cross-currency contracts | (73) |  |  | 67 |  |  | 16 |  |  | 14 |  | Interest expense
Total | $ | (133) |  |  | $ | 111 |  |  | $ | 16 |  |  | $ | 14 |  |
Derivatives not designated as hedging instruments
(millions) | Location of gain (loss) recognized in income | Gain (loss) recognized in income
|  | September 28, 2024 |  | September 30, 2023
Foreign currency exchange contracts | COGS | $ | 2 |  |  | $ | 13 |
Foreign currency exchange contracts | Other income (expense), net | 24 |  |  | (1) |
Foreign currency exchange contracts | SG&A | (2) |  |  | 1 |
Commodity contracts | COGS | (4) |  |  | (27) |
Total |  | $ | 20 |  |  | $ | (14) |
The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the year-to-date periods ended September 28, 2024 and September 30, 2023 was as follows:
(millions) | Gain (loss) recognized in AOCI |  | Gain (loss) excluded from assessment of hedge effectiveness | Location of gain (loss) in income of excluded component
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023 |
Foreign currency denominated long-term debt | $ | (9) |  |  | $ | 10 |  |  | $ | — |  |  | $ | — |  |
Cross-currency contracts | (25) |  |  | 7 |  |  | 30 |  |  | 42 |  | Interest expense
Total | $ | (34) |  |  | $ | 17 |  |  | $ | 30 |  |  | $ | 42 |  |
(millions) | Location of gain (loss) recognized in income | Gain (loss) recognized in income
|  | September 28, 2024 |  | September 30, 2023
Foreign currency exchange contracts | COGS | $ | 15 |  |  | $ | (2) |
Foreign currency exchange contracts | Other income (expense), net | 30 |  |  | (11) |
Foreign currency exchange contracts | SGA | 9 |  |  | (4) |
Commodity contracts | COGS | (53) |  |  | (90) |
Total |  | $ | 1 |  |  | $ | (107) |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the quarters ended September 28, 2024 and September 30, 2023:
|  |  |  |  |  | September 28, 2024 |  |  |  | September 30, 2023
(millions) |  |  |  | Interest Expense |  |  |  | Interest Expense
Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded |  |  |  | $ | 75 |  |  |  |  | $ | 75 |
| Gain (loss) on fair value hedging relationships: |  |  |  |  |  |  |  |
| Interest contracts: |  |  |  |  |  |  |  |
| Hedged items |  |  |  | (16) |  |  |  |  | (1) |
| Derivatives designated as hedging instruments |  |  |  | 17 |  |  |  |  | 2 |
| Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
| Interest contracts: |  |  |  |  |  |  |  |
| Amount of gain (loss) reclassified from AOCI into income |  |  |  | — |  |  |  |  | (2) |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the year-to-date periods ended September 28, 2024 and September 30, 2023:
|  |  |  |  |  | September 28, 2024 |  |  |  | September 30, 2023
(millions) |  |  |  | Interest Expense |  |  |  | Interest Expense
Total amounts of income and expense line items presented in the Consolidated Income Statement in which the effects of fair value or cash flow hedges are recorded |  |  |  | $ | 241 |  |  |  |  | $ | 218 |
| Gain (loss) on fair value hedging relationships: |  |  |  |  |  |  |  |
| Interest contracts: |  |  |  |  |  |  |  |
| Hedged items |  |  |  | (19) |  |  |  |  | (5) |
| Derivatives designated as hedging instruments |  |  |  | 24 |  |  |  |  | 8 |
| Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
| Interest contracts: |  |  |  |  |  |  |  |
| Amount of gain (loss) reclassified from AOCI into income |  |  |  | (3) |  |  |  |  | (7) |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
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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/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
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