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DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Total Notional Amounts of the Company's Derivative Instruments |
(millions) |  | 2024 |  | 2023
Foreign currency exchange contracts |  | $ | 3,243 |  |  | $ | 3,141 |
Cross-currency contracts |  | 2,030 |  |  | 1,707 |
Interest rate contracts |  | 1,050 |  |  | 2,289 |
Commodity contracts |  | 285 |  |  | 201 |
Total |  | $ | 6,608 |  |  | $ | 7,338 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of December 28, 2024 and December 30, 2023: Derivatives designated as hedging instruments
|  | 2024 |  | 2023
(millions) |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | $ | — |  |  | $ | 47 |  |  | $ | 47 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 12 |
Other Assets |  | — |  |  | 51 |  |  | 51 |  |  | — |  |  | 4 |  |  | 4 |
Total assets |  | $ | — |  |  | $ | 98 |  |  | $ | 98 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 16 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | — |  |  | $ | (2) |  |  | $ | (2) |  |  | $ | — |  |  | $ | (17) |  |  | $ | (17) |
Other liabilities |  | — |  |  | (9) |  |  | (9) |  |  | — |  |  | (15) |  |  | (15) |
Interest rate contracts (a): |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | — |  |  | — |  |  | — |  |  | — |  |  | (44) |  |  | (44) |
Other liabilities |  | — |  |  | (41) |  |  | (41) |  |  | — |  |  | (45) |  |  | (45) |
Total liabilities |  | $ | — |  |  | $ | (52) |  |  | $ | (52) |  |  | $ | — |  |  | $ | (121) |  |  | $ | (121) |
(a)The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was approximately $0.4 billion as of December 28, 2024 and $1.1 billion as of December 30, 2023, respectively. Derivatives not designated as hedging instruments
|  | 2024 |  | 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 |  | — |  |  | 2 |  |  | 2 |  |  | — |  |  | 4 |  |  | 4 |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | — |  |  | 6 |  |  | 6 |  |  | — |  |  | 9 |  |  | 9 |
Other assets |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 4 |  |  | 4 |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other current assets |  | 4 |  |  | — |  |  | 4 |  |  | 2 |  |  | — |  |  | 2 |
Total assets |  | $ | 4 |  |  | $ | 74 |  |  | $ | 78 |  |  | $ | 2 |  |  | $ | 68 |  |  | $ | 70 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | — |  |  | $ | (33) |  |  | $ | (33) |  |  | $ | — |  |  | $ | (54) |  |  | $ | (54) |
Other liabilities |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (6) |  |  | (6) |
Interest rate contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | — |  |  | (8) |  |  | (8) |  |  | — |  |  | (11) |  |  | (11) |
Other liabilities |  | — |  |  | (1) |  |  | (1) |  |  | — |  |  | (6) |  |  | (6) |
Commodity contracts: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | (7) |  |  | — |  |  | (7) |  |  | (2) |  |  | — |  |  | (2) |
Total liabilities |  | $ | (7) |  |  | $ | (43) |  |  | $ | (50) |  |  | $ | (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 December 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)
|  |  |  | December 28, 2024 | December 30, 2023 |  | December 28, 2024 | December 30, 2023
Interest rate contracts |  | Current maturities of long-term debt |  | $ | 627 |  | $ | 655 |  |  | $ | 1 |  | $ | (8) |
Interest rate contracts |  | Long-term debt |  | $ | 1,005 |  | $ | 1,666 |  |  | $ | (43) |  | $ | (43) |
(a)The fair value adjustment related to current maturities of long-term debt includes $1 million and $2 million from discontinued hedging relationships as of December 28, 2024, and December 30, 2023, respectively. The hedged long-term debt includes $(1) million and $3 million of hedging adjustment on discontinued hedging relationships as of December 28, 2024 and December 30, 2023, respectively.
Offsetting Assets |
As of December 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 |  | $ | 176 |  |  | $ | (88) |  |  | $ | 61 |  |  | $ | 149 |
Total liability derivatives |  | $ | (102) |  |  | $ | 88 |  |  | $ | 14 |  |  | $ | — |
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) |
Offsetting Liabilities |
As of December 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 |  | $ | 176 |  |  | $ | (88) |  |  | $ | 61 |  |  | $ | 149 |
Total liability derivatives |  | $ | (102) |  |  | $ | 88 |  |  | $ | 14 |  |  | $ | — |
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 Instrument on the Consolidated Statement of Income | The effect of derivative instruments on the Consolidated Statement of Income for the years ended December 28, 2024, December 30, 2023 and December 31, 2022: 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
|  | 2024 |  | 2023 |  | 2022 | 2024 |  | 2023 |  | 2022 |
Foreign currency denominated long-term debt |  | $ | 82 |  |  | $ | (57) |  |  | $ | 164 |  | $ | — |  |  | $ | — |  |  | $ | — |  |
Cross-currency contracts |  | 96 |  |  | (71) |  |  | 123 |  | 40 |  |  | 53 |  |  | 39 |  | Interest expense
Total |  | $ | 178 |  |  | $ | (128) |  |  | $ | 287 |  | $ | 40 |  |  | $ | 53 |  |  | $ | 39 |  |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
(millions) |  | Location of gain (loss) recognized in income |  | Gain (loss) recognized in income
|  |  |  | 2024 |  | 2023 |  | 2022
Foreign currency exchange contracts |  | COGS |  | $ | 66 |  |  | $ | (6) |  |  | $ | 35 |
Foreign currency exchange contracts |  | SGA expense |  | (5) |  |  | (12) |  |  | 4 |
Foreign currency exchange contracts |  | OIE |  | 4 |  |  | (10) |  |  | (4) |
Interest rate contracts |  | Interest expense |  | — |  |  | — |  |  | 4 |
Commodity contracts |  | COGS |  | (67) |  |  | (110) |  |  | 43 |
Total |  |  |  | $ | (2) |  |  | $ | (138) |  |  | $ | 82 |
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the years ended December 28, 2024, December 30, 2023 and December 31, 2022:
|  |  |  |  |  | December 28, 2024 |  |  | December 30, 2023 | December 31, 2022
(millions) |  |  |  | Interest expense |  |  | 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 |  |  |  | $ | 311 |  |  |  | $ | 303 |  | $ | 201 |
| Gain (loss) on fair value hedging relationships: |  |  |  |  |  |  |  |
| Interest contracts: |  |  |  |  |  |  |  |
| Hedged items |  |  |  | (9) |  |  |  | (26) |  | 89 |
| Derivatives designated as hedging instruments |  |  |  | 15 |  |  |  | 30 |  | (85) |
| Gain (loss) on cash flow hedging relationships: |  |  |  |  |  |  |  |
| Interest contracts: |  |  |  |  |  |  |  |
| Amount of gain (loss) reclassified from AOCI into income |  |  |  | (3) |  |  |  | (9) |  | 2 |

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