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Financial Instruments (Tables)
 12 Months Ended
Dec. 29, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Values of Outstanding Derivatives
The notional values of our outstanding derivative instruments were (in millions):
 
Notional Amount
 
December 29, 2018
 
December 30, 2017
Commodity contracts
$
478

 
$
272

Foreign exchange contracts
3,263

 
2,876

Cross-currency contracts
10,146

 
3,161
Schedule of Derivative Fair Values
The fair values and the levels within the fair value hierarchy of derivative instruments recorded on the consolidated balance sheets were (in millions):
 
December 29, 2018
 
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Total Fair Value
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts(a)
$
—

 
$
—

 
$
51

 
$
26

 
$
51

 
$
26

Cross-currency contracts(b)
—

 
—

 
139

 
3

 
139

 
3

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts(c)
5

 
27

 
—

 
2

 
5

 
29

Foreign exchange contracts(c)
—

 
—

 
5

 
42

 
5

 
42

Cross-currency contracts(b)
—

 
—

 
557

 
119

 
557

 
119

Total fair value
$
5

 
$
27

 
$
752

 
$
192

 
$
757

 
$
219

(a)
The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities.
(b)
The fair value of derivative assets was recorded in other current assets ($557 million) and other non-current assets ($139 million), and the fair value of derivative liabilities was recorded within other current liabilities ($119 million) and other non-current liabilities ($3 million).
(c)
The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities.
 
December 30, 2017
 
Quoted Prices in Active Markets for Identical Assets and Liabilities
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Total Fair Value
 
Assets
 
Liabilities
 
Assets
 
Liabilities
 
Assets
 
Liabilities
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts(a)
$
—

 
$
—

 
$
8

 
$
42

 
$
8

 
$
42

Cross-currency contracts(b)
—

 
—

 
344

 
—

 
344

 
—

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts(c)
4

 
8

 
—

 
—

 
4

 
8

Foreign exchange contracts(c)
—

 
—

 
17

 
3

 
17

 
3

Cross-currency contracts(b)
—

 
—

 
19

 
—

 
19

 
—

Total fair value
$
4

 
$
8

 
$
388

 
$
45

 
$
392

 
$
53


(a)
The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities ($41 million) and other non-current liabilities ($1 million).
(b)
The fair value of our derivative assets was recorded in other non-current assets.
(c)
The fair value of derivative assets was recorded in other current assets and the fair value of derivative liabilities was recorded in other current liabilities.
Derivative Impact on Statements of Other Comprehensive Income
The following table presents the pre-tax amounts of derivative gains/(losses) deferred into accumulated other comprehensive income/(losses) and the income statement line item that will be affected when reclassified to net income/(loss) (in millions):
Accumulated Other Comprehensive Income/(Losses) Component
 
Gains/(Losses) Recognized in Other Comprehensive Income/(Losses) Related to Derivatives Designated as Hedging Instruments
 
Location of Gains/(Losses) When Reclassified to Net Income/(Loss)
 
 
December 29,
2018
 
December 30,
2017
 
December 31,
2016
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
$
—

 
$
1

 
$
3

 
Net sales
Foreign exchange contracts
 
64

 
(42
)
 
6

 
Cost of products sold
Foreign exchange contracts (excluded component)
 
(2
)
 
—

 
—

 
Cost of products sold
Foreign exchange contracts
 
56

 
(82
)
 
39

 
Other expense/(income), net
Foreign exchange contracts (excluded component)
 
3

 
—

 
—

 
Other expense/(income), net
Interest rate contracts
 
—

 
—

 
(8
)
 
Interest expense
Cross-currency contracts
 
(4
)
 
—

 
—

 
Other expense/(income), net
Cross-currency contracts (excluded component)
 
1

 
—

 
—

 
Other expense/(income), net
Net investment hedges:
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
(11
)
 
(23
)
 
45

 
SG&A
Foreign exchange contracts (excluded component)
 
(3
)
 
—

 
—

 
Interest expense
Cross-currency contracts
 
214

 
(184
)
 
147

 
SG&A
Cross-currency contracts (excluded component)
 
13

 
—

 
—

 
Interest expense
Total gains/(losses) recognized in statements of comprehensive income
 
$
331

 
$
(330
)
 
$
232

 
 
Derivative Impact on Statements of Income
The following tables present the pre-tax amounts of derivative gains/(losses) reclassified from accumulated other comprehensive income/(losses) to net income/(loss) and the affected income statement line items (in millions):
 
December 29,
2018
 
Cost of products sold
 
Interest expense
 
Other expense/ (income), net
Total amounts presented in the consolidated statements of income in which the following effects were recorded
$
17,347

 
$
1,284

 
$
(183
)
 
 
 
 
 
 
Gains/(losses) related to derivatives designated as hedging instruments:
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
Foreign exchange contracts
$
(2
)
 
$
—

 
$
56

Foreign exchange contracts (excluded component)
(2
)
 
—

 
3

Interest rate contracts
—

 
(4
)
 
—

Cross-currency contracts
—

 
—

 
(7
)
Cross-currency contracts (excluded component)
—

 
—

 
1

Net investment hedges:
 
 
 
 
 
Foreign exchange contracts (excluded component)
—

 
(3
)
 
—

Cross-currency contracts (excluded component)
—

 
13

 
—

Gains/(losses) related to derivatives not designated as hedging instruments:
 
 
 
 
 
Commodity contracts
(44
)
 
—

 
—

Foreign exchange contracts
—

 
—

 
(84
)
Cross-currency contracts
—

 
—

 
4

Total gains/(losses) recognized in statements of income
$
(48
)
 
$
6

 
$
(27
)
 
December 30,
2017
 
December 31,
2016
 
Cost of products sold
 
Interest expense
 
Other expense/ (income), net
 
Net sales
 
Cost of products sold
 
Interest expense
 
Other expense/ (income), net
Total amounts presented in the consolidated statements of income in which the following effects were recorded (As Restated & Recast)
$
17,043

 
$
1,234

 
$
(627
)
 
$
26,300

 
$
17,154

 
$
1,134

 
$
(472
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains/(losses) related to derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
$
—

 
$
—

 
$
(81
)
 
$
6

 
$
41

 
$
—

 
$
38

Interest rate contracts
—

 
(4
)
 
—

 
—

 
—

 
(4
)
 
—

Gains/(losses) related to derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
(37
)
 
—

 
—

 
—

 
9

 
—

 
—

Foreign exchange contracts
—

 
—

 
54

 
—

 
—

 
—

 
(63
)
Cross-currency contracts
—

 
—

 
(2
)
 
—

 
—

 
—

 
(3
)
Total gains/(losses) recognized in statements of income
$
(37
)
 
$
(4
)
 
$
(29
)
 
$
6

 
$
50

 
$
(4
)
 
$
(28
)