Equity (Tables)

6 Months Ended

Jul. 01, 2017

Equity [Abstract]

Schedule of Earnings Per Share

Quarters ended July 1, 2017 and July 2, 2016:

(millions, except per share data)	Net income		Average shares outstanding	Earnings per share
2017
Basic	$	282	349	$	0.81
Dilutive potential common shares			3	(0.01		)
Diluted	$	282	352	$	0.80
2016
Basic	$	280	350	$	0.80
Dilutive potential common shares			4	(0.01		)
Diluted	$	280	354	$	0.79

Year-to-date periods ended July 1, 2017 and July 2, 2016:

(millions, except per share data)	Net income		Average shares outstanding	Earnings per share
2017
Basic	$	544	350	$	1.56
Dilutive potential common shares			3	(0.02		)
Diluted	$	544	353	$	1.54
2016
Basic	$	455	350	$	1.30
Dilutive potential common shares			4	(0.01		)
Diluted	$	455	354	$	1.29

Reclassifications Out of AOCI

Reclassifications out of AOCI for the quarter and year-to-date periods ended July 1, 2017 and July 2, 2016, consisted of the following:

(millions)
Details about AOCI components	Amount reclassified from AOCI					Line item impacted within Income Statement
	Quarter ended July 1, 2017		Year-to-date period ended July 1, 2017
(Gains) losses on cash flow hedges:
Foreign currency exchange contracts	$	—	$	(1	)	COGS
Foreign currency exchange contracts	—		—			SG&A
Interest rate contracts	2		5			Interest expense
Commodity contracts	—		—			COGS
	$	2	$	4		Total before tax
	—		(1		)	Tax expense (benefit)
	$	2	$	3		Net of tax
Amortization of postretirement and postemployment benefits:
Net experience loss	$	—	$	1		See Note 9 for further details
Prior service cost	—		—			See Note 9 for further details
	$	—	$	1		Total before tax
	—		—			Tax expense (benefit)
	$	—	$	1		Net of tax
Total reclassifications	$	2	$	4		Net of tax

(millions)
Details about AOCI components	Amount reclassified from AOCI						Line item impacted within Income Statement
	Quarter ended July 2, 2016			Year-to-date period ended July 2, 2016
(Gains) losses on cash flow hedges:
Foreign currency exchange contracts	$	—		$	(7	)	COGS
Foreign currency exchange contracts	—			—			SGA
Interest rate contracts	2			8			Interest expense
Commodity contracts	4			7			COGS
	$	6		$	8		Total before tax
	(2		)	(3		)	Tax expense (benefit)
	$	4		$	5		Net of tax
Amortization of postretirement and postemployment benefits:
Net experience loss	$	1		$	2		See Note 9 for further details
Prior service cost	2			2			See Note 9 for further details
	$	3		$	4		Total before tax
	—			—			Tax expense (benefit)
	$	3		$	4		Net of tax
Total reclassifications	$	7		$	9		Net of tax

Summary of Accumulated Other Comprehensive Income (Loss)

(millions)	July 1, 2017			December 31,  2016
Foreign currency translation adjustments	$	(1,429	)	$	(1,505	)
Cash flow hedges — unrealized net gain (loss)	(64		)	(67		)
Postretirement and postemployment benefits:
Net experience loss	(13		)	(14		)
Prior service cost	11			11
Total accumulated other comprehensive income (loss)	$	(1,495	)	$	(1,575	)