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Derivative Instruments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 29, 2018
Derivative Instruments and Fair Value Measurements [Abstract]  
Schedule of Total Notional Amounts of Derivative Instruments
(millions)
September 29,
2018
December 30,
2017
Foreign currency exchange contracts
$
1,556

$
2,172

Cross-currency contracts
688

—

Interest rate contracts
1,345

2,250

Commodity contracts
474

544

Total
$
4,063

$
4,966
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 29, 2018 and December 30, 2017:
Derivatives designated as hedging instruments
 
September 29, 2018
 
December 30, 2017
(millions)
Level 1
Level 2
Total
 
Level 1
Level 2
Total
Assets:
 
 
 
 
 
 
 
Cross-currency contracts
 
 
 
 
 
 
 
Other current assets
$
—

$
36

$
36

 
$
—

$
—

$
—

Interest rate contracts:
 
 

 
 
 

Other assets (a)
—

—

—

 
—

—

—

Total assets
$
—

$
36

$
36


$
—

$
—

$
—

Liabilities:
 
 

 
 
 

Interest rate contracts:
 
 

 
 
 

Other liabilities (a)
—

(33
)
(33
)
 
—

(54
)
(54
)
Total liabilities
$
—

$
(33
)
$
(33
)

$
—

$
(54
)
$
(54
)

(a) The fair value of the related hedged portion of the Company's long-term debt, a level 2 liability, was $1.3 billion and $2.3 billion as of September 29, 2018 and December 30, 2017, respectively.
Derivatives not designated as hedging instruments
 
September 29, 2018
 
December 30, 2017
(millions)
Level 1
Level 2
Total
 
Level 1
Level 2
Total
Assets:
 
 
 
 
 
 
 
Foreign currency exchange contracts:
 
 
 
 
 
 
 
Other current assets
$
—

$
17

$
17

 
$
—

$
10

$
10

Commodity contracts:
 
 
 
 
 
 
 
Other current assets
4

—

4

 
6

—

6

Total assets
$
4

$
17

$
21


$
6

$
10

$
16

Liabilities:
 
 
 
 
 
 
 
Foreign currency exchange contracts:
 
 
 
 
 
 
 
Other current liabilities
$
—

$
(14
)
$
(14
)
 
$
—

$
(14
)
$
(14
)
Commodity contracts:
 
 
 
 
 
 
 
Other current liabilities
(6
)
—

(6
)
 
$
(7
)
$
—

$
(7
)
Total liabilities
$
(6
)
$
(14
)
$
(20
)

$
(7
)
$
(14
)
$
(21
)
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 29, 2018 and December 30, 2017.
(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 29,
2018
December 30,
2017
 
September 29,
2018
December 30,
2017
Interest rate contracts
 
Current maturities of long-term debt
 
$
—

$
402

 
$
—

$
2

Interest rate contracts
 
Long-term debt
 
$
3,343

$
3,481

 
$
(54
)
$
(22
)
(a) The current maturities of hedged long-term debt includes $2 million of hedging adjustment on discontinued hedging relationships as of December 30, 2017. The hedged long-term debt includes $(19) million and $32 million of hedging adjustment on discontinued hedging relationships as of September 29, 2018 and December 30, 2017, respectively.
Schedule of Offsetting Assets
As of September 29, 2018:
 
 
 
  
  
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
$
57

$
(31
)
$
—

$
26

Total liability derivatives
$
(53
)
$
31

$
16

$
(6
)

As of December 30, 2017:
 
 
 
 
  
  
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
$
16

$
(15
)
$
—

$
1

Total liability derivatives
$
(75
)
$
15

$
37

$
(23
)
Schedule of Offsetting Liabilities
As of September 29, 2018:
 
 
 
  
  
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
$
57

$
(31
)
$
—

$
26

Total liability derivatives
$
(53
)
$
31

$
16

$
(6
)

As of December 30, 2017:
 
 
 
 
  
  
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
$
16

$
(15
)
$
—

$
1

Total liability derivatives
$
(75
)
$
15

$
37

$
(23
)
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 29, 2018 and September 30, 2017 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 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
 
Foreign currency denominated long-term debt
$
16

 
$
(90
)
 
$
—

 
$
—

 
Cross-currency contracts
9

 
—

 
$
4

 
—

Other income (expense), net
Total
$
25

 
$
(90
)
 
$
4

 
$
—

 
Derivatives not designated as hedging instruments
(millions)
Location of gain
(loss) recognized
in income
Gain (loss)
recognized in
income
 
 
September 29,
2018
 
September 30,
2017
Foreign currency exchange contracts
COGS
$
1

 
$
—

Foreign currency exchange contracts
Other income (expense), net
2

 
(3
)
Foreign currency exchange contracts
SG&A
—

 
(1
)
Commodity contracts
COGS
(2
)
 
(13
)
Commodity contracts
SG&A
—

 
(16
)
Total
 
$
1


$
(33
)

The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the year-to-date periods ended September 29, 2018 and September 30, 2017 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 29,
2018
 
September 30,
2017
 
September 29,
2018
 
September 30,
2017
 
Foreign currency denominated long-term debt
$
89

 
$
(272
)
 
$
—

 
$
—

 
Cross-currency contracts
36

 
—

 
10

 
—

Other income (expense), net
Total
$
125

 
$
(272
)
 
$
10

 
$
—

 

Derivatives not designated as hedging instruments

 
 
 
 
 
(millions)
Location of gain
(loss) recognized
in income
Gain (loss)
recognized in
income
 
 
September 29,
2018
 
September 30,
2017
Foreign currency exchange contracts
COGS
$
8

 
$
(13
)
Foreign currency exchange contracts
Other income (expense), net
(2
)
 
(11
)
Foreign currency exchange contracts
SGA
1

 
(2
)
Commodity contracts
COGS
(5
)
 
(16
)
Commodity contracts
SGA
—

 
(15
)
Total
 
$
2

 
$
(57
)
 
 
 
 
 


The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the quarters ended September 29, 2018 and September 30, 2017:
 
 
 
 
September 29, 2018
 
September 30, 2017
(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
 
$
72

 
$
64

 
Gain (loss) on fair value hedging relationships:
 
 
 
 
 
Interest contracts:
 
 
 
 
 
Hedged items
 
9

 
—

 
Derivatives designated as hedging instruments
 
(9
)
 
4

 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships:
 
 
 
 
 
Interest contracts:
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
(2
)
 
(3
)
 
Foreign exchange contracts:
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
—

 
—


The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the year-to-date periods ended September 29, 2018 and September 30, 2017:
 
 
 
 
September 29, 2018
 
September 30, 2017
(millions)
 
Interest Expense
 
COGS
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
 
$
213

 
$
6,112

$
188

 
Gain (loss) on fair value hedging relationships:
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
Hedged items
 
34

 
—

6

 
Derivatives designated as hedging instruments
 
(30
)
 
—

8

 
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships:
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
(6
)
 
—

(8
)
 
Foreign exchange contracts:
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
—

 
1

—