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Derivative Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 29, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Total Notional Amounts of the Company's Derivative Instruments
(millions)
 
2018
 
2017
Foreign currency exchange contracts
 
$
1,863

 
$
2,172

Cross-currency contracts
 
1,197

 
—

Interest rate contracts
 
1,608

 
2,250

Commodity contracts
 
417

 
544

Total
 
$
5,085

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

 
$
79

 
$
79

 
$
—

 
$
—

 
$
—

Interest rate contracts (a):
 
 
 
 
 
 
 
 
 
 
 
 
Other assets
 
—

 
17

 
17

 
—

 
—

 
—

Total assets
 
$
—

 
$
96

 
$
96

 
$
—

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Other liabilities (a)
 
—

 
(22
)
 
(22
)
 
—

 
(54
)
 
(54
)
Total liabilities
 
$
—

 
$
(22
)
 
$
(22
)
 
$
—

 
$
(54
)
 
$
(54
)
(a)
The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was $1.6 billion and $2.3 billion as of December 29, 2018 and December 30, 2017, respectively.
Derivatives not designated as hedging instruments
  
 
2018
 
2017
(millions)
 
Level 1
 
Level 2
 
Total
 
Level 1
 
Level 2
 
Total
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency exchange contracts:
 
 
 
 
 
 
 
 
 
 
 
 
  Other current assets
 
$
—

 
$
3

 
$
3

 
$
—

 
$
10

 
$
10

Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Other current assets
 
3

 
—

 
3

 
6

 
—

 
6

Total assets
 
$
3

 
$
3

 
$
6

 
$
6

 
$
10

 
$
16

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

 
(4
)
 
$
(4
)
 
$
—

 
$
(14
)
 
$
(14
)
Commodity contracts:
 
 
 
 
 
 
 
 
 
 
 
 
Other current liabilities
 
(9
)
 
—

 
(9
)
 
(7
)
 
—

 
(7
)
Total liabilities
 
$
(9
)
 
$
(4
)
 
$
(13
)
 
$
(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 December 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)
 
 
 
 
December 29,
2018
December 30,
2017
 
December 29,
2018
December 30,
2017
Interest rate contracts
 
Current maturities of long-term debt
 
$
503

$
402

 
$
3

$
2

Interest rate contracts
 
Long-term debt
 
$
3,354

$
3,481

 
$
(18
)
$
(22
)
(a)
The current maturities of hedged long-term debt includes $3 million and $2 million of hedging adjustment on discontinued hedging relationships as of December 29, 2018 and December 30, 2017. The hedged long-term debt includes $(12) million and $32 million of hedging adjustment on discontinued hedging relationships as of December 29, 2018 and December 30, 2017, respectively.
Offsetting Assets
As of December 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
 
$
102

 
$
(27
)
 
$
(2
)
 
$
73

Total liability derivatives
 
$
(35
)
 
$
27

 
$
—

 
$
(8
)
 
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
)
Offsetting Liabilities
As of December 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
 
$
102

 
$
(27
)
 
$
(2
)
 
$
73

Total liability derivatives
 
$
(35
)
 
$
27

 
$
—

 
$
(8
)
 
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 Instrument on the Consolidated Statement of Income
The effect of derivative instruments on the Consolidated Statement of Income for the years ended December 29, 2018 and December 30, 2017 were 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
  
 
2018
 
2017
2018
 
2017
 
Foreign currency denominated long-term debt
 
$
129

 
$
(316
)
$
—

 
$
—

 
Cross-currency contracts
 
79

 
—

16

 
—

Interest expense
Total
 
$
208

 
$
(316
)
$
16

 
$
—

 
 
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
(millions)
 
Location of gain
(loss)
recognized in
income
 
Gain (loss)
recognized in
income
  
 
  
 
2018
 
2017
Foreign currency exchange contracts
 
COGS
 
$
19

 
$
(8
)
Foreign currency exchange contracts
 
SGA
 
1

 
(1
)
Foreign currency exchange contracts
 
OIE
 
—

 
(10
)
Commodity contracts
 
COGS
 
(23
)
 
(18
)
Commodity contracts
 
SGA
 
—

 
(15
)
Total
 
 
 
$
(3
)
 
$
(52
)



The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the year-to-date periods ended December 29, 2018 and December 30, 2017:
 
 
 
 
December 29, 2018
 
December 30, 2017
(millions)
 
Interest Expense
 
COGS
Interest Expense
Other Income / (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
 
$
287

 
$
8,155

$
256

$
526

 
Gain (loss) on fair value hedging relationships:
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
Hedged items
 
(5
)
 
—

22

—

 
Derivatives designated as hedging instruments
 
9

 
—

(4
)
(1
)
 
 
 
 
 
 
 
 
 
 
Gain (loss) on cash flow hedging relationships:
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
Amount of gain (loss) reclassified from AOCI into income
 
(8
)
 
—

(10
)
—

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

 
1

—

—