Equity (Tables)

9 Months Ended

Sep. 26, 2020

Equity [Abstract]

Reclassifications Out of AOCI

Reclassifications out of Accumulated other comprehensive income (AOCI) for the quarter and year-to-date periods ended September 26, 2020 and September 28, 2019, consisted of the following:

(millions)
Details about AOCI components	Amount reclassified from AOCI				Line item impacted within Income Statement
	Quarter ended September 26, 2020		Year-to-date period ended September 26, 2020
(Gains) losses on cash flow hedges:
Interest rate contracts	$	4	$	11	Interest expense
	$	4	$	11	Total before tax
	(1)		(3)		Tax expense (benefit)
	$	3	$	8	Net of tax
Amortization of postretirement and postemployment benefits:
Net experience (gain) loss	$	—	$	(2)	OIE
Prior service cost	—		(1)		See Note 9 for further details
	$	—	$	(3)	Total before tax
	—		1		Tax expense (benefit)
	$	—	$	(2)	Net of tax
Total reclassifications	$	3	$	6	Net of tax

(millions)
Details about AOCI components	Amount reclassified from AOCI				Line item impacted within Income Statement
	Quarter ended September 28, 2019		Year-to-date period ended September 28, 2019
(Gains) losses on cash flow hedges:
Interest rate contracts	$	(1)	$	2	Interest expense
	$	(1)	$	2	Total before tax
	—		(1)		Tax expense (benefit)
	$	(1)	$	1	Net of tax
Amortization of postretirement and postemployment benefits:
Net experience loss	$	(1)	$	(3)	See Note 9 for further details
	$	(1)	$	(3)	Total before tax
	—		1		Tax expense (benefit)
	$	(1)	$	(2)	Net of tax
(Gain) loss on available-for-sale securities:
Corporate bonds	$	(4)	$	(4)	OIE
	$	(4)	$	(4)	Total before tax
	—		—		Tax expense (benefit)
	$	(4)	$	(4)	Net of tax
Total reclassifications	$	(6)	$	(5)	Net of tax

Summary of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss), net of tax, as of September 26, 2020 and December 28, 2019 consisted of the following:

(millions)	September 26, 2020		December 28, 2019
Foreign currency translation adjustments	$	(1,688)	$	(1,399)
Cash flow hedges — unrealized net gain (loss)	(80)		(60)
Postretirement and postemployment benefits:
Net experience gain (loss)	6		7
Prior service credit (cost)	3		4
Available-for-sale securities unrealized net gain (loss)	2		—
Total accumulated other comprehensive income (loss)	$	(1,757)	$	(1,448)