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Derivative Instruments and Fair Value Measurements (Tables)
 12 Months Ended
Jan. 01, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Total Notional Amounts of the Company's Derivative Instruments
(millions)20212020
Foreign currency exchange contracts$2,828 $2,856 
Cross-currency contracts1,343 1,411 
Interest rate contracts2,816 2,632 
Commodity contracts360 314 
Total$7,347 $7,213 
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 January 1, 2022 and January 2, 2021:
Derivatives designated as hedging instruments
  
20212020
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Cross currency contracts:
Other current assets$— $32 $32 $— $14 $14 
Other Assets— 15 15 — 16 16 
Interest rate contracts (a):
Other current assets— 10 10 — — — 
Other assets— 8 8 — 60 60 
Total assets$— $65 $65 $— $90 $90 
Liabilities:
Cross currency contracts:
Other current liabilities$— $(2)$(2)$— $(13)$(13)
Other liabilities— (7)(7)— (21)(21)
Interest rate contracts (a):
Other current liabilities— (1)(1)— (3)(3)
Other liabilities— (4)(4)— — — 
Total liabilities$— $(14)$(14)$— $(37)$(37)
(a)The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was $1.2 billion and $0.8 billion as of January 1, 2022 and January 2, 2021, respectively.
Derivatives not designated as hedging instruments
  
20212020
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Foreign currency exchange contracts:
  Other current assets$— $18 $18 $— $48 $48 
Other assets— 5 5 — — — 
Interest rate contracts:
Other current assets— 4 4 — 4 4 
Other assets— — — — 13 13 
Commodity contracts:
Other current assets5 — 5 9 — 9 
Total assets$5 $27 $32 $9 $65 $74 
Liabilities:
Foreign currency exchange contracts:
  Other current liabilities$— $(20)$(20)$— $(73)$(73)
Other liabilities— (6)(6)— (4)(4)
Interest rate contracts:
Other current liabilities— (6)(6)— (6)(6)
Other liabilities— (7)(7)— (22)(22)
Commodity contracts:
Other current liabilities(6)— (6)(1)— (1)
Total liabilities$(6)$(39)$(45)$(1)$(105)$(106)
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 January 1, 2022 and January 2, 2021.
(millions)Line Item in the Consolidated Balance Sheet in which the hedged item is includedCarrying amount of the hedged liabilitiesCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged liabilities (a)
January 1,
2022		January 2,
2021		January 1,
2022		January 2,
2021
Interest rate contractsLong-term debt$2,903 $2,568 $12 $25 
(a)The hedged long-term debt includes $13 million and $16 million of hedging adjustment on discontinued hedging relationships as of January 1, 2022 and January 2, 2021, respectively.
Offsetting Assets
As of January 1, 2022
  
  
  
  
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$97 $(47)$8 $58 
Total liability derivatives$(59)$47 $12 $— 
 
As of January 2, 2021
  
  
  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$164 $(116)$— $48 
Total liability derivatives$(143)$116 $5 $(22)
Offsetting Liabilities
As of January 1, 2022
  
  
  
  
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$97 $(47)$8 $58 
Total liability derivatives$(59)$47 $12 $— 
 
As of January 2, 2021
  
  
  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$164 $(116)$— $48 
Total liability derivatives$(143)$116 $5 $(22)
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 January 1, 2022, January 2, 2021 and December 28, 2019:
Derivatives and non-derivatives in net investment hedging relationships
(millions)Gain (loss)
recognized in
AOCI		Gain (loss) excluded from assessment of hedge effectivenessLocation of gain (loss) in income of excluded component
  
202120202019202120202019
Foreign currency denominated long-term debt$175 $(236)$60 $— $— $— 
Cross-currency contracts61 (93)6 26 34 34 Interest expense
Total$236 $(329)$66 $26 $34 $34 
 
Derivatives not designated as hedging instruments
 
(millions)Location of gain
(loss)
recognized in
income		Gain (loss)
recognized in
income
  
  
202120202019
Foreign currency exchange contractsCOGS$(21)$11 $(16)
Foreign currency exchange contractsSGA expense13 (1)(2)
Foreign currency exchange contractsOIE(3)(6)(4)
Interest rate contractsInterest expense1 2 — 
Commodity contractsCOGS107 6 4 
Total $97 $12 $(18)
The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the years ended January 1, 2022, January 2, 2021 and December 28, 2019:
January 1, 2022January 2, 2021December 28, 2019
(millions)Interest expenseInterest expenseInterest 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$223 $281 $284 
Gain (loss) on fair value hedging relationships:
Interest contracts:
Hedged items14 (7)(33)
Derivatives designated as hedging instruments(12)7 37 
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income(22)(14)(4)
Available-for-sale securities
The following is a summary of the carrying and market values of the Company's available for sale securities:
20212020
(millions)CostUnrealized Gain (Loss)Market ValueCostUnrealized Gain/(Loss)Market Value
Corporate Bonds$52 $— $52 $62 $3 $65