Equity (Tables)

6 Months Ended

Jul. 02, 2022

Equity [Abstract]

Reclassifications Out of AOCI

Reclassifications out of Accumulated other comprehensive income (AOCI) for the quarter and year-to-date periods ended July 2, 2022 and July 3, 2021, consisted of the following:

(millions)
Details about AOCI components	Amount reclassified from AOCI				Line item impacted within Income Statement
	Quarter ended July 2, 2022		Year-to-date period ended July 2, 2022
(Gains) losses on cash flow hedges:
Interest rate contracts (a)	$	4	$	8	Interest expense
	$	4	$	8	Total before tax
	(1)		(2)		Tax expense (benefit)
	$	3	$	6	Net of tax
Amortization of postretirement and postemployment benefits:
Net experience (gain) loss (b)	$	(1)	$	(2)	OIE
	$	(1)	$	(2)	Total before tax
	1		1		Tax expense (benefit)
	$	—	$	(1)	Net of tax
Total reclassifications	$	3	$	5	Net of tax

(millions)
Details about AOCI components	Amount reclassified from AOCI				Line item impacted within Income Statement
	Quarter ended July 3, 2021		Year-to-date period ended July 3, 2021
(Gains) losses on cash flow hedges:
Interest rate contracts (a)	$	10	$	15	Interest expense
	$	10	$	15	Total before tax
	(3)		(4)		Tax expense (benefit)
	$	7	$	11	Net of tax
Amortization of postretirement and postemployment benefits:
Net experience (gain) loss (b)	$	(1)	$	(2)	OIE
	$	(1)	$	(2)	Total before tax
	1		1		Tax expense (benefit)
	$	—	$	(1)	Net of tax
Total reclassifications	$	7	$	10	Net of tax

Summary of Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss), net of tax, as of July 2, 2022 and January 1, 2022 consisted of the following:

(millions)	July 2, 2022		January 1, 2022
Foreign currency translation adjustments	$	(2,002)	$	(1,748)
Net investment hedges gain (loss)	329		67
Cash flow hedges — unrealized net gain (loss)	104		(13)
Postretirement and postemployment benefits:
Net experience gain (loss)	(2)		(1)
Prior service credit (cost)	(26)		(26)
Available-for-sale securities unrealized net gain (loss)	(4)		—
Total accumulated other comprehensive income (loss)	$	(1,601)	$	(1,721)