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DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Total Notional Amounts of the Company's Derivative Instruments
(millions)20222021
Foreign currency exchange contracts$2,502 $2,828 
Cross-currency contracts1,983 1,343 
Interest rate contracts2,657 2,816 
Commodity contracts230 360 
Total$7,372 $7,347 
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 31, 2022 and January 1, 2022:
Derivatives designated as hedging instruments
  
20222021
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Cross currency contracts:
Other current assets$— $88 $88 $— $32 $32 
Other Assets— 36 36 — 15 15 
Interest rate contracts (a):
Other current assets— 45 45 — 10 10 
Other assets— 25 25 — 8 8 
Total assets$— $194 $194 $— $65 $65 
Liabilities:
Cross currency contracts:
Other current liabilities$— $— $— $— $(2)$(2)
Other liabilities— — — — (7)(7)
Interest rate contracts (a):
Other current liabilities— — — — (1)(1)
Other liabilities— (86)(86)— (4)(4)
Total liabilities$— $(86)$(86)$— $(14)$(14)
(a)The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was $1.1 billion and $1.2 billion as of December 31, 2022 and January 1, 2022, respectively.
Derivatives not designated as hedging instruments
  
20222021
(millions)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Foreign currency exchange contracts:
  Other current assets$— $74 $74 $— $18 $18 
Other assets— 14 14 — 5 5 
Interest rate contracts:
Other current assets— 4 4 — 4 4 
Other assets— 14 14 — — — 
Commodity contracts:
Other current assets4 — 4 5 — 5 
Total assets$4 $106 $110 $5 $27 $32 
Liabilities:
Foreign currency exchange contracts:
  Other current liabilities$— $(50)$(50)$— $(20)$(20)
Other liabilities— (9)(9)— (6)(6)
Interest rate contracts:
Other current liabilities— (7)(7)— (6)(6)
Other liabilities— (18)(18)— (7)(7)
Commodity contracts:
Other current liabilities(2)— (2)(6)— (6)
Total liabilities$(2)$(84)$(86)$(6)$(39)$(45)
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 31, 2022 and January 1, 2022.
(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)
December 31,
2022		January 1,
2022		December 31,
2022		January 1,
2022
Interest rate contractsCurrent maturities of long-term debt$483 $— $(3)$— 
Interest rate contractsLong-term debt$2,250 $2,903 $(74)$12 
(a)The fair value adjustment related to current maturities of long-term debt includes $(3) million from discontinued hedging relationships as of December 31, 2022. The hedged long-term debt includes $13 million of hedging adjustment on discontinued hedging relationships as of December 31, 2022 and January 1, 2022, respectively.
Offsetting Assets
As of December 31, 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$304 $(153)$(33)$118 
Total liability derivatives$(172)$153 $19 $— 
 
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 $— 
Offsetting Liabilities
As of December 31, 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$304 $(153)$(33)$118 
Total liability derivatives$(172)$153 $19 $— 
 
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 $— 
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 31, 2022, January 1, 2022 and January 2, 2021:
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
  
202220212020202220212020
Foreign currency denominated long-term debt$164 $175 $(236)$— $— $— 
Cross-currency contracts123 61 (93)39 26 34 Interest expense
Total$287 $236 $(329)$39 $26 $34 
 
Derivatives not designated as hedging instruments
 
(millions)Location of gain
(loss)
recognized in
income		Gain (loss)
recognized in
income
  
  
202220212020
Foreign currency exchange contractsCOGS$37 $(21)$11 
Foreign currency exchange contractsSGA expense4 13 (1)
Foreign currency exchange contractsOIE(4)(3)(6)
Interest rate contractsInterest expense4 1 2 
Commodity contractsCOGS23 107 6 
Total $64 $97 $12 


The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the years ended December 31, 2022, January 1, 2022 and January 2, 2021:
December 31, 2022January 1, 2022January 2, 2021
(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$218 $223 $281 
Gain (loss) on fair value hedging relationships:
Interest contracts:
Hedged items89 14 (7)
Derivatives designated as hedging instruments(85)(12)7 
Gain (loss) on cash flow hedging relationships:
Interest contracts:
Amount of gain (loss) reclassified from AOCI into income2 (22)(14)
Available-for-sale securities
The following is a summary of the carrying and market values of the Company's available for sale securities:
20222021
(millions)CostUnrealized Gain (Loss)Market ValueCostUnrealized Gain/(Loss)Market Value
Corporate Bonds$52 $(5)$47 $52 $— $52