DERIVATIVE INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Total Notional Amounts of the Company's Derivative Instruments

(millions)	2023		2022
Foreign currency exchange contracts	$	3,141	$	2,502
Cross-currency contracts	1,707		1,983
Interest rate contracts	2,289		2,657
Commodity contracts	201		230
Total	$	7,338	$	7,372

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 30, 2023 and December 31, 2022:

Derivatives designated as hedging instruments

	2023						2022
(millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Assets:
Cross currency contracts:
Other current assets	$	—	$	12	$	12	$	—	$	88	$	88
Other Assets	—		4		4		—		36		36
Interest rate contracts (a):
Other current assets	—		—		—		—		45		45
Other assets	—		—		—		—		25		25
Total assets	$	—	$	16	$	16	$	—	$	194	$	194
Liabilities:
Cross currency contracts:
Other current liabilities	$	—	$	(17)	$	(17)	$	—	$	—	$	—
Other liabilities	—		(15)		(15)		—		—		—
Interest rate contracts (a):
Other current liabilities	—		(44)		(44)		—		—		—
Other liabilities	—		(45)		(45)		—		(86)		(86)
Total liabilities	$	—	$	(121)	$	(121)	$	—	$	(86)	$	(86)

(a)The fair value of the related hedged portion of the Company’s long-term debt, a level 2 liability, was $1.1 billion as of December 30, 2023 and December 31, 2022, respectively.

Derivatives not designated as hedging instruments

	2023						2022
(millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Assets:
Foreign currency exchange contracts:
Other current assets	$	—	$	51	$	51	$	—	$	74	$	74
Other assets	—		4		4		—		14		14
Interest rate contracts:
Other current assets	—		9		9		—		4		4
Other assets	—		4		4		—		14		14
Commodity contracts:
Other current assets	2		—		2		4		—		4
Total assets	$	2	$	68	$	70	$	4	$	106	$	110
Liabilities:
Foreign currency exchange contracts:
Other current liabilities	$	—	$	(54)	$	(54)	$	—	$	(50)	$	(50)
Other liabilities	—		(6)		(6)		—		(9)		(9)
Interest rate contracts:
Other current liabilities	—		(11)		(11)		—		(7)		(7)
Other liabilities	—		(6)		(6)		—		(18)		(18)
Commodity contracts:
Other current liabilities	(2)		—		(2)		(2)		—		(2)
Total liabilities	$	(2)	$	(77)	$	(79)	$	(2)	$	(84)	$	(86)

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 30, 2023 and December 31, 2022.

(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 30, 2023		December 31, 2022		December 30, 2023		December 31, 2022
Interest rate contracts	Current maturities of long-term debt	$	655	$	483	$	(8)	$	(3)
Interest rate contracts	Long-term debt	$	1,666	$	2,250	$	(43)	$	(74)

(a)The fair value adjustment related to current maturities of long-term debt includes $2 million and $(3) million from discontinued hedging relationships as of December 30, 2023, and December 31, 2022, respectively. The hedged long-term debt includes $3 million and $13 million of hedging adjustment on discontinued hedging relationships as of December 30, 2023 and December 31, 2022, respectively.

Offsetting Assets

As of December 30, 2023
			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	$	86	$	(84)	$	—	$	2
Total liability derivatives	$	(200)	$	84	$	68	$	(48)

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	$	—

Offsetting Liabilities

As of December 30, 2023
			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	$	86	$	(84)	$	—	$	2
Total liability derivatives	$	(200)	$	84	$	68	$	(48)

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	$	—

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 30, 2023, December 31, 2022 and January 1, 2022:

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
	2023		2022		2021		2023		2022		2021
Foreign currency denominated long-term debt	$	(57)	$	164	$	175	$	—	$	—	$	—
Cross-currency contracts	(71)		123		61		53		39		26		Interest expense
Total	$	(128)	$	287	$	236	$	53	$	39	$	26

Derivatives not designated as hedging instruments
(millions)	Location of gain (loss) recognized in income	Gain (loss) recognized in income
		2023		2022		2021
Foreign currency exchange contracts	COGS	$	(6)	$	35	$	(15)
Foreign currency exchange contracts	SGA expense	(12)		4		13
Foreign currency exchange contracts	OIE	(10)		(4)		(4)
Interest rate contracts	Interest expense	—		4		1
Commodity contracts	COGS	(110)		43		120
Total		$	(138)	$	82	$	115

The effect of fair value and cash flow hedge accounting on the Consolidated Income Statement for the years ended December 30, 2023, December 31, 2022 and January 1, 2022:

		December 30, 2023		December 31, 2022		January 1, 2022
(millions)		Interest expense		Interest expense		Interest 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		$	303	$	201	$	205
	Gain (loss) on fair value hedging relationships:
	Interest contracts:
	Hedged items	(26)		89		14
	Derivatives designated as hedging instruments	30		(85)		(12)
	Gain (loss) on cash flow hedging relationships:
	Interest contracts:
	Amount of gain (loss) reclassified from AOCI into income	(9)		2		(22)

Available-for-sale securities

The following is a summary of the carrying and market values of the Company's available for sale securities:

	2023						2022
(millions)	Cost		Unrealized Gain (Loss)		Market Value		Cost		Unrealized Gain/(Loss)		Market Value
Corporate Bonds	$	—	$	—	$	—	$	52	$	(5)	$	47