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Financial Instruments - Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 27, 2020
Sep. 29, 2019
Sep. 27, 2020
Sep. 29, 2019
Derivative [Line Items]        
Amount of Gains/(Losses) Recognized in OCI $ (372) $ 150 $ (661) $ 241
All other, net - Amount of Gains/(Losses) Recognized in OCI [1],[2],[3] 0 (1) 12 0
Amount of Gains/(Losses) Recognized in OCI [2] (692) [1] 429 [1] (553) [1] 617
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [4] (143) 29 25 372
OID [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Recognized in OID [2] 255 (77) 205 (201)
Other (Income) Deductions And Cost Of Sales [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2],[3] 0 0 (1) 0
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2] (104) 74 147 472
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Recognized in OCI [1],[2],[5] (379) 131 (721) 137
Amount of Gains/(Losses) Recognized in OCI [1],[2] (257) 112 (17) 87
Designated as Hedging Instrument [Member] | Foreign currency short-term borrowings [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Recognized in OCI [1],[2],[6] 0 45 8 65
Designated as Hedging Instrument [Member] | Foreign currency long-term debt [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Recognized in OCI [1],[2],[6] (72) 79 (69) 89
Designated as Hedging Instrument [Member] | OID [Member] | Interest rate contracts [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Recognized in OID [2] (9) 378 383 1,191
Hedged item [2] 9 (378) (383) (1,191)
Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign exchange contracts [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2],[5] (149) 7 (23) 265
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2] 0 0 0 0
Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign currency short-term borrowings [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2],[6] 0 0 0 0
Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign currency long-term debt [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2],[6] 0 0 0 0
Derivative Financial Instruments Not Designated as Hedges [Member] | OID [Member] | Foreign exchange contracts [Member]        
Derivative [Line Items]        
Amount of Gains/(Losses) Recognized in OID [2] 255 (77) 205 (201)
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]        
Derivative [Line Items]        
Amount excluded from effectiveness testing [1],[2],[3] 7 21 49 105
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign exchange contracts [Member]        
Derivative [Line Items]        
Amount excluded from effectiveness testing [2],[3] 7 22 48 108
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]        
Derivative [Line Items]        
Amount excluded from effectiveness testing [1],[2],[3] 9 43 185 136
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign exchange contracts [Member]        
Derivative [Line Items]        
Amount excluded from effectiveness testing [2],[3] $ 38 $ 45 $ 122 $ 99
[1] For derivative financial instruments in net investment hedge relationships and for foreign currency debt designated as hedging instruments, the gains and losses are included in Other comprehensive income/(loss)––Foreign currency translation adjustments, net.
[2] OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of income. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income.
[3] The amounts reclassified from OCI were reclassified into OID.
[4] Reclassified into Other (income)/deductions—net and Cost of sales in the condensed consolidated statements of income. See Note 7E.
[5] The amounts reclassified from OCI into COS were:
a net gain of $34 million in the third quarter of 2020;
a net gain of $184 million in the first nine months of 2020;
a net gain of $66 million in the third quarter of 2019; and
a net gain of $169 million in the first nine months of 2019.
The remaining amounts were reclassified from OCI into OID. Based on quarter-end foreign exchange rates that are subject to change, we expect to reclassify a pre-tax loss of $192 million within the next 12 months into income. The maximum length of time over which we are hedging future foreign exchange cash flow relates to our $1.8 billion U.K. pound debt maturing in 2043.
[6] Long-term debt includes foreign currency borrowings with carrying values of $2.0 billion as of September 27, 2020, which are used as hedging instruments in net investment hedge relationships.