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Financial Instruments - Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
3 Months Ended
Apr. 03, 2022
Apr. 04, 2021
Derivative [Line Items]    
Amount of Gains/(Losses) Recognized in OCI $ 203 $ 214
Amount of Gains/(Losses) Recognized in OCI [1] 436 460
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2] 213 (259)
OID [Member]    
Derivative [Line Items]    
Amount of Gains/(Losses) Recognized in OID [1] (19) 42
Other (Income) Deductions And Cost Of Sales [Member]    
Derivative [Line Items]    
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] 243 (230)
Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Amount of Gains/(Losses) Recognized in OCI [1],[3] 187 202
Amount of Gains/(Losses) Recognized in OCI [1] 259 154
Designated as Hedging Instrument [Member] | Foreign currency short-term borrowings [Member]    
Derivative [Line Items]    
Amount of Gains/(Losses) Recognized in OCI [1],[4] 26 38
Designated as Hedging Instrument [Member] | Foreign currency debt [Member]    
Derivative [Line Items]    
Amount of Gains/(Losses) Recognized in OCI [1],[4] 23 56
Designated as Hedging Instrument [Member] | OID [Member] | Interest rate contracts [Member]    
Derivative [Line Items]    
Amount of Gains/(Losses) Recognized in OID [1] (156) (26)
Hedged item [1] 156 26
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 [1],[3] 195 (268)
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] 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 [1],[4] 0 0
Designated as Hedging Instrument [Member] | Other (Income) Deductions And Cost Of Sales [Member] | Foreign currency debt [Member]    
Derivative [Line Items]    
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[4] 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 [1] (19) 42
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Amount excluded from effectiveness testing and amortized into earnings [1],[5] 16 12
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 [1],[5] 18 9
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]    
Derivative [Line Items]    
Amount excluded from effectiveness testing and amortized into earnings [1],[5] (74) (1)
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 [1],[5] $ 30 $ 29
[1] 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
[2] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[3] The amounts reclassified from OCI into COS were:
a net gain of $34 million in the first quarter of 2022; and
a net loss of $45 million in the first quarter of 2021.
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 gain of $332 million within the next 12 months into income. The maximum length of time over which we are hedging our exposure to the variability in future foreign exchange cash flows is approximately 21 years and relates to foreign currency debt.
[4] Short-term borrowings and long-term debt include foreign currency borrowings which are used in net investment hedges. The short-term borrowings’ carrying value as of December 31, 2021 was $1.1 billion. The long-term debt carrying values as of April 3, 2022 and December 31, 2021 were $821 million and $844 million, respectively.
[5] The amounts reclassified from OCI were reclassified into OID.