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Financial Instruments - Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 29, 2024
Oct. 01, 2023
Sep. 29, 2024
Oct. 01, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Amount of Gains/(Losses) Recognized in OID [1] $ 64 $ 39 $ 106 $ 155
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI (303) 408 41 519
Amount of Gains/(Losses) Recognized in OCI [1] (941) 733 (204) 620
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [2] 175 67 334 (73)
Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] 215 102 450 29
Designated as Hedging Instrument [Member] | Foreign currency long-term debt [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Non-Derivative, Amount of Gains/(Losses) Recognized in OCI [1],[3] (37) 22 (11) 5
Non-Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[3] 0 0 0 0
Derivative Financial Instruments Not Designated as Hedges [Member] | Foreign exchange contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses) Recognized in OID [1] 64 57 106 173
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest rate contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI [1]     0 68
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1]     0 0
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses), Cash Flow Hedge, Recognized in OCI [1],[4] (306) 359 21 312
Derivative, Amount of Gains/(Losses) Recognized in OCI, excluded from effectiveness testing and amortized into earnings [1],[5] 3 49 20 139
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1],[4] 171 20 313 (210)
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS, excluded from effectiveness testing [1],[5] 3 46 20 136
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest rate contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses), Fair Value Hedge, Recognized in OID [1] 332 (213) 107 (210)
Derivative, Amount of Gains/(Losses), Hedged Item, Recognized in OID [1] (332) 195 (107) 192
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign exchange contracts [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Derivative, Amount of Gains/(Losses) Recognized in OCI, excluded from effectiveness testing and amortized into earnings [1],[5] 93 5 145 81
Derivative, Amount of Gains/(Losses), Net Investment Hedge, Recognized in OCI [1] (695) 297 (380) 14
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS, excluded from effectiveness testing [1],[5] 40 35 116 102
Derivative, Amount of Gains/(Losses) Reclassified from OCI into OID and COS [1] $ 0 $ 0 $ 0 $ 0
[1] OID = Other (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of operations. COS = Cost of Sales, included in Cost of sales in the condensed consolidated statements of operations. OCI = Other comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income/(loss).
[2] Reclassified into Other (income)/deductions—net and Cost of sales. See Note 7E.
[3] Long-term debt includes foreign currency borrowings, which are used in net investment hedges; the related carrying values as of September 29, 2024 and December 31, 2023 were $836 million and $824 million, respectively.
[4] The amounts reclassified from OCI into COS were:
a net gain of $37 million in the third quarter of 2024;
a net gain of $106 million in the first nine months of 2024;
a net gain of $49 million in the third quarter of 2023; and
a net gain of $195 million in the first nine months of 2023.
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 $91 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 19 years and relates to foreign currency debt.
[5] The amounts reclassified from OCI were reclassified into OID.