Quarterly report pursuant to Section 13 or 15(d)

HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges Included in OCI, AOCI and Earnings (Details)

v3.22.2
HEDGING TRANSACTIONS AND DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges Included in OCI, AOCI and Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 01, 2022
Jul. 02, 2021
Jul. 01, 2022
Jul. 02, 2021
Fair Value, Derivatives Designated and Not Designated as Hedges        
Gains (Losses) arising during the period $ 97 $ (40) $ 180 $ 134
Reclassification adjustments recognized in net income, before tax 36 112 39 76
Cash Flow Hedging        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Gains (Losses) arising during the period 99 (39) 181 141
Reclassification adjustments recognized in net income, before tax (36) (106) (39) (70)
Net operating revenues        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Reclassification adjustments recognized in net income, before tax (52)   (60)  
Net operating revenues | Foreign currency contracts | Cash Flow Hedging        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Gains (Losses) arising during the period 197 7 278 (16)
Reclassification adjustments recognized in net income, before tax 52 (27) 60 (50)
Cost of goods sold        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Reclassification adjustments recognized in net income, before tax (2)   (3)  
Cost of goods sold | Foreign currency contracts | Cash Flow Hedging        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Gains (Losses) arising during the period 16 (6) 22 (11)
Reclassification adjustments recognized in net income, before tax 2 (2) 3 (3)
Interest expense        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Reclassification adjustments recognized in net income, before tax 89   2  
Interest expense | Foreign currency contracts | Cash Flow Hedging        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Gains (Losses) arising during the period 0 0 0 0
Reclassification adjustments recognized in net income, before tax (1) (10) (2) (11)
Interest expense | Interest Rate Contract | Cash Flow Hedging        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Gains (Losses) arising during the period   (11)   110
Reclassification adjustments recognized in net income, before tax   (85)   (90)
Other Income (loss) - net | Foreign currency contracts | Cash Flow Hedging        
Fair Value, Derivatives Designated and Not Designated as Hedges        
Gains (Losses) arising during the period (114) (29) (119) 58
Reclassification adjustments recognized in net income, before tax $ (89) $ 18 $ (100) $ 84