v3.24.1.u1
Hedging Transactions and Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments, Gain (Loss)
The following table summarizes the notional values as of March 29, 2024 and March 31, 2023 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated OCI for the three-month periods ended March 29, 2024 and March 31, 2023 ($ in millions):
Original Notional AmountNotional Amount OutstandingGain (Loss) Recognized in OCIAmounts Reclassified from OCI
For the Three-Month Period Ended March 29, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $55 $— 
Foreign currency denominated debt4,129 4,129 134 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 23 (74)
Interest rate swaps1,600 — — 1 
Total$13,604 $10,429 $212 $(73)
For the Three-Month Period Ended March 31, 2023:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(8)$— 
Foreign currency denominated debt5,832 5,832 (57)— 
Cash flow hedges:
Cross-currency contracts4,000 3,300 37 43 
Interest rate swaps1,600 — — 1 
Total$15,307 $12,132 $(28)$44 
Schedule of Notional Amounts of Outstanding Derivative Positions
The following table summarizes the notional values as of March 29, 2024 and March 31, 2023 and pretax impact of changes in the fair values of instruments designated as net investment hedges and cash flow hedges in accumulated OCI for the three-month periods ended March 29, 2024 and March 31, 2023 ($ in millions):
Original Notional AmountNotional Amount OutstandingGain (Loss) Recognized in OCIAmounts Reclassified from OCI
For the Three-Month Period Ended March 29, 2024:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $55 $— 
Foreign currency denominated debt4,129 4,129 134 — 
Cash flow hedges:
Cross-currency contracts4,000 3,300 23 (74)
Interest rate swaps1,600 — — 1 
Total$13,604 $10,429 $212 $(73)
For the Three-Month Period Ended March 31, 2023:
Net investment hedges:
Cross-currency contracts$3,875 $3,000 $(8)$— 
Foreign currency denominated debt5,832 5,832 (57)— 
Cash flow hedges:
Cross-currency contracts4,000 3,300 37 43 
Interest rate swaps1,600 — — 1 
Total$15,307 $12,132 $(28)$44 
Schedule of Derivative and Non Derivative Instruments in Consolidated Condensed Balance Sheets
The Company’s derivative instruments, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified in the Company’s Consolidated Condensed Balance Sheets as follows ($ in millions):
March 29, 2024December 31, 2023
Derivative assets:
Other long-term assets$369 $291 
Nonderivative hedging instruments:
Notes payable and current portion of long-term debt971 993 
Long-term debt3,158 3,270