Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

v3.23.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 30, 2023
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows:
(In Millions)
 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021
Foreign currency contracts $ 30,064  $ 31,603  $ 38,024 
Interest rate contracts 18,363  16,011  15,209 
Other 2,103  2,094  2,517 
Total $ 50,530  $ 49,708  $ 55,750 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
Fair Value of Derivative Instruments in the Consolidated Balance Sheets
December 30, 2023 December 31, 2022
(In Millions)
Assets1
Liabilities2
Assets1
Liabilities2
Derivatives designated as hedging instruments:
Foreign currency contracts3
$ 255  $ 142  $ 142  $ 290 
Interest rate contracts —  578  —  777 
Total derivatives designated as hedging instruments 255  720  142  1,067 
Derivatives not designated as hedging instruments:
Foreign currency contracts3
314  363  866  194 
Interest rate contracts 261  36  266  12 
Equity contracts 366  —  —  111 
Total derivatives not designated as hedging instruments 941  399  1,132  317 
Total derivatives $ 1,196  $ 1,119  $ 1,274  $ 1,384 
1Derivative assets are recorded as other assets, current and long-term.
2Derivative liabilities are recorded as other liabilities, current and long-term.
3A substantial majority of these instruments mature within 12 months.
The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:
Line Item in the Consolidated Balance Sheets in Which the Hedged Item Is Included Carrying Amount of the Hedged Item Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions) Dec 30, 2023 Dec 31, 2022 Dec 30, 2023 Dec 31, 2022
Long-term debt $ (11,419) $ (11,221) $ 578  $ 776 
Offsetting Assets [Table Text Block]
Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows:
December 30, 2023
Gross Amounts Not Offset in the Balance Sheet
(In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount
Assets:
Derivative assets subject to master netting arrangements $ 1,047  $ —  $ 1,047  $ (617) $ (430) $ — 
Reverse repurchase agreements 2,554  —  2,554  —  (2,554) — 
Total assets 3,601  —  3,601  (617) (2,984) — 
Liabilities:
Derivative liabilities subject to master netting arrangements 1,111  —  1,111  (617) (399) 95 
Total liabilities $ 1,111  $ —  $ 1,111  $ (617) $ (399) $ 95 
December 31, 2022
Gross Amounts Not Offset in the Balance Sheet
(In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount
Assets:
Derivative assets subject to master netting arrangements $ 1,231  $ —  $ 1,231  $ (546) $ (682) $ 3 
Reverse repurchase agreements 1,701  —  1,701  —  (1,701) — 
Total assets 2,932  —  2,932  (546) (2,383) 3 
Liabilities:
Derivative liabilities subject to master netting arrangements 1,337  —  1,337  (546) (712) 79 
Total liabilities $ 1,337  $ —  $ 1,337  $ (546) $ (712) $ 79 
Offsetting Liabilities [Table Text Block]
Agreements subject to master netting arrangements with various counterparties, and cash and non-cash collateral posted under such agreements at the end of each period were as follows:
December 30, 2023
Gross Amounts Not Offset in the Balance Sheet
(In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount
Assets:
Derivative assets subject to master netting arrangements $ 1,047  $ —  $ 1,047  $ (617) $ (430) $ — 
Reverse repurchase agreements 2,554  —  2,554  —  (2,554) — 
Total assets 3,601  —  3,601  (617) (2,984) — 
Liabilities:
Derivative liabilities subject to master netting arrangements 1,111  —  1,111  (617) (399) 95 
Total liabilities $ 1,111  $ —  $ 1,111  $ (617) $ (399) $ 95 
December 31, 2022
Gross Amounts Not Offset in the Balance Sheet
(In Millions) Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Cash and Non-Cash Collateral Received or Pledged Net Amount
Assets:
Derivative assets subject to master netting arrangements $ 1,231  $ —  $ 1,231  $ (546) $ (682) $ 3 
Reverse repurchase agreements 1,701  —  1,701  —  (1,701) — 
Total assets 2,932  —  2,932  (546) (2,383) 3 
Liabilities:
Derivative liabilities subject to master netting arrangements 1,337  —  1,337  (546) (712) 79 
Total liabilities $ 1,337  $ —  $ 1,337  $ (546) $ (712) $ 79 
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]
The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:
Gains (Losses) Recognized in Statement of Income on Derivatives
Years Ended (In Millions) Dec 30, 2023 Dec 31, 2022 Dec 25, 2021
Interest rate contracts $ 198  $ (1,551) $ (723)
Hedged items (198) 1,551  723 
Total $ —  $ —  $ — 
Derivatives Not Designated as Hedging Instruments [Table Text Block]
The effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Income for each period were as follows:
Years Ended (In Millions) Location of Gains (Losses)
Recognized in Income on Derivatives		 Dec 30, 2023 Dec 31, 2022 Dec 25, 2021
Foreign currency contracts Interest and other, net $ 106  $ 1,492  $ 677 
Interest rate contracts Interest and other, net 50  309  31 
Other Various 325  (502) 360 
Total $ 481  $ 1,299  $ 1,068