Derivative Financial Instruments (Tables)
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3 Months Ended |
Mar. 28, 2020 |
Derivative [Line Items] |
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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:
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(In Millions) |
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Mar 28, 2020 |
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Dec 28, 2019 |
Foreign currency contracts |
|
$ |
27,039 |
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$ |
23,981 |
|
Interest rate contracts |
|
13,859 |
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14,302 |
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Other |
|
1,726 |
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1,753 |
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Total |
|
$ |
42,624 |
|
|
$ |
40,036 |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:
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Line Item in the Consolidated Condensed Balance Sheet in Which the Hedged Item is Included |
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Carrying Amount of the Hedged Item Asset/(Liabilities) |
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Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) |
(In Millions) |
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Mar 28, 2020 |
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Dec 28, 2019 |
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Mar 28, 2020 |
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Dec 28, 2019 |
Long-term debt |
|
$ |
(13,632 |
) |
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$ |
(12,678 |
) |
|
$ |
(1,635 |
) |
|
$ |
(681 |
) |
FAIR VALUE OF DERIVATIVE INSTRUMENTS
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March 28, 2020 |
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December 28, 2019 |
(In Millions) |
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Assets1
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Liabilities2
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Assets1
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Liabilities2
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Derivatives designated as hedging instruments: |
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Foreign currency contracts3
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$ |
10 |
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$ |
465 |
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$ |
56 |
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$ |
159 |
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Interest rate contracts |
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1,635 |
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|
— |
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|
690 |
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|
9 |
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Total derivatives designated as hedging instruments |
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1,645 |
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|
465 |
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|
746 |
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|
168 |
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Derivatives not designated as hedging instruments: |
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Foreign currency contracts3
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362 |
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|
135 |
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179 |
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78 |
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Interest rate contracts |
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4 |
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|
120 |
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11 |
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|
54 |
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Equity contracts |
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5 |
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190 |
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|
50 |
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3 |
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Total derivatives not designated as hedging instruments |
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371 |
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|
445 |
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|
240 |
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|
135 |
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Total derivatives |
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$ |
2,016 |
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$ |
910 |
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$ |
986 |
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$ |
303 |
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1 |
Derivative assets are recorded as other assets, current and non-current. |
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2 |
Derivative liabilities are recorded as other liabilities, current and non-current. |
3
The majority of these instruments mature within 12 months.
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Offsetting Assets [Table Text Block] |
The gross amounts of our derivative instruments and reverse repurchase 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:
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March 28, 2020 |
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Gross Amounts Not Offset in the Balance Sheet |
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(In Millions) |
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Gross Amounts Recognized |
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Gross Amounts Offset in the Balance Sheet |
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Net Amounts Presented in the Balance Sheet |
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Financial Instruments |
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Cash and Non-Cash Collateral Received or Pledged |
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Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
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$ |
2,005 |
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$ |
— |
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$ |
2,005 |
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$ |
(457 |
) |
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$ |
(1,513 |
) |
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$ |
35 |
|
Reverse repurchase agreements |
|
1,500 |
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— |
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1,500 |
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— |
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(1,418 |
) |
|
82 |
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Total assets |
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$ |
3,505 |
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$ |
— |
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$ |
3,505 |
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$ |
(457 |
) |
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$ |
(2,931 |
) |
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$ |
117 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
865 |
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$ |
— |
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$ |
865 |
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$ |
(457 |
) |
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$ |
(221 |
) |
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$ |
187 |
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Total liabilities |
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$ |
865 |
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$ |
— |
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$ |
865 |
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$ |
(457 |
) |
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$ |
(221 |
) |
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$ |
187 |
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December 28, 2019 |
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Gross Amounts Not Offset in the Balance Sheet |
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(In Millions) |
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Gross Amounts Recognized |
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Gross Amounts Offset in the Balance Sheet |
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Net Amounts Presented in the Balance Sheet |
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Financial Instruments |
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Cash and Non-Cash Collateral Received or Pledged |
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Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
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$ |
974 |
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$ |
— |
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$ |
974 |
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$ |
(144 |
) |
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$ |
(808 |
) |
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$ |
22 |
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Reverse repurchase agreements |
|
1,850 |
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— |
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1,850 |
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— |
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(1,850 |
) |
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— |
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Total assets |
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$ |
2,824 |
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|
$ |
— |
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$ |
2,824 |
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$ |
(144 |
) |
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$ |
(2,658 |
) |
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$ |
22 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
262 |
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$ |
— |
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$ |
262 |
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$ |
(144 |
) |
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$ |
(72 |
) |
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$ |
46 |
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Total liabilities |
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$ |
262 |
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$ |
— |
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$ |
262 |
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$ |
(144 |
) |
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$ |
(72 |
) |
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$ |
46 |
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Offsetting Liabilities [Table Text Block] |
The gross amounts of our derivative instruments and reverse repurchase 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:
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March 28, 2020 |
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Gross Amounts Not Offset in the Balance Sheet |
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(In Millions) |
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Gross Amounts Recognized |
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Gross Amounts Offset in the Balance Sheet |
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Net Amounts Presented in the Balance Sheet |
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Financial Instruments |
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Cash and Non-Cash Collateral Received or Pledged |
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Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
|
$ |
2,005 |
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|
$ |
— |
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$ |
2,005 |
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$ |
(457 |
) |
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$ |
(1,513 |
) |
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$ |
35 |
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Reverse repurchase agreements |
|
1,500 |
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— |
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1,500 |
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— |
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(1,418 |
) |
|
82 |
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Total assets |
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$ |
3,505 |
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|
$ |
— |
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$ |
3,505 |
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$ |
(457 |
) |
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$ |
(2,931 |
) |
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$ |
117 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
865 |
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|
$ |
— |
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$ |
865 |
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|
$ |
(457 |
) |
|
$ |
(221 |
) |
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$ |
187 |
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Total liabilities |
|
$ |
865 |
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|
$ |
— |
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$ |
865 |
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$ |
(457 |
) |
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$ |
(221 |
) |
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$ |
187 |
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December 28, 2019 |
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Gross Amounts Not Offset in the Balance Sheet |
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(In Millions) |
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Gross Amounts Recognized |
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Gross Amounts Offset in the Balance Sheet |
|
Net Amounts Presented in the Balance Sheet |
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Financial Instruments |
|
Cash and Non-Cash Collateral Received or Pledged |
|
Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
|
$ |
974 |
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|
$ |
— |
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|
$ |
974 |
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|
$ |
(144 |
) |
|
$ |
(808 |
) |
|
$ |
22 |
|
Reverse repurchase agreements |
|
1,850 |
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|
— |
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|
1,850 |
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— |
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(1,850 |
) |
|
— |
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Total assets |
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$ |
2,824 |
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|
$ |
— |
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$ |
2,824 |
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$ |
(144 |
) |
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$ |
(2,658 |
) |
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$ |
22 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
$ |
262 |
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|
$ |
— |
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$ |
262 |
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|
$ |
(144 |
) |
|
$ |
(72 |
) |
|
$ |
46 |
|
Total liabilities |
|
$ |
262 |
|
|
$ |
— |
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|
$ |
262 |
|
|
$ |
(144 |
) |
|
$ |
(72 |
) |
|
$ |
46 |
|
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Not Designated as Hedging Instrument [Member] |
|
Derivative [Line Items] |
|
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] |
The effects of derivative instruments not designated as hedging instruments on the Consolidated Condensed Statements of Income for each period were as follows:
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Three Months Ended |
(In Millions) |
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Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Mar 28, 2020 |
|
Mar 30, 2019 |
Foreign currency contracts |
|
Interest and other, net |
|
$ |
154 |
|
|
$ |
57 |
|
Interest rate contracts |
|
Interest and other, net |
|
(77 |
) |
|
(14 |
) |
Other |
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Various |
|
(268 |
) |
|
146 |
|
Total |
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|
$ |
(191 |
) |
|
$ |
189 |
|
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Interest and other, net [Member] | Fair Value Hedging |
|
Derivative [Line Items] |
|
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [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:
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Gains (Losses) Recognized in Consolidated Condensed Statements of Income on Derivatives |
Three Months Ended
(In Millions)
|
|
Mar 28, 2020 |
|
Mar 30, 2019 |
Interest rate contracts |
|
$ |
954 |
|
|
$ |
485 |
|
Hedged items |
|
(954 |
) |
|
(485 |
) |
Total |
|
$ |
— |
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|
$ |
— |
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|