Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

v3.6.0.2
Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2016
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 31,
2016
 
Dec 26,
2015
 
Dec 27,
2014
Foreign currency contracts
 
$
17,960

 
$
16,721

 
$
21,024

Interest rate contracts
 
14,228

 
8,812

 
4,947

Other
 
1,340

 
1,122

 
1,105

Total
 
$
33,528


$
26,655


$
27,076

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 31, 2016
 
December 26, 2015
(In Millions)
 
Assets1
 
Liabilities2
 
Assets1
 
Liabilities2
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
Foreign currency contracts3
 
$
21

 
$
252

 
$
30

 
$
85

Interest rate contracts
 
3

 
187

 
1

 
14

Total derivatives designated as hedging instruments
 
24


439


31


99

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Foreign currency contracts4
 
374

 
114

 
408

 
115

Interest rate contracts
 
15

 
30

 
2

 
29

Other
 
9

 

 
44

 
2

Total derivatives not designated as hedging instruments
 
398


144


454


146

Total derivatives
 
$
422


$
583


$
485


$
245

Offsetting Assets And 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:
 
 
December 31, 2016
 
 
 
 
 
 
 
 
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
 
$
433

 
$

 
$
433

 
$
(368
)
 
$
(42
)
 
$
23

Reverse repurchase agreements
 
1,018

 

 
1,018

 

 
(1,018
)
 

Total assets
 
1,451




1,451


(368
)

(1,060
)

23

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities subject to master netting arrangements
 
588

 

 
588

 
(368
)
 
(201
)
 
19

Total liabilities
 
$
588


$


$
588


$
(368
)

$
(201
)

$
19

 
 
December 26, 2015
 
 
 
 
 
 
 
 
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
 
$
482

 
$

 
$
482

 
$
(201
)
 
$
(188
)
 
$
93

Reverse repurchase agreements
 
3,368

 

 
3,368

 

 
(3,368
)
 

Total assets
 
3,850




3,850


(201
)

(3,556
)

93

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities subject to master netting arrangements
 
242

 

 
242

 
(201
)
 
(27
)
 
14

Total liabilities
 
$
242


$


$
242


$
(201
)

$
(27
)

$
14

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 statements of income for each period were as follows:
Years Ended
(In Millions)
 
Location of Gains (Losses)
Recognized in Income on Derivatives
 
Dec 31,
2016
 
Dec 26,
2015
 
Dec 27,
2014
Foreign currency contracts
 
Interest and other, net
 
$
388

 
$
296

 
$
600

Interest rate contracts
 
Interest and other, net
 
8

 
(8
)
 
(3
)
Other
 
Various
 
113

 
(38
)
 
62

Total
 
$
509


$
250


$
659

Interest and other, net [Member] | Fair Value Hedging [Member]  
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:
 
 
Gains (Losses)
Recognized in Statement of Income on
Derivatives
Years Ended
(In Millions)
 
Dec 31,
2016
 
Dec 26,
2015
 
Dec 27,
2014
Interest rate contracts
 
$
(171
)
 
$
(13
)
 
$

Hedged items
 
171

 
13

 

Total
 
$


$


$