Annual report pursuant to Section 13 and 15(d)

Derivative Financial Instruments (Tables)

v3.8.0.1
Derivative Financial Instruments (Tables)
12 Months Ended
Dec. 30, 2017
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,
2017
 
Dec 31,
2016
 
Dec 26,
2015
Foreign currency contracts
 
$
19,958

 
$
17,960

 
$
16,721

Interest rate contracts
 
16,823

 
14,228

 
8,812

Other
 
1,636

 
1,340

 
1,122

Total
 
$
38,417


$
33,528


$
26,655

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, 2017
 
December 31, 2016
(In Millions)
 
Assets1
 
Liabilities2
 
Assets1
 
Liabilities2
Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
Foreign currency contracts3
 
$
283

 
$
32

 
$
21

 
$
252

Interest rate contracts
 
1

 
254

 
3

 
187

Total derivatives designated as hedging instruments
 
284


286


24


439

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
Foreign currency contracts3
 
52

 
447

 
374

 
114

Interest rate contracts
 
18

 
24

 
15

 
30

Other
 
9

 

 
9

 

Total derivatives not designated as hedging instruments
 
79


471


398


144

Total derivatives
 
$
363


$
757


$
422


$
583

The amounts recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges for each period were as follows:
Line Item in the Consolidated Balance Sheet in Which the Hedged Item Is Included
 
Carrying Amount of the Hedged Item Asset/(Liabilities)
 
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
Years Ended
(In Millions)
 
Dec 30,
2017
 
Dec 31,
2016
 
Dec 30,
2017
 
Dec 31,
2016
Long-Term Debt
 
$
(12,653
)
 
$
(8,879
)
 
$
252

 
$
184

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:
 
 
December 30, 2017
 
 
 
 
 
 
 
 
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
 
$
350

 
$

 
$
350

 
$
(206
)
 
$
(130
)
 
$
14

Reverse repurchase agreements
 
1,649

 

 
1,649

 

 
(1,649
)
 

Total assets
 
1,999




1,999


(206
)

(1,779
)

14

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities subject to master netting arrangements
 
745

 

 
745

 
(206
)
 
(504
)
 
35

Total liabilities
 
$
745


$


$
745


$
(206
)

$
(504
)

$
35

 
 
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

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:
 
 
December 30, 2017
 
 
 
 
 
 
 
 
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
 
$
350

 
$

 
$
350

 
$
(206
)
 
$
(130
)
 
$
14

Reverse repurchase agreements
 
1,649

 

 
1,649

 

 
(1,649
)
 

Total assets
 
1,999




1,999


(206
)

(1,779
)

14

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities subject to master netting arrangements
 
745

 

 
745

 
(206
)
 
(504
)
 
35

Total liabilities
 
$
745


$


$
745


$
(206
)

$
(504
)

$
35

 
 
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

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,
2017
 
Dec 31,
2016
 
Dec 26,
2015
Interest rate contracts
 
$
(68
)
 
$
(171
)
 
$
(13
)
Hedged items
 
68

 
171

 
13

Total
 
$

 
$

 
$

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [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,
2017
 
Dec 31,
2016
 
Dec 26,
2015
Foreign currency contracts
 
Interest and other, net
 
$
(547
)
 
$
388

 
$
296

Interest rate contracts
 
Interest and other, net
 
9

 
8

 
(8
)
Other
 
Various
 
203

 
113

 
(38
)
Total
 
$
(335
)

$
509


$
250