Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v3.10.0.1
Derivative Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2018
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)
 
Jun 30,
2018
 
Dec 30,
2017
 
Jul 1,
2017
Foreign currency contracts
 
$
18,396

 
$
19,958

 
$
20,861

Interest rate contracts
 
23,349

 
16,823

 
16,781

Other
 
1,477

 
1,636

 
1,396

Total
 
$
43,222

 
$
38,417

 
$
39,038

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
FAIR VALUE OF DERIVATIVE INSTRUMENTS IN THE CONSOLIDATED CONDENSED BALANCE SHEETS
 
 
June 30, 2018
 
December 30, 2017
(In Millions)
 
Assets 1
 
Liabilities 2
 
Assets 1
 
Liabilities 2
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign currency contracts 3
 
$
60

 
$
185

 
$
283

 
$
32

Interest rate contracts
 
24

 
647

 
1

 
254

Total derivatives designated as hedging instruments
 
84

 
832

 
284

 
286

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
Foreign currency contracts 3
 
159

 
247

 
52

 
447

Interest rate contracts
 
33

 
25

 
18

 
24

Other
 
1

 

 
9

 

Total derivatives not designated as hedging instruments
 
193

 
272

 
79

 
471

Total derivatives
 
$
277

 
$
1,104

 
$
363

 
$
757

The amounts recorded on the consolidated condensed balance sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:
Line Item in the Consolidated Condensed 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)
 
Jun 30,
2018
 
Dec 30,
2017
 
Jun 30,
2018
 
Dec 30,
2017
Long-Term Debt
 
$
19,389

 
$
(12,653
)
 
$
623

 
$
252

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:
 
 
June 30, 2018
 
 
 
 
 
 
 
 
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
 
$
277

 
$

 
$
277

 
$
(172
)
 
$
(105
)
 
$

Reverse repurchase agreements
 
1,499

 

 
1,499

 

 
(1,499
)
 

Total assets
 
1,776

 

 
1,776

 
(172
)
 
(1,604
)
 

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities subject to master netting arrangements
 
1,095

 

 
1,095

 
(172
)
 
(885
)
 
38

Total liabilities
 
$
1,095

 
$

 
$
1,095

 
$
(172
)
 
$
(885
)
 
$
38

 
 
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

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:
 
 
June 30, 2018
 
 
 
 
 
 
 
 
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
 
$
277

 
$

 
$
277

 
$
(172
)
 
$
(105
)
 
$

Reverse repurchase agreements
 
1,499

 

 
1,499

 

 
(1,499
)
 

Total assets
 
1,776

 

 
1,776

 
(172
)
 
(1,604
)
 

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities subject to master netting arrangements
 
1,095

 

 
1,095

 
(172
)
 
(885
)
 
38

Total liabilities
 
$
1,095

 
$

 
$
1,095

 
$
(172
)
 
$
(885
)
 
$
38

 
 
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

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:
 
 
 
 
Three Months Ended
 
Six Months Ended
(In Millions)
 
Location of Gains (Losses)
Recognized in Income on Derivatives
 
Jun 30,
2018
 
Jul 1,
2017
 
Jun 30,
2018
 
Jul 1,
2017
Foreign currency contracts
 
Interest and other, net
 
$
438

 
$
(271
)
 
$
268

 
$
(430
)
Interest rate contracts
 
Interest and other, net
 
6

 
1

 
20

 
(1
)
Other
 
Various
 
27

 
38

 
(4
)
 
95

Total
 
 
 
$
471

 
$
(232
)
 
$
284

 
$
(336
)
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:
 
 
Three Months Ended
 
Six Months Ended
(In Millions)
 
Jun 30,
2018
 
Jul 1,
2017
 
Jun 30,
2018
 
Jul 1,
2017
Interest rate contracts
 
$
(113
)
 
$
96

 
$
(371
)
 
$
82

Hedged items
 
113

 
(96
)
 
371

 
(82
)
Total
 
$

 
$

 
$

 
$