Derivative Financial Instruments (Tables)
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9 Months Ended |
Sep. 29, 2018 |
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| 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) |
|
Sep 29,
2018 |
|
Dec 30,
2017 |
Foreign currency contracts |
|
$ |
19,179 |
|
|
$ |
19,958 |
|
Interest rate contracts |
|
22,936 |
|
|
16,823 |
|
Other |
|
1,539 |
|
|
1,636 |
|
Total |
|
$ |
43,654 |
|
|
$ |
38,417 |
|
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
FAIR VALUE OF DERIVATIVE INSTRUMENTS
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September 29, 2018 |
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December 30, 2017 |
(In Millions) |
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Assets 1
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Liabilities 2
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Assets 1
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Liabilities 2
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Derivatives designated as hedging instruments: |
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Foreign currency contracts 3
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|
$ |
59 |
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$ |
221 |
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$ |
283 |
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$ |
32 |
|
Interest rate contracts |
|
— |
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|
853 |
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|
1 |
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|
254 |
|
Total derivatives designated as hedging instruments |
|
59 |
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|
1,074 |
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|
284 |
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|
286 |
|
Derivatives not designated as hedging instruments: |
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Foreign currency contracts 3
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|
105 |
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|
236 |
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|
52 |
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|
447 |
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Interest rate contracts |
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31 |
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21 |
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18 |
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|
24 |
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Other |
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2 |
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— |
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9 |
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— |
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Total derivatives not designated as hedging instruments |
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138 |
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|
257 |
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|
79 |
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|
471 |
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Total derivatives |
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$ |
197 |
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|
$ |
1,331 |
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$ |
363 |
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$ |
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:
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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) |
Years Ended
(In Millions) |
|
Sep 29,
2018 |
|
Dec 30,
2017 |
|
Sep 29,
2018 |
|
Dec 30,
2017 |
Long-term debt |
|
$ |
(19,159 |
) |
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$ |
(12,653 |
) |
|
$ |
853 |
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$ |
252 |
|
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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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September 29, 2018 |
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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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$ |
193 |
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$ |
— |
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$ |
193 |
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$ |
(133 |
) |
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$ |
(60 |
) |
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$ |
— |
|
Reverse repurchase agreements |
|
2,199 |
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— |
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2,199 |
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— |
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(2,099 |
) |
|
100 |
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Total assets |
|
2,392 |
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— |
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2,392 |
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(133 |
) |
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(2,159 |
) |
|
100 |
|
Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
1,315 |
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— |
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|
1,315 |
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(133 |
) |
|
(1,038 |
) |
|
144 |
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Total liabilities |
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$ |
1,315 |
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|
$ |
— |
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$ |
1,315 |
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|
$ |
(133 |
) |
|
$ |
(1,038 |
) |
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$ |
144 |
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December 30, 2017 |
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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 |
|
$ |
350 |
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|
$ |
— |
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$ |
350 |
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$ |
(206 |
) |
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$ |
(130 |
) |
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$ |
14 |
|
Reverse repurchase agreements |
|
1,649 |
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— |
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1,649 |
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— |
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(1,649 |
) |
|
— |
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Total assets |
|
1,999 |
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— |
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|
1,999 |
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(206 |
) |
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(1,779 |
) |
|
14 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
745 |
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|
— |
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|
745 |
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(206 |
) |
|
(504 |
) |
|
35 |
|
Total liabilities |
|
$ |
745 |
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|
$ |
— |
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$ |
745 |
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|
$ |
(206 |
) |
|
$ |
(504 |
) |
|
$ |
35 |
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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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September 29, 2018 |
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Gross Amounts Not Offset in the Balance Sheet |
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(In Millions) |
|
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 |
|
Financial Instruments |
|
Cash and Non-Cash Collateral Received or Pledged |
|
Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
|
$ |
193 |
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|
$ |
— |
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$ |
193 |
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|
$ |
(133 |
) |
|
$ |
(60 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
2,199 |
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— |
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2,199 |
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— |
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(2,099 |
) |
|
100 |
|
Total assets |
|
2,392 |
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— |
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2,392 |
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(133 |
) |
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(2,159 |
) |
|
100 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
1,315 |
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|
— |
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|
1,315 |
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(133 |
) |
|
(1,038 |
) |
|
144 |
|
Total liabilities |
|
$ |
1,315 |
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|
$ |
— |
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|
$ |
1,315 |
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|
$ |
(133 |
) |
|
$ |
(1,038 |
) |
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$ |
144 |
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December 30, 2017 |
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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: |
|
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|
Derivative assets subject to master netting arrangements |
|
$ |
350 |
|
|
$ |
— |
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|
$ |
350 |
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|
$ |
(206 |
) |
|
$ |
(130 |
) |
|
$ |
14 |
|
Reverse repurchase agreements |
|
1,649 |
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|
— |
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|
1,649 |
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|
— |
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|
(1,649 |
) |
|
— |
|
Total assets |
|
1,999 |
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|
— |
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|
1,999 |
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(206 |
) |
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(1,779 |
) |
|
14 |
|
Liabilities: |
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|
Derivative liabilities subject to master netting arrangements |
|
745 |
|
|
— |
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|
745 |
|
|
(206 |
) |
|
(504 |
) |
|
35 |
|
Total liabilities |
|
$ |
745 |
|
|
$ |
— |
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|
$ |
745 |
|
|
$ |
(206 |
) |
|
$ |
(504 |
) |
|
$ |
35 |
|
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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 |
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Nine Months Ended |
(In Millions) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Sep 29,
2018 |
|
Sep 30,
2017 |
|
Sep 29,
2018 |
|
Sep 30,
2017 |
Foreign currency contracts |
|
Interest and other, net |
|
$ |
(1 |
) |
|
$ |
(91 |
) |
|
$ |
268 |
|
|
$ |
(521 |
) |
Interest rate contracts |
|
Interest and other, net |
|
3 |
|
|
(3 |
) |
|
22 |
|
|
(4 |
) |
Other |
|
Various |
|
53 |
|
|
40 |
|
|
49 |
|
|
135 |
|
Total |
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|
$ |
55 |
|
|
$ |
(54 |
) |
|
$ |
339 |
|
|
$ |
(390 |
) |
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| 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:
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Three Months Ended |
|
Nine Months Ended |
(In Millions) |
|
Sep 29,
2018 |
|
Sep 30,
2017 |
|
Sep 29,
2018 |
|
Sep 30,
2017 |
Interest rate contracts |
|
$ |
(230 |
) |
|
$ |
(15 |
) |
|
$ |
(601 |
) |
|
$ |
67 |
|
Hedged items |
|
230 |
|
|
15 |
|
|
601 |
|
|
(67 |
) |
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|