Derivative Financial Instruments (Tables)
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3 Months Ended |
Mar. 30, 2019 |
|---|
| 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:
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|
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|
|
(In Millions) |
|
Mar 30,
2019 |
|
Dec 29,
2018 |
Foreign currency contracts |
|
$ |
20,951 |
|
|
$ |
19,223 |
|
Interest rate contracts |
|
21,873 |
|
|
22,447 |
|
Other |
|
1,595 |
|
|
1,356 |
|
Total |
|
$ |
44,419 |
|
|
$ |
43,026 |
|
|
| 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) |
|
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) |
Years Ended
(In Millions) |
|
Mar 30,
2019 |
|
Dec 29,
2018 |
|
Mar 30,
2019 |
|
Dec 29,
2018 |
Long-term debt |
|
$ |
(20,107 |
) |
|
$ |
(19,622 |
) |
|
$ |
(95 |
) |
|
$ |
390 |
|
|
|
|
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March 30, 2019 |
|
December 29, 2018 |
(In Millions) |
|
Assets1
|
|
Liabilities2
|
|
Assets1
|
|
Liabilities2
|
Derivatives designated as hedging instruments: |
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|
|
|
|
|
|
Foreign currency contracts3
|
|
$ |
62 |
|
|
$ |
170 |
|
|
$ |
44 |
|
|
$ |
244 |
|
Interest rate contracts |
|
306 |
|
|
211 |
|
|
84 |
|
|
474 |
|
Total derivatives designated as hedging instruments |
|
368 |
|
|
381 |
|
|
128 |
|
|
718 |
|
Derivatives not designated as hedging instruments: |
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|
|
|
|
|
|
Foreign currency contracts3
|
|
141 |
|
|
121 |
|
|
132 |
|
|
155 |
|
Interest rate contracts |
|
10 |
|
|
27 |
|
|
20 |
|
|
22 |
|
Total derivatives not designated as hedging instruments |
|
151 |
|
|
148 |
|
|
152 |
|
|
177 |
|
Total derivatives |
|
$ |
519 |
|
|
$ |
529 |
|
|
$ |
280 |
|
|
$ |
895 |
|
|
| 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 30, 2019 |
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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: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets subject to master netting arrangements |
|
$ |
526 |
|
|
$ |
— |
|
|
$ |
526 |
|
|
$ |
(351 |
) |
|
$ |
(175 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
1,949 |
|
|
— |
|
|
1,949 |
|
|
— |
|
|
(1,949 |
) |
|
— |
|
Total assets |
|
2,475 |
|
|
— |
|
|
2,475 |
|
|
(351 |
) |
|
(2,124 |
) |
|
— |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
513 |
|
|
— |
|
|
513 |
|
|
(351 |
) |
|
(141 |
) |
|
21 |
|
Total liabilities |
|
$ |
513 |
|
|
$ |
— |
|
|
$ |
513 |
|
|
$ |
(351 |
) |
|
$ |
(141 |
) |
|
$ |
21 |
|
|
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|
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|
|
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|
December 29, 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 |
|
$ |
292 |
|
|
$ |
— |
|
|
$ |
292 |
|
|
$ |
(220 |
) |
|
$ |
(72 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
2,099 |
|
|
— |
|
|
2,099 |
|
|
— |
|
|
(1,999 |
) |
|
100 |
|
Total assets |
|
2,391 |
|
|
— |
|
|
2,391 |
|
|
(220 |
) |
|
(2,071 |
) |
|
100 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
890 |
|
|
— |
|
|
890 |
|
|
(220 |
) |
|
(576 |
) |
|
94 |
|
Total liabilities |
|
$ |
890 |
|
|
$ |
— |
|
|
$ |
890 |
|
|
$ |
(220 |
) |
|
$ |
(576 |
) |
|
$ |
94 |
|
|
| 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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|
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|
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|
March 30, 2019 |
|
|
|
|
|
|
|
|
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 |
|
$ |
526 |
|
|
$ |
— |
|
|
$ |
526 |
|
|
$ |
(351 |
) |
|
$ |
(175 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
1,949 |
|
|
— |
|
|
1,949 |
|
|
— |
|
|
(1,949 |
) |
|
— |
|
Total assets |
|
2,475 |
|
|
— |
|
|
2,475 |
|
|
(351 |
) |
|
(2,124 |
) |
|
— |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
513 |
|
|
— |
|
|
513 |
|
|
(351 |
) |
|
(141 |
) |
|
21 |
|
Total liabilities |
|
$ |
513 |
|
|
$ |
— |
|
|
$ |
513 |
|
|
$ |
(351 |
) |
|
$ |
(141 |
) |
|
$ |
21 |
|
|
|
|
|
|
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|
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|
December 29, 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 |
|
$ |
292 |
|
|
$ |
— |
|
|
$ |
292 |
|
|
$ |
(220 |
) |
|
$ |
(72 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
2,099 |
|
|
— |
|
|
2,099 |
|
|
— |
|
|
(1,999 |
) |
|
100 |
|
Total assets |
|
2,391 |
|
|
— |
|
|
2,391 |
|
|
(220 |
) |
|
(2,071 |
) |
|
100 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
890 |
|
|
— |
|
|
890 |
|
|
(220 |
) |
|
(576 |
) |
|
94 |
|
Total liabilities |
|
$ |
890 |
|
|
$ |
— |
|
|
$ |
890 |
|
|
$ |
(220 |
) |
|
$ |
(576 |
) |
|
$ |
94 |
|
|
| 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) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Mar 30,
2019 |
|
Mar 31,
2018 |
Foreign currency contracts |
|
Interest and other, net |
|
$ |
57 |
|
|
$ |
(170 |
) |
Interest rate contracts |
|
Interest and other, net |
|
(14 |
) |
|
14 |
|
Other |
|
Various |
|
146 |
|
|
(31 |
) |
Total |
|
|
|
$ |
189 |
|
|
$ |
(187 |
) |
|
| 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 |
(In Millions) |
|
Mar 30,
2019 |
|
Mar 31,
2018 |
Interest rate contracts |
|
$ |
485 |
|
|
$ |
(258 |
) |
Hedged items |
|
(485 |
) |
|
258 |
|
Total |
|
$ |
— |
|
|
$ |
— |
|
|