Derivative Financial Instruments (Tables)
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12 Months Ended |
Dec. 28, 2019 |
|---|
| 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) |
|
Dec 28,
2019 |
|
Dec 29,
2018 |
|
Dec 30,
2017 |
Foreign currency contracts |
|
$ |
23,981 |
|
|
$ |
19,223 |
|
|
$ |
19,958 |
|
Interest rate contracts |
|
14,302 |
|
|
22,447 |
|
|
16,823 |
|
Other |
|
1,753 |
|
|
1,356 |
|
|
1,636 |
|
Total |
|
$ |
40,036 |
|
|
$ |
43,026 |
|
|
$ |
38,417 |
|
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges for each period were as follows:
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Line Item in the Consolidated 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) |
|
Dec 28,
2019 |
|
Dec 29,
2018 |
|
Dec 28,
2019 |
|
Dec 29,
2018 |
Long-term debt |
|
$ |
(12,678 |
) |
|
$ |
(19,622 |
) |
|
$ |
(681 |
) |
|
$ |
390 |
|
FAIR VALUE OF DERIVATIVE INSTRUMENTS IN THE CONSOLIDATED BALANCE SHEETS
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December 28, 2019 |
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December 29, 2018 |
(In Millions) |
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Assets1
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|
Liabilities2
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|
Assets1
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|
Liabilities2
|
Derivatives designated as hedging instruments |
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Foreign currency contracts3
|
|
$ |
56 |
|
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$ |
159 |
|
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$ |
44 |
|
|
$ |
244 |
|
Interest rate contracts |
|
690 |
|
|
9 |
|
|
84 |
|
|
474 |
|
Total derivatives designated as hedging instruments |
|
746 |
|
|
168 |
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|
128 |
|
|
718 |
|
Derivatives not designated as hedging instruments |
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Foreign currency contracts3
|
|
179 |
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|
78 |
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|
132 |
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|
155 |
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Interest rate contracts |
|
11 |
|
|
54 |
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|
20 |
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|
22 |
|
Equity contracts |
|
50 |
|
|
3 |
|
|
— |
|
|
— |
|
Total derivatives not designated as hedging instruments |
|
240 |
|
|
135 |
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|
152 |
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|
177 |
|
Total derivatives |
|
$ |
986 |
|
|
$ |
303 |
|
|
$ |
280 |
|
|
$ |
895 |
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|
1 |
Derivative assets are recorded as other assets, current and non-current. |
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2 |
Derivative liabilities are recorded as other liabilities, current and non-current. |
3
The majority of these instruments mature within 12 months.
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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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December 28, 2019 |
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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 |
|
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 |
|
$ |
974 |
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|
$ |
— |
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|
$ |
974 |
|
|
$ |
(144 |
) |
|
$ |
(808 |
) |
|
$ |
22 |
|
Reverse repurchase agreements |
|
1,850 |
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|
— |
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|
1,850 |
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— |
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(1,850 |
) |
|
— |
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Total assets |
|
2,824 |
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|
— |
|
|
2,824 |
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(144 |
) |
|
(2,658 |
) |
|
22 |
|
Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
262 |
|
|
— |
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|
262 |
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|
(144 |
) |
|
(72 |
) |
|
46 |
|
Total liabilities |
|
$ |
262 |
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|
$ |
— |
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$ |
262 |
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|
$ |
(144 |
) |
|
$ |
(72 |
) |
|
$ |
46 |
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December 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 |
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Financial Instruments |
|
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 |
|
$ |
292 |
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|
$ |
— |
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$ |
292 |
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|
$ |
(220 |
) |
|
$ |
(72 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
2,099 |
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— |
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|
2,099 |
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— |
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(1,999 |
) |
|
100 |
|
Total assets |
|
2,391 |
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— |
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2,391 |
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(220 |
) |
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(2,071 |
) |
|
100 |
|
Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
890 |
|
|
— |
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|
890 |
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|
(220 |
) |
|
(576 |
) |
|
94 |
|
Total liabilities |
|
$ |
890 |
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|
$ |
— |
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|
$ |
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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|
December 28, 2019 |
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|
Gross Amounts Not Offset in the Balance Sheet |
|
|
(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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|
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Derivative assets subject to master netting arrangements |
|
$ |
974 |
|
|
$ |
— |
|
|
$ |
974 |
|
|
$ |
(144 |
) |
|
$ |
(808 |
) |
|
$ |
22 |
|
Reverse repurchase agreements |
|
1,850 |
|
|
— |
|
|
1,850 |
|
|
— |
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|
(1,850 |
) |
|
— |
|
Total assets |
|
2,824 |
|
|
— |
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|
2,824 |
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(144 |
) |
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(2,658 |
) |
|
22 |
|
Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
262 |
|
|
— |
|
|
262 |
|
|
(144 |
) |
|
(72 |
) |
|
46 |
|
Total liabilities |
|
$ |
262 |
|
|
$ |
— |
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|
$ |
262 |
|
|
$ |
(144 |
) |
|
$ |
(72 |
) |
|
$ |
46 |
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|
December 29, 2018 |
|
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|
|
|
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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 |
|
$ |
292 |
|
|
$ |
— |
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|
$ |
292 |
|
|
$ |
(220 |
) |
|
$ |
(72 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
2,099 |
|
|
— |
|
|
2,099 |
|
|
— |
|
|
(1,999 |
) |
|
100 |
|
Total assets |
|
2,391 |
|
|
— |
|
|
2,391 |
|
|
(220 |
) |
|
(2,071 |
) |
|
100 |
|
Liabilities: |
|
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|
|
|
|
|
|
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|
Derivative liabilities subject to master netting arrangements |
|
890 |
|
|
— |
|
|
890 |
|
|
(220 |
) |
|
(576 |
) |
|
94 |
|
Total liabilities |
|
$ |
890 |
|
|
$ |
— |
|
|
$ |
890 |
|
|
$ |
(220 |
) |
|
$ |
(576 |
) |
|
$ |
94 |
|
|
| 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:
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Gains (Losses)
Recognized in Statement of Income on
Derivatives
|
Years Ended (In Millions) |
|
Dec 28,
2019 |
|
Dec 29,
2018 |
|
Dec 30,
2017 |
Interest rate contracts |
|
$ |
1,071 |
|
|
$ |
(138 |
) |
|
$ |
(68 |
) |
Hedged items |
|
(1,071 |
) |
|
138 |
|
|
68 |
|
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
| Derivatives Not Designated as Hedging Instruments [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:
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Years Ended (In Millions) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Dec 28,
2019 |
|
Dec 29,
2018 |
|
Dec 30,
2017 |
Foreign currency contracts |
|
Interest and other, net |
|
$ |
204 |
|
|
$ |
372 |
|
|
$ |
(547 |
) |
Interest rate contracts |
|
Interest and other, net |
|
(32 |
) |
|
9 |
|
|
9 |
|
Other |
|
Various |
|
297 |
|
|
(147 |
) |
|
203 |
|
Total |
|
$ |
469 |
|
|
$ |
234 |
|
|
$ |
(335 |
) |
|