Fair Value (Tables)
|
6 Months Ended |
Jul. 02, 2011
|
Fair Value (Tables) [Abstract] |
|
Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Types of Instruments) [Text Block] |
Assets and liabilities measured and recorded at fair value on a recurring basis consisted of the following types of instruments as of July 2, 2011 and December 25, 2010:
|
|
|
July 2, 2011 |
|
December 25, 2010 |
|
|
|
Fair Value Measured and |
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|
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Fair Value Measured and |
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Recorded at Reporting Date Using |
|
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Recorded at Reporting Date Using |
|
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|
(In Millions) |
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
Assets |
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|
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|
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|
|
|
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|
|
|
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|
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|
|
Cash equivalents: |
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Commercial paper |
$ |
— |
|
$ |
2,272 |
|
$ |
— |
|
$ |
2,272 |
|
$ |
— |
|
$ |
2,600 |
|
$ |
— |
|
$ |
2,600 |
|
Bank deposits |
|
— |
|
|
889 |
|
|
— |
|
|
889 |
|
|
— |
|
|
560 |
|
|
— |
|
|
560 |
|
Money market fund deposits |
|
550 |
|
|
— |
|
|
— |
|
|
550 |
|
|
34 |
|
|
— |
|
|
— |
|
|
34 |
|
Government bonds |
|
465 |
|
|
— |
|
|
— |
|
|
465 |
|
|
1,279 |
|
|
505 |
|
|
— |
|
|
1,784 |
Short-term investments: |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial paper |
|
— |
|
|
1,505 |
|
|
— |
|
|
1,505 |
|
|
— |
|
|
2,712 |
|
|
— |
|
|
2,712 |
|
Corporate bonds |
|
107 |
|
|
693 |
|
|
8 |
|
|
808 |
|
|
121 |
|
|
1,378 |
|
|
1 |
|
|
1,500 |
|
Government bonds |
|
125 |
|
|
451 |
|
|
— |
|
|
576 |
|
|
4,890 |
|
|
1,320 |
|
|
— |
|
|
6,210 |
|
Bank deposits |
|
— |
|
|
210 |
|
|
— |
|
|
210 |
|
|
— |
|
|
858 |
|
|
— |
|
|
858 |
|
Asset-backed securities |
|
— |
|
|
— |
|
|
7 |
|
|
7 |
|
|
— |
|
|
— |
|
|
14 |
|
|
14 |
Trading assets: |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Government bonds |
|
230 |
|
|
1,722 |
|
|
— |
|
|
1,952 |
|
|
311 |
|
|
2,115 |
|
|
— |
|
|
2,426 |
|
Corporate bonds |
|
204 |
|
|
738 |
|
|
— |
|
|
942 |
|
|
199 |
|
|
916 |
|
|
— |
|
|
1,115 |
|
Municipal bonds |
|
— |
|
|
350 |
|
|
— |
|
|
350 |
|
|
— |
|
|
375 |
|
|
— |
|
|
375 |
|
Commercial paper |
|
— |
|
|
305 |
|
|
— |
|
|
305 |
|
|
— |
|
|
488 |
|
|
— |
|
|
488 |
|
Asset-backed securities |
|
— |
|
|
— |
|
|
146 |
|
|
146 |
|
|
— |
|
|
— |
|
|
190 |
|
|
190 |
|
Bank deposits |
|
— |
|
|
69 |
|
|
— |
|
|
69 |
|
|
— |
|
|
108 |
|
|
— |
|
|
108 |
|
Money market fund deposits |
|
32 |
|
|
— |
|
|
— |
|
|
32 |
|
|
3 |
|
|
— |
|
|
— |
|
|
3 |
|
Marketable equity securities |
|
10 |
|
|
— |
|
|
— |
|
|
10 |
|
|
388 |
|
|
— |
|
|
— |
|
|
388 |
Other current assets: |
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|
|
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|
|
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|
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Marketable equity securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative assets |
|
— |
|
|
209 |
|
|
— |
|
|
209 |
|
|
— |
|
|
330 |
|
|
— |
|
|
330 |
|
Loans receivable |
|
— |
|
|
36 |
|
|
— |
|
|
36 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Marketable equity securities |
|
841 |
|
|
51 |
|
|
— |
|
|
892 |
|
|
785 |
|
|
223 |
|
|
— |
|
|
1,008 |
Other long-term investments: |
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
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|
Corporate bonds |
|
73 |
|
|
404 |
|
|
57 |
|
|
534 |
|
|
104 |
|
|
601 |
|
|
50 |
|
|
755 |
|
Government bonds |
|
— |
|
|
351 |
|
|
— |
|
|
351 |
|
|
83 |
|
|
2,002 |
|
|
— |
|
|
2,085 |
|
Bank deposits |
|
— |
|
|
55 |
|
|
— |
|
|
55 |
|
|
— |
|
|
133 |
|
|
— |
|
|
133 |
|
Asset-backed securities |
|
— |
|
|
— |
|
|
52 |
|
|
52 |
|
|
— |
|
|
— |
|
|
53 |
|
|
53 |
Other long-term assets: |
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|
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|
|
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|
|
|
|
|
|
|
|
|
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Loans receivable |
|
— |
|
|
651 |
|
|
— |
|
|
651 |
|
|
— |
|
|
642 |
|
|
— |
|
|
642 |
|
Derivative assets |
|
— |
|
|
2 |
|
|
29 |
|
|
31 |
|
|
— |
|
|
19 |
|
|
31 |
|
|
50 |
Total assets measured and |
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recorded at fair value |
$ |
2,637 |
|
$ |
10,963 |
|
$ |
299 |
|
$ |
13,899 |
|
$ |
8,197 |
|
$ |
17,885 |
|
$ |
339 |
|
$ |
26,421 |
|
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|
|
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|
|
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|
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|
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|
|
|
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Liabilities |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Other accrued liabilities: |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Derivative liabilities |
$ |
— |
|
$ |
166 |
|
$ |
6 |
|
$ |
172 |
|
$ |
— |
|
$ |
201 |
|
$ |
7 |
|
$ |
208 |
Long-term debt |
|
— |
|
|
— |
|
|
128 |
|
|
128 |
|
|
— |
|
|
— |
|
|
128 |
|
|
128 |
Other long-term liabilities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Derivative liabilities |
|
— |
|
|
85 |
|
|
— |
|
|
85 |
|
|
— |
|
|
47 |
|
|
— |
|
|
47 |
Total liabilities measured and |
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|
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|
|
|
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|
|
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|
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|
recorded at fair value |
$ |
— |
|
$ |
251 |
|
$ |
134 |
|
$ |
385 |
|
$ |
— |
|
$ |
248 |
|
$ |
135 |
|
$ |
383 |
|
Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Significant Unobservable Inputs [Level 3]) [Text Block] |
The tables below present reconciliations for all assets and liabilities measured and recorded at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended July 2, 2011 and for the twelve months ended December 25, 2010:
|
|
Fair Value Measured and Recorded Using |
|
|
|
|
|
Significant Unobservable Inputs (Level 3) |
|
|
|
|
Corporate |
|
Asset-Backed |
|
Derivative |
|
Derivative |
|
Long-term |
|
Total Gains |
(In Millions)
|
Bonds |
Securities |
Assets |
Liabilities |
Debt |
(Losses) |
Balance as of December 25, 2010
|
$ |
51 |
|
$ |
257 |
|
$ |
31 |
|
$ |
(7) |
|
$ |
(128) |
|
|
|
Total gains or losses (realized and unrealized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in earnings
|
|
— |
|
|
(1) |
|
|
(2) |
|
|
1 |
|
|
— |
|
|
(2) |
|
Included in other comprehensive income (loss)
|
|
7 |
|
|
(1) |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
Purchases
|
|
12 |
|
|
13 |
|
|
3 |
|
|
— |
|
|
— |
|
|
|
Settlements and maturities
|
|
(5) |
|
|
(63) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Transfers out of Level 3
|
|
— |
|
|
— |
|
|
(3) |
|
|
— |
|
|
— |
|
|
|
Balance as of July 2, 2011
|
$ |
65 |
|
$ |
205 |
|
$ |
29 |
|
$ |
(6) |
|
$ |
(128) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in unrealized gains or losses included in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings related to assets and liabilities still held
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as of July 2, 2011
|
$ |
— |
|
$ |
(1) |
|
$ |
(2) |
|
$ |
1 |
|
$ |
— |
|
$ |
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Fair Value Measured and Recorded Using |
|
|
|
|
|
Significant Unobservable Inputs (Level 3) |
|
|
|
|
Corporate |
|
Asset-Backed |
|
Derivative |
|
Derivative |
|
Long-term |
|
Total Gains |
(In Millions)
|
Bonds |
Securities |
Assets |
Liabilities |
Debt |
(Losses) |
Balance as of December 26, 2009
|
$ |
369 |
|
$ |
754 |
|
$ |
31 |
|
$ |
(65) |
|
$ |
(123) |
|
|
|
Total gains or losses (realized and unrealized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in earnings
|
|
(2) |
|
|
6 |
|
|
(3) |
|
|
(2) |
|
|
(5) |
|
|
(6) |
|
Included in other comprehensive income (loss)
|
|
4 |
|
|
9 |
|
|
— |
|
|
— |
|
|
— |
|
|
13 |
Purchases
|
|
6 |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
|
Sales
|
|
(44) |
|
|
(28) |
|
|
(4) |
|
|
— |
|
|
— |
|
|
|
Settlements and maturities
|
|
(75) |
|
|
(484) |
|
|
— |
|
|
— |
|
|
— |
|
|
|
Transfers out of Level 3
|
|
(207) |
|
|
— |
|
|
— |
|
|
60 |
|
|
— |
|
|
|
Balance as of December 25, 2010
|
$ |
51 |
|
$ |
257 |
|
$ |
31 |
|
$ |
(7) |
|
$ |
(128) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in unrealized gains or losses included in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings related to assets and liabilities still held
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as of December 25, 2010
|
$ |
— |
|
$ |
6 |
|
$ |
(4) |
|
$ |
(1) |
|
$ |
(5) |
|
$ |
(4) |
|
Assets Measured and Recorded at Fair Value on a Non-Recurring Basis [Text Block] |
Our non-marketable equity investments and non-financial assets, such as intangible assets and property, plant and equipment, are recorded at fair value only if an impairment charge is recognized. The following table presents the financial instruments and non-financial assets that were measured and recorded at fair value on a non-recurring basis during the six months ended July 2, 2011, and the gains (losses) recorded during the three and six months ended July 2, 2011 on those assets:
|
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|
|
|
|
|
|
|
|
|
|
|
Total Gains |
|
Total Gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) for |
|
(Losses) for |
|
|
Net Carrying |
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six Months |
|
|
Value as of |
|
Fair Value Measured and Recorded Using |
|
Ended |
|
Ended |
(In Millions)
|
July 2, 2011 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
July 2, 2011 |
|
July 2, 2011 |
Non-marketable equity investments
|
$ |
37 |
|
$ |
— |
|
$ |
— |
|
$ |
37 |
|
$ |
(8) |
|
$ |
(22) |
Property, plant and equipment
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
(10) |
Total gains (losses) for assets held
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as of July 2, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(8) |
|
$ |
(32) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (losses) for non-marketable equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (losses) for property, plant and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
no longer held
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(19) |
|
$ |
(45) |
Total gains (losses) for recorded non-recurring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(27) |
|
$ |
(77) |
The following table presents the financial instruments and non-financial assets that were measured and recorded at fair value on a non-recurring basis during the six months ended June 26, 2010, and the gains (losses) recorded during the three and six months ended June 26, 2010 on those assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gains |
|
Total Gains |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Losses) for |
|
(Losses) for |
|
|
Net Carrying |
|
|
|
|
|
|
|
|
|
|
Three Months |
|
Six Months |
|
|
Value as of |
|
Fair Value Measured and Recorded Using |
|
Ended |
|
Ended |
(In Millions)
|
June 26, 2010 |
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
June 26, 2010 |
|
June 26, 2010 |
Non-marketable equity investments
|
$ |
126 |
|
$ |
— |
|
$ |
— |
|
$ |
130 |
|
$ |
(17) |
|
$ |
(63) |
Total gains (losses) for assets held
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as of June 26, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(17) |
|
$ |
(63) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gains (losses) for property, plant and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
no longer held
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(7) |
|
$ |
(40) |
Gains (losses) for non-marketable equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gains (losses) for recorded non-recurring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(24) |
|
$ |
(103) |
|
Financial Instruments Not Recorded at Fair Value on a Recurring Basis [Text Block] |
We measure the fair value of our non-marketable equity investments, marketable equity method investment, debt carried at amortized cost, and cost method loans receivable quarterly for disclosure purposes; however, they are recorded at fair value only when an impairment charge is recognized. The carrying amounts and fair values of financial instruments not recorded at fair value on a recurring basis as of July 2, 2011 and December 25, 2010 were as follows:
|
July 2, 2011 |
|
December 25, 2010 |
|
Carrying |
|
Fair |
|
Carrying |
|
Fair |
(In Millions) |
Amount |
|
Value |
|
Amount |
|
Value |
Non-marketable equity investments |
$ |
2,713 |
|
$ |
5,725 |
|
$ |
2,633 |
|
$ |
5,144 |
Marketable equity method investment |
$ |
34 |
|
$ |
103 |
|
$ |
31 |
|
$ |
167 |
Loans receivable |
$ |
230 |
|
$ |
230 |
|
$ |
208 |
|
$ |
208 |
Long-term debt |
$ |
1,962 |
|
$ |
2,204 |
|
$ |
1,949 |
|
$ |
2,283 |
|