Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
Total gross notional amounts for outstanding derivatives (recorded at fair value) as of December 29, 2012, December 31, 2011, and December 25, 2010 were as follows:
(In Millions) |
2012 |
|
2011 |
|
2010 |
Currency forwards |
$ |
13,117 |
|
$ |
11,203 |
|
$ |
8,502 |
Currency interest rate swaps |
|
2,711 |
|
|
1,650 |
|
|
2,259 |
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
Equity options |
|
17 |
|
|
54 |
|
|
496 |
Interest rate swaps |
|
1,101 |
|
|
1,837 |
|
|
2,166 |
Total return swaps |
|
807 |
|
|
761 |
|
|
627 |
Other |
|
110 |
|
|
128 |
|
|
160 |
Total |
$ |
21,463 |
|
$ |
19,233 |
|
$ |
17,810 |
The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) as of December 29, 2012, December 31, 2011, and December 25, 2010 were as follows:
(In Millions) |
2012 |
|
2011 |
|
2010 |
British pound sterling |
$ |
308 |
|
$ |
459 |
|
$ |
424 |
Chinese yuan |
|
647 |
|
|
688 |
|
|
347 |
Euro |
|
5,994 |
|
|
3,904 |
|
|
4,351 |
Israeli shekel |
|
2,256 |
|
|
2,168 |
|
|
1,191 |
Japanese yen |
|
4,389 |
|
|
3,477 |
|
|
3,440 |
Malaysian ringgit |
|
442 |
|
|
805 |
|
|
382 |
Other |
|
1,792 |
|
|
1,352 |
|
|
626 |
Total |
$ |
15,828 |
|
$ |
12,853 |
|
$ |
10,761 |
|
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The fair value of our derivative instruments as of December 29, 2012 and December 31, 2011 was as follows:
|
|
2012 |
|
2011 |
|
|
Other |
|
Other |
|
Other |
|
Other |
|
Other |
|
Other |
|
Other |
|
Other |
|
|
Current |
|
Long-Term |
|
Accrued |
|
Long-Term |
|
Current |
|
Long-Term |
|
Accrued |
|
Long-Term |
(In Millions) |
Assets |
|
Assets |
|
Liabilities |
|
Liabilities |
|
Assets |
|
Assets |
|
Liabilities |
|
Liabilities |
Derivatives designated as |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency forwards |
$ |
91 |
|
$ |
2 |
|
$ |
127 |
|
$ |
— |
|
$ |
61 |
|
$ |
— |
|
$ |
170 |
|
$ |
7 |
Other |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
Total derivatives designated as |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
hedging instruments |
$ |
91 |
|
$ |
2 |
|
$ |
127 |
|
$ |
— |
|
$ |
61 |
|
$ |
— |
|
$ |
171 |
|
$ |
7 |
Derivatives not designated as |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency forwards |
$ |
85 |
|
$ |
— |
|
$ |
58 |
|
$ |
— |
|
$ |
54 |
|
$ |
— |
|
$ |
34 |
|
$ |
— |
Currency interest rate swaps |
|
33 |
|
|
18 |
|
|
72 |
|
|
14 |
|
|
41 |
|
|
33 |
|
|
11 |
|
|
10 |
Embedded debt derivatives |
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
10 |
Equity options |
|
1 |
|
|
1 |
|
|
1 |
|
|
— |
|
|
— |
|
|
6 |
|
|
9 |
|
|
— |
Interest rate swaps |
|
— |
|
|
— |
|
|
34 |
|
|
— |
|
|
3 |
|
|
— |
|
|
63 |
|
|
— |
Total return swaps |
|
11 |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
— |
Other |
|
— |
|
|
17 |
|
|
— |
|
|
— |
|
|
— |
|
|
24 |
|
|
— |
|
|
— |
Total derivatives not designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as hedging instruments |
$ |
130 |
|
$ |
36 |
|
$ |
165 |
|
$ |
20 |
|
$ |
105 |
|
$ |
63 |
|
$ |
117 |
|
$ |
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total derivatives |
$ |
221 |
|
$ |
38 |
|
$ |
292 |
|
$ |
20 |
|
$ |
166 |
|
$ |
63 |
|
$ |
288 |
|
$ |
27 |
|
Schedule Of Derivative Instruments In Cash Flow Hedging Relationships [Table Text Block] |
The before-tax effects of derivative instruments in cash flow hedging relationships for the three years ended December 29, 2012 were as follows:
|
Gains (Losses) Recognized |
|
|
|
in OCI on Derivatives |
|
Gains (Losses) Reclassified from Accumulated OCI into |
|
(Effective Portion) |
|
Income by Derivative Instrument Type (Effective Portion) |
(In Millions) |
2012 |
|
2011 |
|
2010 |
|
Location |
|
2012 |
|
2011 |
|
2010 |
Currency forwards |
$ |
4 |
|
$ |
20 |
|
$ |
66 |
|
Cost of sales |
|
$ |
11 |
|
$ |
118 |
|
$ |
49 |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
(63) |
|
|
20 |
|
|
27 |
|
|
|
|
|
|
|
|
|
|
Marketing, general and administrative |
|
|
(25) |
|
|
19 |
|
|
4 |
Other |
|
9 |
|
|
— |
|
|
4 |
|
Cost of sales |
|
|
(2) |
|
|
4 |
|
|
(2) |
Total |
$ |
13 |
|
$ |
20 |
|
$ |
70 |
|
|
|
$ |
(79) |
|
$ |
161 |
|
$ |
78 |
|
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 statements of income for the three years ended December 29, 2012 were as follows:
|
Location of Gains (Losses) |
|
|
|
|
|
|
(In Millions) |
Recognized in Income on Derivatives |
|
2012 |
|
2011 |
|
2010 |
Currency forwards |
Interest and other, net |
|
$ |
3 |
|
$ |
58 |
|
$ |
72 |
Currency interest rate swaps |
Interest and other, net |
|
|
(71) |
|
|
(17) |
|
|
74 |
Equity options |
Gains (losses) on equity investments, net |
|
|
(1) |
|
|
(67) |
|
|
59 |
Interest rate swaps |
Interest and other, net |
|
|
31 |
|
|
(26) |
|
|
(59) |
Total return swaps |
Various |
|
|
77 |
|
|
(13) |
|
|
70 |
Other |
Gains (losses) on equity investments, net |
|
|
(7) |
|
|
4 |
|
|
(2) |
Other |
Interest and other, net |
|
|
3 |
|
|
— |
|
|
(1) |
Total |
|
|
$ |
35 |
|
$ |
(61) |
|
$ |
213 |
|