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Derivative Financial Instruments (Tables)
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3 Months Ended |
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Mar. 29, 2014
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| Derivative Financial Instruments (Tables) [Abstract] |
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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) |
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Mar 29,
2014 |
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Dec 28,
2013 |
|
Mar 30,
2013 |
Currency forwards |
|
$ |
11,729 |
|
|
$ |
13,404 |
|
|
$ |
13,141 |
|
Currency interest rate swaps |
|
4,795 |
|
|
4,377 |
|
|
3,464 |
|
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
|
Interest rate swaps |
|
1,311 |
|
|
1,377 |
|
|
1,041 |
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Total return swaps |
|
989 |
|
|
914 |
|
|
859 |
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Other |
|
60 |
|
|
67 |
|
|
82 |
|
Total |
|
$ |
22,484 |
|
|
$ |
23,739 |
|
|
$ |
22,187 |
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The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) at the end of each period were as follows:
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(In Millions) |
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Mar 29,
2014 |
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Dec 28,
2013 |
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Mar 30,
2013 |
British pound sterling |
|
$ |
487 |
|
|
$ |
549 |
|
|
$ |
422 |
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Chinese yuan |
|
1,291 |
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|
1,116 |
|
|
572 |
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Euro |
|
6,199 |
|
|
6,874 |
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|
6,800 |
|
Israeli shekel |
|
1,878 |
|
|
2,244 |
|
|
1,974 |
|
Japanese yen |
|
3,542 |
|
|
4,116 |
|
|
3,854 |
|
Malaysian ringgit |
|
524 |
|
|
506 |
|
|
520 |
|
Swiss franc |
|
1,256 |
|
|
1,189 |
|
|
1,312 |
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Other |
|
1,347 |
|
|
1,187 |
|
|
1,151 |
|
Total |
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$ |
16,524 |
|
|
$ |
17,781 |
|
|
$ |
16,605 |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The fair value of our derivative instruments at the end of each period were as follows:
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March 29, 2014 |
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December 28, 2013 |
(In Millions) |
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Other
Current
Assets
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Other
Long-Term
Assets
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Other
Accrued
Liabilities
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Other
Long-Term
Liabilities
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Other
Current
Assets
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Other
Long-Term
Assets
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Other
Accrued
Liabilities
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Other
Long-Term
Liabilities
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Derivatives designated as hedging instruments: |
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Currency forwards |
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$ |
86 |
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|
$ |
— |
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$ |
53 |
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|
$ |
1 |
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$ |
114 |
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$ |
1 |
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$ |
118 |
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$ |
2 |
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Other |
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— |
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— |
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3 |
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— |
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— |
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— |
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— |
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— |
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Total derivatives designated as hedging instruments |
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$ |
86 |
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|
$ |
— |
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$ |
56 |
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$ |
1 |
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$ |
114 |
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$ |
1 |
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$ |
118 |
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$ |
2 |
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Derivatives not designated as hedging instruments: |
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Currency forwards |
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$ |
36 |
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|
$ |
— |
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$ |
80 |
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$ |
— |
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$ |
66 |
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$ |
— |
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$ |
63 |
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|
$ |
— |
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Currency interest rate swaps |
|
104 |
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|
5 |
|
|
197 |
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|
32 |
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|
124 |
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|
6 |
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|
163 |
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|
29 |
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Embedded debt derivatives |
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— |
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— |
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— |
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14 |
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— |
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— |
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— |
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|
19 |
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Interest rate swaps |
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4 |
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— |
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22 |
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— |
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|
5 |
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— |
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|
28 |
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|
— |
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Total return swaps |
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12 |
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— |
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|
7 |
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— |
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|
48 |
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— |
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— |
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— |
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Other |
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— |
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|
30 |
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— |
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— |
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— |
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29 |
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— |
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— |
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Total derivatives not designated as hedging instruments |
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$ |
156 |
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$ |
35 |
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$ |
306 |
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$ |
46 |
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$ |
243 |
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$ |
35 |
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$ |
254 |
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$ |
48 |
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Total derivatives |
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$ |
242 |
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$ |
35 |
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$ |
362 |
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$ |
47 |
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$ |
357 |
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$ |
36 |
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$ |
372 |
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$ |
50 |
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| Offsetting Assets And 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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March 29, 2014 |
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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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$ |
221 |
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$ |
— |
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$ |
221 |
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$ |
(158 |
) |
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$ |
(9 |
) |
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$ |
54 |
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Reverse repurchase agreements |
|
582 |
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— |
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|
582 |
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— |
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(582 |
) |
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— |
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Total assets |
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$ |
803 |
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$ |
— |
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$ |
803 |
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$ |
(158 |
) |
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$ |
(591 |
) |
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$ |
54 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
391 |
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$ |
— |
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$ |
391 |
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|
$ |
(158 |
) |
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$ |
(181 |
) |
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$ |
52 |
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Total liabilities |
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$ |
391 |
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|
$ |
— |
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$ |
391 |
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$ |
(158 |
) |
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$ |
(181 |
) |
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$ |
52 |
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December 28, 2013 |
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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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$ |
325 |
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$ |
— |
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$ |
325 |
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$ |
(158 |
) |
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$ |
(3 |
) |
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$ |
164 |
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Reverse repurchase agreements |
|
800 |
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|
— |
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|
800 |
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— |
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(800 |
) |
|
— |
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Total assets |
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$ |
1,125 |
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|
$ |
— |
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$ |
1,125 |
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$ |
(158 |
) |
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$ |
(803 |
) |
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$ |
164 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
401 |
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$ |
— |
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$ |
401 |
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|
$ |
(158 |
) |
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$ |
(32 |
) |
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$ |
211 |
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Total liabilities |
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$ |
401 |
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$ |
— |
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$ |
401 |
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$ |
(158 |
) |
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$ |
(32 |
) |
|
$ |
211 |
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| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] |
The before-tax gains (losses), attributed to the effective portion of cash flow hedges, recognized in other comprehensive income (loss) for each period were as follows:
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Three Months Ended |
(In Millions) |
|
Mar 29,
2014 |
|
Mar 30,
2013 |
Currency forwards |
|
$ |
35 |
|
|
$ |
(236 |
) |
Other |
|
(2 |
) |
|
1 |
|
Total |
|
$ |
33 |
|
|
$ |
(235 |
) |
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Not Designated as Hedging Instrument [Member]
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|
| Derivative Financial Instruments (Tables) [Abstract] |
|
| 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) |
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Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Mar 29,
2014 |
|
Mar 30,
2013 |
Currency forwards |
|
Interest and other, net |
|
$ |
(15 |
) |
|
$ |
56 |
|
Currency interest rate swaps |
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Interest and other, net |
|
(54 |
) |
|
100 |
|
Total return swaps |
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Various |
|
13 |
|
|
48 |
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Other |
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Gains (losses) on equity investments, net |
|
1 |
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|
2 |
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Total |
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$ |
(55 |
) |
|
$ |
206 |
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