Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 29, 2024
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: 
(In Millions)
 Jun 29, 2024 Dec 30, 2023
Foreign currency contracts
 $ 32,303  $ 30,064 
Interest rate contracts
 17,882  18,363 
Other
 2,539  2,103 
Total $ 52,724  $ 50,530 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets
 
 Jun 29, 2024 Dec 30, 2023
(In Millions)
Assets1
Liabilities2
Assets1
Liabilities2
Derivatives designated as hedging instruments:
Foreign currency contracts3
$ 38  $ 418  $ 255  $ 142 
Interest rate contracts
 —  699  —  578 
Total derivatives designated as hedging instruments
 $ 38  $ 1,117  $ 255  $ 720 
Derivatives not designated as hedging instruments:
Foreign currency contracts3
$ 407  $ 56  $ 314  $ 363 
Interest rate contracts
 238  7  261  36 
Equity contracts
 131  4  366  — 
Total derivatives not designated as hedging instruments $ 776  $ 67  $ 941  $ 399 
Total derivatives $ 814  $ 1,184  $ 1,196  $ 1,119 
1Derivative assets are recorded as other assets, current and long-term.
2Derivative liabilities are recorded as other liabilities, current and long-term.
3A substantial majority of these instruments mature within 12 months.
The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:
Line Item in the Consolidated Condensed Balance Sheets in Which the Hedged Item is Included Carrying Amount of the Hedged Item Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions)
 Jun 29, 2024 Dec 30, 2023 Jun 29, 2024 Dec 30, 2023
Long-term debt $ (11,299) $ (11,419) $ 698  $ 578 
Offsetting Assets [Table Text Block]
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:
Jun 29, 2024
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 $ 706  $ —  $ 706  $ (331) $ (375) $ — 
Reverse repurchase agreements
 2,915  —  2,915  —  (2,915) — 
Total assets $ 3,621  $ —  $ 3,621  $ (331) $ (3,290) $ — 
Liabilities:
Derivative liabilities subject to master netting arrangements $ 1,178  $ —  $ 1,178  $ (331) $ (742) $ 105 
Total liabilities $ 1,178  $ —  $ 1,178  $ (331) $ (742) $ 105 
Dec 30, 2023
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 $ 1,047  $ —  $ 1,047  $ (617) $ (430) $ — 
Reverse repurchase agreements 2,554  —  2,554  —  (2,554) — 
Total assets $ 3,601  $ —  $ 3,601  $ (617) $ (2,984) $ — 
Liabilities:
Derivative liabilities subject to master netting arrangements $ 1,111  $ —  $ 1,111  $ (617) $ (399) $ 95 
Total liabilities $ 1,111  $ —  $ 1,111  $ (617) $ (399) $ 95 
Offsetting Liabilities [Table Text Block]
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:
Jun 29, 2024
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 $ 706  $ —  $ 706  $ (331) $ (375) $ — 
Reverse repurchase agreements
 2,915  —  2,915  —  (2,915) — 
Total assets $ 3,621  $ —  $ 3,621  $ (331) $ (3,290) $ — 
Liabilities:
Derivative liabilities subject to master netting arrangements $ 1,178  $ —  $ 1,178  $ (331) $ (742) $ 105 
Total liabilities $ 1,178  $ —  $ 1,178  $ (331) $ (742) $ 105 
Dec 30, 2023
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 $ 1,047  $ —  $ 1,047  $ (617) $ (430) $ — 
Reverse repurchase agreements 2,554  —  2,554  —  (2,554) — 
Total assets $ 3,601  $ —  $ 3,601  $ (617) $ (2,984) $ — 
Liabilities:
Derivative liabilities subject to master netting arrangements $ 1,111  $ —  $ 1,111  $ (617) $ (399) $ 95 
Total liabilities $ 1,111  $ —  $ 1,111  $ (617) $ (399) $ 95 
Not Designated as Hedging Instrument  
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:
 
 Three Months Ended Six Months Ended
(In Millions)
 Location of Gains (Losses)
Recognized in Income on Derivatives		 Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023
Foreign currency contracts
Interest and other, net
 $ 190  $ 211  $ 536  $ 212 
Interest rate contracts
Interest and other, net
 34  124  151  90 
Other
Various
 56  100  193  215 
Total $ 280  $ 435  $ 880  $ 517 
Interest and other, net [Member] | Fair Value Hedging  
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:
Gains (Losses) on Derivatives Recognized in Consolidated Condensed Statements of Income
Three Months Ended Six Months Ended
(In Millions)
 Jun 29, 2024 Jul 1, 2023 Jun 29, 2024 Jul 1, 2023
Interest rate contracts
 $ 24  $ (213) $ (120) $ (21)
Hedged items
 (24) 213  120  21 
Total $ —  $ —  $ —  $ —