Derivative Financial Instruments (Tables)
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12 Months Ended |
Dec. 28, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
The total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows:
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Years Ended (In Millions) |
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Dec 28, 2024 |
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Dec 30, 2023 |
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Dec 31, 2022 |
Foreign currency contracts |
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$ |
25,472 |
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$ |
30,064 |
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$ |
31,603 |
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Interest rate contracts |
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17,899 |
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18,363 |
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16,011 |
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Other |
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2,593 |
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2,103 |
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2,094 |
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Total |
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$ |
45,964
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$ |
50,530
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$ |
49,708
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
Fair Value of Derivative Instruments in the Consolidated Balance Sheets
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December 28, 2024 |
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December 30, 2023 |
(In Millions) |
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Assets1
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Liabilities2
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Assets1
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Liabilities2
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Derivatives designated as hedging instruments: |
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Foreign currency contracts3
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$ |
40 |
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$ |
405 |
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$ |
255 |
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$ |
142 |
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Interest rate contracts |
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— |
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582 |
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— |
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578 |
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Total derivatives designated as hedging instruments |
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40
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987
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255
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720
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Derivatives not designated as hedging instruments: |
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Foreign currency contracts3
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510 |
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100 |
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314 |
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363 |
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Interest rate contracts |
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184 |
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25 |
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261 |
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36 |
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Equity contracts |
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348 |
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— |
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366 |
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— |
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Other4
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— |
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755 |
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— |
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— |
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Total derivatives not designated as hedging instruments |
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1,042
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880
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941
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399
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Total derivatives |
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$ |
1,082
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$ |
1,867
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$ |
1,196
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$ |
1,119
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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.
4Embedded derivative related to our Ireland SCIP arrangement.
The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:
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Line Items in the Consolidated Balance Sheets in Which the Hedged Item Is Included |
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Carrying Amount of the Hedged Item Assets/(Liabilities) |
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Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) |
Years Ended (In Millions) |
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Dec 28, 2024 |
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Dec 30, 2023 |
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Dec 28, 2024 |
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Dec 30, 2023 |
Long-term debt |
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$ |
(9,201) |
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$ |
(11,419) |
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$ |
546 |
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$ |
578 |
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Short-term debt |
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(2,214) |
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— |
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36 |
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— |
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Total |
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$ |
(11,415) |
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$ |
(11,419) |
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$ |
582
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$ |
578
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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:
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December 28, 2024 |
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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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$ |
948 |
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$ |
— |
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$ |
948 |
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$ |
(269) |
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$ |
(679) |
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$ |
— |
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Reverse repurchase agreements |
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2,654 |
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— |
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2,654 |
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— |
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(2,654) |
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— |
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Total assets |
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$ |
3,602
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$ |
—
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$ |
3,602
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$ |
(269) |
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$ |
(3,333) |
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$ |
—
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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1,084 |
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— |
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1,084 |
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(269) |
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(745) |
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70 |
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Total liabilities |
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$ |
1,084
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$ |
—
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$ |
1,084
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$ |
(269) |
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$ |
(745) |
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$ |
70
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December 30, 2023 |
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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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$ |
1,047 |
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$ |
— |
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$ |
1,047 |
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$ |
(617) |
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$ |
(430) |
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$ |
— |
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Reverse repurchase agreements |
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2,554 |
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— |
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2,554 |
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— |
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(2,554) |
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— |
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Total assets |
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$ |
3,601
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$ |
—
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$ |
3,601
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$ |
(617) |
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$ |
(2,984) |
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$ |
—
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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1,111 |
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— |
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1,111 |
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(617) |
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(399) |
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95 |
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Total liabilities |
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$ |
1,111
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$ |
—
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$ |
1,111
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$ |
(617) |
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$ |
(399) |
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$ |
95
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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:
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December 28, 2024 |
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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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$ |
948 |
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$ |
— |
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$ |
948 |
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$ |
(269) |
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$ |
(679) |
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$ |
— |
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Reverse repurchase agreements |
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2,654 |
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— |
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2,654 |
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— |
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(2,654) |
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— |
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Total assets |
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$ |
3,602
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$ |
—
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$ |
3,602
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$ |
(269) |
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$ |
(3,333) |
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$ |
—
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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1,084 |
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— |
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1,084 |
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(269) |
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(745) |
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70 |
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Total liabilities |
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$ |
1,084
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$ |
—
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$ |
1,084
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$ |
(269) |
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$ |
(745) |
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$ |
70
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December 30, 2023 |
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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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$ |
1,047 |
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$ |
— |
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$ |
1,047 |
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$ |
(617) |
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$ |
(430) |
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$ |
— |
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Reverse repurchase agreements |
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2,554 |
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— |
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2,554 |
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— |
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(2,554) |
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— |
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Total assets |
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$ |
3,601
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$ |
—
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$ |
3,601
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$ |
(617) |
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$ |
(2,984) |
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$ |
—
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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1,111 |
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— |
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1,111 |
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(617) |
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(399) |
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95 |
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Total liabilities |
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$ |
1,111
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$ |
—
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$ |
1,111
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$ |
(617) |
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$ |
(399) |
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$ |
95
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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) on Derivatives Recognized in Consolidated Statements of Operations |
Years Ended (In Millions) |
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Dec 28, 2024 |
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Dec 30, 2023 |
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Dec 31, 2022 |
Interest rate contracts |
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$ |
(4) |
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$ |
198 |
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$ |
(1,551) |
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Hedged items |
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4 |
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(198) |
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1,551 |
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Total |
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$ |
—
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$ |
—
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$ |
—
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Derivatives Not Designated as Hedging Instruments [Table Text Block] |
The effects of derivative instruments not designated as hedging instruments on the Consolidated Statements of Operations for each period were as follows:
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Years Ended (In Millions) |
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Location of Gains (Losses) Recognized in Income on Derivatives |
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Dec 28, 2024 |
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Dec 30, 2023 |
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Dec 31, 2022 |
Foreign currency contracts |
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Interest and other, net |
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$ |
651 |
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$ |
106 |
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$ |
1,492 |
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Interest rate contracts |
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Interest and other, net |
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182 |
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50 |
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309 |
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Other |
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Various |
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(411) |
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325 |
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(502) |
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Total |
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$ |
422
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$ |
481
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$ |
1,299
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Our Ireland SCIP agreement with Apollo contains construction-related liquidated damage provisions that meet the definition of an embedded derivative that is not clearly and closely related to the relevant host contract, thus requiring bifurcation and separate accounting as a derivative liability. As of December 28, 2024, we assessed the probability of paying damages to Apollo and recognized a loss of $755 million in 2024 within Interest and other, net, and a derivative liability within Other long-term liabilities. We will periodically reassess the probability of paying such liquidated damages and recognize changes in the fair value of the underlying liability through Interest and other, net.
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