Derivative Financial Instruments (Tables)
|
6 Months Ended |
Jun. 27, 2015 |
|---|
| 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 27,
2015 |
|
Dec 27,
2014 |
|
Jun 28,
2014 |
Currency forwards |
|
$ |
12,051 |
|
|
$ |
15,578 |
|
|
$ |
12,212 |
|
Currency interest rate swaps |
|
4,789 |
|
|
5,446 |
|
|
4,908 |
|
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
|
Interest rate swaps |
|
1,006 |
|
|
1,347 |
|
|
1,318 |
|
Total return swaps |
|
1,107 |
|
|
1,056 |
|
|
1,040 |
|
Other |
|
72 |
|
|
49 |
|
|
61 |
|
Total |
|
$ |
22,625 |
|
|
$ |
27,076 |
|
|
$ |
23,139 |
|
The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) at the end of each period were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions) |
|
Jun 27,
2015 |
|
Dec 27,
2014 |
|
Jun 28,
2014 |
Chinese yuan |
|
$ |
3,380 |
|
|
$ |
3,097 |
|
|
$ |
1,498 |
|
Euro |
|
6,193 |
|
|
7,486 |
|
|
5,942 |
|
Israeli shekel |
|
1,632 |
|
|
2,489 |
|
|
1,995 |
|
Japanese yen |
|
2,846 |
|
|
3,779 |
|
|
3,188 |
|
Other |
|
2,789 |
|
|
4,173 |
|
|
4,497 |
|
Total |
|
$ |
16,840 |
|
|
$ |
21,024 |
|
|
$ |
17,120 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 27, 2015 |
|
December 27, 2014 |
(In Millions) |
|
Other
Current
Assets
|
|
Other
Long-Term
Assets
|
|
Other
Accrued
Liabilities
|
|
Other
Long-Term
Liabilities
|
|
Other
Current
Assets
|
|
Other
Long-Term
Assets
|
|
Other
Accrued
Liabilities
|
|
Other
Long-Term
Liabilities
|
Derivatives designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency forwards |
|
$ |
50 |
|
|
$ |
4 |
|
|
$ |
276 |
|
|
$ |
4 |
|
|
$ |
6 |
|
|
$ |
1 |
|
|
$ |
497 |
|
|
$ |
9 |
|
Total derivatives designated as hedging instruments |
|
50 |
|
|
4 |
|
|
276 |
|
|
4 |
|
|
6 |
|
|
1 |
|
|
497 |
|
|
9 |
|
Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency forwards |
|
89 |
|
|
— |
|
|
83 |
|
|
— |
|
|
207 |
|
|
— |
|
|
44 |
|
|
— |
|
Currency interest rate swaps |
|
344 |
|
|
54 |
|
|
35 |
|
|
— |
|
|
344 |
|
|
34 |
|
|
7 |
|
|
— |
|
Embedded debt derivatives |
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
— |
|
|
4 |
|
|
8 |
|
Interest rate swaps |
|
1 |
|
|
— |
|
|
4 |
|
|
— |
|
|
3 |
|
|
— |
|
|
11 |
|
|
— |
|
Other |
|
2 |
|
|
16 |
|
|
6 |
|
|
— |
|
|
1 |
|
|
22 |
|
|
— |
|
|
— |
|
Total derivatives not designated as hedging instruments |
|
436 |
|
|
70 |
|
|
128 |
|
|
17 |
|
|
555 |
|
|
56 |
|
|
66 |
|
|
8 |
|
Total derivatives |
|
$ |
486 |
|
|
$ |
74 |
|
|
$ |
404 |
|
|
$ |
21 |
|
|
$ |
561 |
|
|
$ |
57 |
|
|
$ |
563 |
|
|
$ |
17 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 27, 2015 |
|
|
|
|
|
|
|
|
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 |
|
$ |
540 |
|
|
$ |
— |
|
|
$ |
540 |
|
|
$ |
(293 |
) |
|
$ |
(178 |
) |
|
$ |
69 |
|
Reverse repurchase agreements |
|
768 |
|
|
— |
|
|
768 |
|
|
— |
|
|
(768 |
) |
|
— |
|
Total assets |
|
1,308 |
|
|
— |
|
|
1,308 |
|
|
(293 |
) |
|
(946 |
) |
|
69 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
413 |
|
|
— |
|
|
413 |
|
|
(293 |
) |
|
(48 |
) |
|
72 |
|
Total liabilities |
|
$ |
413 |
|
|
$ |
— |
|
|
$ |
413 |
|
|
$ |
(293 |
) |
|
$ |
(48 |
) |
|
$ |
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 27, 2014 |
|
|
|
|
|
|
|
|
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 |
|
$ |
559 |
|
|
$ |
— |
|
|
$ |
559 |
|
|
$ |
(365 |
) |
|
$ |
(78 |
) |
|
$ |
116 |
|
Reverse repurchase agreements |
|
718 |
|
|
— |
|
|
718 |
|
|
— |
|
|
(718 |
) |
|
— |
|
Total assets |
|
1,277 |
|
|
— |
|
|
1,277 |
|
|
(365 |
) |
|
(796 |
) |
|
116 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
559 |
|
|
— |
|
|
559 |
|
|
(365 |
) |
|
(80 |
) |
|
114 |
|
Total liabilities |
|
$ |
559 |
|
|
$ |
— |
|
|
$ |
559 |
|
|
$ |
(365 |
) |
|
$ |
(80 |
) |
|
$ |
114 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
(In Millions) |
|
Jun 27,
2015 |
|
Jun 28,
2014 |
|
Jun 27,
2015 |
|
Jun 28,
2014 |
Currency forwards |
|
$ |
29 |
|
|
$ |
5 |
|
|
$ |
(200 |
) |
|
$ |
40 |
|
Other |
|
— |
|
|
(1 |
) |
|
— |
|
|
(3 |
) |
Total |
|
$ |
29 |
|
|
$ |
4 |
|
|
$ |
(200 |
) |
|
$ |
37 |
|
|
| Not Designated as Hedging Instrument [Member] |
|
| 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 27,
2015 |
|
Jun 28,
2014 |
|
Jun 27,
2015 |
|
Jun 28,
2014 |
Currency forwards |
|
Interest and other, net |
|
$ |
4 |
|
|
$ |
(7 |
) |
|
$ |
(14 |
) |
|
$ |
(22 |
) |
Currency interest rate swaps |
|
Interest and other, net |
|
(50 |
) |
|
26 |
|
|
203 |
|
|
(28 |
) |
Interest rate swaps |
|
Interest and other, net |
|
1 |
|
|
(4 |
) |
|
(5 |
) |
|
(4 |
) |
Total return swaps |
|
Various |
|
11 |
|
|
45 |
|
|
42 |
|
|
58 |
|
Other |
|
Various |
|
(5 |
) |
|
1 |
|
|
(14 |
) |
|
2 |
|
Total |
|
|
|
$ |
(39 |
) |
|
$ |
61 |
|
|
$ |
212 |
|
|
$ |
6 |
|
|