Derivative Financial Instruments (Tables)
|
12 Months Ended |
Dec. 26, 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:
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|
(In Millions) |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
|
Dec 28,
2013 |
Currency forwards |
|
$ |
11,212 |
|
|
$ |
15,578 |
|
|
$ |
13,404 |
|
Currency interest rate swaps |
|
5,509 |
|
|
5,446 |
|
|
4,377 |
|
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
|
Interest rate swaps |
|
5,212 |
|
|
1,347 |
|
|
1,377 |
|
Total return swaps |
|
1,061 |
|
|
1,056 |
|
|
914 |
|
Other |
|
61 |
|
|
49 |
|
|
67 |
|
Total |
|
$ |
26,655 |
|
|
$ |
27,076 |
|
|
$ |
23,739 |
|
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) |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
|
Dec 28,
2013 |
Chinese yuan |
|
$ |
2,231 |
|
|
$ |
3,097 |
|
|
$ |
1,116 |
|
Euro |
|
6,084 |
|
|
7,486 |
|
|
6,874 |
|
Israeli shekel |
|
1,674 |
|
|
2,489 |
|
|
2,244 |
|
Japanese yen |
|
2,663 |
|
|
3,779 |
|
|
4,116 |
|
Other |
|
4,069 |
|
|
4,173 |
|
|
3,431 |
|
Total |
|
$ |
16,721 |
|
|
$ |
21,024 |
|
|
$ |
17,781 |
|
|
| 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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December 26, 2015 |
|
December 27, 2014 |
(In Millions) |
|
Other
Current
Assets
|
|
Other
Long-Term
Assets
|
|
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
|
Derivatives designated as hedging instruments: |
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|
|
|
|
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|
|
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|
|
|
|
|
|
Currency forwards |
|
$ |
20 |
|
|
$ |
3 |
|
|
$ |
83 |
|
|
$ |
2 |
|
|
$ |
6 |
|
|
$ |
1 |
|
|
$ |
497 |
|
|
$ |
9 |
|
Interest rate swaps |
|
— |
|
|
1 |
|
|
— |
|
|
14 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Currency interest rate swaps |
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total derivatives designated as hedging instruments |
|
20 |
|
|
11 |
|
|
83 |
|
|
16 |
|
|
6 |
|
|
1 |
|
|
497 |
|
|
9 |
|
Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency forwards |
|
20 |
|
|
— |
|
|
63 |
|
|
— |
|
|
207 |
|
|
— |
|
|
44 |
|
|
— |
|
Currency interest rate swaps |
|
370 |
|
|
18 |
|
|
52 |
|
|
— |
|
|
344 |
|
|
34 |
|
|
7 |
|
|
— |
|
Embedded debt derivatives |
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
|
— |
|
|
— |
|
|
4 |
|
|
8 |
|
Interest rate swaps |
|
2 |
|
|
— |
|
|
12 |
|
|
— |
|
|
3 |
|
|
— |
|
|
11 |
|
|
— |
|
Total return swaps |
|
32 |
|
|
— |
|
|
2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other |
|
1 |
|
|
11 |
|
|
— |
|
|
— |
|
|
1 |
|
|
22 |
|
|
— |
|
|
— |
|
Total derivatives not designated as hedging instruments |
|
425 |
|
|
29 |
|
|
129 |
|
|
17 |
|
|
555 |
|
|
56 |
|
|
66 |
|
|
8 |
|
Total derivatives |
|
$ |
445 |
|
|
$ |
40 |
|
|
$ |
212 |
|
|
$ |
33 |
|
|
$ |
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:
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|
December 26, 2015 |
|
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|
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 |
|
$ |
482 |
|
|
$ |
— |
|
|
$ |
482 |
|
|
$ |
(201 |
) |
|
$ |
(188 |
) |
|
$ |
93 |
|
Reverse repurchase agreements |
|
3,368 |
|
|
— |
|
|
3,368 |
|
|
— |
|
|
(3,368 |
) |
|
— |
|
Total assets |
|
3,850 |
|
|
— |
|
|
3,850 |
|
|
(201 |
) |
|
(3,556 |
) |
|
93 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
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|
Derivative liabilities subject to master netting arrangements |
|
242 |
|
|
— |
|
|
242 |
|
|
(201 |
) |
|
(27 |
) |
|
14 |
|
Total liabilities |
|
$ |
242 |
|
|
$ |
— |
|
|
$ |
242 |
|
|
$ |
(201 |
) |
|
$ |
(27 |
) |
|
$ |
14 |
|
|
|
|
|
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|
December 27, 2014 |
|
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|
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 In Cash Flow Hedging Relationships [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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|
Gains (Losses)
Recognized in OCI on
Derivatives (Effective Portion)
|
Years Ended
(In Millions) |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
|
Dec 28,
2013 |
Currency forwards |
|
$ |
(305 |
) |
|
$ |
(587 |
) |
|
$ |
(167 |
) |
Currency interest rate swaps and other
|
|
7 |
|
|
(2 |
) |
|
1 |
|
Total |
|
$ |
(298 |
) |
|
$ |
(589 |
) |
|
$ |
(166 |
) |
|
| 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 statements of income for each period were as follows:
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|
Years Ended
(In Millions) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Dec 26,
2015 |
|
Dec 27,
2014 |
|
Dec 28,
2013 |
Currency forwards |
|
Interest and other, net |
|
$ |
(50 |
) |
|
$ |
144 |
|
|
$ |
44 |
|
Currency interest rate swaps |
|
Interest and other, net |
|
346 |
|
|
456 |
|
|
29 |
|
Interest rate swaps |
|
Interest and other, net |
|
(6 |
) |
|
(3 |
) |
|
— |
|
Total return swaps |
|
Various |
|
(27 |
) |
|
68 |
|
|
140 |
|
Other |
|
Gains (losses) on equity investments, net |
|
(11 |
) |
|
(6 |
) |
|
6 |
|
Other |
|
Interest and other, net |
|
(2 |
) |
|
— |
|
|
— |
|
Total |
|
$ |
250 |
|
|
$ |
659 |
|
|
$ |
219 |
|
|
| Interest and other, net [Member] | Fair Value Hedging [Member] |
|
| 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:
|
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|
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|
|
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|
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|
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|
Gains (Losses)
Recognized in Statement of Income on
Derivatives
|
Years Ended
(In Millions) |
|
Dec 26,
2015 |
|
Dec 27,
2014 |
|
Dec 28,
2013 |
Interest rate swap |
|
$ |
(13 |
) |
|
$ |
— |
|
|
$ |
— |
|
Hedged item |
|
13 |
|
|
— |
|
|
— |
|
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|