Derivative Financial Instruments (Tables)
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9 Months Ended |
Oct. 01, 2016 |
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| Derivative [Line Items] |
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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) |
|
Oct 1,
2016 |
|
Dec 26,
2015 |
|
Sep 26,
2015 |
Currency forwards |
|
$ |
10,639 |
|
|
$ |
11,212 |
|
|
$ |
12,395 |
|
Currency interest rate swaps |
|
7,194 |
|
|
5,509 |
|
|
4,966 |
|
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
|
Interest rate swaps |
|
6,446 |
|
|
5,212 |
|
|
1,740 |
|
Total return swaps |
|
1,276 |
|
|
1,061 |
|
|
1,020 |
|
Other |
|
79 |
|
|
61 |
|
|
64 |
|
Total |
|
$ |
29,234 |
|
|
$ |
26,655 |
|
|
$ |
23,785 |
|
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) |
|
Oct 1,
2016 |
|
Dec 26,
2015 |
|
Sep 26,
2015 |
Chinese yuan |
|
$ |
1,600 |
|
|
$ |
2,231 |
|
|
$ |
2,650 |
|
Euro |
|
6,199 |
|
|
6,084 |
|
|
6,546 |
|
Israeli shekel |
|
1,985 |
|
|
1,674 |
|
|
1,938 |
|
Japanese yen |
|
2,890 |
|
|
2,663 |
|
|
2,733 |
|
Other |
|
5,159 |
|
|
4,069 |
|
|
3,494 |
|
Total |
|
$ |
17,833 |
|
|
$ |
16,721 |
|
|
$ |
17,361 |
|
|
| 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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October 1, 2016 |
|
December 26, 2015 |
(In Millions) |
|
Other
Current
Assets
|
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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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Currency forwards |
|
$ |
155 |
|
|
$ |
2 |
|
|
$ |
15 |
|
|
$ |
1 |
|
|
$ |
20 |
|
|
$ |
3 |
|
|
$ |
83 |
|
|
$ |
2 |
|
Interest rate swaps |
|
— |
|
|
175 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
14 |
|
Currency interest rate swaps |
|
— |
|
|
48 |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
Total derivatives designated as hedging instruments |
|
155 |
|
|
225 |
|
|
15 |
|
|
1 |
|
|
20 |
|
|
11 |
|
|
83 |
|
|
16 |
|
Derivatives not designated as hedging instruments: |
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|
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|
|
|
|
|
|
|
Currency forwards |
|
41 |
|
|
1 |
|
|
25 |
|
|
1 |
|
|
20 |
|
|
— |
|
|
63 |
|
|
— |
|
Currency interest rate swaps |
|
112 |
|
|
8 |
|
|
309 |
|
|
— |
|
|
370 |
|
|
18 |
|
|
52 |
|
|
— |
|
Embedded debt derivatives |
|
— |
|
|
— |
|
|
— |
|
|
19 |
|
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
Interest rate swaps |
|
3 |
|
|
— |
|
|
19 |
|
|
— |
|
|
2 |
|
|
— |
|
|
12 |
|
|
— |
|
Total return swaps |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
32 |
|
|
— |
|
|
2 |
|
|
— |
|
Other |
|
2 |
|
|
11 |
|
|
— |
|
|
— |
|
|
1 |
|
|
11 |
|
|
— |
|
|
— |
|
Total derivatives not designated as hedging instruments |
|
158 |
|
|
20 |
|
|
353 |
|
|
20 |
|
|
425 |
|
|
29 |
|
|
129 |
|
|
17 |
|
Total derivatives |
|
$ |
313 |
|
|
$ |
245 |
|
|
$ |
368 |
|
|
$ |
21 |
|
|
$ |
445 |
|
|
$ |
40 |
|
|
$ |
212 |
|
|
$ |
33 |
|
|
| 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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October 1, 2016 |
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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 |
|
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: |
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Derivative assets subject to master netting arrangements |
|
$ |
552 |
|
|
$ |
— |
|
|
$ |
552 |
|
|
$ |
(243 |
) |
|
$ |
(210 |
) |
|
$ |
99 |
|
Reverse repurchase agreements |
|
1,018 |
|
|
— |
|
|
1,018 |
|
|
— |
|
|
(1,018 |
) |
|
— |
|
Total assets |
|
1,570 |
|
|
— |
|
|
1,570 |
|
|
(243 |
) |
|
(1,228 |
) |
|
99 |
|
Liabilities: |
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|
|
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|
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Derivative liabilities subject to master netting arrangements |
|
385 |
|
|
— |
|
|
385 |
|
|
(243 |
) |
|
(142 |
) |
|
— |
|
Total liabilities |
|
$ |
385 |
|
|
$ |
— |
|
|
$ |
385 |
|
|
$ |
(243 |
) |
|
$ |
(142 |
) |
|
$ |
— |
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December 26, 2015 |
|
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Gross Amounts Not Offset in the Balance Sheet |
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|
(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: |
|
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|
|
|
|
|
|
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|
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 |
|
|
| 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 |
|
Nine Months Ended |
(In Millions) |
|
Oct 1,
2016 |
|
Sep 26,
2015 |
|
Oct 1,
2016 |
|
Sep 26,
2015 |
Currency forwards |
|
$ |
65 |
|
|
$ |
(68 |
) |
|
$ |
356 |
|
|
$ |
(268 |
) |
Currency interest rate swaps and other |
|
27 |
|
|
— |
|
|
18 |
|
|
— |
|
Total |
|
$ |
92 |
|
|
$ |
(68 |
) |
|
$ |
374 |
|
|
$ |
(268 |
) |
|
| 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:
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Three Months Ended |
|
Nine Months Ended |
(In Millions) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Oct 1,
2016 |
|
Sep 26,
2015 |
|
Oct 1,
2016 |
|
Sep 26,
2015 |
Currency forwards |
|
Interest and other, net |
|
$ |
6 |
|
|
$ |
(19 |
) |
|
$ |
2 |
|
|
$ |
(33 |
) |
Currency interest rate swaps |
|
Interest and other, net |
|
(41 |
) |
|
80 |
|
|
(211 |
) |
|
283 |
|
Interest rate swaps |
|
Interest and other, net |
|
7 |
|
|
(3 |
) |
|
(8 |
) |
|
(8 |
) |
Total return swaps |
|
Various |
|
78 |
|
|
(90 |
) |
|
92 |
|
|
(48 |
) |
Other |
|
Various |
|
(6 |
) |
|
(3 |
) |
|
(2 |
) |
|
(17 |
) |
Total |
|
|
|
$ |
44 |
|
|
$ |
(35 |
) |
|
$ |
(127 |
) |
|
$ |
177 |
|
|
| 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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Three Months Ended |
|
Nine Months Ended |
(In Millions) |
|
Oct 1,
2016 |
|
Sep 26,
2015 |
|
Oct 1,
2016 |
|
Sep 26,
2015 |
Interest rate swap |
|
$ |
(34 |
) |
|
$ |
3 |
|
|
$ |
188 |
|
|
$ |
3 |
|
Hedged item |
|
34 |
|
|
(3 |
) |
|
(188 |
) |
|
(3 |
) |
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|