Derivative Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2017 |
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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) |
|
Sep 30,
2017 |
|
Dec 31,
2016 |
|
Oct 1,
2016 |
Foreign currency contracts |
|
$ |
18,573 |
|
|
$ |
17,960 |
|
|
$ |
17,833 |
|
Interest rate contracts |
|
18,171 |
|
|
14,228 |
|
|
10,046 |
|
Other |
|
1,461 |
|
|
1,340 |
|
|
1,355 |
|
Total |
|
$ |
38,205 |
|
|
$ |
33,528 |
|
|
$ |
29,234 |
|
|
| 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
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September 30, 2017 |
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December 31, 2016 |
(In Millions) |
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Assets 1
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Liabilities 2
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Assets 1
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Liabilities 2
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Derivatives designated as hedging instruments: |
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Foreign currency contracts 3
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|
$ |
296 |
|
|
$ |
33 |
|
|
$ |
21 |
|
|
$ |
252 |
|
Interest rate contracts |
|
8 |
|
|
125 |
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|
3 |
|
|
187 |
|
Total derivatives designated as hedging instruments |
|
304 |
|
|
158 |
|
|
24 |
|
|
439 |
|
Derivatives not designated as hedging instruments: |
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Foreign currency contracts 3
|
|
48 |
|
|
437 |
|
|
374 |
|
|
114 |
|
Interest rate contracts |
|
11 |
|
|
27 |
|
|
15 |
|
|
30 |
|
Other |
|
11 |
|
|
— |
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|
9 |
|
|
— |
|
Total derivatives not designated as hedging instruments |
|
70 |
|
|
464 |
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|
398 |
|
|
144 |
|
Total derivatives |
|
$ |
374 |
|
|
$ |
622 |
|
|
$ |
422 |
|
|
$ |
583 |
|
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| Offsetting Assets [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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September 30, 2017 |
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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 |
|
$ |
360 |
|
|
$ |
— |
|
|
$ |
360 |
|
|
$ |
(201 |
) |
|
$ |
(159 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
1,849 |
|
|
— |
|
|
1,849 |
|
|
— |
|
|
(1,849 |
) |
|
— |
|
Total assets |
|
2,209 |
|
|
— |
|
|
2,209 |
|
|
(201 |
) |
|
(2,008 |
) |
|
— |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
603 |
|
|
— |
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|
603 |
|
|
(201 |
) |
|
(377 |
) |
|
25 |
|
Total liabilities |
|
$ |
603 |
|
|
$ |
— |
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|
$ |
603 |
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|
$ |
(201 |
) |
|
$ |
(377 |
) |
|
$ |
25 |
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December 31, 2016 |
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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 |
|
$ |
433 |
|
|
$ |
— |
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|
$ |
433 |
|
|
$ |
(368 |
) |
|
$ |
(42 |
) |
|
$ |
23 |
|
Reverse repurchase agreements |
|
1,018 |
|
|
— |
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|
1,018 |
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— |
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(1,018 |
) |
|
— |
|
Total assets |
|
1,451 |
|
|
— |
|
|
1,451 |
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(368 |
) |
|
(1,060 |
) |
|
23 |
|
Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
588 |
|
|
— |
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|
588 |
|
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(368 |
) |
|
(201 |
) |
|
19 |
|
Total liabilities |
|
$ |
588 |
|
|
$ |
— |
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|
$ |
588 |
|
|
$ |
(368 |
) |
|
$ |
(201 |
) |
|
$ |
19 |
|
|
| Offsetting 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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|
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September 30, 2017 |
|
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|
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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 |
|
$ |
360 |
|
|
$ |
— |
|
|
$ |
360 |
|
|
$ |
(201 |
) |
|
$ |
(159 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
1,849 |
|
|
— |
|
|
1,849 |
|
|
— |
|
|
(1,849 |
) |
|
— |
|
Total assets |
|
2,209 |
|
|
— |
|
|
2,209 |
|
|
(201 |
) |
|
(2,008 |
) |
|
— |
|
Liabilities: |
|
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|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
603 |
|
|
— |
|
|
603 |
|
|
(201 |
) |
|
(377 |
) |
|
25 |
|
Total liabilities |
|
$ |
603 |
|
|
$ |
— |
|
|
$ |
603 |
|
|
$ |
(201 |
) |
|
$ |
(377 |
) |
|
$ |
25 |
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December 31, 2016 |
|
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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 |
|
$ |
433 |
|
|
$ |
— |
|
|
$ |
433 |
|
|
$ |
(368 |
) |
|
$ |
(42 |
) |
|
$ |
23 |
|
Reverse repurchase agreements |
|
1,018 |
|
|
— |
|
|
1,018 |
|
|
— |
|
|
(1,018 |
) |
|
— |
|
Total assets |
|
1,451 |
|
|
— |
|
|
1,451 |
|
|
(368 |
) |
|
(1,060 |
) |
|
23 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
588 |
|
|
— |
|
|
588 |
|
|
(368 |
) |
|
(201 |
) |
|
19 |
|
Total liabilities |
|
$ |
588 |
|
|
$ |
— |
|
|
$ |
588 |
|
|
$ |
(368 |
) |
|
$ |
(201 |
) |
|
$ |
19 |
|
|
| 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
|
|
Sep 30,
2017 |
|
Oct 1,
2016 |
|
Sep 30,
2017 |
|
Oct 1,
2016 |
Foreign currency contracts |
|
Interest and other, net |
|
$ |
(91 |
) |
|
$ |
(35 |
) |
|
$ |
(521 |
) |
|
$ |
(209 |
) |
Interest rate contracts |
|
Interest and other, net |
|
(3 |
) |
|
7 |
|
|
(4 |
) |
|
(8 |
) |
Other |
|
Various |
|
40 |
|
|
72 |
|
|
135 |
|
|
90 |
|
Total |
|
|
|
$ |
(54 |
) |
|
$ |
44 |
|
|
$ |
(390 |
) |
|
$ |
(127 |
) |
|
| 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) |
|
Sep 30,
2017 |
|
Oct 1,
2016 |
|
Sep 30,
2017 |
|
Oct 1,
2016 |
Interest rate contracts |
|
$ |
(15 |
) |
|
$ |
(34 |
) |
|
$ |
67 |
|
|
$ |
188 |
|
Hedged items |
|
15 |
|
|
34 |
|
|
(67 |
) |
|
(188 |
) |
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|