Derivative Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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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) |
|
Mar 31,
2018 |
|
Dec 30,
2017 |
|
Apr 1,
2017 |
Foreign currency contracts |
|
$ |
22,020 |
|
|
$ |
19,958 |
|
|
$ |
18,575 |
|
Interest rate contracts |
|
20,905 |
|
|
16,823 |
|
|
14,815 |
|
Other |
|
2,154 |
|
|
1,636 |
|
|
1,357 |
|
Total |
|
$ |
45,079 |
|
|
$ |
38,417 |
|
|
$ |
34,747 |
|
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The amounts recorded on the consolidated condensed balance sheet related to cumulative basis adjustments for fair value hedges for each period were as follows:
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Line Item in the Consolidated Condensed Balance Sheet in Which the Hedged Item Is Included |
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Carrying Amount of the Hedged Item Asset/(Liabilities) |
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Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities) |
Years Ended
(In Millions) |
|
Mar 31,
2018 |
|
Dec 30,
2017 |
|
Mar 31,
2018 |
|
Dec 30,
2017 |
Long-Term Debt |
|
$ |
(16,612 |
) |
|
$ |
(12,653 |
) |
|
$ |
510 |
|
|
$ |
252 |
|
FAIR VALUE OF DERIVATIVE INSTRUMENTS IN THE CONSOLIDATED CONDENSED BALANCE SHEETS
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March 31, 2018 |
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December 30, 2017 |
(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
|
Derivatives designated as hedging instruments: |
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|
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Foreign currency contracts 3
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|
$ |
303 |
|
|
$ |
9 |
|
|
$ |
283 |
|
|
$ |
32 |
|
Interest rate contracts |
|
30 |
|
|
540 |
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|
1 |
|
|
254 |
|
Total derivatives designated as hedging instruments |
|
333 |
|
|
549 |
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|
284 |
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|
286 |
|
Derivatives not designated as hedging instruments: |
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Foreign currency contracts 3
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|
94 |
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|
575 |
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|
52 |
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|
447 |
|
Interest rate contracts |
|
31 |
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|
22 |
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|
18 |
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|
24 |
|
Other |
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— |
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— |
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9 |
|
|
— |
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Total derivatives not designated as hedging instruments |
|
125 |
|
|
597 |
|
|
79 |
|
|
471 |
|
Total derivatives |
|
$ |
458 |
|
|
$ |
1,146 |
|
|
$ |
363 |
|
|
$ |
757 |
|
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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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March 31, 2018 |
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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 |
|
Cash and Non-Cash Collateral Received or Pledged |
|
Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
|
$ |
440 |
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|
$ |
— |
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|
$ |
440 |
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|
$ |
(327 |
) |
|
$ |
(61 |
) |
|
$ |
52 |
|
Reverse repurchase agreements |
|
1,649 |
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|
— |
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|
1,649 |
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— |
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|
(1,649 |
) |
|
— |
|
Total assets |
|
2,089 |
|
|
— |
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|
2,089 |
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(327 |
) |
|
(1,710 |
) |
|
52 |
|
Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
1,133 |
|
|
— |
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|
1,133 |
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|
(327 |
) |
|
(753 |
) |
|
53 |
|
Total liabilities |
|
$ |
1,133 |
|
|
$ |
— |
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|
$ |
1,133 |
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|
$ |
(327 |
) |
|
$ |
(753 |
) |
|
$ |
53 |
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December 30, 2017 |
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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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Derivative assets subject to master netting arrangements |
|
$ |
350 |
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|
$ |
— |
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|
$ |
350 |
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|
$ |
(206 |
) |
|
$ |
(130 |
) |
|
$ |
14 |
|
Reverse repurchase agreements |
|
1,649 |
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|
— |
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|
1,649 |
|
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— |
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|
(1,649 |
) |
|
— |
|
Total assets |
|
1,999 |
|
|
— |
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|
1,999 |
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(206 |
) |
|
(1,779 |
) |
|
14 |
|
Liabilities: |
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|
Derivative liabilities subject to master netting arrangements |
|
745 |
|
|
— |
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|
745 |
|
|
(206 |
) |
|
(504 |
) |
|
35 |
|
Total liabilities |
|
$ |
745 |
|
|
$ |
— |
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|
$ |
745 |
|
|
$ |
(206 |
) |
|
$ |
(504 |
) |
|
$ |
35 |
|
|
| 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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March 31, 2018 |
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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: |
|
|
|
|
|
|
|
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|
Derivative assets subject to master netting arrangements |
|
$ |
440 |
|
|
$ |
— |
|
|
$ |
440 |
|
|
$ |
(327 |
) |
|
$ |
(61 |
) |
|
$ |
52 |
|
Reverse repurchase agreements |
|
1,649 |
|
|
— |
|
|
1,649 |
|
|
— |
|
|
(1,649 |
) |
|
— |
|
Total assets |
|
2,089 |
|
|
— |
|
|
2,089 |
|
|
(327 |
) |
|
(1,710 |
) |
|
52 |
|
Liabilities: |
|
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|
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|
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Derivative liabilities subject to master netting arrangements |
|
1,133 |
|
|
— |
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|
1,133 |
|
|
(327 |
) |
|
(753 |
) |
|
53 |
|
Total liabilities |
|
$ |
1,133 |
|
|
$ |
— |
|
|
$ |
1,133 |
|
|
$ |
(327 |
) |
|
$ |
(753 |
) |
|
$ |
53 |
|
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|
December 30, 2017 |
|
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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 |
|
$ |
350 |
|
|
$ |
— |
|
|
$ |
350 |
|
|
$ |
(206 |
) |
|
$ |
(130 |
) |
|
$ |
14 |
|
Reverse repurchase agreements |
|
1,649 |
|
|
— |
|
|
1,649 |
|
|
— |
|
|
(1,649 |
) |
|
— |
|
Total assets |
|
1,999 |
|
|
— |
|
|
1,999 |
|
|
(206 |
) |
|
(1,779 |
) |
|
14 |
|
Liabilities: |
|
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|
|
|
|
|
|
|
|
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|
Derivative liabilities subject to master netting arrangements |
|
745 |
|
|
— |
|
|
745 |
|
|
(206 |
) |
|
(504 |
) |
|
35 |
|
Total liabilities |
|
$ |
745 |
|
|
$ |
— |
|
|
$ |
745 |
|
|
$ |
(206 |
) |
|
$ |
(504 |
) |
|
$ |
35 |
|
|
| 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 |
(In Millions) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Mar 31,
2018 |
|
Apr 1,
2017 |
Foreign currency contracts |
|
Interest and other, net |
|
$ |
(170 |
) |
|
$ |
(160 |
) |
Interest rate contracts |
|
Interest and other, net |
|
14 |
|
|
(2 |
) |
Other |
|
Various |
|
(31 |
) |
|
58 |
|
Total |
|
|
|
$ |
(187 |
) |
|
$ |
(104 |
) |
|
| 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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|
|
|
|
|
|
|
|
Three Months Ended |
(In Millions) |
|
Mar 31,
2018 |
|
Apr 1,
2017 |
Interest rate contracts |
|
$ |
(258 |
) |
|
$ |
(14 |
) |
Hedged items |
|
258 |
|
|
14 |
|
Total |
|
$ |
— |
|
|
$ |
— |
|
|