Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 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) |
|
Jun 30,
2018 |
|
Dec 30,
2017 |
|
Jul 1,
2017 |
Foreign currency contracts |
|
$ |
18,396 |
|
|
$ |
19,958 |
|
|
$ |
20,861 |
|
Interest rate contracts |
|
23,349 |
|
|
16,823 |
|
|
16,781 |
|
Other |
|
1,477 |
|
|
1,636 |
|
|
1,396 |
|
Total |
|
$ |
43,222 |
|
|
$ |
38,417 |
|
|
$ |
39,038 |
|
|
| 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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June 30, 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
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Derivatives designated as hedging instruments: |
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Foreign currency contracts 3
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|
$ |
60 |
|
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$ |
185 |
|
|
$ |
283 |
|
|
$ |
32 |
|
Interest rate contracts |
|
24 |
|
|
647 |
|
|
1 |
|
|
254 |
|
Total derivatives designated as hedging instruments |
|
84 |
|
|
832 |
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|
284 |
|
|
286 |
|
Derivatives not designated as hedging instruments: |
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Foreign currency contracts 3
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|
159 |
|
|
247 |
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|
52 |
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|
447 |
|
Interest rate contracts |
|
33 |
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|
25 |
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|
18 |
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|
24 |
|
Other |
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1 |
|
|
— |
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|
9 |
|
|
— |
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Total derivatives not designated as hedging instruments |
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193 |
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|
272 |
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|
79 |
|
|
471 |
|
Total derivatives |
|
$ |
277 |
|
|
$ |
1,104 |
|
|
$ |
363 |
|
|
$ |
757 |
|
The amounts recorded on the consolidated condensed balance sheets 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) |
|
Jun 30,
2018 |
|
Dec 30,
2017 |
|
Jun 30,
2018 |
|
Dec 30,
2017 |
Long-Term Debt |
|
$ |
19,389 |
|
|
$ |
(12,653 |
) |
|
$ |
623 |
|
|
$ |
252 |
|
|
| 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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June 30, 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 |
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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 |
|
$ |
277 |
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|
$ |
— |
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|
$ |
277 |
|
|
$ |
(172 |
) |
|
$ |
(105 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
1,499 |
|
|
— |
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|
1,499 |
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|
— |
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|
(1,499 |
) |
|
— |
|
Total assets |
|
1,776 |
|
|
— |
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|
1,776 |
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(172 |
) |
|
(1,604 |
) |
|
— |
|
Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
1,095 |
|
|
— |
|
|
1,095 |
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|
(172 |
) |
|
(885 |
) |
|
38 |
|
Total liabilities |
|
$ |
1,095 |
|
|
$ |
— |
|
|
$ |
1,095 |
|
|
$ |
(172 |
) |
|
$ |
(885 |
) |
|
$ |
38 |
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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) |
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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 |
|
$ |
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 |
) |
|
— |
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Total assets |
|
1,999 |
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|
— |
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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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June 30, 2018 |
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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 |
|
$ |
277 |
|
|
$ |
— |
|
|
$ |
277 |
|
|
$ |
(172 |
) |
|
$ |
(105 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
1,499 |
|
|
— |
|
|
1,499 |
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|
— |
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|
(1,499 |
) |
|
— |
|
Total assets |
|
1,776 |
|
|
— |
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|
1,776 |
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|
(172 |
) |
|
(1,604 |
) |
|
— |
|
Liabilities: |
|
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|
Derivative liabilities subject to master netting arrangements |
|
1,095 |
|
|
— |
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|
1,095 |
|
|
(172 |
) |
|
(885 |
) |
|
38 |
|
Total liabilities |
|
$ |
1,095 |
|
|
$ |
— |
|
|
$ |
1,095 |
|
|
$ |
(172 |
) |
|
$ |
(885 |
) |
|
$ |
38 |
|
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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 |
|
Six Months Ended |
(In Millions) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Jun 30,
2018 |
|
Jul 1,
2017 |
|
Jun 30,
2018 |
|
Jul 1,
2017 |
Foreign currency contracts |
|
Interest and other, net |
|
$ |
438 |
|
|
$ |
(271 |
) |
|
$ |
268 |
|
|
$ |
(430 |
) |
Interest rate contracts |
|
Interest and other, net |
|
6 |
|
|
1 |
|
|
20 |
|
|
(1 |
) |
Other |
|
Various |
|
27 |
|
|
38 |
|
|
(4 |
) |
|
95 |
|
Total |
|
|
|
$ |
471 |
|
|
$ |
(232 |
) |
|
$ |
284 |
|
|
$ |
(336 |
) |
|
| 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 |
|
Six Months Ended |
(In Millions) |
|
Jun 30,
2018 |
|
Jul 1,
2017 |
|
Jun 30,
2018 |
|
Jul 1,
2017 |
Interest rate contracts |
|
$ |
(113 |
) |
|
$ |
96 |
|
|
$ |
(371 |
) |
|
$ |
82 |
|
Hedged items |
|
113 |
|
|
(96 |
) |
|
371 |
|
|
(82 |
) |
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|