Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 29, 2019 |
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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) |
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Jun 29,
2019 |
|
Dec 29,
2018 |
Foreign currency contracts |
|
$ |
23,293 |
|
|
$ |
19,223 |
|
Interest rate contracts |
|
22,292 |
|
|
22,447 |
|
Other |
|
1,633 |
|
|
1,356 |
|
Total |
|
$ |
47,218 |
|
|
$ |
43,026 |
|
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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 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 29,
2019 |
|
Dec 29,
2018 |
|
Jun 29,
2019 |
|
Dec 29,
2018 |
Long-term debt |
|
$ |
(20,661 |
) |
|
$ |
(19,622 |
) |
|
$ |
(649 |
) |
|
$ |
390 |
|
FAIR VALUE OF DERIVATIVE INSTRUMENTS
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June 29, 2019 |
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December 29, 2018 |
(In Millions) |
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Assets1
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Liabilities2
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Assets1
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Liabilities2
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Derivatives designated as hedging instruments: |
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Foreign currency contracts3
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|
$ |
106 |
|
|
$ |
90 |
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$ |
44 |
|
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$ |
244 |
|
Interest rate contracts |
|
669 |
|
|
20 |
|
|
84 |
|
|
474 |
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Total derivatives designated as hedging instruments |
|
775 |
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|
110 |
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|
128 |
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|
718 |
|
Derivatives not designated as hedging instruments: |
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Foreign currency contracts3
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|
134 |
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|
170 |
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|
132 |
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|
155 |
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Interest rate contracts |
|
5 |
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|
52 |
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|
20 |
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|
22 |
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Equity Contracts |
|
29 |
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|
4 |
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— |
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— |
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Total derivatives not designated as hedging instruments |
|
168 |
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|
226 |
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|
152 |
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|
177 |
|
Total derivatives |
|
$ |
943 |
|
|
$ |
336 |
|
|
$ |
280 |
|
|
$ |
895 |
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|
1 |
Derivative assets are recorded as other assets, current and non-current. |
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2 |
Derivative liabilities are recorded as other liabilities, current and non-current. |
3
The majority of these instruments mature within 12 months.
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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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June 29, 2019 |
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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 |
|
$ |
937 |
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|
$ |
— |
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|
$ |
937 |
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|
$ |
(258 |
) |
|
$ |
(679 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
1,650 |
|
|
— |
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|
1,650 |
|
|
— |
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(1,650 |
) |
|
— |
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Total assets |
|
2,587 |
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— |
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2,587 |
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(258 |
) |
|
(2,329 |
) |
|
— |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
325 |
|
|
— |
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|
325 |
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(258 |
) |
|
(62 |
) |
|
5 |
|
Total liabilities |
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$ |
325 |
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|
$ |
— |
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|
$ |
325 |
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|
$ |
(258 |
) |
|
$ |
(62 |
) |
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$ |
5 |
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December 29, 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 |
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$ |
292 |
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|
$ |
— |
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$ |
292 |
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|
$ |
(220 |
) |
|
$ |
(72 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
2,099 |
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|
— |
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|
2,099 |
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— |
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(1,999 |
) |
|
100 |
|
Total assets |
|
2,391 |
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— |
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2,391 |
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(220 |
) |
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(2,071 |
) |
|
100 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
890 |
|
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— |
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|
890 |
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(220 |
) |
|
(576 |
) |
|
94 |
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Total liabilities |
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$ |
890 |
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|
$ |
— |
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$ |
890 |
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|
$ |
(220 |
) |
|
$ |
(576 |
) |
|
$ |
94 |
|
|
| 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 29, 2019 |
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Gross Amounts Not Offset in the Balance Sheet |
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(In Millions) |
|
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 |
|
Financial Instruments |
|
Cash and Non-Cash Collateral Received or Pledged |
|
Net Amount |
Assets: |
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Derivative assets subject to master netting arrangements |
|
$ |
937 |
|
|
$ |
— |
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|
$ |
937 |
|
|
$ |
(258 |
) |
|
$ |
(679 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
1,650 |
|
|
— |
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|
1,650 |
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|
— |
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(1,650 |
) |
|
— |
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Total assets |
|
2,587 |
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|
— |
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2,587 |
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(258 |
) |
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(2,329 |
) |
|
— |
|
Liabilities: |
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Derivative liabilities subject to master netting arrangements |
|
325 |
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— |
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|
325 |
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(258 |
) |
|
(62 |
) |
|
5 |
|
Total liabilities |
|
$ |
325 |
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|
$ |
— |
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|
$ |
325 |
|
|
$ |
(258 |
) |
|
$ |
(62 |
) |
|
$ |
5 |
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December 29, 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 |
|
$ |
292 |
|
|
$ |
— |
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|
$ |
292 |
|
|
$ |
(220 |
) |
|
$ |
(72 |
) |
|
$ |
— |
|
Reverse repurchase agreements |
|
2,099 |
|
|
— |
|
|
2,099 |
|
|
— |
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|
(1,999 |
) |
|
100 |
|
Total assets |
|
2,391 |
|
|
— |
|
|
2,391 |
|
|
(220 |
) |
|
(2,071 |
) |
|
100 |
|
Liabilities: |
|
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|
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Derivative liabilities subject to master netting arrangements |
|
890 |
|
|
— |
|
|
890 |
|
|
(220 |
) |
|
(576 |
) |
|
94 |
|
Total liabilities |
|
$ |
890 |
|
|
$ |
— |
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|
$ |
890 |
|
|
$ |
(220 |
) |
|
$ |
(576 |
) |
|
$ |
94 |
|
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| 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 |
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Six Months Ended |
(In Millions) |
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Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Jun 29,
2019 |
|
Jun 30,
2018 |
|
Jun 29,
2019 |
|
Jun 30,
2018 |
Foreign currency contracts |
|
Interest and other, net |
|
$ |
(20 |
) |
|
$ |
438 |
|
|
$ |
37 |
|
|
$ |
268 |
|
Interest rate contracts |
|
Interest and other, net |
|
(25 |
) |
|
6 |
|
|
(39 |
) |
|
20 |
|
Other |
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Various |
|
35 |
|
|
27 |
|
|
181 |
|
|
(4 |
) |
Total |
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|
$ |
(10 |
) |
|
$ |
471 |
|
|
$ |
179 |
|
|
$ |
284 |
|
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| Interest and other, net [Member] | Fair Value Hedging [Member] |
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| 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 29,
2019 |
|
Jun 30,
2018 |
|
Jun 29,
2019 |
|
Jun 30,
2018 |
Interest rate contracts |
|
$ |
554 |
|
|
$ |
(113 |
) |
|
$ |
1,039 |
|
|
$ |
(371 |
) |
Hedged items |
|
(554 |
) |
|
113 |
|
|
(1,039 |
) |
|
371 |
|
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|