Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
Total gross notional amounts for outstanding derivatives (recorded at fair value) were as follows:
|
March 31, |
|
Dec. 31, |
|
April 2, |
(In Millions) |
2012 |
|
2011 |
|
2011 |
Currency forwards |
$ |
11,116 |
|
$ |
11,203 |
|
$ |
8,123 |
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
Currency interest rate swaps |
|
1,812 |
|
|
1,650 |
|
|
1,690 |
Interest rate swaps |
|
1,689 |
|
|
1,837 |
|
|
2,159 |
Total return swaps |
|
821 |
|
|
761 |
|
|
649 |
Equity options |
|
50 |
|
|
54 |
|
|
496 |
Other |
|
101 |
|
|
128 |
|
|
128 |
Total |
$ |
19,189 |
|
$ |
19,233 |
|
$ |
16,845 |
The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) were as follows:
|
March 31, |
|
Dec. 31, |
|
April 2, |
(In Millions) |
2012 |
|
2011 |
|
2011 |
Japanese yen |
$ |
4,040 |
|
$ |
3,477 |
|
$ |
3,047 |
Euro |
|
3,553 |
|
|
3,904 |
|
|
4,035 |
Israeli shekel |
|
1,823 |
|
|
2,168 |
|
|
1,199 |
Malaysian ringgit |
|
914 |
|
|
805 |
|
|
336 |
Chinese yuan |
|
803 |
|
|
688 |
|
|
341 |
British pound sterling |
|
523 |
|
|
459 |
|
|
317 |
Other |
|
1,272 |
|
|
1,352 |
|
|
538 |
Total |
$ |
12,928 |
|
$ |
12,853 |
|
$ |
9,813 |
|
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The fair values of our derivative instruments as of March 31, 2012 and December 31, 2011 were as follows:
|
|
March 31, 2012 |
|
December 31, 2011 |
|
|
Other |
|
Other |
|
Other |
|
Other |
|
Other |
|
Other |
|
Other |
|
Other |
|
|
Current |
|
Long-Term |
|
Accrued |
|
Long-Term |
|
Current |
|
Long-Term |
|
Accrued |
|
Long-Term |
(In Millions) |
Assets |
|
Assets |
|
Liabilities |
|
Liabilities |
|
Assets |
|
Assets |
|
Liabilities |
|
Liabilities |
Derivatives designated as |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency forwards |
$ |
26 |
|
$ |
1 |
|
$ |
183 |
|
$ |
17 |
|
$ |
61 |
|
$ |
— |
|
$ |
170 |
|
$ |
7 |
Other |
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
Total derivatives designated as |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
hedging instruments |
$ |
26 |
|
$ |
1 |
|
$ |
184 |
|
$ |
17 |
|
$ |
61 |
|
$ |
— |
|
$ |
171 |
|
$ |
7 |
Derivatives not designated as |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency forwards |
$ |
55 |
|
$ |
— |
|
$ |
29 |
|
$ |
— |
|
$ |
54 |
|
$ |
— |
|
$ |
34 |
|
$ |
— |
Interest rate swaps |
|
— |
|
|
— |
|
|
54 |
|
|
— |
|
|
3 |
|
|
— |
|
|
63 |
|
|
— |
Currency interest rate swaps |
|
27 |
|
|
23 |
|
|
8 |
|
|
13 |
|
|
41 |
|
|
33 |
|
|
11 |
|
|
10 |
Embedded debt derivatives |
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
|
— |
|
|
— |
|
|
— |
|
|
10 |
Total return swaps |
|
5 |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
— |
Equity options |
|
— |
|
|
6 |
|
|
9 |
|
|
— |
|
|
— |
|
|
6 |
|
|
9 |
|
|
— |
Other |
|
— |
|
|
22 |
|
|
— |
|
|
— |
|
|
— |
|
|
24 |
|
|
— |
|
|
— |
Total derivatives not designated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
as hedging instruments |
$ |
87 |
|
$ |
51 |
|
$ |
100 |
|
$ |
23 |
|
$ |
105 |
|
$ |
63 |
|
$ |
117 |
|
$ |
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total derivatives |
$ |
113 |
|
$ |
52 |
|
$ |
284 |
|
$ |
40 |
|
$ |
166 |
|
$ |
63 |
|
$ |
288 |
|
$ |
27 |
|
Schedule Of Derivative Instruments In Cash Flow Hedging Relationships [Table Text Block] |
The before-tax effects of derivative instruments in cash flow hedging relationships for the three months ended March 31, 2012 and April 2, 2011 were as follows:
|
Gains (Losses) Recognized |
|
|
|
in OCI on Derivatives |
|
Gains (Losses) Reclassified from Accumulated OCI into |
|
(Effective Portion) |
|
Income by Derivative Instrument Type (Effective Portion) |
(In Millions) |
Q1 2012 |
|
Q1 2011 |
|
Location |
|
Q1 2012 |
|
Q1 2011 |
Currency forwards |
$ |
(74) |
|
$ |
201 |
|
Cost of sales |
|
$ |
15 |
|
$ |
34 |
|
|
|
|
|
|
|
Research and development |
|
|
(21) |
|
|
8 |
|
|
|
|
|
|
|
Marketing, general and administrative |
|
|
(5) |
|
|
5 |
Other |
|
— |
|
|
3 |
|
Cost of sales |
|
|
(1) |
|
|
1 |
Total |
$ |
(74) |
|
$ |
204 |
|
|
|
$ |
(12) |
|
$ |
48 |
|
Schedule Of Derivative Instruments Not Designated As Hedging Instruments [Table Text Block] |
The effects of derivative instruments not designated as hedging instruments on the consolidated condensed statements of income were as follows:
|
|
|
Three Months Ended |
|
Location of Gains (Losses) |
|
March 31, |
|
April 2, |
(In Millions) |
Recognized in Income on Derivatives |
|
2012 |
|
2011 |
Currency forwards |
Interest and other, net |
|
$ |
15 |
|
$ |
14 |
Interest rate swaps |
Interest and other, net |
|
|
30 |
|
|
(1) |
Currency interest rate swaps |
Interest and other, net |
|
|
(56) |
|
|
(110) |
Total return swaps |
Various |
|
|
59 |
|
|
23 |
Equity options |
Gains (losses) on equity investments, net |
|
|
— |
|
|
(117) |
Other |
Gains (losses) on equity investments, net |
|
|
(2) |
|
|
2 |
Total |
|
|
$ |
46 |
|
$ |
(189) |
|