Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v2.4.0.8
Derivative Financial Instruments (Tables)
9 Months Ended
Sep. 27, 2014
Derivative Financial Instruments (Tables) [Abstract]  
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: 
(In Millions)
 
Sep 27,
2014
 
Dec 28,
2013
 
Sep 28,
2013
Currency forwards
 
$
13,896

 
$
13,404

 
$
12,458

Currency interest rate swaps
 
5,015

 
4,377

 
3,665

Embedded debt derivatives
 
3,600

 
3,600

 
3,600

Interest rate swaps
 
1,259

 
1,377

 
1,269

Total return swaps
 
1,032

 
914

 
873

Other
 
53

 
67

 
72

Total
 
$
24,855

 
$
23,739

 
$
21,937

The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) at the end of each period were as follows:
(In Millions)
 
Sep 27,
2014
 
Dec 28,
2013
 
Sep 28,
2013
British pound sterling
 
$
420

 
$
549

 
$
403

Chinese yuan
 
1,420

 
1,116

 
648

Euro
 
6,973

 
6,874

 
5,952

Israeli shekel
 
2,170

 
2,244

 
2,006

Japanese yen
 
4,223

 
4,116

 
3,864

Malaysian ringgit
 
771

 
506

 
444

Swiss franc
 
1,361

 
1,189

 
1,416

Other
 
1,573

 
1,187

 
1,390

Total
 
$
18,911

 
$
17,781

 
$
16,123

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The fair value of our derivative instruments at the end of each period were as follows:
 
 
September 27, 2014
 
December 28, 2013
(In Millions)
 
Other
Current
Assets
 
Other
Long-Term
Assets
 
Other
Accrued
Liabilities
 
Other
Long-Term
Liabilities
 
Other
Current
Assets
 
Other
Long-Term
Assets
 
Other
Accrued
Liabilities
 
Other
Long-Term
Liabilities
Derivatives designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency forwards
 
$
17

 
$

 
$
224

 
$
14

 
$
114

 
$
1

 
$
118

 
$
2

Total derivatives designated as hedging instruments
 
$
17

 
$

 
$
224

 
$
14

 
$
114

 
$
1

 
$
118

 
$
2

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Currency forwards
 
$
121

 
$

 
$
39

 
$

 
$
66

 
$

 
$
63

 
$

Currency interest rate swaps
 
164

 
22

 
43

 

 
124

 
6

 
163

 
29

Interest rate swaps
 
4

 

 
17

 

 
5

 

 
28

 

Total return swaps
 

 

 

 

 
48

 

 

 

Other
 

 
28

 

 
8

 

 
29

 

 
19

Total derivatives not designated as hedging instruments
 
$
289

 
$
50

 
$
99

 
$
8

 
$
243

 
$
35

 
$
254

 
$
48

Total derivatives
 
$
306

 
$
50

 
$
323

 
$
22

 
$
357

 
$
36

 
$
372

 
$
50

Offsetting Assets And 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:
 
 
September 27, 2014
 
 
 
 
 
 
 
 
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
 
$
312

 
$

 
$
312

 
$
(220
)
 
$
(54
)
 
$
38

Reverse repurchase agreements
 
718

 

 
718

 

 
(715
)
 
3

Total assets
 
$
1,030

 
$

 
$
1,030

 
$
(220
)
 
$
(769
)
 
$
41

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities subject to master netting arrangements
 
$
328

 
$

 
$
328

 
$
(220
)
 
$
(88
)
 
$
20

Total liabilities
 
$
328

 
$

 
$
328

 
$
(220
)
 
$
(88
)
 
$
20

 
 
December 28, 2013
 
 
 
 
 
 
 
 
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
 
$
325

 
$

 
$
325

 
$
(158
)
 
$
(3
)
 
$
164

Reverse repurchase agreements
 
800

 

 
800

 

 
(800
)
 

Total assets
 
$
1,125

 
$

 
$
1,125

 
$
(158
)
 
$
(803
)
 
$
164

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities subject to master netting arrangements
 
$
401

 
$

 
$
401

 
$
(158
)
 
$
(32
)
 
$
211

Total liabilities
 
$
401

 
$

 
$
401

 
$
(158
)
 
$
(32
)
 
$
211

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]
The before-tax gains (losses), attributed to the effective portion of cash flow hedges, recognized in other comprehensive income (loss) for each period were as follows:
 
 
Three Months Ended
 
Nine Months Ended
(In Millions)
 
Sep 27,
2014
 
Sep 28,
2013
 
Sep 27,
2014
 
Sep 28,
2013
Currency forwards
 
$
(241
)
 
$
84

 
$
(201
)
 
$
(105
)
Other
 

 
(1
)
 
(3
)
 

Total
 
$
(241
)
 
$
83

 
$
(204
)
 
$
(105
)
Not Designated as Hedging Instrument [Member]
 
Derivative Financial Instruments (Tables) [Abstract]  
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:
 
 
 
 
Three Months Ended
 
Nine Months Ended
(In Millions)
 
Location of Gains (Losses)
Recognized in Income on Derivatives
 
Sep 27,
2014
 
Sep 28,
2013
 
Sep 27,
2014
 
Sep 28,
2013
Currency forwards
 
Interest and other, net
 
$
62

 
$
(27
)
 
$
40

 
$
23

Currency interest rate swaps
 
Interest and other, net
 
221

 
(56
)
 
193

 

Interest rate swaps
 
Interest and other, net
 
1

 
(5
)
 
(3
)
 
(2
)
Total return swaps
 
Various
 
(7
)
 
70

 
51

 
99

Other
 
Gains (losses) on equity investments, net
 
(3
)
 
(6
)
 
(1
)
 
1

Total
 
 
 
$
274

 
$
(24
)
 
$
280

 
$
121