Derivative Financial Instruments (Tables)
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9 Months Ended |
Sep. 27, 2014
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Derivative Financial Instruments (Tables) [Abstract] |
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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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Sep 27, 2014 |
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Dec 28, 2013 |
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Sep 28, 2013 |
Currency forwards |
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$ |
13,896 |
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$ |
13,404 |
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$ |
12,458 |
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Currency interest rate swaps |
|
5,015 |
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|
4,377 |
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|
3,665 |
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Embedded debt derivatives |
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3,600 |
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|
3,600 |
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|
3,600 |
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Interest rate swaps |
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1,259 |
|
|
1,377 |
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|
1,269 |
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Total return swaps |
|
1,032 |
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|
914 |
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|
873 |
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Other |
|
53 |
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|
67 |
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|
72 |
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Total |
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$ |
24,855 |
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$ |
23,739 |
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|
$ |
21,937 |
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The gross notional amounts for currency forwards and currency interest rate swaps (presented by currency) at the end of each period were as follows:
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(In Millions) |
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Sep 27, 2014 |
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Dec 28, 2013 |
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Sep 28, 2013 |
British pound sterling |
|
$ |
420 |
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$ |
549 |
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$ |
403 |
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Chinese yuan |
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1,420 |
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1,116 |
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|
648 |
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Euro |
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6,973 |
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6,874 |
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|
5,952 |
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Israeli shekel |
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2,170 |
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|
2,244 |
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|
2,006 |
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Japanese yen |
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4,223 |
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4,116 |
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3,864 |
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Malaysian ringgit |
|
771 |
|
|
506 |
|
|
444 |
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Swiss franc |
|
1,361 |
|
|
1,189 |
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|
1,416 |
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Other |
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1,573 |
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|
1,187 |
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|
1,390 |
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Total |
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$ |
18,911 |
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|
$ |
17,781 |
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$ |
16,123 |
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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:
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September 27, 2014 |
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December 28, 2013 |
(In Millions) |
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Other
Current
Assets
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Other
Long-Term
Assets
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Other
Accrued
Liabilities
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Other
Long-Term
Liabilities
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Other
Current
Assets
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Other
Long-Term
Assets
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Other
Accrued
Liabilities
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Other
Long-Term
Liabilities
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Derivatives designated as hedging instruments: |
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Currency forwards |
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$ |
17 |
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$ |
— |
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$ |
224 |
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$ |
14 |
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$ |
114 |
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$ |
1 |
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$ |
118 |
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$ |
2 |
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Total derivatives designated as hedging instruments |
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$ |
17 |
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$ |
— |
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$ |
224 |
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$ |
14 |
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$ |
114 |
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$ |
1 |
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$ |
118 |
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$ |
2 |
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Derivatives not designated as hedging instruments: |
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Currency forwards |
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$ |
121 |
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$ |
— |
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$ |
39 |
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$ |
— |
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$ |
66 |
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$ |
— |
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$ |
63 |
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$ |
— |
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Currency interest rate swaps |
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164 |
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22 |
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|
43 |
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— |
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|
124 |
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|
6 |
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|
163 |
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|
29 |
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Interest rate swaps |
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4 |
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— |
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17 |
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— |
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5 |
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— |
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28 |
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— |
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Total return swaps |
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— |
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— |
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— |
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— |
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|
48 |
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— |
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— |
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— |
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Other |
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— |
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28 |
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— |
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8 |
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— |
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29 |
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— |
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19 |
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Total derivatives not designated as hedging instruments |
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$ |
289 |
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$ |
50 |
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$ |
99 |
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$ |
8 |
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$ |
243 |
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$ |
35 |
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$ |
254 |
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$ |
48 |
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Total derivatives |
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$ |
306 |
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$ |
50 |
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$ |
323 |
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$ |
22 |
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$ |
357 |
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$ |
36 |
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$ |
372 |
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$ |
50 |
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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:
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September 27, 2014 |
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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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$ |
312 |
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$ |
— |
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$ |
312 |
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$ |
(220 |
) |
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$ |
(54 |
) |
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$ |
38 |
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Reverse repurchase agreements |
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718 |
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— |
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718 |
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— |
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(715 |
) |
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3 |
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Total assets |
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$ |
1,030 |
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$ |
— |
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$ |
1,030 |
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$ |
(220 |
) |
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$ |
(769 |
) |
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$ |
41 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
328 |
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$ |
— |
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$ |
328 |
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$ |
(220 |
) |
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$ |
(88 |
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$ |
20 |
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Total liabilities |
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$ |
328 |
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$ |
— |
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$ |
328 |
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$ |
(220 |
) |
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$ |
(88 |
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$ |
20 |
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December 28, 2013 |
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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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$ |
325 |
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$ |
— |
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$ |
325 |
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$ |
(158 |
) |
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$ |
(3 |
) |
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$ |
164 |
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Reverse repurchase agreements |
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800 |
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— |
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|
800 |
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— |
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(800 |
) |
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— |
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Total assets |
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$ |
1,125 |
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$ |
— |
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$ |
1,125 |
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$ |
(158 |
) |
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$ |
(803 |
) |
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$ |
164 |
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Liabilities: |
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Derivative liabilities subject to master netting arrangements |
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$ |
401 |
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$ |
— |
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$ |
401 |
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$ |
(158 |
) |
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$ |
(32 |
) |
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$ |
211 |
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Total liabilities |
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$ |
401 |
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$ |
— |
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$ |
401 |
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$ |
(158 |
) |
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$ |
(32 |
) |
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$ |
211 |
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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:
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Three Months Ended |
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Nine Months Ended |
(In Millions) |
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Sep 27, 2014 |
|
Sep 28, 2013 |
|
Sep 27, 2014 |
|
Sep 28, 2013 |
Currency forwards |
|
$ |
(241 |
) |
|
$ |
84 |
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$ |
(201 |
) |
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$ |
(105 |
) |
Other |
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— |
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(1 |
) |
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(3 |
) |
|
— |
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Total |
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$ |
(241 |
) |
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$ |
83 |
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|
$ |
(204 |
) |
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$ |
(105 |
) |
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Not Designated as Hedging Instrument [Member]
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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:
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Three Months Ended |
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Nine Months Ended |
(In Millions) |
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Location of Gains (Losses)
Recognized in Income on Derivatives
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|
Sep 27, 2014 |
|
Sep 28, 2013 |
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Sep 27, 2014 |
|
Sep 28, 2013 |
Currency forwards |
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Interest and other, net |
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$ |
62 |
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$ |
(27 |
) |
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$ |
40 |
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$ |
23 |
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Currency interest rate swaps |
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Interest and other, net |
|
221 |
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(56 |
) |
|
193 |
|
|
— |
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Interest rate swaps |
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Interest and other, net |
|
1 |
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(5 |
) |
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(3 |
) |
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(2 |
) |
Total return swaps |
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Various |
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(7 |
) |
|
70 |
|
|
51 |
|
|
99 |
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Other |
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Gains (losses) on equity investments, net |
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(3 |
) |
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(6 |
) |
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(1 |
) |
|
1 |
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Total |
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$ |
274 |
|
|
$ |
(24 |
) |
|
$ |
280 |
|
|
$ |
121 |
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