|
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 |
|
|