|
Derivative Financial Instruments (Tables)
|
3 Months Ended |
|
Mar. 28, 2015
|
| Derivative [Line Items] |
|
| 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) |
|
Mar 28,
2015 |
|
Dec 27,
2014 |
|
Mar 29,
2014 |
Currency forwards |
|
$ |
16,192 |
|
|
$ |
15,578 |
|
|
$ |
11,729 |
|
Currency interest rate swaps |
|
5,094 |
|
|
5,446 |
|
|
4,795 |
|
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
|
Interest rate swaps |
|
1,128 |
|
|
1,347 |
|
|
1,311 |
|
Total return swaps |
|
1,106 |
|
|
1,056 |
|
|
989 |
|
Other |
|
72 |
|
|
49 |
|
|
60 |
|
Total |
|
$ |
27,192 |
|
|
$ |
27,076 |
|
|
$ |
22,484 |
|
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) |
|
Mar 28,
2015 |
|
Dec 27,
2014 |
|
Mar 29,
2014 |
British pound sterling |
|
$ |
314 |
|
|
$ |
410 |
|
|
$ |
487 |
|
Chinese yuan |
|
4,079 |
|
|
3,097 |
|
|
1,291 |
|
Euro |
|
7,332 |
|
|
7,486 |
|
|
6,199 |
|
Indian rupee |
|
420 |
|
|
418 |
|
|
252 |
|
Israeli shekel |
|
2,010 |
|
|
2,489 |
|
|
1,878 |
|
Japanese yen |
|
4,206 |
|
|
3,779 |
|
|
3,542 |
|
Malaysian ringgit |
|
827 |
|
|
902 |
|
|
524 |
|
Swiss franc |
|
1,146 |
|
|
1,289 |
|
|
1,256 |
|
Other |
|
952 |
|
|
1,154 |
|
|
1,095 |
|
Total |
|
$ |
21,286 |
|
|
$ |
21,024 |
|
|
$ |
16,524 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 28, 2015 |
|
December 27, 2014 |
(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 |
|
$ |
12 |
|
|
$ |
3 |
|
|
$ |
483 |
|
|
$ |
5 |
|
|
$ |
6 |
|
|
$ |
1 |
|
|
$ |
497 |
|
|
$ |
9 |
|
Total derivatives designated as hedging instruments |
|
12 |
|
|
3 |
|
|
483 |
|
|
5 |
|
|
6 |
|
|
1 |
|
|
497 |
|
|
9 |
|
Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Currency forwards |
|
253 |
|
|
— |
|
|
87 |
|
|
— |
|
|
207 |
|
|
— |
|
|
44 |
|
|
— |
|
Currency interest rate swaps |
|
510 |
|
|
65 |
|
|
12 |
|
|
— |
|
|
344 |
|
|
34 |
|
|
7 |
|
|
— |
|
Embedded debt derivatives |
|
— |
|
|
— |
|
|
1 |
|
|
8 |
|
|
— |
|
|
— |
|
|
4 |
|
|
8 |
|
Interest rate swaps |
|
1 |
|
|
— |
|
|
13 |
|
|
— |
|
|
3 |
|
|
— |
|
|
11 |
|
|
— |
|
Other |
|
2 |
|
|
16 |
|
|
2 |
|
|
— |
|
|
1 |
|
|
22 |
|
|
— |
|
|
— |
|
Total derivatives not designated as hedging instruments |
|
766 |
|
|
81 |
|
|
115 |
|
|
8 |
|
|
555 |
|
|
56 |
|
|
66 |
|
|
8 |
|
Total derivatives |
|
$ |
778 |
|
|
$ |
84 |
|
|
$ |
598 |
|
|
$ |
13 |
|
|
$ |
561 |
|
|
$ |
57 |
|
|
$ |
563 |
|
|
$ |
17 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 28, 2015 |
|
|
|
|
|
|
|
|
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 |
|
$ |
818 |
|
|
$ |
— |
|
|
$ |
818 |
|
|
$ |
(465 |
) |
|
$ |
(231 |
) |
|
$ |
122 |
|
Reverse repurchase agreements |
|
688 |
|
|
— |
|
|
688 |
|
|
— |
|
|
(688 |
) |
|
— |
|
Total assets |
|
$ |
1,506 |
|
|
$ |
— |
|
|
$ |
1,506 |
|
|
$ |
(465 |
) |
|
$ |
(919 |
) |
|
$ |
122 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
$ |
585 |
|
|
$ |
— |
|
|
$ |
585 |
|
|
$ |
(465 |
) |
|
$ |
(49 |
) |
|
$ |
71 |
|
Total liabilities |
|
$ |
585 |
|
|
$ |
— |
|
|
$ |
585 |
|
|
$ |
(465 |
) |
|
$ |
(49 |
) |
|
$ |
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 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 |
|
$ |
559 |
|
|
$ |
— |
|
|
$ |
559 |
|
|
$ |
(365 |
) |
|
$ |
(78 |
) |
|
$ |
116 |
|
Reverse repurchase agreements |
|
718 |
|
|
— |
|
|
718 |
|
|
— |
|
|
(718 |
) |
|
— |
|
Total assets |
|
$ |
1,277 |
|
|
$ |
— |
|
|
$ |
1,277 |
|
|
$ |
(365 |
) |
|
$ |
(796 |
) |
|
$ |
116 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Derivative liabilities subject to master netting arrangements |
|
$ |
559 |
|
|
$ |
— |
|
|
$ |
559 |
|
|
$ |
(365 |
) |
|
$ |
(80 |
) |
|
$ |
114 |
|
Total liabilities |
|
$ |
559 |
|
|
$ |
— |
|
|
$ |
559 |
|
|
$ |
(365 |
) |
|
$ |
(80 |
) |
|
$ |
114 |
|
|
| 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 |
(In Millions) |
|
Mar 28,
2015 |
|
Mar 29,
2014 |
Currency forwards |
|
$ |
(229 |
) |
|
$ |
35 |
|
Other |
|
— |
|
|
(2 |
) |
Total |
|
$ |
(229 |
) |
|
$ |
33 |
|
|
| 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
(In Millions) |
|
Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Mar 28,
2015 |
|
Mar 29,
2014 |
Currency forwards |
|
Interest and other, net |
|
$ |
(18 |
) |
|
$ |
(15 |
) |
Currency interest rate swaps |
|
Interest and other, net |
|
253 |
|
|
(54 |
) |
Interest rate swaps |
|
Interest and other, net |
|
(6 |
) |
|
— |
|
Total return swaps |
|
Various |
|
31 |
|
|
13 |
|
Other |
|
Gains (losses) on equity investments, net |
|
(9 |
) |
|
1 |
|
Total |
|
|
|
$ |
251 |
|
|
$ |
(55 |
) |
|