Quarterly report pursuant to Section 13 or 15(d)

Derivative Financial Instruments (Tables)

v2.4.1.9
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
)