Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 29, 2013
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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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Jun 29, 2013 |
|
Dec 29, 2012 |
|
Jun 30, 2012 |
Currency forwards |
|
$ |
12,105 |
|
|
$ |
13,117 |
|
|
$ |
11,336 |
|
Currency interest rate swaps |
|
3,632 |
|
|
2,711 |
|
|
1,877 |
|
Embedded debt derivatives |
|
3,600 |
|
|
3,600 |
|
|
3,600 |
|
Interest rate swaps |
|
1,257 |
|
|
1,101 |
|
|
1,431 |
|
Total return swaps |
|
817 |
|
|
807 |
|
|
861 |
|
Other |
|
77 |
|
|
127 |
|
|
153 |
|
Total |
|
$ |
21,488 |
|
|
$ |
21,463 |
|
|
$ |
19,258 |
|
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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Jun 29, 2013 |
|
Dec 29, 2012 |
|
Jun 30, 2012 |
British pound sterling |
|
$ |
428 |
|
|
$ |
308 |
|
|
$ |
406 |
|
Chinese yuan |
|
547 |
|
|
647 |
|
|
805 |
|
Euro |
|
6,291 |
|
|
5,994 |
|
|
3,731 |
|
Israeli shekel |
|
1,886 |
|
|
2,256 |
|
|
2,099 |
|
Japanese yen |
|
3,771 |
|
|
4,389 |
|
|
4,056 |
|
Malaysian ringgit |
|
422 |
|
|
442 |
|
|
870 |
|
Swiss franc |
|
1,206 |
|
|
657 |
|
|
118 |
|
Other |
|
1,186 |
|
|
1,135 |
|
|
1,128 |
|
Total |
|
$ |
15,737 |
|
|
$ |
15,828 |
|
|
$ |
13,213 |
|
|
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The fair values of our derivative instruments at the end of each period were as follows:
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June 29, 2013 |
|
December 29, 2012 |
(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 |
|
$ |
101 |
|
|
$ |
2 |
|
|
$ |
202 |
|
|
$ |
3 |
|
|
$ |
91 |
|
|
$ |
2 |
|
|
$ |
127 |
|
|
$ |
— |
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Other |
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— |
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|
— |
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— |
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— |
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— |
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— |
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— |
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|
— |
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Total derivatives designated as hedging instruments |
|
$ |
101 |
|
|
$ |
2 |
|
|
$ |
202 |
|
|
$ |
3 |
|
|
$ |
91 |
|
|
$ |
2 |
|
|
$ |
127 |
|
|
$ |
— |
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Derivatives not designated as hedging instruments |
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Currency forwards |
|
$ |
42 |
|
|
$ |
— |
|
|
$ |
85 |
|
|
$ |
— |
|
|
$ |
85 |
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|
$ |
— |
|
|
$ |
58 |
|
|
$ |
— |
|
Currency interest rate swaps |
|
76 |
|
|
18 |
|
|
116 |
|
|
14 |
|
|
33 |
|
|
18 |
|
|
72 |
|
|
14 |
|
Embedded debt derivatives |
|
— |
|
|
— |
|
|
— |
|
|
25 |
|
|
— |
|
|
— |
|
|
— |
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|
6 |
|
Interest rate swaps |
|
3 |
|
|
— |
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|
38 |
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|
— |
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|
— |
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|
— |
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|
34 |
|
|
— |
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Total return swaps |
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— |
|
|
— |
|
|
5 |
|
|
— |
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|
11 |
|
|
— |
|
|
— |
|
|
— |
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Other |
|
1 |
|
|
25 |
|
|
— |
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|
— |
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|
1 |
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|
18 |
|
|
1 |
|
|
— |
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Total derivatives not designated as hedging instruments |
|
$ |
122 |
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$ |
43 |
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$ |
244 |
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|
$ |
39 |
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|
$ |
130 |
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|
$ |
36 |
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$ |
165 |
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|
$ |
20 |
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Total derivatives |
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$ |
223 |
|
|
$ |
45 |
|
|
$ |
446 |
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|
$ |
42 |
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|
$ |
221 |
|
|
$ |
38 |
|
|
$ |
292 |
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|
$ |
20 |
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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 during each period were as follows:
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Three Months Ended |
|
Six Months Ended |
(In Millions) |
|
Jun 29, 2013 |
|
Jun 30, 2012 |
|
Jun 29, 2013 |
|
Jun 30, 2012 |
Currency forwards |
|
$ |
47 |
|
|
$ |
(41 |
) |
|
$ |
(189 |
) |
|
$ |
(115 |
) |
Other |
|
— |
|
|
(1 |
) |
|
1 |
|
|
(1 |
) |
Total |
|
$ |
47 |
|
|
$ |
(42 |
) |
|
$ |
(188 |
) |
|
$ |
(116 |
) |
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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 during each period were as follows:
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Three Months Ended |
|
Six Months Ended |
(In Millions) |
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Location of Gains (Losses)
Recognized in Income on Derivatives
|
|
Jun 29, 2013 |
|
Jun 30, 2012 |
|
Jun 29, 2013 |
|
Jun 30, 2012 |
Currency forwards |
|
Interest and other, net |
|
$ |
(6 |
) |
|
$ |
(43 |
) |
|
$ |
50 |
|
|
$ |
(28 |
) |
Currency interest rate swaps |
|
Interest and other, net |
|
(44 |
) |
|
69 |
|
|
56 |
|
|
13 |
|
Interest rate swaps |
|
Interest and other, net |
|
3 |
|
|
4 |
|
|
3 |
|
|
34 |
|
Total return swaps |
|
Various |
|
(19 |
) |
|
(57 |
) |
|
29 |
|
|
2 |
|
Other |
|
Gains (losses) on equity investments, net |
|
5 |
|
|
— |
|
|
7 |
|
|
(2 |
) |
Total |
|
|
|
$ |
(61 |
) |
|
$ |
(27 |
) |
|
$ |
145 |
|
|
$ |
19 |
|
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