Derivative Instruments (Tables)

3 Months Ended

Dec. 31, 2011

Gross Fair Value of Derivative Positions

The following table summarizes the gross fair value of the Company’s derivative positions as of December 31, 2011:


	Current Assets		Other Assets		Other Accrued Liabilities		Other Long- Term Liabilities
Derivatives designated as hedges
Foreign exchange	$	141	$	42	$	(95)	$	(74)
Interest rate		–		210		–		–
Derivatives not designated as hedges
Foreign exchange		57		221		(37)		(1)
Interest rate		–		–		–		(17)

Gross fair value of derivatives		198		473		(132)		(92)
Counterparty netting		(84)		(36)		84		36


Total Derivatives ⁽¹⁾	$	114	$	437	$	(48)	$	(56)

The following table summarizes the gross fair value of the Company’s derivative positions as of October 1, 2011:


	Current Assets		Other Assets		Other Accrued Liabilities		Other Long- Term Liabilities
Derivatives designated as hedges
Foreign exchange	$	133	$	33	$	(100)	$	(90)
Interest rate		1		213		–		–
Other		–		–		(1)		–
Derivatives not designated as hedges
Foreign exchange		103		229		(51)		(21)
Interest rate		–		–		–		(18)

Gross fair value of derivatives		237		475		(152)		(129)
Counterparty netting		(111)		(56)		111		56


Total Derivatives ⁽¹⁾	$	126	$	419	$	(41)	$	(73)

⁽¹⁾	Refer to Note 12 for further information on derivative fair values and counterparty netting.

The following table summarizes adjustments related to fair value hedges included in net interest expense in the Condensed Consolidated Statements of Income.


	Quarter Ended
	December 31, 2011		January 1, 2011
Gain (loss) on interest rate swaps	$	(4)	$	(53)
Gain (loss) on hedged borrowings		4		53

Pre-tax Adjustments to AOCI for Foreign Exchange Cash Flow Hedges

The following table summarizes the pre-tax adjustments to AOCI for foreign exchange cash flow hedges.


	Quarter Ended
	December 31, 2011		January 1, 2011
Gain (loss) recorded in AOCI	$	53	$	(75)
Reclassification of (gains) losses from AOCI into revenues and costs and expenses		7		24

Net change in AOCI	$	60	$	(51)

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details