Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 04, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Instruments (Gain) Loss

The following table provides the (gains) losses related to derivative instruments designated as cash flow hedges, including the location in the Condensed Consolidated Statements of Earnings and the Condensed Consolidated Statements of Comprehensive Income (in millions):

	Pre-tax (Gain) Loss
	Recognized in			Pre-tax (Gain) Loss Recognized
	Other			in Earnings on Effective Portion			Ineffective Portion of (Gain) Loss
	Comprehensive			of Derivative as a Result of			on Derivative and Amount
Three	Income on Effective			Reclassification from			Excluded from Effectiveness
months	Portion of			Accumulated Other			Testing Recognized
ended	Derivative			Comprehensive Income			in Earnings
April 4, 2015	Amount			Amount		Location	Amount		Location
Derivatives in Cash Flow Hedging Relationships
Foreign currency forward contracts	$	(34	)	$	—	Cost of sales	$	—	Cost of sales

The following table provides the (gains) losses related to derivative instruments not designated as hedging instruments, including the location in the Condensed Consolidated Statements of Earnings (in millions):

	Three months ended April 4, 2015
	(Gain) Loss on Derivatives
	Recognized in Earnings
Derivatives Not Designated as Hedging Instruments	Amount			Location
Foreign currency forward contracts	$	(9	)	Other (income) expense

Schedule of Fair Value of Derivative Instruments in Statement of Financial Position

The following table summarizes the fair value of the Company’s derivative instruments and their locations in the Condensed Consolidated Balance Sheets as of April 4, 2015 (in millions):

	Assets
Fair Value of Derivative Instruments	Amount		Location
Derivatives Designated as Hedging Instruments
Foreign currency forward contracts	$	24	Other current assets
Foreign currency forward contracts	5		Other assets
Derivatives Not Designated as Hedging Instruments
Foreign currency forward contracts	4		Other current assets
Total	$	33

Schedule of Offsetting Derivative Assets

However, the following table provides information as though the Company had elected to offset the asset and liability balances of derivative instruments, netted in accordance with various criteria in the event of default or termination as stipulated by the terms of the netting arrangements with each of the counterparties as of April 4, 2015 (in millions):

			Gross Amounts not Offset in the Condensed Consolidated Balance Sheet that are Subject to Master Netting Agreements
			Gross Amount of
			Eligible Offsetting
	Gross Amount of		Recognized
	Derivative Assets		Derivative Liabilities				Net
	Presented in the		Presented in the		Cash		Amount of
	Condensed Consolidated		Condensed Consolidated		Collateral		Derivative
Derivatives as of April 4, 2015	Balance Sheet		Balance Sheet		Received		Assets
Derivatives subject to master netting agreements	$	9	$	—	$	—	$	9
Derivatives not subject to master netting agreements	24						24
Total	$	33	$	—	$	—	$	33