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Derivative Instruments and Fair Value Measurements (Tables)
9 Months Ended
Sep. 28, 2013
Derivative Instruments and Fair Value Measurements  
Fair value of derivative instruments designated as hedging instruments

 

 

 

 

 

 

 

Asset (Liability)

 

(In millions)

 

Borrowing Group

 

Balance Sheet Location

 

  September 28,
2013

 

December 29,
2012

 

Assets

 

 

 

 

 

 

 

 

 

Interest rate exchange contracts*

 

Finance

 

Other assets

 

$

 3

 

$

 8

 

Foreign currency exchange contracts

 

Manufacturing

 

Other current assets

 

 

9

 

Total

 

 

 

 

 

$

 3

 

$

 17

 

Liabilities

 

 

 

 

 

 

 

 

 

Interest rate exchange contracts*

 

Finance

 

Other liabilities

 

$

 (6)

 

$

 (8

)

Foreign currency exchange contracts

 

Manufacturing

 

Accrued liabilities

 

(7)

 

(5

)

Total

 

 

 

 

 

$

 (13)

 

$

 (13

)

*Interest rate exchange contracts represent fair value hedges.

Assets measured at fair value on a nonrecurring basis

 

(In millions)

 

 September 28,
2013

 

December 29,
2012

 

Finance receivables held for sale

 

$

 91

 

$

 140

 

Impaired finance receivables

 

55

 

72

 

Other assets

 

26

 

76

 

Fair value adjustments for assets measured at fair value on a nonrecurring basis

 

 

 

Gain (Loss)

 

 

 

Three Months Ended

 

Nine Months Ended

 

(In millions)

 

 September 28,
2013

 

September 29,
2012

 

 September 28,
2013

 

September 29,
2012

 

Finance receivables held for sale

 

$

13

 

$

22

 

$

30

 

$

66

 

Impaired finance receivables

 

(3)

 

(2

)

(8)

 

(9

)

Other assets

 

(5)

 

(13

)

(10)

 

(45

)

Carrying value and estimated fair values of financial instruments

 

 

 

September 28, 2013

 

December 29, 2012

 

(In millions)

 

Carrying
Value

 

Estimated
Fair Value

 

Carrying
Value

 

Estimated
Fair Value

 

Manufacturing group

 

 

 

 

 

 

 

 

 

Long-term debt, excluding leases

 

$  (1,847

)

$  (2,034)

 

$  (2,225

)

$  (2,636

)

Finance group

 

 

 

 

 

 

 

 

 

Finance receivables held for investment, excluding leases

 

1,235

 

1,194

 

1,625

 

1,653

 

Debt

 

(1,278

)

(1,267)

 

(1,686

)

(1,678

)