Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 02, 2022

Derivative [Line Items]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

Total gross notional amounts for outstanding derivatives at the end of each period were as follows: 

(In Millions)	Jul 2, 2022		Dec 25, 2021
Foreign currency contracts	$	40,046	$	38,024
Interest rate contracts	16,803		15,209
Other	2,109		2,517
Total	$	58,958	$	55,750

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Fair Value of Derivative Instruments

	Jul 2, 2022				Dec 25, 2021
(In Millions)	Assets1		Liabilities2		Assets1		Liabilities2
Derivatives designated as hedging instruments:
Foreign currency contracts3	$	5	$	768	$	80	$	163
Interest rate contracts	65		238		774		—
Total derivatives designated as hedging instruments	70		1,006		854		163
Derivatives not designated as hedging instruments:
Foreign currency contracts3	1,458		320		475		297
Interest rate contracts	173		37		26		65
Equity contracts	—		119		80		4
Total derivatives not designated as hedging instruments	1,631		476		581		366
Total derivatives	$	1,701	$	1,482	$	1,435	$	529

1Derivative assets are recorded as other assets, current and long-term.

2Derivative liabilities are recorded as other liabilities, current and long-term.

3The majority of these instruments mature within 12 months.

The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:

Line Item in the Consolidated Condensed Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Item Asset/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions)	Jul 2, 2022		Dec 25, 2021		Jul 2, 2022		Dec 25, 2021
Long-term debt	$	(11,825)	$	(12,772)	$	172	$	(775)

Offsetting Assets [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:

	Jul 2, 2022
							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	$	1,651	$	—	$	1,651	$	(595)	$	(1,044)	$	12
Reverse repurchase agreements	2,400		—		2,400		—		(2,400)		—
Total assets	4,051		—		4,051		(595)		(3,444)		12
Liabilities:
Derivative liabilities subject to master netting arrangements	1,373		—		1,373		(595)		(759)		19
Total liabilities	$	1,373	$	—	$	1,373	$	(595)	$	(759)	$	19

	Dec 25, 2021
							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	$	1,427	$	—	$	1,427	$	(332)	$	(986)	$	109
Reverse repurchase agreements	1,595		—		1,595		—		(1,595)		—
Total assets	3,022		—		3,022		(332)		(2,581)		109
Liabilities:
Derivative liabilities subject to master netting arrangements	392		—		392		(332)		(60)		—
Total liabilities	$	392	$	—	$	392	$	(332)	$	(60)	$	—

Offsetting 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:

	Jul 2, 2022
							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	$	1,651	$	—	$	1,651	$	(595)	$	(1,044)	$	12
Reverse repurchase agreements	2,400		—		2,400		—		(2,400)		—
Total assets	4,051		—		4,051		(595)		(3,444)		12
Liabilities:
Derivative liabilities subject to master netting arrangements	1,373		—		1,373		(595)		(759)		19
Total liabilities	$	1,373	$	—	$	1,373	$	(595)	$	(759)	$	19

	Dec 25, 2021
							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	$	1,427	$	—	$	1,427	$	(332)	$	(986)	$	109
Reverse repurchase agreements	1,595		—		1,595		—		(1,595)		—
Total assets	3,022		—		3,022		(332)		(2,581)		109
Liabilities:
Derivative liabilities subject to master netting arrangements	392		—		392		(332)		(60)		—
Total liabilities	$	392	$	—	$	392	$	(332)	$	(60)	$	—

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				Six Months Ended
(In Millions)	Location of Gains (Losses) Recognized in Income on Derivatives	Jul 2, 2022		Jun 26, 2021		Jul 2, 2022		Jun 26, 2021
Foreign currency contracts	Interest and other, net	$	1,023	$	(22)	$	1,181	$	212
Interest rate contracts	Interest and other, net	31		(2)		125		21
Other	Various	(331)		140		(465)		195
Total		$	723	$	116	$	841	$	428

Interest and other, net [Member] | Fair Value Hedging

Derivative [Line Items]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:

	Gains (Losses) Recognized in Consolidated Condensed Statements of Income on Derivatives
	Three Months Ended				Six Months Ended
(In Millions)	Jul 2, 2022		Jun 26, 2021		Jul 2, 2022		Jun 26, 2021
Interest rate contracts	$	(236)	$	35	$	(947)	$	(477)
Hedged items	236		(35)		947		477
Total	$	—	$	—	$	—	$	—