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Debt (Schedule of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 28, 2013
Dec. 29, 2012
Dec. 28, 2013
7.45% U.S. Dollar Debentures Due 2031 [Member]
Dec. 29, 2012
7.45% U.S. Dollar Debentures Due 2031 [Member]
Mar. 31, 2001
7.45% U.S. Dollar Debentures Due 2031 [Member]
Dec. 28, 2013
4.0% U.S. Dollar Notes Due 2020 [Member]
Dec. 29, 2012
4.0% U.S. Dollar Notes Due 2020 [Member]
Dec. 31, 2010
4.0% U.S. Dollar Notes Due 2020 [Member]
Dec. 28, 2013
4.45% U.S. Dollar Notes Due 2016 [Member]
Dec. 29, 2012
4.45% U.S. Dollar Notes Due 2016 [Member]
May 31, 2009
4.45% U.S. Dollar Notes Due 2016 [Member]
Dec. 28, 2013
3.125% U.S. Dollar Debentures due 2022 [Member]
Dec. 29, 2012
3.125% U.S. Dollar Debentures due 2022 [Member]
May 31, 2012
3.125% U.S. Dollar Debentures due 2022 [Member]
Dec. 28, 2013
1.875% U.S. Dollar Notes Due 2016 [Member]
Dec. 29, 2012
1.875% U.S. Dollar Notes Due 2016 [Member]
Nov. 30, 2011
1.875% U.S. Dollar Notes Due 2016 [Member]
Dec. 28, 2013
4.15% U.S. Dollar Notes Due 2019 [Member]
Dec. 29, 2012
4.15% U.S. Dollar Notes Due 2019 [Member]
Nov. 30, 2009
4.15% U.S. Dollar Notes Due 2019 [Member]
Dec. 28, 2013
3.25% U.S. Dollar Notes Due 2018 [Member]
Dec. 29, 2012
3.25% U.S. Dollar Notes Due 2018 [Member]
May 31, 2011
3.25% U.S. Dollar Notes Due 2018 [Member]
Dec. 28, 2013
2.75% U.S. Dollar Notes Due 2023 [Member]
Feb. 28, 2013
2.75% U.S. Dollar Notes Due 2023 [Member]
Dec. 28, 2013
1.75% U.S. Dollar Notes due 2017 [Member]
Dec. 29, 2012
1.75% U.S. Dollar Notes due 2017 [Member]
May 31, 2012
1.75% U.S. Dollar Notes due 2017 [Member]
Dec. 28, 2013
1.125% U.S. Dollar Notes Due 2015 [Member]
Dec. 29, 2012
1.125% U.S. Dollar Notes Due 2015 [Member]
May 31, 2012
1.125% U.S. Dollar Notes Due 2015 [Member]
Dec. 28, 2013
2.10% Canadian Dollar Notes Due 2014 [Member]
Dec. 29, 2012
2.10% Canadian Dollar Notes Due 2014 [Member]
May 31, 2012
2.10% Canadian Dollar Notes Due 2014 [Member]
Dec. 29, 2012
4.25% U.S. Dollar Notes Due 2013 [Member]
Mar. 31, 2008
4.25% U.S. Dollar Notes Due 2013 [Member]
Dec. 28, 2013
Floating-rate U.S. Dollar Notes Due 2015 [Member]
Debt Instrument [Line Items]                                                                          
Notes payable     $ 1,089 [1] $ 1,091 [1]   $ 974 [2] $ 993 [2]   $ 767 [3] $ 772 [3]   $ 682 [4] $ 694 [4]   $ 505 [5] $ 509 [5]   $ 488 [6] $ 513 [6]   $ 411 [7] $ 420 [7]   $ 398 [8]   $ 395 [9] $ 398 [9]   $ 350 [10] $ 350 [10]   $ 282 [11] $ 302 [11]   $ 754 [12]   $ 250 [13]
Debt instrument, stated interest rate         7.45%     4.00%     4.45%     3.125%     1.875%     4.15%     3.25%   2.75%     1.75%     1.125%     2.10%   4.25%  
Other 28 41                                                                      
Long-term debt including current maturities of long-term debt 6,619 6,837                                                                      
Current maturities of long-term debt (289) (755)                                                                      
Long-term debt $ 6,330 $ 6,082                                                                      
[1] In March 2001, the Company issued long-term debt instruments, primarily to finance the acquisition of Keebler Foods Company, of which $1.1 billion of thirty-year 7.45% Debentures remain outstanding. The effective interest rate on the Debentures, reflecting issuance discount and hedge settlement, was 7.54%. The Debentures contain standard events of default and covenants, and can be redeemed in whole or in part by the Company at any time at prices determined under a formula (but not less than 100% of the principal amount plus unpaid interest to the redemption date).
[2] In December 2010, the Company issued $1.0 billion of ten-year 4.0% fixed rate U.S. Dollar Notes, using net proceeds from these Notes for incremental pension and postretirement benefit plan contributions and to retire a portion of its commercial paper. The effective interest rate on these Notes, reflecting issuance discount and hedge settlement, was 2.90%. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision. In March 2013, the Company entered into interest rate swaps with notional amounts totaling $400 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation for the remainder of the ten-year term. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $20 million, and was recorded as a decrease in the hedged debt balance at December 28, 2013.
[3] In May 2009, the Company issued $750 million of seven-year 4.45% fixed rate U.S. Dollar Notes, using net proceeds from these Notes to retire a portion of its commercial paper. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 3.45% at December 28, 2013. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision. The Company entered into interest rate swaps in February 2011 and March 2012 with notional amounts totaling $200 million and $550 million, respectively, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. In April 2013, the Company terminated all of the interest rate swaps. The resulting unamortized gain of $18 million at December 28, 2013 will be amortized to interest expense over the remaining term of the Notes.
[4] In May 2012, the Company issued $700 million of ten-year 3.125% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including financing a portion of the acquisition of Pringles. The effective interest rate on these Notes, reflecting issuance discount and interest rate swaps, was 2.74% at December 28, 2013. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision. In May 2013, the Company entered into interest rate swaps with notional amounts totaling $200 million, which effectively converted a portion of these Notes from a fixed rate to a floating rate obligation for the remainder of the ten-year term. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $13 million, and was recorded as a decrease in the hedged debt balance at December 28, 2013.
[5] In November 2011, the Company issued $500 million of five-year 1.875% fixed rate U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes including repayment of a portion of its commercial paper. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 0.98% at December 28, 2013. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision. In March 2012, the Company entered into interest rate swaps which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. In April 2013, the Company terminated all of the interest rate swaps, and the resulting unamortized gain of $8 million at December 28, 2013 will be amortized to interest expense over the remaining term of the Notes. In May 2013, the Company entered into interest rate swaps with notional amounts totaling $500 million, which effectively converted this debt from a fixed rate to a floating rate obligation for the remainder of the five-year term. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $3 million, and was recorded as a decrease in the hedged debt balance at December 28, 2013.
[6] In November 2009, the Company issued $500 million of ten-year 4.15% fixed rate U.S. Dollar Notes, using net proceeds from these Notes to retire a portion of its 6.6% U.S. Dollar Notes due 2011. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps was 2.72% at December 28, 2013. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision. In March 2012, the Company entered into interest rate swaps which effectively converted these Notes from a fixed rate to a floating rate obligation for the remainder of the ten-year term. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $11 million, and was recorded as a decrease in the hedged debt balance at December 28, 2013.
[7] In May 2011, the Company issued $400 million of seven-year 3.25% fixed rate U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes including repayment of a portion of its commercial paper. The effective interest rate on these Notes, reflecting issuance discount, hedge settlement and interest rate swaps, was 1.86% at December 28, 2013. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision. In October 2011, the Company entered into interest rate swaps with notional amounts totaling $400 million, which effectively converted these Notes from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. During February and April 2013, the Company terminated all of the interest rate swaps, and the resulting unamortized gain of $17 million at December 28, 2013 will be amortized to interest expense over the remaining term of the Notes. In May 2013, the Company entered into interest rate swaps with notional amounts totaling $400 million, which effectively converted these Notes from a fixed rate to a floating rate obligation for the remainder of the seven-year term. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $6 million, and was recorded as a decrease in the hedged debt balance at December 28, 2013 and December 29, 2012, respectively.
[8] In February 2013, the Company issued $400 million of ten-year 2.75% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including, together with cash on hand, a portion of the repayment of $750 million aggregate principal amount of the Company’s 4.25% U.S. Dollar Notes that matured in March 2013. The effective interest rate on these Notes, reflecting issuance discount and hedge settlement, was 2.74%. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision.
[9] In May 2012, the Company issued $400 million of five-year 1.75% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including financing a portion of the acquisition of Pringles. The effective interest rate on these Notes, reflecting issuance discount and interest rate swaps, was 1.32%. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision. In March and May 2013, the Company entered into interest rate swaps with notional amounts totaling $400 million, which effectively converted the Notes from a fixed rate to a floating rate obligation for the remainder of the ten-year term. These derivative instruments were designated as fair value hedges of the debt obligation. The fair value adjustment for the interest rate swaps was $4 million, and was recorded as a decrease in the hedged debt balance at December 28, 2013.
[10] In May 2012, the Company issued $350 million of three-year 1.125% U.S. Dollar Notes, using net proceeds from these Notes for general corporate purposes, including financing a portion of the acquisition of Pringles. The effective interest rate on these Notes, reflecting issuance discount, was 1.16%. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision.
[11] In May 2012, the Company issued Cdn.$300 million of two-year 2.10% fixed rate Canadian Dollar Notes, using net proceeds from these Notes for general corporate purposes, which included repayment of intercompany debt. This repayment resulted in cash available to be used for a portion of the acquisition of Pringles. The effective interest rate on these Notes, reflecting issuance discount, was 2.11%. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision.
[12] In March 2008, the Company issued $750 million of five-year 4.25% fixed rate U.S. Dollar Notes, using net proceeds from these Notes to retire a portion of its U.S. commercial paper. The Notes contained customary covenants that limited the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contained a change of control provision. In conjunction with this debt issuance, the Company entered into interest rate swaps with notional amounts totaling $750 million, which effectively converted this debt from a fixed rate to a floating rate obligation. These derivative instruments were designated as fair value hedges of the debt obligation. During 2011, the Company transferred a portion of the interest rate swaps to another counterparty and subsequently terminated all the interest rate swaps. The Company redeemed the Notes in March 2013.
[13] In February 2013, the Company issued $250 million of floating-rate U.S. Dollar Notes bearing interest at LIBOR plus 0.23% due February 2015. The proceeds from these Notes were used for general corporate purposes, including, together with cash on hand, a portion of the repayment of $750 million aggregate principal amount of the Company’s 4.25% U.S. Dollar Notes that matured in March 2013. The effective interest rate on these Notes was 0.47% at December 28, 2013. The Notes contain customary covenants that limit the ability of the Company and its restricted subsidiaries (as defined) to incur certain liens or enter into certain sale and lease-back transactions. The customary covenants also contain a change of control provision.