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Financial Instruments (Tables)
 3 Months Ended
Mar. 23, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Fair Values of Financial Assets and Liabilities
The fair values of our financial assets and liabilities as of March 23, 2013 and March 24, 2012 are categorized as follows:
 
2013
 
2012
 
Assets (a)
 
Liabilities (a)
 
Assets (a)
 
Liabilities (a)
Available-for-sale securities (b)
$
76

 
$
—

 
$
72

 
$
—

Short-term investments – index funds (c)
$
176

 
$
—

 
$
166

 
$
—

Prepaid forward contracts (d)
$
38

 
$
—

 
$
37

 
$
—

Deferred compensation (e)
$
—

 
$
502

 
$
—

 
$
523

Derivatives designated as fair value hedging instruments:
 
 
 
 
 
 
 
Interest rate derivatives (f)
$
249

 
$
1

 
$
274

 
$
2

Derivatives designated as cash flow hedging instruments:
 
 
 
 
 
Foreign exchange contracts (g)
$
27

 
$
9

 
$
9

 
$
18

Interest rate derivatives (f)
—

 
24

 
—

 
—

Commodity contracts (h)
4

 
32

 
14

 
42

 
$
31

 
$
65

 
$
23

 
$
60

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange contracts (g)
$
6

 
$
4

 
$
30

 
$
9

Interest rate derivatives (f)
112

 
140

 
95

 
128

Commodity contracts (h)
25

 
54

 
39

 
30

 
$
143

 
$
198

 
$
164

 
$
167

Total derivatives at fair value
$
423

 
$
264

 
$
461

 
$
229

Total
$
713

 
$
766

 
$
736

 
$
752

 
 
 
 
 
 
 
 
(a)
Financial assets are classified on our balance sheet within prepaid expenses and other current assets, and other assets, with the exception of available-for-sale securities and short-term investments, which are classified as short-term investments. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. Unless specifically indicated, all financial assets and liabilities are categorized as Level 2 assets or liabilities.
(b)
Based on the price of common stock. Categorized as a Level 1 asset.
(c)
Based on price changes in index funds used to manage a portion of market risk arising from our deferred compensation liability. Categorized as a Level 1 asset.
(d)
Based primarily on the price of our common stock.
(e)
Based on the fair value of investments corresponding to employees’ investment elections. As of March 23, 2013 and March 24, 2012, $9 million and $49 million, respectively, are categorized as Level 1 liabilities. The remaining balances are categorized as Level 2 liabilities.
(f)
Based on LIBOR forward rates and recently reported market transactions of spot and forward rates.
(g)
Based on recently reported market transactions of spot and forward rates.
(h)
Based on recently reported market transactions, primarily swap arrangements
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments
The effective portion of the pre-tax (gains)/losses on our derivative instruments are categorized in the tables below.
 
12 Weeks Ended
 
Fair Value/Non-
designated Hedges
 
Cash Flow Hedges
 
Losses/(Gains)
Recognized in
Income Statement (a)
 
Losses/(Gains)
Recognized in
Accumulated Other
Comprehensive Loss
 
Losses/(Gains)
Reclassified from
Accumulated Other
Comprehensive Loss
into Income
Statement (b)
 
3/23/2013

 
3/24/2012

 
3/23/2013

 
3/24/2012

 
3/23/2013

 
3/24/2012

Foreign exchange contracts
$
—

 
$
(10
)
 
$
(28
)
 
$
29

 
$
3

 
$
(3
)
Interest rate derivatives
27

 
27

 
30

 
4

 
51

 
4

Commodity contracts
11

 
(49
)
 
21

 
(18
)
 
5

 
11

Total
$
38

 
$
(32
)
 
$
23

 
$
15

 
$
59

 
$
12

 
(a)
Interest rate derivatives gains/losses are primarily from fair value hedges and are included in interest expense. These gains/losses are substantially offset by increases/decreases in the value of the underlying debt, which are also included in interest expense. Foreign exchange contracts gains/losses are included in selling, general and administrative expenses. Commodity contracts gains/losses are primarily included in cost of sales.
(b)
Interest rate derivative losses are included in interest expense. All other gains/losses are primarily included in cost of sales.