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Financial Instruments (Tables)
 9 Months Ended
Sep. 03, 2011
Financial Instruments  
Fair Values Of Financial Assets And Liabilities
     2011      2010  
     Assets(a)      Liabilities(a)      Assets(a)      Liabilities(a)  

Available-for-sale securities(b)

   $ 61       $ –       $ 88       $ –   

Short-term investments – index funds(c)

   $ 159       $ –       $ 147       $ –   

Deferred compensation(d)

   $ –       $ 519       $ –       $ 553   

Derivatives designated as hedging instruments:

            

Forward exchange contracts(e)

   $ 12       $ 23       $ 19       $ 24   

Interest rate derivatives(f)

     428         56         402         91   

Commodity contracts – other(g)

     27         16         45         12   

Commodity contracts – futures(h)

     1         1         1         27   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 468       $ 96       $ 467       $ 154   

Derivatives not designated as hedging instruments:

            

Forward exchange contracts(e)

   $ 5       $ 19       $ 6       $ 5   

Interest rate derivatives(f)

     104         140         56         97   

Commodity contracts – other(g)

     24         29         6         8   

Commodity contracts – futures(h)

     –         1         –         1   

Prepaid forward contracts(i)

     38         –         48         –   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 171       $ 189       $ 116       $ 111   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total derivatives at fair value

    $ 639       $ 285       $ 583       $ 265   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 859       $ 804       $ 818       $ 818   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a) 

Financial assets are classified on our balance sheet within other assets, with the exception of short-term investments. Financial liabilities are classified on our balance sheet within 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 on the fair value of investments corresponding to employees' investment elections. As of September 3, 2011 and September 4, 2010, $43 million and $147 million, respectively, are categorized as Level 1 liabilities. The remaining balances are categorized as Level 2 liabilities.

 

(e) 

Based on observable market transactions of spot and forward rates.

 

(f) 

Based on LIBOR and recently reported transactions in the marketplace.

 

(g)

Based on recently reported transactions in the marketplace, primarily swap arrangements.

 

(h) 

Based on average prices on futures exchanges. Categorized as a Level 1 asset or liability.

 

(i)

Based primarily on the price of our common stock.
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments
   12 Weeks Ended  
     Fair Value/Non-
designated Hedges		     Cash Flow Hedges  
     Losses/(Gains)
Recognized in
Income Statement(a) 		    (Gains)/Losses
Recognized in
Accumulated Other
Comprehensive Loss		     Losses/(Gains)
Reclassified from
Accumulated Other
Comprehensive Loss
into Income
Statement(b) 		 
     9/3/11        9/4/10      9/3/11        9/4/10        9/3/11        9/4/10   
  

 

 

    

 

 

    

 

   

 

 

    

 

 

    

 

 

    

 

 

  

Forward exchange contracts

    $ 7      $ 5      $(9)      $ 17      $ 9      $ 10   

Interest rate derivatives

      (84 )      (135 )    42        62        4        –   

Prepaid forward contracts

      3        (2 )    –        –        –        –   

Commodity contracts

      29        (15 )    40        (32 )      (12 )      12   
  

 

 

    

 

 

    

 

    

 

 

    

 

 

    

 

 

  

Total

    $ (45 )    $ (147 )    $73      $ 47      $ 1      $ 22   
  

 

 

    

 

 

    

 

    

 

 

    

 

 

    

 

 

  
     36 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) 		 
     9/3/11        9/4/10      9/3/11        9/4/10        9/3/11        9/4/10   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

  

Forward exchange contracts

    $ 8        $–    $ 28      $ 9      $ 30      $ 32   

Interest rate derivatives

      (162 )      (195)      71        98        10        –   

Prepaid forward contracts

      1        (4)      –        –        –        –   

Commodity contracts

      (17 )      (58)      (15 )      26        (37 )      28   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ (170 )      $(257)    $ 84      $ 133      $ 3      $ 60   
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

  

 

(a)

Interest rate gains/losses are included in interest expense in our income statement. All other gains/losses are included in corporate unallocated expenses.

 

(b)

Interest rate losses are included in interest expense in our income statement. All other gains/losses are included in cost of sales in our income statement.