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Derivative Financial Instruments
 6 Months Ended
Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Note 12 : Derivative Financial Instruments
Volume of Derivative Activity
Total gross notional amounts for outstanding derivatives (recorded at fair value) at the end of each period were as follows: 
(In Millions)
Jun 29, 2024Dec 30, 2023
Foreign currency contracts
$32,303 $30,064 
Interest rate contracts
17,882 18,363 
Other
2,539 2,103 
Total$52,724 $50,530 
The total notional amount of outstanding pay-variable, receive-fixed interest rate swaps was $12.0 billion as of June 29, 2024 and December 30, 2023.
Fair Value of Derivative Instruments in the Consolidated Condensed Balance Sheets
 
Jun 29, 2024Dec 30, 2023
(In Millions)
Assets1
Liabilities2
Assets1
Liabilities2
Derivatives designated as hedging instruments:
Foreign currency contracts3
$38 $418 $255 $142 
Interest rate contracts
— 699 — 578 
Total derivatives designated as hedging instruments
$38 $1,117 $255 $720 
Derivatives not designated as hedging instruments:
Foreign currency contracts3
$407 $56 $314 $363 
Interest rate contracts
238 7 261 36 
Equity contracts
131 4 366 — 
Total derivatives not designated as hedging instruments$776 $67 $941 $399 
Total derivatives$814 $1,184 $1,196 $1,119 
1Derivative assets are recorded as other assets, current and long-term.
2Derivative liabilities are recorded as other liabilities, current and long-term.
3A substantial majority of these instruments mature within 12 months.
Amounts Offset in the Consolidated Condensed Balance Sheets
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:
Jun 29, 2024
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 InstrumentsCash and Non-Cash Collateral Received or PledgedNet Amount
Assets:
Derivative assets subject to master netting arrangements$706 $— $706 $(331)$(375)$— 
Reverse repurchase agreements
2,915 — 2,915 — (2,915)— 
Total assets$3,621 $— $3,621 $(331)$(3,290)$— 
Liabilities:
Derivative liabilities subject to master netting arrangements$1,178 $— $1,178 $(331)$(742)$105 
Total liabilities$1,178 $— $1,178 $(331)$(742)$105 
Dec 30, 2023
Gross Amounts Not Offset in the Balance Sheet
(In Millions)Gross Amounts RecognizedGross Amounts Offset in the Balance SheetNet Amounts Presented in the Balance SheetFinancial InstrumentsCash and Non-Cash Collateral Received or PledgedNet Amount
Assets:
Derivative assets subject to master netting arrangements$1,047 $— $1,047 $(617)$(430)$— 
Reverse repurchase agreements2,554 — 2,554 — (2,554)— 
Total assets$3,601 $— $3,601 $(617)$(2,984)$— 
Liabilities:
Derivative liabilities subject to master netting arrangements$1,111 $— $1,111 $(617)$(399)$95 
Total liabilities$1,111 $— $1,111 $(617)$(399)$95 
We obtain and secure available collateral from counterparties against obligations, including securities lending transactions and reverse repurchase agreements, when we deem it appropriate.
Derivatives in Cash Flow Hedging Relationships
The before-tax net gains or losses attributed to cash flow hedges recognized in other comprehensive income (loss) were $227 million net losses in the second quarter of 2024 and $658 million net losses in the first six months of 2024 ($245 million net losses in the second quarter of 2023 and $191 million net losses in the first six months of 2023). Substantially all of our cash flow hedges were foreign currency contracts for all periods presented.
During the first six months of 2024 and 2023, the amounts excluded from effectiveness testing were insignificant.
Derivatives in Fair Value Hedging Relationships    
The effects of derivative instruments designated as fair value hedges, recognized in interest and other, net for each period were as follows:
Gains (Losses) on Derivatives Recognized in Consolidated Condensed Statements of Income
Three Months EndedSix Months Ended
(In Millions)
Jun 29, 2024Jul 1, 2023Jun 29, 2024Jul 1, 2023
Interest rate contracts
$24 $(213)$(120)$(21)
Hedged items
(24)213 120 21 
Total$— $— $— $— 
The amounts recorded on the Consolidated Condensed Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:
Line Item in the Consolidated Condensed Balance Sheets in Which the Hedged Item is IncludedCarrying Amount of the Hedged Item Assets/(Liabilities)Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions)
Jun 29, 2024Dec 30, 2023Jun 29, 2024Dec 30, 2023
Long-term debt$(11,299)$(11,419)$698 $578 
Derivatives Not Designated as Hedging Instruments
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 EndedSix Months Ended
(In Millions)
Location of Gains (Losses)
Recognized in Income on Derivatives		Jun 29, 2024Jul 1, 2023Jun 29, 2024Jul 1, 2023
Foreign currency contracts
Interest and other, net
$190 $211 $536 $212 
Interest rate contracts
Interest and other, net
34 124 151 90 
Other
Various
56 100 193 215 
Total$280 $435 $880 $517