Derivative Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 29, 2012

Derivative Instruments and Fair Value Measurements [Abstract]

Schedule of Total Notional Amounts of the Company's Derivative Instruments [Table Text Block]


(millions)		2012		2011
Foreign currency exchange contracts	$	570	$	1,265
Interest rate contracts		2,150		600
Commodity contracts		136		175
Total	$	2,856	$	2,040

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis [Table Text Block]

The following table presents assets and liabilities that were measured at fair value in the Consolidated Balance Sheet on a recurring basis as of December 29, 2012 and December 31, 2011:

Derivatives designated as hedging instruments:

		2012						2011
(millions)			Level 1		Level 2		Total			Level 1		Level 2		Total

Assets:
Foreign currency exchange contracts:
	Other current assets	$	-	$	4	$	4		$	-	$	11	$	11
Interest rate contracts (a):
	Other assets		-		64		64			-		23		23
Commodity contracts:
	Other current assets		-		-		-			2		-		2
Total assets		$	-	$	68	$	68		$	2	$	34	$	36

Liabilities:
Foreign currency exchange contracts:
	Other current liabilities	$	-	$	(3)	$	(3)		$	-	$	(18)	$	(18)
Commodity contracts:
	Other current liabilities		-		(11)		(11)			(4)		(12)		(16)
	Other liabilities		-		(27)		(27)			-		(34)		(34)
Total liabilities		$	-	$	(41)	$	(41)		$	(4)	$	(64)	$	(68)

(a)	The fair value of the related hedged portion of the Company's long-term debt, a level 2 liability, was $2.3 billion as of December 29, 2012 and $626 million as of December 31, 2011:

Derivatives not designated as hedging instruments:

		2012							2011
(millions)			Level 1		Level 2		Total			Level 1		Level 2		Total

Assets:
Commodity contracts:
	Other current assets	$	5	$	-	$	5		$	-	$	-	$	-
Total assets		$	5	$	-	$	5		$	-	$	-	$	-

Liabilities:
Commodity contracts:
	Other current liabilities	$	(3)	$	-	$	(3)		$	-	$	-	$	-
Total liabilities		$	(3)	$	-	$	(3)		$	-	$	-	$	-

Schedule of the Effect of Derivative Instruments on the Consolidated Statement of Income [Table Text Block]

The effect of derivative instruments on the Consolidated Statement of Income for the years ended December 29, 2012 and December 31, 2011 were as follows:


Derivatives in fair value hedging relationships
											Location of gain		Gain (loss)
											(loss) recognized		recognized in
(millions)											in income		income (a)
													2012		2011

Foreign currency exchange contracts											OIE		($1)		($12)

Interest rate contracts											Interest expense	$	5	$	(1)
Total												$	4	$	(13)
(a)	Includes the ineffective portion and amount excluded from effectiveness testing.

Derivatives in cash flow hedging relationships
						Location of gain		Gain (loss)			Location of gain
			Gain (loss)			(loss) reclassified		reclassified from			(loss) recognized		Gain (loss)
(millions)			recognized in AOCI			from AOCI		AOCI into income			in income (a)		recognized in income(a)
			2012		2011			2012		2011			2012		2011

Foreign currency exchange contracts		$	-	$	-	COGS	$	(1)	$	(3)	OIE	$	-	$	(2)
Foreign currency exchange contracts			1		1	SGA expense		2		-	OIE		-		-
Interest rate contracts			-		(15)	Interest expense		4		4	N/A		-		-
Commodity contracts			(6)		(37)	COGS		(19)		1	OIE		-		-
Total		$	(5)	$	(51)		$	(14)	$	2		$	-	$	(2)
(a)	Includes the ineffective portion and amount excluded from effectiveness testing.

Derivatives in net investment hedging relationships
													Gain (loss)
(millions)													recognized in AOCI
													2012		2011

Foreign currency exchange contracts												$	5	$	6
Total												$	5	$	6

Derivatives not designated as hedging instruments
											Location of gain		Gain (loss)
											(loss) recognized		recognized in
(millions)											in income		income
													2012		2011

Foreign currency exchange contracts											OIE	$	-	$	(1)
Interest rate contracts											Interest expense	$	(1)	$	(1)
Commodity contracts											COGS	$	(10)	$	-
Total												$	(11)	$	(2)

Schedule of Assets Measured on a Non-Recurring Basis [Table Text Block]

The following table presents level 3 assets that were measured at fair value on the Consolidated Balance Sheet on a nonrecurring basis as of December 29, 2012:

(millions)		Fair Value		Total Loss
Description:
Long-lived assets	$	11	$	(17)
Total	$	11	$	(17)

Schedule of Fair Value of Long-term Debt [Table Text Block]


(millions)		Fair Value		Carrying Value
Current maturities of long-term debt	$	756	$	755
Long-term debt		6,880		6,082
Total	$	7,636	$	6,837

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

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- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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