Derivative Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 27, 2014

Derivative Instruments and Fair Value Measurements [Abstract]

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

		September 27,		December 28,
(millions)		2014		2013
Foreign currency exchange contracts	$	735	$	517
Interest rate contracts		2,997		2,400
Commodity contracts		519		361
Total	$	4,251	$	3,278

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 September 27, 2014 and December 28, 2013:
Derivatives designated as hedging instruments
			September 27, 2014						December 28, 2013
			Level		Level		Total		Level		Level		Total
(millions)			1		2				1		2
Assets:
Foreign currency exchange contracts:
	Other prepaid assets	$	-	$	14	$	14	$	-	$	7	$	7
Total assets		$	-	$	14	$	14	$	-	$	7	$	7
Liabilities:
Foreign currency exchange contracts:
	Other current liabilities	$	-	$	(6)	$	(6)	$	-	$	(8)	$	(8)
Interest rate contracts:
	Other current liabilities		-		(25)		(25)		-		-		-
	Other liabilities (a)		-		(38)		(38)		-		(59)		(59)
Commodity contracts:
	Other current liabilities		-		(10)		(10)		-		(9)		(9)
	Other liabilities		-		(12)		(12)		-		(19)		(19)
Total liabilities		$	-	$	(91)	$	(91)	$	-	$	(95)	$	(95)
(a) The fair value of the related hedged portion of the Company's long-term debt, a level 2 liability, was $2.5 billion as of September 27, 2014 and December 28, 2013.
Derivatives not designated as hedging instruments
			September 27, 2014						December 28, 2013
			Level		Level		Total		Level		Level		Total
(millions)			1		2				1		2
Assets:
Commodity contracts:
	Other prepaid assets	$	-	$	-	$	-	$	3	$	-	$	3
Total assets		$	-	$	-	$	-	$	3	$	-	$	3
Liabilities:
Commodity contracts:
	Other current liabilities	$	(35)	$	-	$	(35)	$	(7)	$	-	$	(7)
Total liabilities		$	(35)	$	-	$	(35)	$	(7)	$	-	$	(7)

Offsetting Assets And Liabilities [Table Text Block]

As of September 27, 2014:
				Gross Amounts Not Offset in the Consolidated Balance Sheet
		Amounts Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received/ Posted		Net Amount
Total asset derivatives	$	14	$	(11)	$	-	$	3
Total liability derivatives	$	(126)	$	11	$	64	$	(51)
As of December 28, 2013:
				Gross Amounts Not Offset in the Consolidated Balance Sheet
		Amounts Presented in the Consolidated Balance Sheet		Financial Instruments		Cash Collateral Received/ Posted		Net Amount
Total asset derivatives	$	10	$	(10)	$	-	$	0
Total liability derivatives	$	(102)	$	10	$	21	$	(71)

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

The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the quarters ended September 27, 2014 and September 28, 2013 was as follows:
Derivatives in fair value hedging relationships
										Location of gain		Gain (loss)
										(loss) recognized		recognized in
(millions)										in income		income (a)
												Sep. 27,		Sep. 28,
												2014		2013
Foreign currency exchange contracts										Other income (expense), net	$	1	$	(1)
Interest rate contracts										Interest expense		4		(3)
Total											$	5	$	(4)
(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)
		Gain (loss)			(loss) reclassified		reclassified from			(loss) recognized		recognized in
(millions)		recognized in AOCI			from AOCI		AOCI into income			in income (a)		income (a)
		Sep. 27,		Sep. 28,			Sep. 27,		Sep. 28,			Sep. 27,		Sep. 28,
		2014		2013			2014		2013			2014		2013
Foreign currency exchange contracts	$	16	$	(4)	COGS	$	-	$	2	Other income (expense), net	$	(1)	$	-
Foreign currency exchange contracts		3		(3)	SGA expense		2		1	Other income (expense), net		-		-
Interest rate contracts		(20)		-	Interest expense		-		1	N/A		-		-
Commodity contracts		(1)		-	COGS		(2)		(2)	Other income (expense), net		-		-
Total	$	(2)	$	(7)		$	-	$	2		$	(1)	$	-
(a) Includes the ineffective portion and amount excluded from effectiveness testing.
Derivatives and non-derivatives in net investment hedging relationships
												Gain (loss)
												recognized in
(millions)												AOCI
												Sep. 27,		Sep. 28,
												2014		2013
Foreign currency denominated long-term debt											$	42	$	-
Total											$	42	$	-
Derivatives not designated as hedging instruments
										Location of gain		Gain (loss)
										(loss) recognized		recognized in
(millions)										in income		income
												Sep. 27,		Sep. 28,
												2014		2013
Foreign currency exchange contracts										Other income (expense), net	$	1	$	1
Commodity contracts										COGS		(61)		(2)
Total											$	(60)	$	(1)

The effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the year-to-date periods ended September 27, 2014 and September 28, 2013 were as follows:
Derivatives in fair value hedging relationships
										Location of gain		Gain (loss)
										(loss) recognized		recognized in
(millions)										in income		income(a)
												Sep. 27,		Sep. 28,
												2014		2013
Foreign currency exchange contracts										Other income (expense), net	$	3	$	2
Interest rate contracts										Interest expense		13		(2)
Total											$	16	$	-
(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)
		Gain (loss)			(loss) reclassified		reclassified from			(loss) recognized		recognized in
(millions)		recognized in AOCI			from AOCI		AOCI into income			in income (a)		income(a)
		Sep. 27,		Sep. 28,			Sep. 27,		Sep. 28,			Sep. 27,		Sep. 28,
		2014		2013			2014		2013			2014		2013
Foreign currency exchange contracts	$	13	$	8	COGS	$	2	$	7	Other income (expense), net	$	(3)	$	-
Foreign currency exchange contracts		4		(2)	SGA expense		5		1	Other income (expense), net		-		-
Interest rate contracts		(43)		-	Interest expense		9		3	N/A		-		-
Commodity contracts		-		(1)	COGS		(5)		(7)	Other income (expense), net		-		-
Total	$	(26)	$	5		$	11	$	4		$	(3)	$	-
(a) Includes the ineffective portion and amount excluded from effectiveness testing.
Derivatives and non-derivatives in net investment hedging relationships
												Gain (loss)
												recognized in
(millions)												AOCI
												Sep. 27,		Sep. 28,
												2014		2013
Foreign currency denominated long-term debt											$	47	$	-
Total											$	47	$	-
Derivatives not designated as hedging instruments
										Location of gain		Gain (loss)
										(loss) recognized		recognized in
(millions)										in income		income
												Sep. 27,		Sep. 28,
												2014		2013
Foreign currency exchange contracts										COGS	$	-	$	2
Foreign currency exchange contracts										Other income (expense), net		(1)		-
Interest rate contracts										Interest expense		(4)		-
Commodity contracts										COGS		(66)		(26)
Total											$	(71)	$	(24)

Fair Value Assets Measured on Nonrecurring 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 September 27, 2014:
(millions)		Fair Value		Total Loss
Description:
Long-lived assets	$	3	$	(21)
Total	$	3	$	(21)

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

(millions)		Fair Value		Carrying Value
Current maturities of long-term debt	$	607	$	607
Long-term debt		6,471		5,963
Total	$	7,078	$	6,570