XML 41 R29.htm IDEA: XBRL DOCUMENT
v3.19.1

Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 23, 2019
Derivative [Line Items] |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | The notional amounts of our financial instruments used to hedge the above risks as of March 23, 2019 and December 29, 2018 are as follows:
| Notional Amounts(a)
| 3/23/2019 |  |  | 12/29/2018 |
Commodity | $ | 1.1 |  |  | $ | 1.1 |
Foreign exchange | $ | 2.0 |  |  | $ | 2.0 |
Interest rate | $ | 7.5 |  |  | $ | 10.5 |
Net investment | $ | 2.0 |  |  | $ | 0.9 |
(a) In billions.
Fair Values of Financial Assets and Liabilities | Fair Value Measurements The fair values of our financial assets and liabilities as of March 23, 2019 and December 29, 2018 are categorized as follows:
|  |  | 3/23/2019 |  | 12/29/2018
| Fair Value Hierarchy Levels |  | Assets(a) |  | Liabilities(a) |  | Assets(a) |  | Liabilities(a)
Available-for-sale debt securities (b) | 2 |  | $ | 75 |  |  | $ | — |  |  | $ | 3,658 |  |  | $ | — |
Short-term investments (c) | 1 |  | $ | 214 |  |  | $ | — |  |  | $ | 196 |  |  | $ | — |
Prepaid forward contracts (d) | 2 |  | $ | 24 |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |
Deferred compensation (e) | 2 |  | $ | — |  |  | $ | 473 |  |  | $ | — |  |  | $ | 450 |
Derivatives designated as fair value hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate (f) | 2 |  | $ | — |  |  | $ | 51 |  |  | $ | 1 |  |  | $ | 108 |
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange (g) | 2 |  | $ | 21 |  |  | $ | 28 |  |  | $ | 44 |  |  | $ | 14 |
Interest rate (g) | 2 |  | 1 |  |  | 317 |  |  | — |  |  | 323 |
Commodity (h) | 1 |  | 1 |  |  | 1 |  |  | — |  |  | 1 |
Commodity (i) | 2 |  | 1 |  |  | 1 |  |  | — |  |  | 3 |
|  |  | $ | 24 |  |  | $ | 347 |  |  | $ | 44 |  |  | $ | 341 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Foreign exchange (g) | 2 |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 10 |
Commodity (h) | 1 |  | 3 |  |  | 8 |  |  | 2 |  |  | 17 |
Commodity (i) | 2 |  | 7 |  |  | 48 |  |  | 5 |  |  | 92 |
|  |  | $ | 13 |  |  | $ | 56 |  |  | $ | 10 |  |  | $ | 119 |
Total derivatives at fair value (j) |  |  | $ | 37 |  |  | $ | 454 |  |  | $ | 55 |  |  | $ | 568 |
Total |  |  | $ | 350 |  |  | $ | 927 |  |  | $ | 3,931 |  |  | $ | 1,018 |
(a) | Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities.
(b) | Based on quoted broker prices or other significant inputs derived from or corroborated by observable market data. As of March 23, 2019, these debt securities were classified as short-term investments. As of December 29, 2018, these debt securities were primarily classified as cash equivalents. Unrealized gains and losses on our investments in debt securities as of March 23, 2019 and December 29, 2018 were not material. The decrease in available-for-sale debt securities was due to maturities during the quarter.
(c) | Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability.
(d) | Based primarily on the price of our common stock.
(e) | Based on the fair value of investments corresponding to employees’ investment elections.
(f) | Based on LIBOR forward rates. As of March 23, 2019 and December 29, 2018, the carrying amount of the hedged fixed-rate debt was $4.7 billion and $7.7 billion, respectively, and classified on our balance sheet within short-term and long-term debt obligations.
(g) | Based on recently reported market transactions of spot and forward rates.
(h) | Based on quoted contract prices on futures exchange markets.
(i) | Based on recently reported market transactions of swap arrangements.
(j) Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of March 23, 2019 and December 29, 2018 were not material. Collateral received or posted against our asset or liability positions was not material. Collateral posted is classified as restricted cash. See Note 13 for further information.
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments | Losses/(gains) on our hedging instruments are categorized as follows:
| 12 Weeks Ended
| Fair Value/Non- designated Hedges |  | Cash Flow and Net Investment 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)
| 3/23/2019 |  |  | 3/24/2018 |  |  | 3/23/2019 |  |  | 3/24/2018 |  |  | 3/23/2019 |  |  | 3/24/2018 |
Foreign exchange | $ | (3 | ) |  | $ | (12 | ) |  | $ | 31 |  |  | $ | 5 |  |  | $ | (5 | ) |  | $ | 6 |
Interest rate | (28 | ) |  | 111 |  |  | (7 | ) |  | (96 | ) |  | (11 | ) |  | (62 | )
Commodity | (42 | ) |  | 19 |  |  | (4 | ) |  | (2 | ) |  | 1 |  |  | 1 |
Net investment | — |  |  | — |  |  | (10 | ) |  | 9 |  |  | — |  |  | — |
Total | $ | (73 | ) |  | $ | 118 |  |  | $ | 10 |  |  | $ | (84 | ) |  | $ | (15 | ) |  | $ | (55 | )
(a) | Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from fair value hedges and are included in interest expense. These losses/gains are substantially offset by decreases/increases in the value of the underlying debt, which are also included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.
(b) | Foreign exchange derivative losses/gains are included in cost of sales. Interest rate derivative losses/gains are included in interest expense. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.
Based on current market conditions, we expect to reclassify net losses of $23 million related to our cash flow hedges from accumulated other comprehensive loss into net income during the next 12 months.

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DerivativeLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=99377789&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration