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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments [Text Block] | Note 17: 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) |  | Dec 31, 2016 |  | Dec 26, 2015 |  | Dec 27, 2014
Foreign currency contracts |  | $ | 17,960 |  |  | $ | 16,721 |  |  | $ | 21,024 |
Interest rate contracts |  | 14,228 |  |  | 8,812 |  |  | 4,947 |
Other |  | 1,340 |  |  | 1,122 |  |  | 1,105 |
Total |  | $ | 33,528 |  |  | $ | 26,655 |  |  | $ | 27,076 |
During the fourth quarter of 2014, we entered into $1.5 billion of forward contracts to hedge our anticipated equity funding of the UniSpreadtrum investment. The hedges were designated as cash flow hedges and the related gains and losses attributable to changes in the spot rates were recognized in accumulated other comprehensive income (loss). Hedge gains and losses attributable to changes in the forward rates were recognized in interest and other, net. During 2015, we discontinued cash flow hedge accounting treatment for $478 million of forward contracts since we could no longer assert that funding is probable to occur within the initially specified timeline. Hedge losses accumulated in other comprehensive income and subsequently released to interest and other, net, related to these de-designated forward contracts were insignificant. During 2016 and 2015, we entered into $4.7 billion and $4.4 billion, respectively, of interest rate swaps to hedge against changes in the fair value attributable to the benchmark interest rates related to $9.1 billion of our outstanding senior notes. These hedges were designated as fair value hedges. During 2015, we entered into $577 million of currency interest rate swaps to hedge against the variability in the U.S.-dollar equivalent of coupon and principal payments associated with our non-U.S.-dollar-denominated indebtedness. These hedges were designated as cash flow hedges. Fair Value of Derivative Instruments in the Consolidated Balance Sheets
|  | December 31, 2016 |  | December 26, 2015
(In Millions) |  | Assets 1 |  | Liabilities 2 |  | Assets 1 |  | Liabilities 2
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |
Foreign currency contracts 3 |  | $ | 21 |  |  | $ | 252 |  |  | $ | 30 |  |  | $ | 85 |
Interest rate contracts |  | 3 |  |  | 187 |  |  | 1 |  |  | 14 |
Total derivatives designated as hedging instruments |  | 24 |  |  | 439 |  |  | 31 |  |  | 99 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |
Foreign currency contracts 4 |  | 374 |  |  | 114 |  |  | 408 |  |  | 115 |
Interest rate contracts |  | 15 |  |  | 30 |  |  | 2 |  |  | 29 |
Other |  | 9 |  |  | — |  |  | 44 |  |  | 2 |
Total derivatives not designated as hedging instruments |  | 398 |  |  | 144 |  |  | 454 |  |  | 146 |
Total derivatives |  | $ | 422 |  |  | $ | 583 |  |  | $ | 485 |  |  | $ | 245 |
1 | Derivative assets are recorded as other assets, current and non-current in the consolidated balance sheets.
2 | Derivative liabilities are recorded as other liabilities, current and non-current in the consolidated balance sheets.
3 | The substantial majority of these instruments mature within 12 months.
4 | The majority of these instruments mature within 12 months.
Amounts Offset in the Consolidated Balance Sheets The gross amounts of our derivative instruments and reverse repurchase 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:
|  | December 31, 2016
|  |  |  |  |  |  |  | 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 Instruments |  | Cash and Non-Cash Collateral Received or Pledged |  | Net Amount
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets subject to master netting arrangements |  | $ | 433 |  |  | $ | — |  |  | $ | 433 |  |  | $ | (368 | ) |  | $ | (42 | ) |  | $ | 23 |
Reverse repurchase agreements |  | 1,018 |  |  | — |  |  | 1,018 |  |  | — |  |  | (1,018 | ) |  | — |
Total assets |  | 1,451 |  |  | — |  |  | 1,451 |  |  | (368 | ) |  | (1,060 | ) |  | 23 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities subject to master netting arrangements |  | 588 |  |  | — |  |  | 588 |  |  | (368 | ) |  | (201 | ) |  | 19 |
Total liabilities |  | $ | 588 |  |  | $ | — |  |  | $ | 588 |  |  | $ | (368 | ) |  | $ | (201 | ) |  | $ | 19 |
|  | December 26, 2015
|  |  |  |  |  |  |  | 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 Instruments |  | Cash and Non-Cash Collateral Received or Pledged |  | Net Amount
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets subject to master netting arrangements |  | $ | 482 |  |  | $ | — |  |  | $ | 482 |  |  | $ | (201 | ) |  | $ | (188 | ) |  | $ | 93 |
Reverse repurchase agreements |  | 3,368 |  |  | — |  |  | 3,368 |  |  | — |  |  | (3,368 | ) |  | — |
Total assets |  | 3,850 |  |  | — |  |  | 3,850 |  |  | (201 | ) |  | (3,556 | ) |  | 93 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities subject to master netting arrangements |  | 242 |  |  | — |  |  | 242 |  |  | (201 | ) |  | (27 | ) |  | 14 |
Total liabilities |  | $ | 242 |  |  | $ | — |  |  | $ | 242 |  |  | $ | (201 | ) |  | $ | (27 | ) |  | $ | 14 |
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 the effective portion of cash flow hedges, recognized in other comprehensive income (loss), were $26 million net losses in 2016 ($298 million net losses in 2015 and $589 million net losses in 2014). Substantially all of our cash flow hedges are foreign currency contracts for all periods presented. Gains or losses on derivative instruments in cash flow hedging relationship related to hedge ineffectiveness and amounts excluded from effectiveness testing were insignificant during all periods presented. For information on the unrealized holding gains (losses) on derivatives reclassified out of accumulated other comprehensive income into the consolidated statements of income, see "Note 16: Other Comprehensive Income (Loss)." 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) Recognized in Statement of Income on Derivatives
Years Ended (In Millions) |  | Dec 31, 2016 |  | Dec 26, 2015 |  | Dec 27, 2014
Interest rate contracts |  | $ | (171 | ) |  | $ | (13 | ) |  | $ | — |
Hedged items |  | 171 |  |  | 13 |  |  | — |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |
There was no ineffectiveness during all periods presented in the preceding table. Derivatives Not Designated as Hedging Instruments The effects of derivative instruments not designated as hedging instruments on the consolidated statements of income for each period were as follows:
Years Ended (In Millions) |  | Location of Gains (Losses) Recognized in Income on Derivatives |  | Dec 31, 2016 |  | Dec 26, 2015 |  | Dec 27, 2014
Foreign currency contracts |  | Interest and other, net |  | $ | 388 |  |  | $ | 296 |  |  | $ | 600 |
Interest rate contracts |  | Interest and other, net |  | 8 |  |  | (8 | ) |  | (3 | )
Other |  | Various |  | 113 |  |  | (38 | ) |  | 62 |
Total |  | $ | 509 |  |  | $ | 250 |  |  | $ | 659 |

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