XML 96 R25.htm IDEA: XBRL DOCUMENT
v3.22.4

Derivative Financial Instruments | 12 Months Ended
--- | ---
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments [Text Block] |
Note 16 : | 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, 2022 |  | Dec 25, 2021 |  | Dec 26, 2020
Foreign currency contracts |  | $ | 31,603 |  |  | $ | 38,024 |  |  | $ | 31,209 |
Interest rate contracts |  | 16,011 |  |  | 15,209 |  |  | 14,461 |
Other |  | 2,094 |  |  | 2,517 |  |  | 2,026 |
Total |  | $ | 49,708 |  |  | $ | 55,750 |  |  | $ | 47,696 |
During 2022 and 2021, we did not enter into any new pay-variable, receive-fixed interest rate swaps to hedge against changes in the fair value attributable to benchmark interest rates related to our outstanding senior notes. The total notional amount of outstanding pay-variable, receive-fixed interest rate swaps was $12.0 billion as of December 31, 2022, and $12.0 billion as of December 25, 2021. Fair Value of Derivative Instruments in the Consolidated Balance Sheets
|  | December 31, 2022 |  | December 25, 2021
(In Millions) |  | Assets 1 |  | Liabilities 2 |  | Assets 1 |  | Liabilities 2
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts 3 |  | $ | 142 |  |  | $ | 290 |  |  | $ | 80 |  |  | $ | 163 |
Interest rate contracts |  | — |  |  | 777 |  |  | 774 |  |  | — |
Total derivatives designated as hedging instruments |  | 142 |  |  | 1,067 |  |  | 854 |  |  | 163 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign currency contracts 3 |  | 866 |  |  | 194 |  |  | 475 |  |  | 297 |
Interest rate contracts |  | 266 |  |  | 12 |  |  | 26 |  |  | 65 |
Equity contracts |  | — |  |  | 111 |  |  | 80 |  |  | 4 |
Total derivatives not designated as hedging instruments |  | 1,132 |  |  | 317 |  |  | 581 |  |  | 366 |
Total derivatives |  | $ | 1,274 |  |  | $ | 1,384 |  |  | $ | 1,435 |  |  | $ | 529 |
1 Derivative assets are recorded as other assets, current and long-term. 2 Derivative liabilities are recorded as other liabilities, current and long-term. 3 The majority of these instruments mature within 12 months. Amounts Offset in the Consolidated 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:
|  | December 31, 2022
|  |  |  |  |  |  |  | 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 |  | $ | 1,231 |  |  | $ | — |  |  | $ | 1,231 |  |  | $ | (546) |  |  | $ | (682) |  |  | $ | 3 |
Reverse repurchase agreements |  | 1,701 |  |  | — |  |  | 1,701 |  |  | — |  |  | (1,701) |  |  | — |
Total assets |  | 2,932 |  |  | — |  |  | 2,932 |  |  | (546) |  |  | (2,383) |  |  | 3 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities subject to master netting arrangements |  | 1,337 |  |  | — |  |  | 1,337 |  |  | (546) |  |  | (712) |  |  | 79 |
Total liabilities |  | $ | 1,337 |  |  | $ | — |  |  | $ | 1,337 |  |  | $ | (546) |  |  | $ | (712) |  |  | $ | 79 |
|  | December 25, 2021
|  |  |  |  |  |  |  | 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 |  | $ | 1,427 |  |  | $ | — |  |  | $ | 1,427 |  |  | $ | (332) |  |  | $ | (986) |  |  | $ | 109 |
Reverse repurchase agreements |  | 1,595 |  |  | — |  |  | 1,595 |  |  | — |  |  | (1,595) |  |  | — |
Total assets |  | 3,022 |  |  | — |  |  | 3,022 |  |  | (332) |  |  | (2,581) |  |  | 109 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities subject to master netting arrangements |  | 392 |  |  | — |  |  | 392 |  |  | (332) |  |  | (60) |  |  | — |
Total liabilities |  | $ | 392 |  |  | $ | — |  |  | $ | 392 |  |  | $ | (332) |  |  | $ | (60) |  |  | $ | — |
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 $910 million net losses in 2022 ($434 million net losses in 2021 and $806 million net gains in 2020). Substantially all of our cash flow hedges are foreign currency contracts for all periods presented. 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 (loss) into the Consolidated Statements of Income, see "Note 15: Other Comprehensive Income (Loss)" within the Notes to Consolidated Financial Statements. 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, 2022 |  | Dec 25, 2021 |  | Dec 26, 2020
Interest rate contracts |  | $ | (1,551) |  |  | $ | (723) |  |  | $ | 817 |
Hedged items |  | 1,551 |  |  | 723 |  |  | (817) |
Total |  | $ | — |  |  | $ | — |  |  | $ | — |
The amounts recorded on the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges for each period were as follows:
Line Item in the Consolidated Balance Sheets in Which the Hedged Item Is Included |  | Carrying Amount of the Hedged Item Assets/(Liabilities) |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount Assets/(Liabilities)
(In Millions) |  | Dec 31, 2022 |  | Dec 25, 2021 |  | Dec 31, 2022 |  | Dec 25, 2021
Long-term debt |  | $ | (11,221) |  |  | $ | (12,772) |  |  | $ | 776 |  |  | $ | (775) |
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, 2022 |  | Dec 25, 2021 |  | Dec 26, 2020
Foreign currency contracts |  | Interest and other, net |  | $ | 1,492 |  |  | $ | 677 |  |  | $ | (572) |
Interest rate contracts |  | Interest and other, net |  | 309 |  |  | 31 |  |  | (90) |
Other |  | Various |  | (502) |  |  | 360 |  |  | 284 |
Total |  | $ | 1,299 |  |  | $ | 1,068 |  |  | $ | (378) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration