v2.4.0.6
Financial Instruments (Tables)
 12 Months Ended
Dec. 29, 2012
Derivative Instruments and Hedges, Assets [Abstract]  
Fair Values Of Financial Assets And Liabilities
The fair values of our financial assets and liabilities as of December 29, 2012 and December 31, 2011 are categorized as follows:
 
2012
 
2011
 
Assets(a)
 
Liabilities(a)
 
Assets(a)
 
Liabilities(a)
Available-for-sale securities(b)
$
79

 
$
—

 
$
59

 
$
—

Short-term investments – index funds(c)
$
161

 
$
—

 
$
157

 
$
—

Prepaid forward contracts(d)
$
33

 
$
—

 
$
40

 
$
—

Deferred compensation(e)
$
—

 
$
492

 
$
—

 
$
519

Derivatives designated as fair value hedging instruments:
 
 
 
 
 
 
 
Interest rate derivatives(f)
$
276

 
$
—

 
$
300

 
$
—

Derivatives designated as cash flow hedging instruments:
 
 
 
 
 
 
 
Foreign exchange contracts(g)
$
5

 
$
19

 
$
25

 
$
5

Interest rate derivatives(f)
6

 
—

 
—

 
69

Commodity contracts(h)
8

 
24

 
3

 
78

 
$
19

 
$
43

 
$
28

 
$
152

Derivatives not designated as hedging instruments:
 
 
 
 
 
 
 
Foreign exchange contracts(g)
$
8

 
$
6

 
$
17

 
$
20

Interest rate derivatives(f)
123

 
153

 
107

 
141

Commodity contracts(h)
40

 
45

 
10

 
62

 
$
171

 
$
204

 
$
134

 
$
223

Total derivatives at fair value
$
466

 
$
247

 
$
462

 
$
375

Total
$
739

 
$
739

 
$
718

 
$
894

 
(a)
Financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets, with the exception of available-for-sale securities and short-term investments, which are classified as short-term investments. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities. Unless specifically indicated, all financial assets and liabilities are categorized as Level 2 assets or liabilities.
(b)
Based on the price of common stock. Categorized as a Level 1 asset.
(c)
Based on price changes in index funds used to manage a portion of market risk arising from our deferred compensation liability. Categorized as a Level 1 asset.
(d)
Based primarily on the price of our common stock.
(e)
Based on the fair value of investments corresponding to employees’ investment elections. As of December 29, 2012 and December 31, 2011, $10 million and $44 million, respectively, are categorized as Level 1 liabilities. The remaining balances are categorized as Level 2 liabilities.
(f)
Based on LIBOR forward rates and recently reported market transactions of spot and forward rates.
(g)
Based on recently reported market transactions of spot and forward rates.
(h)
Based on recently reported transactions in the marketplace, primarily swap arrangements.
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments
 
Fair Value/Non-
designated  Hedges
 
Cash Flow Hedges
 
(Gains)/Losses
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)
2012

 
2011

 
2012

 
2011

 
2012

 
2011

Foreign exchange contracts
$
(23
)
 
$
14

 
$
41

 
$
(9
)
 
$
8

 
$
26

Interest rate derivatives
17

 
(113
)
 
(2
)
 
84

 
19

 
15

Commodity contracts
(23
)
 
25

 
11

 
51

 
63

 
(36
)
Total
$
(29
)
 
$
(74
)
 
$
50

 
$
126

 
$
90

 
$
5

 
(a)
Interest rate derivative losses are primarily from fair value hedges and are included in interest expense. These losses are substantially offset by decreases in the value of the underlying debt, which is also included in interest expense. All other gains/losses are from non-designated hedges and are included in corporate unallocated expenses.
(b)
Interest rate derivative losses are included in interest expense. All other gains/losses are primarily included in cost of sales.