Quarterly report pursuant to Section 13 or 15(d)

DEBT (Details)

v3.5.0.2
DEBT (Details) - USD ($)
$ in Millions
Jul. 03, 2016
Dec. 31, 2015
Short-term Debt [Line Items]    
Loans payable $ 19 $ 24
Commercial paper 200 0
Total loans payable and commercial paper 219 24
Long-term debt    
Unamortized discount (57) (57)
Fair value adjustment due to hedge on indebtedness 86 63
Capital leases 86 81
Total long-term debt 1,652 1,615
Current maturities of long-term debt 38 39
Long-term debt 1,614 1,576
Principal payments required on long-term debt    
2016 18  
2017 27  
2018 38  
2019 24  
2020 7  
Fair value    
Fair value of total debt [1] 2,202 1,821
Carrying value of total debt 1,871 1,639
Loans Payable    
Short-term Debt [Line Items]    
Loans payable [2] 19 24
Commercial paper    
Short-term Debt [Line Items]    
Commercial paper [3] $ 200 $ 0
Short-term Debt, Weighted Average Interest Rate [3] 0.45% [4] 0.00%
Line of Credit Facility, Maximum Borrowing Capacity $ 1,750  
Senior notes, 3.65%, due 2023    
Long-term debt    
Unsecured Debt $ 500 $ 500
Debt instrument interest rate (as a percent) 3.65%  
Debentures, 6.75%, due 2027    
Long-term debt    
Unsecured Debt $ 58 58
Debt instrument interest rate (as a percent) 6.75%  
Debentures, 7.125%, due 2028    
Long-term debt    
Unsecured Debt $ 250 250
Debt instrument interest rate (as a percent) 7.125%  
Senior notes, 4.875%, due 2043    
Long-term debt    
Unsecured Debt $ 500 500
Debt instrument interest rate (as a percent) 4.875%  
Debentures, 5.65%, due 2098 (effective interest rate 7.48%)    
Long-term debt    
Unsecured Debt $ 165 165
Debt instrument interest rate (as a percent) 5.65%  
Effective interest rate (as a percent) 7.48%  
Other long-term debt    
Long-term debt    
Other Long-term Debt $ 64 $ 55
[1] The fair value of debt is derived from Level 2 inputs.
[2] Loans payable consist primarily of notes payable to various domestic and international financial institutions. It is not practical to aggregate these notes and calculate a quarterly weighted-average interest rate.
[3] In February 2016, the Board of Directors authorized the issuance of up to $1.75 billion of unsecured short-term promissory notes ("commercial paper") pursuant to a commercial paper program. The program will facilitate the private placement of unsecured short-term debt through third party brokers. We intend to use the net proceeds from the commercial paper program for general corporate purposes.
[4] The weighted average interest rate is inclusive of all brokerage fees.