Quarterly report pursuant to Section 13 or 15(d)

DEBT (Details)

v2.4.0.8
DEBT (Details) (USD $)
In Millions, unless otherwise specified
 3 Months Ended 1 Months Ended 1 Months Ended
Mar. 30, 2014
Mar. 31, 2013
Dec. 31, 2013
Mar. 30, 2014
Senior notes, 3.65%, due 2023
Dec. 31, 2013
Senior notes, 3.65%, due 2023
Mar. 30, 2014
Debentures, 6.75%, due 2027
Dec. 31, 2013
Debentures, 6.75%, due 2027
Mar. 30, 2014
Debentures, 7.125%, due 2028
Dec. 31, 2013
Debentures, 7.125%, due 2028
Mar. 30, 2014
Senior notes, 4.875%, due 2043
Dec. 31, 2013
Senior notes, 4.875%, due 2043
Mar. 30, 2014
Debentures, 5.65%, due 2098 (effective interest rate 7.48%)
Dec. 31, 2013
Debentures, 5.65%, due 2098 (effective interest rate 7.48%)
Mar. 30, 2014
Credit facilities related to consolidated joint ventures
Dec. 31, 2013
Credit facilities related to consolidated joint ventures
Mar. 30, 2014
Other long-term debt
Dec. 31, 2013
Other long-term debt
Feb. 28, 2014
Interest rate contracts
Senior notes, 3.65%, due 2023
Sep. 19, 2013
Interest rate contracts
Senior notes, 3.65%, due 2023
Feb. 28, 2014
Interest rate contracts
Debentures, 7.125%, due 2028
Nov. 30, 2005
Interest rate contracts
Debentures, 7.125%, due 2028
Long-term debt                                          
Debt face amount                                     $ 500   $ 250
Debt instrument interest rate (as a percent)       3.65%   6.75%   7.125%   4.875%   5.65%                  
Effective interest rate (as a percent)                       7.48%                  
Proceeds from borrowings 7                                         
Long-term debt facilities 1,578   1,630 500 [1] 500 [1] 58 58 250 [1] 250 [1] 500 500 165 165 56 92 49 65        
Unamortized discount (48)   (48)                                    
Fair value adjustment due to hedge on indebtedness 46   49                                    
Capital leases 93   92                                    
Total long-term debt 1,669   1,723                                    
Less: Current maturities of long-term debt (37)   (51)                                    
Long-term debt 1,632   1,672                                    
Fixed rate on debt issue, due in 2023 (as a percent)                                     3.65%    
Basis of variable rate                                   one-month LIBOR     LIBOR
Gain realized upon settlement of interest rate hedge                                       52  
Amortization period of deferred gain from interest rate hedge                                       14 years  
Principal payments required on long-term debt                                          
2014 32                                        
2015 56                                        
2016 44                                        
2017 9                                        
2018 15                                        
Fair value                                          
Fair value of total debt 1,918 [2]   1,877 [2]                                    
Carrying value of total debt $ 1,693   $ 1,740                                    
[1] In February 2014, we settled our November 2005 interest rate swap which previously converted our $250 million debt issue, due in 2028, from a fixed rate to a floating rate based on a LIBOR spread. We will amortize the $52 million gain realized upon settlement over the remaining 14-year term of related debt. Also, in February 2014, we entered into a series of interest rate swaps to effectively convert our September 2013, $500 million debt issue, due in 2023, from a fixed rate of 3.65 percent to a floating rate equal to the one-month LIBOR plus a spread. See Note 12, "DERIVATIVES" for further details.
[2] The fair value of debt is derived from Level 2 inputs.