Cash, Cash Equivalents and Current Marketable Securities

12 Months Ended

Dec. 29, 2019

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Current Marketable Securities

Cash, Cash Equivalents and Current Marketable Securities

At the end of the fiscal year 2019 and 2018, cash, cash equivalents and current marketable securities were comprised of:

(Dollars in Millions)	2019
	Carrying Amount		Cash & Cash Equivalents		Current Marketable Securities
Cash	$	2,637	2,637		—
Non-U.S. Sovereign Securities(1)	439		149		290
U.S. Reverse repurchase agreements	6,375		6,375		—
Other Reverse repurchase agreements	375		375		—
Corporate debt securities(1)	1,323		889		434
Money market funds	2,864		2,864		—
Time deposits(1)	906		906		—
Subtotal	$	14,919	14,195		724
U.S. Gov't Securities	$	4,102	3,095		1,007
Corporate debt securities	266		15		251
Subtotal available for sale(2)	$	4,368	3,110		1,258
Total cash, cash equivalents and current marketable securities			$	17,305	1,982

(Dollars in Millions)	2018
	Carrying Amount		Cash & Cash Equivalents		Current Marketable Securities
Cash	$	2,619	2,619		—
U.S. Reverse repurchase agreements	3,009		3,009		—
Other Reverse repurchase agreements	443		443		—
Money market funds	3,397		3,397		—
Time deposits(1)	485		485		—
Subtotal	$	9,953	9,953		—
Gov't Securities	$	9,474	8,144		1,330
Corporate debt securities	260		10		250
Subtotal available for sale(2)	$	9,734	8,154		1,580
Total cash, cash equivalents and current marketable securities			$	18,107	1,580

⁽¹⁾ Held to maturity investments are reported at amortized cost and realized gains or losses are reported in earnings.

⁽²⁾ Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.

Fair value of government securities and obligations and corporate debt securities were estimated using quoted broker prices and significant other observable inputs.

In 2019 and 2018, the carrying amount was the same as the estimated fair value.

The contractual maturities of the available for sale debt securities at December 29, 2019 are as follows:

(Dollars in Millions)	Cost Basis		Fair Value
Due within one year	$	4,322	4,322
Due after one year through five years	46		46
Due after five years through ten years	—		—
Total debt securities	$	4,368	4,368

The Company invests its excess cash in both deposits with major banks throughout the world and other high-quality money market instruments. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating.