Cash, Cash Equivalents and Current Marketable Securities

12 Months Ended

Jan. 02, 2022

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Current Marketable Securities

At the end of the fiscal year 2021 and 2020, cash, cash equivalents and current marketable securities were comprised of:


(Dollars in Millions)	2021
	Carrying Amount		Unrecognized Loss	Estimated Fair Value	Cash & Cash Equivalents		Current Marketable Securities
Cash	$	2,936	—	2,936	2,936		—

Non-U.S. Sovereign Securities(1)	1,006		—	1,006	90		916
U.S. Reverse repurchase agreements	1,659		—	1,659	1,659		—

Corporate debt securities(1)	3,479		(1)	3,478	200		3,279
Money market funds	1,901		—	1,901	1,901		—
Time deposits(1)	900		—	900	900		—
Subtotal	$	11,881	(1)	11,880	7,686		4,195

U.S. Gov't Securities	$	19,485	(4)	19,481	6,785		12,696
Other Sovereign Securities	1		—	1	1		—
Corporate debt securities	245		—	245	15		230

Subtotal available for sale(2)	$	19,731	(4)	19,727	6,801		12,926

Total cash, cash equivalents and current marketable securities					$	14,487	17,121


(Dollars in Millions)	2020
	Carrying Amount		Unrecognized Gain	Estimated Fair Value	Cash & Cash Equivalents		Current Marketable Securities
Cash	$	2,863	—	2,863	2,863		—

Non-U.S. Sovereign Securities(1)	690		—	690	—		690
U.S. Reverse repurchase agreements	1,937		—	1,937	1,937		—

Corporate debt securities(1)	2,674		—	2,674	1,451		1,223
Money market funds	2,102		—	2,102	2,102		—
Time deposits(1)	877		—	877	877		—
Subtotal	$	11,143	—	11,143	9,230		1,913

Gov't Securities	$	13,777	1	13,778	4,731		9,047
Other Sovereign Securities	14		—	14	—		14
Corporate debt securities	250		—	250	24		226

Subtotal available for sale(2)	$	14,041	1	14,042	4,755		9,287

Total cash, cash equivalents and current marketable securities					$	13,985	11,200

(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.

The contractual maturities of the available for sale debt securities at January 2, 2022 are as follows:


(Dollars in Millions)	Cost Basis		Fair Value
Due within one year	$	19,709	19,705
Due after one year through five years	22		22
Due after five years through ten years	—		—
Total debt securities	$	19,731	19,727

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.