Fair Value

12 Months Ended

Dec. 25, 2021

Fair Value Disclosures [Abstract]

Fair Value [Text Block]

Note 14 : Fair Value

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis

	December 25, 2021								December 26, 2020
	Fair Value Measured and Recorded at Reporting Date Using						Total		Fair Value Measured and Recorded at Reporting Date Using						Total
(In Millions)	Level 1		Level 2		Level 3				Level 1		Level 2		Level 3
Assets
Cash equivalents:
Corporate debt	$	—	$	65	$	—	$	65	$	—	$	50	$	—	$	50
Financial institution instruments1	1,216		763		—		1,979		2,781		636		—		3,417
Reverse repurchase     agreements	—		1,595		—		1,595		—		1,900		—		1,900
Short-term investments:
Corporate debt	—		648		—		648		—		428		—		428
Financial institution instruments1	—		1,243		—		1,243		—		1,179		—		1,179
Government debt2	—		212		—		212		—		685		—		685
Trading assets:
Corporate debt	—		5,143		—		5,143		—		3,815		—		3,815
Financial institution instruments1	154		3,729		—		3,883		131		2,847		—		2,978
Government debt2	—		12,457		—		12,457		—		8,945		—		8,945
Other current assets:
Derivative assets	80		576		—		656		48		644		—		692
Loans receivable3	—		152		—		152		—		439		—		439
Marketable equity securities	1,854		317		—		2,171		136		1,694		—		1,830
Other long-term investments:
Corporate debt	—		576		—		576		—		1,520		—		1,520
Financial institution instruments1	—		190		—		190		—		257		—		257
Government debt2	50		24		—		74		—		415		—		415
Other long-term assets:
Derivative assets	—		772		7		779		—		1,520		30		1,550
Loans receivable3	—		57		—		57		—		157		—		157
Total assets measured and recorded at fair value	$	3,354	$	28,519	$	7	$	31,880	$	3,096	$	27,131	$	30	$	30,257
Liabilities
Other accrued liabilities:
Derivative liabilities	$	4	$	516	$	—	$	520	$	—	$	810	$	—	$	810
Other long-term liabilities:
Derivative liabilities	—		9		—		9		—		5		—		5
Total liabilities measured and recorded at fair value	$	4	$	525	$	—	$	529	$	—	$	815	$	—	$	815

1Level 1 investments in financial institution instruments consist of money market funds. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, and notes and bonds issued by financial institutions.

2Level 1 investments consist primarily of US Treasury securities. Level 2 investments in government debt consist primarily of non-US government debt, as well as marketable equity securities subject to security-specific restrictions.

3    The fair value of our loans receivable for which we elected the fair value option did not significantly differ from the contractual principal balance based on the contractual currency.

Assets Measured and Recorded at Fair Value on a Non-Recurring Basis

Our non-marketable equity securities, equity method investments, and certain non-financial assets, such as intangible assets and property, plant and equipment, are recorded at fair value only if an impairment or observable price adjustment is recognized in the current period. If an impairment or observable price adjustment is recognized on our non-marketable equity securities during the period, we classify these assets as Level 3.

We classify non-marketable equity securities and non-marketable equity method investments as Level 3. Impairments recognized on these investments held as of December 25, 2021 were $138 million ($266 million on investments held as of December 26, 2020 and $113 million on investments held as of December 28, 2019).

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

Financial instruments not recorded at fair value on a recurring basis include non-marketable equity securities and equity method investments that have not been remeasured or impaired in the current period, grants receivable, and issued debt.

We classify the fair value of grants receivable as Level 2. The estimated fair value of these financial instruments approximates their carrying value. The aggregate carrying value of grants receivable as of December 25, 2021 was $317 million (the aggregate carrying value of grants receivable as of December 26, 2020 was $139 million).

We classify the fair value of issued debt (excluding commercial paper and drafts payable) as Level 2. The fair value of these instruments was $41.5 billion as of December 25, 2021 ($40.9 billion as of December 26, 2020).