Fair Value (Tables)

12 Months Ended

Dec. 25, 2021

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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.