Fair Value (Tables)

3 Months Ended

Apr. 02, 2022

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


	Apr 2, 2022								Dec 25, 2021
	Fair Value Measured and Recorded at Reporting Date Using								Fair Value Measured and Recorded at Reporting Date Using
(In Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Corporate debt	$	—	$	1,671	$	—	$	1,671	$	—	$	65	$	—	$	65
Financial institution instruments¹	745		1,436		—		2,181		1,216		763		—		1,979
Government debt²	200		—		—		200		—		—		—		—
Reverse repurchase agreements	—		1,695		—		1,695		—		1,595		—		1,595
Short-term investments:
Corporate debt	—		7,878		—		7,878		—		6,367		—		6,367
Financial institution instruments¹	114		7,003		—		7,117		154		5,162		—		5,316
Government debt²	648		16,838		—		17,486		50		12,693		—		12,743
Other current assets:
Derivative assets	88		892		—		980		80		576		—		656
Loans receivable³	—		—		—		—		—		152		—		152
Marketable equity securities4	1,694		70		—		1,764		1,854		317		—		2,171
Other long-term assets:
Derivative assets	—		194		—		194		—		772		7		779
Loans receivable³	—		73		—		73		—		57		—		57
Total assets measured and recorded at fair value	$	3,489	$	37,750	$	—	$	41,239	$	3,354	$	28,519	$	7	$	31,880
Liabilities
Other accrued liabilities:
Derivative liabilities	$	17	$	608	$	—	$	625	$	4	$	516	$	—	$	520

Other long-term liabilities:
Derivative liabilities	—		104		22		126		—		9		—		9
Total liabilities measured and recorded at fair value	$	17	$	712	$	22	$	751	$	4	$	525	$	—	$	529

1Level 1 investments 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 U.S. Treasury securities. Level 2 investments consist primarily of U.S. agency notes and non-U.S. government debt.

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

4 Level 2 investments consist of marketable equity securities subject to security-specific restrictions.