Fair Value

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value

Note 12 : Fair Value

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

	Sep 28, 2024								Dec 30, 2023
	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	$	—	$	213	$	—	$	213	$	—	$	769	$	—	$	769
Financial institution instruments¹	3,415		1,197		—		4,612		2,241		835		—		3,076
Reverse repurchase agreements	—		3,295		—		3,295		—		2,554		—		2,554
Short-term investments:
Corporate debt	—		5,777		—		5,777		—		6,951		—		6,951
Financial institution instruments¹	129		3,301		—		3,430		33		4,215		—		4,248
Government debt²	20		6,074		—		6,094		—		6,756		—		6,756
Other current assets:
Derivative assets	261		653		—		914		366		809		—		1,175
Marketable equity securities	980		—		—		980		1,194		—		—		1,194
Other long-term assets:
Derivative assets	—		5		—		5		—		21		—		21
Total assets measured and recorded at fair value	$	4,805	$	20,515	$	—	$	25,320	$	3,834	$	22,910	$	—	$	26,744
Liabilities
Other accrued liabilities:
Derivative liabilities	$	—	$	457	$	96	$	553	$	—	$	541	$	99	$	640
Other long-term liabilities:
Derivative liabilities	—		212		—		212		—		479		—		479
Total liabilities measured and recorded at fair value	$	—	$	669	$	96	$	765	$	—	$	1,020	$	99	$	1,119

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

2Level 1 investments consist of US Treasury securities. Level 2 investments consist primarily of non-US government debt.

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, goodwill, 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 observable price adjustment or impairment is recognized on our non-marketable equity securities during the period, we classify these assets as Level 3. Similarly, impairments recognized on our goodwill, intangible assets, and property, plant, and equipment are categorized as Level 3 within the fair value hierarchy as we utilize unobservable inputs such as prospective financial information, market segment growth rates, and discount rates in the fair value measurement process.

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, certain other receivables, 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 September 28, 2024 was $1.1 billion (the aggregate carrying value as of December 30, 2023 was $559 million).

We classify the fair value of issued debt (excluding any commercial paper) as Level 2. The fair value of our issued debt was $46.0 billion as of September 28, 2024 ($47.6 billion as of December 30, 2023).