Fair Value

3 Months Ended

Mar. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value [Text Block]

NOTE 8 : FAIR VALUE

For information about our fair value policies, and methods and assumptions used in estimating the fair value of our financial assets and liabilities, see "Note 2: Accounting Policies" and "Note 16: Fair Value" in our 2018 Form 10-K.

ASSETS AND LIABILITIES MEASURED AND RECORDED AT FAIR VALUE ON A RECURRING BASIS

	March 30, 2019								December 29, 2018
	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	$	—	$	124	$	—	$	124	$	—	$	262	$	—	$	262
Financial institution instruments¹	482		387		—		869		550		183		—		733
Reverse repurchase agreements	—		1,699		—		1,699		—		1,850		—		1,850
Short-term investments:
Corporate debt	—		1,058		—		1,058		—		937		—		937
Financial institution instruments¹	—		1,274		—		1,274		—		1,423		—		1,423
Government debt²	—		366		—		366		—		428		—		428
Trading assets:
Corporate debt	—		2,545		—		2,545		—		2,635		—		2,635
Financial institution instruments¹	45		1,227		—		1,272		67		1,273		—		1,340
Government debt²	—		2,364		—		2,364		—		1,868		—		1,868
Other current assets:
Derivative assets	—		189		—		189		—		180		—		180
Loans receivable³	—		225		—		225		—		354		—		354
Marketable equity securities	568		—		—		568		1,440		—		—		1,440
Other long-term investments:
Asset-backed securities	—		—		—		—		—		—		—		—
Corporate debt	—		1,866		—		1,866		—		1,843		—		1,843
Financial institution instruments¹	—		1,035		—		1,035		—		912		—		912
Government debt²	—		564		—		564		—		633		—		633
Other long-term assets:
Derivative assets	—		330		—		330		—		100		—		100
Loans receivable³	—		500		—		500		—		229		—		229
Total assets measured and recorded at fair value	1,095		15,753		—		16,848		2,057		15,110		—		17,167
Liabilities
Other accrued liabilities:
Derivative liabilities	—		304		—		304		—		412		—		412
Other long-term liabilities:
Derivative liabilities	—		212		13		225		—		415		68		483
Total liabilities measured and recorded at fair value	$	—	$	516	$	13	$	529	$	—	$	827	$	68	$	895

¹  Level 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.

²  Level 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.

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 observable price adjustment or impairment is recognized on our non-marketable equity securities during the period, we classify these assets as Level 3 within the fair value hierarchy based on the nature of the fair value inputs.

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 (that have not been re-measured or impaired in the current period), equity method investments, grants receivable, loans receivable, reverse repurchase agreements, and our short-term and long-term debt.

As of March 30, 2019, the aggregate carrying value of grants receivable, loans receivable, and reverse repurchase agreements was $768 million (the aggregate carrying amount as of December 29, 2018 was $833 million). The estimated fair value of these financial instruments approximates their carrying value and is categorized as Level 2 within the fair value hierarchy based on the nature of the fair value inputs.

As of March 30, 2019, the fair value of short and long-term debt (excluding drafts payable) was $29.8 billion (the fair value as of December 29, 2018 was $27.1 billion). These liabilities are classified as Level 2 within the fair value hierarchy based on the nature of the fair value inputs.