Fair Value

12 Months Ended

Dec. 28, 2019

Fair Value Disclosures [Abstract]

Fair Value [Text Block]

NOTE 15 : FAIR VALUE

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

	December 28, 2019								December 29, 2018
	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	$	—	$	713	$	—	$	713	$	—	$	262	$	—	$	262
Financial institution instruments1	1,064		408		—		1,472		550		183		—		733
Reverse repurchase agreements	—		1,500		—		1,500		—		1,850		—		1,850
Short-term investments:
Corporate debt	—		347		—		347		—		937		—		937
Financial institution instruments1	—		724		—		724		—		1,423		—		1,423
Government debt2	—		11		—		11		—		428		—		428
Trading assets:
Corporate debt	—		2,848		—		2,848		—		2,635		—		2,635
Financial institution instruments1	87		1,578		—		1,665		67		1,273		—		1,340
Government debt2	—		3,334		—		3,334		—		1,868		—		1,868
Other current assets:
Derivative assets	50		230		—		280		—		180		—		180
Loans receivable3	—		—		—		—		—		354		—		354
Marketable equity securities	450		—		—		450		1,440		—		—		1,440
Other long-term investments:
Corporate debt	—		1,898		—		1,898		—		1,843		—		1,843
Financial institution instruments1	—		825		—		825		—		912		—		912
Government debt2	—		553		—		553		—		633		—		633
Other long-term assets:
Derivative assets	—		690		16		706		—		100		—		100
Loans receivable3	—		554		—		554		—		229		—		229
Total assets measured and recorded at fair value	$	1,651	$	16,213	$	16	$	17,880	$	2,057	$	15,110	$	—	$	17,167
Liabilities
Other accrued liabilities:
Derivative liabilities	$	3	$	287	$	—	$	290	$	—	$	412	$	—	$	412
Other long-term liabilities:
Derivative liabilities	—		13		—		13		—		415		68		483
Total liabilities measured and recorded at fair value	$	3	$	300	$	—	$	303	$	—	$	827	$	68	$	895

¹  Level 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.

²  Level 2 investments in government debt 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 impairment or observable price adjustment 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.

We classified non-marketable equity securities and non-marketable equity method investments as Level 3. Impairments recognized on these investments held as of December 28, 2019 were $113 million ($416 million held as of December 29, 2018 and $537 million held as of December 30, 2017).

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, loans receivable, reverse repurchase agreements, and our short-term and long-term debt.

As of December 28, 2019, the aggregate carrying value of grants receivable, loans receivable, and reverse repurchase agreements was $543 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.