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Fair Value
 6 Months Ended
Jun. 27, 2020
Fair Value Disclosures [Abstract]  
Fair Value [Text Block]
NOTE 10 : FAIR VALUE
ASSETS AND LIABILITIES MEASURED AND RECORDED AT FAIR VALUE ON A RECURRING BASIS
Jun 27, 2020Dec 28, 2019
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$—  $715  $—  $715  $—  $713  $—  $713  
Financial institution instruments¹3,870  1,591  —  5,461  1,064  408  —  1,472  
Government debt²—  666  —  666  —  —  —  —  
Reverse repurchase agreements—  1,400  —  1,400  —  1,500  —  1,500  
Short-term investments:
Corporate debt—  1,426  —  1,426  —  347  —  347  
Financial institution instruments¹—  2,096  —  2,096  —  724  —  724  
Government debt²—  1,269  —  1,269  —  11  —  11  
Trading assets:
Corporate debt—  3,605  —  3,605  —  2,848  —  2,848  
Financial institution instruments¹206  2,304  —  2,510  87  1,578  —  1,665  
Government debt²—  6,173  —  6,173  —  3,334  —  3,334  
Other current assets:
Derivative assets30  250  —  280  50  230  —  280  
Loans receivable³—  348  —  348  —  —  —  —  
Marketable equity securities464  —  —  464  450  —  —  450  
Other long-term investments:
Corporate debt—  1,864  —  1,864  —  1,898  —  1,898  
Financial institution instruments¹—  452  —  452  —  825  —  825  
Government debt²—  568  —  568  —  553  —  553  
Other long-term assets:
Derivative assets—  1,679  35  1,714  —  690  16  706  
Loans receivable³—  212  —  212  —  554  —  554  
Total assets measured and recorded at fair value$4,570  $26,618  $35  $31,223  $1,651  $16,213  $16  $17,880  
Liabilities
Other accrued liabilities:
Derivative liabilities$48  $432  $—  $480  $3  $287  $—  $290  
Other long-term liabilities:
Derivative liabilities—  22  —  22  —  13  —  13  
Total liabilities measured and recorded at fair value$48  $454  $—  $502  $3  $300  $—  $303  
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 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 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 and equity method investments that have not been remeasured or impaired in the current period, grants receivable, loans receivable, reverse repurchase agreements with original maturities greater than three months, and issued debt.
As of June 27, 2020, the aggregate carrying value of grants receivable and reverse repurchase agreements with original maturities greater than three months was $301 million ($543 million as of December 28, 2019). 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 June 27, 2020, the fair value of our issued debt was $42.5 billion ($30.6 billion as of December 28, 2019). These liabilities are classified as Level 2 within the fair value hierarchy based on the nature of the fair value inputs.