Fair Value (Tables)

9 Months Ended

Sep. 25, 2021

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


	Sep 25, 2021								Dec 26, 2020
	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	$	—	$	736	$	—	$	736	$	—	$	50	$	—	$	50
Financial institution instruments¹	2,035		718		—		2,753		2,781		636		—		3,417
Government debt²	2,200		164		—		2,364		—		—		—		—
Reverse repurchase agreements	—		1,350		—		1,350		—		1,900		—		1,900
Short-term investments:
Corporate debt	—		870		—		870		—		428		—		428
Financial institution instruments¹	—		2,066		—		2,066		—		1,179		—		1,179
Government debt²	—		1,068		—		1,068		—		685		—		685
Trading assets:

Corporate debt	—		5,121		—		5,121		—		3,815		—		3,815
Financial institution instruments¹	67		4,014		—		4,081		131		2,847		—		2,978
Government debt²	—		13,559		—		13,559		—		8,945		—		8,945
Other current assets:
Derivative assets	4		323		—		327		48		644		—		692
Loans receivable³	—		211		—		211		—		439		—		439
Marketable equity securities	272		1,792		—		2,064		136		1,694		—		1,830
Other long-term investments:

Corporate debt	—		684		—		684		—		1,520		—		1,520
Financial institution instruments¹	—		203		—		203		—		257		—		257
Government debt²	—		66		—		66		—		415		—		415
Other long-term assets:
Derivative assets	—		961		13		974		—		1,520		30		1,550
Loans receivable³	—		—		—		—		—		157		—		157
Total assets measured and recorded at fair value	$	4,578	$	33,906	$	13	$	38,497	$	3,096	$	27,131	$	30	$	30,257
Liabilities
Other accrued liabilities:
Derivative liabilities	$	29	$	527	$	—	$	556	$	—	$	810	$	—	$	810

Other long-term liabilities:
Derivative liabilities	—		9		—		9		—		5		—		5
Total liabilities measured and recorded at fair value	$	29	$	536	$	—	$	565	$	—	$	815	$	—	$	815

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.