Fair Value (Tables)

6 Months Ended

Jul. 02, 2022

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


	Jul 2, 2022								Dec 25, 2021
	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	$	—	$	48	$	—	$	48	$	—	$	65	$	—	$	65
Financial institution instruments¹	484		1,262		—		1,746		1,216		763		—		1,979

Reverse repurchase agreements	—		2,002		—		2,002		—		1,595		—		1,595
Short-term investments:
Corporate debt	—		7,301		—		7,301		—		6,367		—		6,367
Financial institution instruments¹	229		6,886		—		7,115		154		5,162		—		5,316
Government debt²	48		8,190		—		8,238		50		12,693		—		12,743
Other current assets:
Derivative assets	—		1,661		—		1,661		80		576		—		656
Loans receivable³	—		—		—		—		—		152		—		152
Marketable equity securities4	1,369		87		—		1,456		1,854		317		—		2,171
Other long-term assets:
Derivative assets	—		40		—		40		—		772		7		779
Loans receivable³	—		73		—		73		—		57		—		57
Total assets measured and recorded at fair value	$	2,130	$	27,550	$	—	$	29,680	$	3,354	$	28,519	$	7	$	31,880
Liabilities
Other accrued liabilities:
Derivative liabilities	$	119	$	1,120	$	—	$	1,239	$	4	$	516	$	—	$	520

Other long-term liabilities:
Derivative liabilities	—		194		49		243		—		9		—		9
Total liabilities measured and recorded at fair value	$	119	$	1,314	$	49	$	1,482	$	4	$	525	$	—	$	529

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.

4Level 2 investments consist of marketable equity securities subject to security-specific restrictions.