Annual report pursuant to Section 13 and 15(d)

Fair Value

v3.23.4
Fair Value
 12 Months Ended
Dec. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value [Text Block]
Note 14 : Fair Value
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
December 30, 2023 December 31, 2022
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 $ —  $ 769  $ —  $ 769  $ — $ 856  $ — $ 856 
Financial institution instruments1
2,241  835  —  3,076  6,899  1,474  — 8,373 
Reverse repurchase agreements —  2,554  —  2,554  — 1,301  — 1,301 
Short-term investments:
Corporate debt —  6,951  —  6,951  — 5,381  — 5,381 
Financial institution instruments1
33  4,215  —  4,248  196  4,729  — 4,925 
Government debt2
—  6,756  —  6,756  48  6,840  — 6,888 
Other current assets:
Derivative assets 366  809  —  1,175  — 1,264  — 1,264 
Loans receivable
 —  —  —  —  — 53  — 53 
Marketable equity securities 1,194  —  —  1,194  1,341  —  — 1,341 
Other long-term assets:
Derivative assets —  21  —  21  — 10  —  10 
Total assets measured and recorded at fair value $ 3,834  $ 22,910  $ —  $ 26,744  $ 8,484  $ 21,908  $ —  $ 30,392 
Liabilities
Other accrued liabilities:
Derivative liabilities $ —  $ 541  $ 99  $ 640  $ 111 $ 485  $ 89 $ 685 
Other long-term liabilities:
Derivative liabilities —  479  —  479  — 699  — 699 
Total liabilities measured and recorded at fair value $ —  $ 1,020  $ 99  $ 1,119  $ 111 $ 1,184  $ 89 $ 1,384 
1.Level 1 investments consist of money market funds. Level 2 investments consist primarily of commercial paper, certificates of deposit, time deposits, notes and bonds issued by financial institutions.
2.Level 1 investments consist primarily of US Treasury securities. Level 2 investments consist primarily of non-US government debt.

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.
We classify non-marketable equity securities and non-marketable equity method investments as Level 3. Impairments recognized on these investments held as of December 30, 2023 were $202 million ($179 million on investments held as of December 31, 2022).
Financial Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis
Financial assets and liabilities 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, long-term receivables, and issued debt.
We classify the fair value of grants receivable, long-term receivables, and reverse repurchase agreements with original maturities greater than three months as Level 2. The estimated fair value of these financial assets approximates their carrying value. The aggregate carrying value of grants receivable as of December 30, 2023 was $559 million (the aggregate carrying value of grants receivable as of December 31, 2022 was $437 million). The aggregate carrying value of reverse repurchase agreements with original maturities greater than three months as of December 30, 2023 was $0 (the aggregate carrying value as of December 31, 2022 was $400 million).
We classify the fair value of issued debt (excluding commercial paper) as Level 2. The fair value of these instruments was $47.6 billion as of December 30, 2023 ($34.3 billion as of December 31, 2022).