Quarterly report pursuant to Section 13 or 15(d)

Fair Value

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Fair Value
 9 Months Ended
Sep. 28, 2024
Fair Value Disclosures [Abstract]  
Fair Value
Note 12 : Fair Value
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Sep 28, 2024 Dec 30, 2023
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 $ —  $ 213  $ —  $ 213  $ —  $ 769  $ —  $ 769 
Financial institution instruments¹ 3,415  1,197  —  4,612  2,241  835  —  3,076 
Reverse repurchase agreements —  3,295  —  3,295  —  2,554  —  2,554 
Short-term investments:
Corporate debt —  5,777  —  5,777  —  6,951  —  6,951 
Financial institution instruments¹ 129  3,301  —  3,430  33  4,215  —  4,248 
Government debt² 20  6,074  —  6,094  —  6,756  —  6,756 
Other current assets:
Derivative assets 261  653  —  914  366  809  —  1,175 
Marketable equity securities 980  —  —  980  1,194  —  —  1,194 
Other long-term assets:
Derivative assets —  5  —  5  —  21  —  21 
Total assets measured and recorded at fair value $ 4,805  $ 20,515  $ —  $ 25,320  $ 3,834  $ 22,910  $ —  $ 26,744 
Liabilities
Other accrued liabilities:
Derivative liabilities $ —  $ 457  $ 96  $ 553  $ —  $ 541  $ 99  $ 640 
Other long-term liabilities:
Derivative liabilities —  212  —  212  —  479  —  479 
Total liabilities measured and recorded at fair value $ —  $ 669  $ 96  $ 765  $ —  $ 1,020  $ 99  $ 1,119 
1Level 1 investments consist of money market funds. Level 2 investments consist primarily of certificates of deposit, time deposits, commercial paper, notes, and bonds issued by financial institutions.
2Level 1 investments consist 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, goodwill, 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. Similarly, impairments recognized on our goodwill, intangible assets, and property, plant, and equipment are categorized as Level 3 within the fair value hierarchy as we utilize unobservable inputs such as prospective financial information, market segment growth rates, and discount rates in the fair value measurement process.

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, certain other receivables, and issued debt. We classify the fair value of grants receivable as Level 2. The estimated fair value of these financial instruments approximates their carrying value. The aggregate carrying value of grants receivable as of September 28, 2024 was $1.1 billion (the aggregate carrying value as of December 30, 2023 was $559 million).
We classify the fair value of issued debt (excluding any commercial paper) as Level 2. The fair value of our issued debt was $46.0 billion as of September 28, 2024 ($47.6 billion as of December 30, 2023).