Quarterly report [Sections 13 or 15(d)]

Fair Value

v3.26.1
Fair Value
 3 Months Ended
Mar. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value
Note 12 : Fair Value
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
Mar 28, 2026 Dec 27, 2025
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
$
— 
$
289 
$
— 
$
289 
$
— 
$
150 
$
— 
$
150 
Financial institution instruments¹
10,979 
1,576 
— 
12,555 
7,292 
1,800 
— 
9,092 
Government debt²
— 
107 
— 
107 
— 
— 
— 
— 
Reverse repurchase agreements
— 
3,679 
— 
3,679 
— 
4,262 
— 
4,262 
Short-term investments:
Corporate debt
— 
7,088 
— 
7,088 
— 
7,248 
— 
7,248 
Financial institution instruments¹
31 
4,966 
— 
4,997 
183 
3,991 
— 
4,174 
Government debt²
1,708 
1,749 
— 
3,457 
5,296 
6,433 
— 
11,729 
Other current assets:
Derivative assets
— 
443 
— 
443 
431 
608 
— 
1,039 
Marketable equity investments
317 
— 
— 
317 
484 
— 
— 
484 
Other long-term assets:
Derivative assets
— 
1 
— 
1 
— 
2 
— 
2 
Total assets measured and recorded at fair value
$
13,035 
$
19,898 
$
— 
$
32,933 
$
13,686 
$
24,494 
$
— 
$
38,180 
Liabilities
Other accrued liabilities:
Derivative liabilities³
$
157 
$
2,163 
$
490 
$
2,810 
$
6 
$
1,524 
$
304 
$
1,834 
Other long-term liabilities:
Derivative liabilities³
— 
1,964 
173 
2,137 
— 
1,714 
576 
2,290 
Total liabilities measured and recorded at fair value
$
157 
$
4,127 
$
663 
$
4,947 
$
6 
$
3,238 
$
880 
$
4,124 
1Level 1 investments consist of money market funds. Level 2 investments consist primarily of time deposits, notes, and bonds issued by financial institutions.
2Level 1 investments consist primarily of U.S. Treasury securities. Level 2 investments consist primarily of non-U.S. government debt.
3Level 1 derivative liabilities consist of equity contracts for our deferred compensation program. Level 2 derivative liabilities include a forward contract related to Escrowed Shares held. Level 3 derivative liabilities include liquidated damage provisions related to our Ireland SCIP arrangement.
Assets Measured and Recorded at Fair Value on a Non-Recurring Basis
Our non-marketable equity 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 investments 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. The fair value used to measure the non-cash goodwill impairment charge of $3.9 billion related to our Mobileye reporting unit in the first quarter of 2026 represents a Level 3 fair value measurement within the fair value hierarchy (see "Note 10: Goodwill" within Notes to Consolidated Condensed Financial Statements).
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 investments that have not been remeasured or impaired in the current period, grants receivable, issued debt, and our outstanding receivable from SLP of $468 million, which was measured and recorded using Level 2 inputs, as of March 28, 2026 ($463 million as of December 27, 2025).
We classify the fair value of grants receivable as Level 2. The estimated fair value of these financial assets approximates their carrying value. The aggregate carrying value of grants receivable was $687 million as of March 28, 2026 ($652 million as of December 27, 2025).
We classify the fair value of issued debt (excluding any commercial paper) as Level 2. The fair value of these instruments was $39.5 billion as of March 28, 2026 ($41.8 billion as of December 27, 2025).