Fair Value [Text Block] |
ASSETS AND LIABILITIES MEASURED AND RECORDED AT FAIR VALUE ON A RECURRING BASIS
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March 28, 2020 |
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December 28, 2019 |
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Fair Value Measured and
Recorded at Reporting Date Using
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Fair Value Measured and
Recorded at Reporting Date Using
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(In Millions) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Assets |
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Cash equivalents: |
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Corporate debt |
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$ |
— |
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$ |
1,348 |
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$ |
— |
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$ |
1,348 |
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$ |
— |
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$ |
713 |
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$ |
— |
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$ |
713 |
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Financial institution instruments¹ |
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7,557 |
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600 |
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— |
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8,157 |
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1,064 |
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408 |
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— |
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1,472 |
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Government debt² |
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— |
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199 |
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— |
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199 |
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— |
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— |
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— |
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— |
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Reverse repurchase agreements |
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— |
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1,150 |
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— |
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1,150 |
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— |
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1,500 |
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— |
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1,500 |
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Short-term investments: |
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Corporate debt |
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— |
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493 |
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— |
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493 |
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— |
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347 |
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— |
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347 |
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Financial institution instruments¹ |
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— |
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803 |
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— |
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803 |
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— |
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724 |
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— |
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724 |
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Government debt² |
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— |
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— |
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— |
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— |
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— |
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11 |
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— |
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11 |
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Trading assets: |
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Corporate debt |
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— |
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2,850 |
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— |
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2,850 |
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— |
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2,848 |
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— |
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2,848 |
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Financial institution instruments¹ |
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78 |
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2,020 |
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— |
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2,098 |
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87 |
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1,578 |
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— |
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1,665 |
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Government debt² |
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— |
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3,179 |
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— |
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3,179 |
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— |
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3,334 |
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— |
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3,334 |
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Other current assets: |
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Derivative assets |
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5 |
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372 |
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— |
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377 |
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50 |
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230 |
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— |
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280 |
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Loans receivable³ |
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— |
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339 |
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— |
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339 |
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— |
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— |
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— |
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— |
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Marketable equity securities |
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330 |
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— |
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— |
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330 |
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450 |
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— |
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— |
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450 |
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Other long-term investments: |
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Corporate debt |
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— |
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1,852 |
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— |
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1,852 |
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— |
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1,898 |
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— |
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1,898 |
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Financial institution instruments¹ |
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— |
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532 |
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— |
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532 |
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— |
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825 |
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— |
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825 |
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Government debt² |
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— |
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559 |
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— |
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559 |
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— |
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553 |
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— |
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553 |
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Other long-term assets: |
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Derivative assets |
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— |
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1,604 |
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35 |
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1,639 |
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— |
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690 |
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16 |
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706 |
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Loans receivable³ |
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— |
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203 |
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— |
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203 |
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— |
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554 |
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— |
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554 |
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Total assets measured and recorded at fair value |
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$ |
7,970 |
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$ |
18,103 |
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$ |
35 |
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$ |
26,108 |
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$ |
1,651 |
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$ |
16,213 |
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$ |
16 |
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$ |
17,880 |
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Liabilities |
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Other accrued liabilities: |
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Derivative liabilities |
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$ |
190 |
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$ |
614 |
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$ |
— |
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$ |
804 |
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$ |
3 |
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$ |
287 |
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$ |
— |
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$ |
290 |
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Other long-term liabilities: |
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Derivative liabilities |
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— |
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106 |
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— |
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106 |
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— |
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13 |
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— |
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13 |
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Total liabilities measured and recorded at fair value |
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$ |
190 |
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$ |
720 |
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$ |
— |
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$ |
910 |
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$ |
3 |
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$ |
300 |
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$ |
— |
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$ |
303 |
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1 |
Level 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. |
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2 |
Level 2 investments consist primarily of U.S. agency notes and non-U.S. government debt. |
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3 |
The fair value of our loans receivable for which we elected the fair value option did not significantly differ from the contractual principal balance based on the contractual currency.
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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 observable price adjustment or impairment is recognized on our non-marketable equity securities during the period, we classify these assets as Level 3 within the fair value hierarchy based on the nature of the fair value inputs.
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, loans receivable, reverse repurchase agreements, and issued debt.
As of March 28, 2020, the aggregate carrying value of grants receivable, loans receivable, and reverse repurchase agreements was $534 million ($543 million as of December 28, 2019). The estimated fair value of these financial instruments approximates their carrying value and is categorized as Level 2 within the fair value hierarchy based on the nature of the fair value inputs.
As of March 28, 2020, the fair value of our issued debt was $41.3 billion ($30.6 billion as of December 28, 2019). These liabilities are classified as Level 2 within the fair value hierarchy based on the nature of the fair value inputs.
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