Cash, Cash Equivalents and Current Marketable Securities

12 Months Ended

Jan. 01, 2023

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Current Marketable Securities

At the end of the fiscal year 2022 and 2021, cash, cash equivalents and current marketable securities were comprised of:


(Dollars in Millions)	2022
	Carrying Amount		Unrecognized Loss	Estimated Fair Value	Cash & Cash Equivalents		Current Marketable Securities
Cash	$	4,926	—	4,926	4,926		—


U.S. Reverse repurchase agreements	1,419		—	1,419	1,419		—

Corporate debt securities(1)	873		(1)	872	—		873
Money market funds	5,368		—	5,368	5,368		—
Time deposits(1)	446		—	446	446		—
Subtotal	$	13,032	(1)	13,031	12,159		873

U.S. Gov't Securities	$	9,959	(28)	9,931	1,922		8,009
U.S. Gov't Agencies	210		(5)	205	—		205

Corporate and other debt securities	352		(1)	351	46		305

Subtotal available for sale(2)	$	10,521	(34)	10,487	1,968		8,519

Total cash, cash equivalents and current marketable securities					$	14,127	9,392


(Dollars in Millions)	2021
	Carrying Amount		Unrecognized Loss	Estimated Fair Value	Cash & Cash Equivalents		Current Marketable Securities
Cash	$	2,936	—	2,936	2,936		—

Non-U.S. Sovereign Securities(1)	1,006		—	1,006	90		916
U.S. Reverse repurchase agreements	1,659		—	1,659	1,659		—

Corporate debt securities(1)	3,479		(1)	3,478	200		3,279
Money market funds	1,901		—	1,901	1,901		—
Time deposits(1)	900		—	900	900		—
Subtotal	11,881		(1)	11,880	7,686		4,195

U.S. Gov't Securities	$	19,485	(4)	19,481	6,785		12,696

Corporate and other debt securities	246		—	246	16		230

Subtotal available for sale(2)	$	19,731	(4)	19,727	6,801		12,926

Total cash, cash equivalents and current marketable securities					$	14,487	17,121

(1) Held to maturity investments are reported at amortized cost and realized gains or losses are reported in earnings.

(2) Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes in other comprehensive income.

Fair value of government securities and obligations and corporate debt securities were estimated using quoted broker prices and significant other observable inputs.

The contractual maturities of the available for sale debt securities at January 1, 2023 are as follows:


(Dollars in Millions)	Cost Basis		Fair Value
Due within one year	$	10,430	10,399
Due after one year through five years	91		88
Due after five years through ten years	—		—
Total debt securities	$	10,521	10,487

The Company invests its excess cash in both deposits with major banks throughout the world and other high-quality money market instruments. The Company has a policy of making investments only with commercial institutions that have at least an investment grade credit rating.