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Financial Instruments
 6 Months Ended
Jun. 29, 2018
Investments, All Other Investments [Abstract]  
Financial Instruments
. Financial Instruments
At June 29, 2018 and December 31, 2017, the Company’s financial instruments consisted primarily of cash and cash equivalents, billed receivables, trade accounts payable, senior notes and foreign currency forward contracts. The carrying amounts of cash and cash equivalents, billed receivables and trade accounts payable are representative of their respective fair values because of the short-term maturities or the expected settlement dates of these instruments. The carrying amounts and estimated fair values of the Company’s other financial instruments are presented in the table below.
 
June 29, 2018
 
December 31, 2017
 
Carrying
 Amount
 
Estimated
 Fair Value
 
Carrying
 Amount
 
Estimated
 Fair Value
 
(in millions)
Senior notes (1)
$
3,900

 
$
3,944

 
$
3,330

 
$
3,502

Foreign currency forward contracts (2)
$
(5
)
 
$
(5
)
 
$
10

 
$
10

__________________
(1) 
The Company measures the fair value of its senior notes using Level 2 inputs based primarily on current market yields for its existing debt traded in the secondary market.
(2) 
The Company measures the fair values of foreign currency forward contracts based on forward exchange rates. See Note 18 for additional disclosures regarding the notional amounts and fair values of foreign currency forward contracts.