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Financial Instruments
 3 Months Ended
Mar. 29, 2019
Investments, All Other Investments [Abstract]  
Financial Instruments
Financial Instruments
At March 29, 2019 and December 31, 2018, the Company’s financial instruments consisted primarily of cash and cash equivalents, billed receivables, trade accounts payable, senior notes, foreign currency forward contracts and treasury lock 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.
 
March 29, 2019
 
December 31, 2018
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
(in millions)
Senior notes (1)
$
3,322

 
$
3,451

 
$
3,321

 
$
3,355

Foreign currency forward contracts (2)
$
(6
)
 
$
(6
)
 
$
(16
)
 
$
(16
)
Treasury lock contracts (3)
$
(16
)
 
$
(16
)
 
$
—

 
$
—

__________________
(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 16 for additional disclosures regarding the notional amounts and fair values of foreign currency forward contracts.
(3) 
The Company measures the fair values of treasury lock contracts based on 10-year treasury rates. See Note 16 for additional disclosures regarding the notional amounts and fair values of treasury lock contracts.