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Financial Instruments (Tables)
 6 Months Ended
Jun. 27, 2014
Investments, All Other Investments [Abstract]  
Carrying Amounts and Estimated Fair Values of Company's Long-Term Debt and Foreign Currency Forward Contracts

The carrying amounts and estimated fair values of the Company’s other financial instruments are presented in the table below.

 

     June 27, 2014      December 31, 2013  
     Carrying
Amount		      Estimated
Fair Value		      Carrying
Amount		      Estimated
Fair Value		  
     (in millions)  

Senior Notes(1)

    $ 3,938       $ 4,245       $ 2,941       $ 3,121   

CODES(1)

      —          —          689         830   

Foreign currency forward contracts(2)

      7         7         1         1   

 

(1) 

The Company measures the fair value of its Senior Notes and CODES using Level 2 inputs based primarily on current market yields for its existing debt traded in the secondary market. As of the date of this report, the CODES have been retired. See Note 10 for a description of the CODES Retirement.

 

(2) 

See Note 17 for additional disclosures regarding the notional amounts and fair values of foreign currency forward contracts.