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Financial Instruments (Tables)
 6 Months Ended
Jun. 24, 2016
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 24, 2016      December 31, 2015  
     Carrying
Amount		      Estimated
Fair Value		      Carrying
Amount		     Estimated
Fair Value		  
     (in millions)  

Senior Notes(1)

    $ 3,329       $ 3,577       $ 3,624      $ 3,754   

Foreign currency forward contracts(2)

      1         1         (14 )      (14 ) 

 

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