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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 29, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents assets and liabilities measured at fair value on a recurring basis (at least annually) at March 29, 2024 and December 29, 2023:
March 29, 2024December 29, 2023
(In millions)TotalLevel 1TotalLevel 1
Assets
Deferred compensation plan assets:(1)
Equity and fixed income securities$112 $112 $106 $106 
Investments measured at NAV:
Corporate-owned life insurance38 37 
Total fair value of deferred compensation plan assets$150 $143 
Liabilities
Deferred compensation plan liabilities:(2)
Equity securities and mutual funds$10 $10 $18 $18 
Investments measured at NAV:
Common/collective trusts and guaranteed investment contracts289 274 
Total fair value of deferred compensation plan liabilities$299 $292 
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(1)Represents diversified assets held in “rabbi trusts” primarily associated with our non-qualified deferred compensation plans, which we include in the “Other current assets” and “Other non-current assets” line items in our Condensed Consolidated Balance Sheet, and which are measured at fair value.
(2)Primarily represents obligations to pay benefits under certain non-qualified deferred compensation plans, which we include in the “Compensation and benefits” and “Other long-term liabilities” line items in our Condensed Consolidated Balance Sheet. Under these plans, participants designate investment options (including stock and fixed-income funds), which serve as the basis for measurement of the notional value of their accounts.
Schedule of Fair Value, Long-term Debt
The following table presents the carrying amounts and estimated fair values of long-term debt that is not carried at fair value in our Condensed Consolidated Balance Sheet:
March 29, 2024December 29, 2023
(In millions)Carrying AmountFair ValueCarrying AmountFair Value
Term Loan 2025(1)
$— $— $2,250 $2,250 
All other long-term debt, net (including current portion)(2)
11,505 11,258 9,273 9,199 
Long-term debt, including the current portion of long-term debt, net$11,505 $11,258 $11,523 $11,449 
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(1)The carrying value of Term Loan 2025 approximates fair value due to its variable interest rate.
(2)The fair value was estimated using a market approach based on quoted market prices for our debt traded in the secondary market. If measured at fair value, it would be categorized in Level 2 of the fair value hierarchy.