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Financial Instruments (Tables)

9 Months Ended

Sep. 25, 2021

Investments, Debt and Equity Securities [Abstract]

Fair Value Measurements, Recurring and Nonrecurring


	September 25, 2021		December 26, 2020
	Level 2(1)		Level 2(1)
Short-term investments	(in millions)
Commercial paper	$	974	$	295
Time deposits	194		400
Total	$	1,168	$	695


(1)						Level 2 fair value estimates are based on quoted prices for identical or comparable instruments in markets that are not active, comparable instruments in active markets or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Financial Instruments Not Recorded at Fair Value

The Company carries its financial instruments at fair value except for its debt. The carrying amounts and estimated fair values of the Company’s debt are as follows:


	September 25, 2021				December 26, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In millions)

Short-term debt, net	$	312	$	332	$	—	$	—
Long-term debt, net	1		15		330		642

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details