Financial Instruments (Tables)

6 Months Ended

Jun. 25, 2022

Investments, Debt and Equity Securities [Abstract]

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:

	June 25, 2022				December 25, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In millions)
Current portion of long-term debt, net	$	312	$	315	$	312	$	326
Long-term debt, net of current portion	$	2,465	$	2,388	$	1	$	15

Fair Value, Assets Measured on Recurring Basis

inancial Instruments Recorded at Fair Value on a Recurring Basis

	June 25, 2022						December 25, 2021
(In millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents
Money market funds	$	2,321	$	—	$	2,321	$	4	$	—	$	4
Commercial paper	—		298		298		—		45		45
Short-term investments
Commercial paper	—		447		447		—		880		880
Time deposits and certificates of deposits	—		150		150		—		193		193
Asset-backed and mortgage-backed securities	—		44		44		—		—		—
U.S. Treasury and agency securities	387		—		387		—		—		—
Other non-current assets
Time deposits and certificates of deposits	—		4		4		—		—		—
Equity investments	12		—		12		66		—		66
Deferred compensation plan investments	82		—		82		72		—		72
Total assets measured at fair value	$	2,802	$	943	$	3,745	$	142	$	1,118	$	1,260

Investments Classified by Contractual Maturity Date

The contractual maturities of investments classified as available-for-sale are as follows:

	June 25, 2022				December 25, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In millions)				(In millions)
Due within 1 year	$	1,259	$	1,258	$	1,118	$	1,118
Due in 1 year through 5 years	29		29		—		—
Due in 5 years and later	46		43		—		—
	$	1,334	$	1,330	$	1,118	$	1,118

Summary of Investment Holdings, Schedule of Investments

The following is a summary of cash equivalents and short-term investments:

	June 25, 2022
	Cost/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in millions)
Asset-backed and mortgage-backed securities	$	46	$	—	$	(2)	$	44
Commercial paper	746		—		(1)		745
Money market funds	2,321		—		—		2,321
Time deposits and certificates of deposits	150		—		—		150
U.S. Treasury and agency securities	388		—		(1)		387
	$	3,651	$	—	$	(4)	$	3,647