Financial Instruments (Tables)

9 Months Ended

Sep. 24, 2022

Investments, Debt and Equity Securities [Abstract]

Fair Value, Assets Measured on Recurring Basis

Financial Instruments Recorded at Fair Value on a Recurring Basis

	September 24, 2022						December 25, 2021
(In millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents
Money market funds	$	2,616	$	—	$	2,616	$	4	$	—	$	4
Commercial paper	—		—		—		—		45		45
U.S. Treasury and agency securities	—		15		15		—		—		—
Foreign government and agency securities	—		25		25		—		—		—
Short-term investments
Commercial paper	—		868		868		—		880		880
Time deposits and certificates of deposits	—		50		50		—		193		193
Asset-backed and mortgage-backed securities	—		41		41		—		—		—
U.S. Treasury and agency securities	620		—		620		—		—		—
Foreign government and agency securities	—		617		617		—		—		—
Other non-current assets
Time deposits and certificates of deposits	—		6		6		—		—		—
Equity investments	11		—		11		66		—		66
Deferred compensation plan investments	81		—		81		72		—		72
Total assets measured at fair value	$	3,328	$	1,622	$	4,950	$	142	$	1,118	$	1,260

Summary of Investment Holdings, Schedule of Investments

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

	September 24, 2022
	Cost/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in millions)
Asset-backed and mortgage-backed securities	$	44	$	—	$	(3)	$	41
Commercial paper	869		—		(1)		868
Money market funds	2,616		—		—		2,616
Time deposits and certificates of deposits	50		—		—		50
U.S. Treasury and agency securities	640		—		(5)		635
Foreign government and agency securities	642		—		—		642
	$	4,861	$	—	$	(9)	$	4,852

Investments Classified by Contractual Maturity Date

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

	September 24, 2022				December 25, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In millions)				(In millions)
Due within 1 year	$	2,101	$	2,098	$	1,118	$	1,118
Due in 1 year through 5 years	107		104		—		—
Due in 5 years and later	43		40		—		—
	$	2,251	$	2,242	$	1,118	$	1,118

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 24, 2022				December 25, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In millions)
Current portion of long-term debt, net	$	—	$	—	$	312	$	326
Long-term debt, net of current portion	$	2,466	$	2,268	$	1	$	15