Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Fair Value, Assets Measured on Recurring Basis

Financial Instruments Recorded at Fair Value on a Recurring Basis

	March 30, 2024						December 30, 2023
(In millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents
Money market funds	$	1,051	$	—	$	1,051	$	969	$	—	$	969
Corporate debt securities	—		1,472		1,472		—		753		753
U.S. government and agency securities	573		—		573		1,252		—		1,252
Non-U.S. government and agency securities	—		70		70		—		135		135
Time deposits and certificates of deposits	—		166		166		—		205		205
Short-term investments
Corporate debt securities	—		526		526		—		506		506
Time deposits and certificates of deposits	—		10		10		—		9		9
Asset-backed and mortgage-backed securities	—		33		33		—		34		34
U.S. government and agency securities	1,158		41		1,199		1,209		28		1,237
Non-U.S. government and agency securities	—		77		77		—		54		54
Other non-current assets
Deferred compensation plan investments	147		—		147		133		—		133
Total assets measured at fair value	$	2,929	$	2,395	$	5,324	$	3,563	$	1,724	$	5,287

Summary of Investment Holdings, Schedule of Investments

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

	March 30, 2024								December 30, 2023
	Cost/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cost/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in millions)								(in millions)
Asset-backed and mortgage-backed securities	$	35	$	—	$	(2)	$	33	$	35	$	—	$	(2)	$	33
Corporate debt securities	1,998		—		—		1,998		1,259		—		—		1,259
Money market funds	1,051		—		—		1,051		969		—		—		969
Time deposits and certificates of deposits	176		—		—		176		214		—		—		214
U.S. government and agency securities	1,772		—		—		1,772		2,487		3		—		2,490
Non-U.S. government and agency securities	147		—		—		147		189		—		—		189
	$	5,179	$	—	$	(2)	$	5,177	$	5,153	$	3	$	(2)	$	5,154

Investments Classified by Contractual Maturity Date

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

	March 30, 2024				December 30, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In millions)				(In millions)
Due within 1 year	$	3,638	$	3,637	$	3,792	$	3,792
Due in 1 year through 5 years	459		459		361		364
Due in 5 years and later	31		30		32		30
	$	4,128	$	4,126	$	4,185	$	4,186

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:

	March 30, 2024				December 30, 2023
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In millions)				(In millions)
Current portion of long-term debt, net	$	750	$	747	$	751	$	741
Long-term debt, net of current portion	$	1,718	$	1,570	$	1,717	$	1,630