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Financial Instruments (Tables)
 12 Months Ended
Dec. 25, 2021
Derivative Instruments and Hedges, Assets [Abstract]  
Fair Values Of Financial Assets And Liabilities
The fair values of our financial assets and liabilities as of December 25, 2021 and December 26, 2020 are categorized as follows:
 20212020
 
Fair Value Hierarchy Levels(a)
Assets(a)
Liabilities(a)
Assets(a)
Liabilities(a)
Index funds (b)
1$337 $— $231 $— 
Prepaid forward contracts (c)
2$21 $— $18 $— 
Deferred compensation (d)
2$— $505 $— $477 
Contingent consideration (e)
3$— $— $— $861 
Derivatives designated as fair value hedging instruments:
Interest rate (f)
2$— $— $2 $— 
Derivatives designated as cash flow hedging instruments:
Foreign exchange (g)
2$29 $14 $9 $71 
Interest rate (g)
214 264 13 307 
Commodity (h)
270 5 32 — 
$113 $283 $54 $378 
Derivatives not designated as hedging instruments:
Foreign exchange (g)
2$19 $7 $4 $8 
Commodity (h)
235 22 19 7 
$54 $29 $23 $15 
Total derivatives at fair value (i)
$167 $312 $79 $393 
Total$525 $817 $328 $1,731 
(a)Fair value hierarchy levels are defined in Note 7. Unless otherwise noted, financial assets are classified on our balance sheet within prepaid expenses and other current assets and other assets. Financial liabilities are classified on our balance sheet within accounts payable and other current liabilities and other liabilities.
(b)Based on the price of index funds. These investments are classified as short-term investments and are used to manage a portion of market risk arising from our deferred compensation liability.
(c)Based primarily on the price of our common stock.
(d)Based on the fair value of investments corresponding to employees’ investment elections.
(e)In connection with our acquisition of Rockstar, we recorded a liability for tax-related contingent consideration payable over up to 15 years, with an option to accelerate all remaining payments, with estimated maximum payments of approximately $1.1 billion, using current tax rates. The fair value of the liability is estimated using probability-weighted, discounted future cash flows at current tax rates. In the fourth quarter of 2021, we exercised our option to accelerate all remaining payments. The change in the contingent consideration in 2021 is comprised of the fourth quarter payment of $773 million, a recognized pre-tax gain of $86 million ($66 million after-tax or $0.05 per share), recorded in selling, general and administrative expenses, and a fair value decrease of $2 million, recorded in goodwill as a result of the finalization of purchase price allocation.
(f)Based on London Interbank Offered Rate forward rates. As of December 25, 2021, we had no hedged fixed-rate debt. As of December 26, 2020, the carrying amount of hedged fixed-rate debt was $0.2 billion and classified on our balance sheet within short-term debt obligations. As of December 25, 2021, there were no fair value hedging adjustments to hedged fixed-rate debt. As of December 26, 2020, the cumulative amount of fair value hedging adjustments to hedged fixed-rate debt was a $2 million gain. As of December 25, 2021, the cumulative amount of fair value hedging adjustments on discontinued hedges was a $2 million net loss, which is being amortized over the remaining life of the related debt obligations.
(g)Based on recently reported market transactions of spot and forward rates.
(h)Primarily based on recently reported market transactions of swap arrangements.
(i)Derivative assets and liabilities are presented on a gross basis on our balance sheet. Amounts subject to enforceable master netting arrangements or similar agreements which are not offset on the balance sheet as of December 25, 2021 and December 26, 2020 were not material. Collateral received or posted against our asset or liability positions was not material. Exchange-traded commodity futures are cash-settled on a daily basis and, therefore, not included in the table as of December 25, 2021.
Effective Portion Of Pre-Tax (Gains)/Losses On Derivative Instruments
Losses/(gains) on our hedging instruments are categorized as follows:
 Fair Value/Non-
designated Hedges		Cash Flow and Net Investment Hedges
 
Losses/(Gains)
Recognized in
Income Statement(a)
Losses/(Gains)
Recognized in
Accumulated Other
Comprehensive Loss
Losses/(Gains)
Reclassified from
Accumulated Other
Comprehensive Loss
into Income
Statement(b)
202120202021202020212020
Foreign exchange $(4)$— $(7)$(9)$82 $(43)
Interest56 (6)44 (96)64 (129)
Commodity (218)53 (285)(21)(194)56 
Net investment— — (192)235 — — 
Total$(166)$47 $(440)$109 $(48)$(116)
(a)Foreign exchange derivative losses/gains are primarily included in selling, general and administrative expenses. Interest rate derivative losses/gains are primarily from treasury rate locks, with a total notional value of $3.2 billion, to mitigate the interest rate risk on the cash tender offers and are included in net interest expense and other. See Note 8 to our consolidated financial statements for further information. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.
(b)Foreign exchange derivative losses/gains are primarily included in cost of sales. Interest rate derivative losses/gains on cross-currency interest rate swaps are included in selling, general and administrative expenses. Commodity derivative losses/gains are included in either cost of sales or selling, general and administrative expenses, depending on the underlying commodity.