Financial Instruments (Tables)

3 Months Ended

Mar. 26, 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:

	March 26, 2022				December 25, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In millions)
Current portion of long-term debt, net	$	312	$	320	$	312	$	326
Long-term debt, net of current portion	$	1,475	$	1,451	$	1	$	15

Fair Value, Assets Measured on Recurring Basis

inancial Instruments Recorded at Fair Value on a Recurring Basis

	March 26, 2022						December 25, 2021
(In millions)	Level 1		Level 2		Total		Level 1		Level 2		Total
Cash equivalents
Money market funds	$	2,289	$	—	$	2,289	$	4	$	—	$	4
Commercial paper	—		145		145		—		45		45
U.S. Treasury and agency securities	75		125		200		—		—		—
Short-term investments
Commercial paper	—		559		559		—		880		880
Time deposits and certificates of deposits	—		491		491		—		193		193
Asset-backed and mortgage-backed securities	—		49		49		—		—		—
U.S. Treasury and agency securities	469		224		693		—		—		—
Other non-current assets
Equity investments	22		—		22		66		—		66
Deferred compensation plan investments	90		—		90		72		—		72
Total assets measured at fair value	$	2,945	$	1,593	$	4,538	$	142	$	1,118	$	1,260

Available-for-sale Securities

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

	March 26, 2022
	Cost/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in millions)
Asset-backed and mortgage-backed securities	$	50	$	—	$	(1)	$	49
Commercial paper	704		—		—		704
Money market funds	2,289		—		—		2,289
Time deposits and certificates of deposits	491		—		—		491
U.S. Treasury and agency securities	895		—		(2)		893
	$	4,429	$	—	$	(3)	$	4,426

Investments Classified by Contractual Maturity Date

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

	March 26, 2022				December 25, 2021
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(In millions)				(In millions)
Due within 1 year	$	2,090	$	2,089	$	1,118	$	1,118
Due in 1 year through 5 years	1		1		—		—
Due in 5 years and later	49		47		—		—
	$	2,140	$	2,137	$	1,118	$	1,118