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Financial Instruments (Tables)
6 Months Ended
Jul. 01, 2023
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Financial Instruments Recorded at Fair Value on a Recurring Basis
July 1, 2023December 31, 2022
(In millions)Level 1Level 2TotalLevel 1Level 2Total
Cash equivalents
Money market funds$1,750 $— $1,750 $3,017 $— $3,017 
Commercial paper— 269 269 — 224 224 
U.S. Treasury and agency securities897 — 897 — — — 
Time deposits and certificate of deposits— 129 129 — 159 159 
Short-term investments
Commercial paper— 738 738 — 441 441 
Time deposits and certificates of deposits— — — — 
Asset-backed and mortgage-backed securities— 36 36 — 39 39 
U.S. Treasury and agency securities1,370 — 1,370 466 — 466 
Foreign government securities— 296 296 — 74 74 
Other non-current assets
Time deposits and certificates of deposits— — 
Equity investments — — 
Deferred compensation plan investments107 — 107 90 — 90 
Total assets measured at fair value$4,133 $1,478 $5,611 $3,581 $946 $4,527 
Summary of Investment Holdings, Schedule of Investments The following is a summary of cash equivalents and short-term investments:
July 1, 2023December 31, 2022
Cost/ Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair
Value
Cost/ Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair
Value
(in millions)(in millions)
Asset-backed and mortgage-backed securities$39 $— $(3)$36 $42 $— $(3)$39 
Commercial paper1,007 — — 1,007 669 — (4)665 
Money market funds1,750 — — 1,750 3,017 — — 3,017 
Time deposits and certificates of deposits133 — — 133 159 — — 159 
U.S. Treasury and agency securities2,271 — (4)2,267 471 — (5)466 
Foreign government securities296 — — 296 74 — — 74 
$5,496 $— $(7)$5,489 $4,432 $— $(12)$4,420 
Investments Classified by Contractual Maturity Date
The contractual maturities of cash equivalents and investments classified as available-for-sale are as follows:
July 1, 2023December 31, 2022
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Due within 1 year$3,563 $3,558 $1,224 $1,218 
Due in 1 year through 5 years151 151 159 156 
Due in 5 years and later38 36 41 38 
$3,752 $3,745 $1,424 $1,412 
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:
 July 1, 2023December 31, 2022
 Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
 (In millions)(In millions)
Current portion of long-term debt, net$753 $732 $— $— 
Long-term debt, net of current portion$1,714 $1,575 $2,467 $2,281