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Financial Instruments
 9 Months Ended
Sep. 28, 2024
Investments, Debt and Equity Securities [Abstract]  
Fair Value Disclosures Financial Instruments
Fair Value Measurements
The Company’s financial instruments are measured and recorded at fair value on a recurring basis, except for non-marketable equity investments in privately-held companies. These equity investments are generally accounted for under the measurement alternative, defined as cost, less impairments, adjusted for subsequent observable price changes and are periodically assessed for impairment when events or circumstances indicate that a decline in value may have occurred.
Financial Instruments Recorded at Fair Value on a Recurring Basis
September 28, 2024December 30, 2023
(In millions)Level 1Level 2
Level 3
TotalLevel 1Level 2Total
Cash equivalents
Money market funds$1,879 $— $— $1,879 $969 $— $969 
Corporate debt securities— 642 — 642 — 753 753 
U.S. government and agency securities330 — — 330 1,252 — 1,252 
Non-U.S. government and agency securities— — — — — 135 135 
Time deposits and certificates of deposits— 132 — 132 — 205 205 
Short-term investments
Corporate debt securities— 271 — 271 — 506 506 
Time deposits and certificates of deposits— 10 — 10 — 9 9 
Asset-backed and mortgage-backed securities— 30 — 30 — 34 34 
U.S. government and agency securities275 40 — 315 1,209 28 1,237 
Non-U.S. government and agency securities— 21 — 21 — 54 54 
Other non-current assets
Deferred compensation plan and other investments162 — 25 187 133 — 133 
Total assets measured at fair value$2,646 $1,146 $25 $3,817 $3,563 $1,724 $5,287 
Deferred compensation plan and other investments are primarily mutual fund investments held in a Rabbi trust established to maintain the Company’s executive deferred compensation plan.
The following is a summary of cash equivalents and short-term investments:
September 28, 2024December 30, 2023
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$32 $— $(2)$30 $35 $— $(2)$33 
Corporate debt securities912 1 — 913 1,259 — — 1,259 
Money market funds1,879 — — 1,879 969 — — 969 
Time deposits and certificates of deposits142 — — 142 214 — — 214 
U.S. government and agency securities643 2 — 645 2,487 3 — 2,490 
Non-U.S. government and agency securities21 — — 21 189 — — 189 
$3,629 $3 $(2)$3,630 $5,153 $3 $(2)$5,154 
As of September 28, 2024 and December 30, 2023, the Company did not have material available-for-sale debt securities which had been in a continuous unrealized loss position of more than twelve months.
The contractual maturities of cash equivalents and investments classified as available-for-sale are as follows:
September 28, 2024December 30, 2023
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Due within 1 year$1,472 $1,473 $3,792 $3,792 
Due in 1 year through 5 years250 252 361 364 
Due in 5 years and later28 26 32 30 
$1,750 $1,751 $4,185 $4,186 
Financial Instruments Not Recorded at Fair Value
The Company carries its financial instruments at fair value except for its debt. The carrying amounts and estimated fair values of the Company’s debt are as follows:
 September 28, 2024December 30, 2023
 Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
 (In millions)(In millions)
Current portion of long-term debt, net$— $— $751 $741 
Long-term debt, net of current portion$1,720 $1,644 $1,717 $1,630 
The estimated fair value of the Company’s long-term debt is based on Level 2 inputs of quoted prices for the Company’s debt and comparable instruments in inactive markets.
The fair value of the Company’s accounts receivable, accounts payable and other short-term obligations approximate their carrying value based on existing terms.
Financial Instruments Measured at Fair Value on a Non-Recurring Basis
The Company’s investments in non-marketable securities in privately-held companies are recorded using a measurement alternative that adjusts the securities to fair value when the Company recognizes an observable price adjustment or an impairment. As of September 28, 2024 and December 30, 2023, the Company had non-marketable securities in privately-held companies of $257 million and $155 million, respectively, that are recorded under Other non-current assets in the balance sheet. Impairment losses or observable price adjustments were not material during the three and nine months ended September 28, 2024 and September 30, 2023.
Hedging Transactions and Derivative Financial Instruments
Foreign Currency Forward Contracts Designated as Accounting Hedges
The Company enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate risk related to future forecasted transactions denominated in currencies other than the U.S. Dollar. These contracts generally mature within 24 months and are designated as accounting hedges. As of September 28, 2024 and December 30, 2023, the notional value of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges was $2.2 billion and $2.4 billion, respectively. The fair value of these contracts, recorded as an asset, was $19 million and $6 million as of September 28, 2024 and December 30, 2023, respectively.
Foreign Currency Forward Contracts Not Designated as Accounting Hedges
The Company also enters into foreign currency forward contracts to reduce the short-term effects of foreign currency fluctuations on certain receivables or payables denominated in currencies other than the U.S. Dollar. These forward contracts generally mature within 3 months and are not designated as accounting hedges. As of September 28, 2024 and December 30, 2023, the notional value of these outstanding contracts was $573 million and $568 million, respectively. The fair value of these contracts was not material as of September 28, 2024 and December 30, 2023.