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Financial Instruments
 6 Months Ended
Jun. 28, 2025
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Financial Instruments
Financial Instruments Recorded at Fair Value on a Recurring Basis
June 28, 2025December 28, 2024
(In millions)Level 1Level 2
Level 3
TotalLevel 1Level 2Level 3Total
Cash equivalents
Money market funds$2,025 $— $— $2,025 $1,496 $— $— $1,496 
Corporate debt securities— 1,161 — 1,161 — 806 — 806 
U.S. government and agency securities126 — — 126 130 — — 130 
Non-U.S. government and agency securities— 145 — 145 — 116 — 116 
Time deposits and certificates of deposits— 166 — 166 — 107 — 107 
Short-term investments
Corporate debt securities— 902 — 902 — 814 — 814 
Time deposits and certificates of deposits— 10 — 10 — 10 — 10 
Asset-backed and mortgage-backed securities— 24 — 24 — 28 — 28 
U.S. government and agency securities353 89 — 442 332 82 — 414 
Non-U.S. government and agency securities— 47 — 47 — 79 — 79 
Other non-current assets
Time deposits and certificates of deposits— — — — — 1 — 1 
Deferred compensation plan and other investments219 — 161 380 197 — 25 222 
Total assets measured at fair value$2,723 $2,544 $161 $5,428 $2,155 $2,043 $25 $4,223 
Accrued liabilities
Contingent consideration liability$— $— $396 $396 $— $— $— $— 
Total liabilities measured at fair value$— $— $396 $396 $— $— $— $— 
Deferred compensation plan 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:
June 28, 2025December 28, 2024
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$26 $— $(2)$24 $30 $— $(2)$28 
Corporate debt securities2,063 1 — 2,064 1,621 — (1)1,620 
Money market funds2,025 — — 2,025 1,496 — — 1,496 
Time deposits and certificates of deposits176 — — 176 117 — — 117 
U.S. government and agency securities567 1 — 568 544 — — 544 
Non-U.S. government and agency securities192 — — 192 195 — — 195 
$5,049 $2 $(2)$5,049 $4,003 $— $(3)$4,000 
As of June 28, 2025 and December 28, 2024, the Company did not have material available-for-sale debt securities which have been in a continuous unrealized loss position of more than twelve months.
The contractual maturities of investments classified as available-for-sale are as follows:
June 28, 2025December 28, 2024
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Due within 1 year$2,505 $2,506 $2,073 $2,073 
Due in 1 year through 5 years494 495 406 405 
Due in 5 years and later25 23 27 26 
$3,024 $3,024 $2,506 $2,504 
Financial Instruments Not Recorded at Fair Value
The carrying amounts and estimated fair values of the Company’s long-term debt are as follows:
 June 28, 2025December 28, 2024
 Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
(In millions)(In millions)
Long-term debt
$3,218 $3,092 $1,721 $1,543 
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, commercial paper and other short-term obligations approximate their carrying value based on existing terms.
Financial Instruments Measured at Fair Value on a Non-Recurring Basis
As of June 28, 2025 and December 28, 2024, the Company had non-marketable securities in privately-held companies of $760 million and $468 million, respectively, which are recorded at estimated fair value on a non-recurring basis and within Other non-current assets in the consolidated balance sheets. Impairment losses or observable price adjustments were not material during the three and six months ended June 28, 2025 and June 29, 2024.
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 June 28, 2025 and December 28, 2024, the notional value of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges was $1.6 billion and $2.2 billion, respectively. The fair value of these contracts as of June 28, 2025 is recorded within Prepaid expenses and other current assets and Accrued liabilities of $31 million and $7 million, respectively. The fair value of these contracts as of December 28, 2024 is recorded within Prepaid expenses and other current assets, Accrued liabilities, and Other long-term liabilities of $6 million, $60 million and $11 million, 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 June 28, 2025 and December 28, 2024, the notional value of these outstanding contracts was $750 million and $642 million, respectively. The fair value of these contracts was not material as of June 28, 2025 and December 28, 2024.