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Financial Instruments
 12 Months Ended
Dec. 27, 2025
Investments, Debt and Equity Securities [Abstract]  
Financial Instruments Financial Instruments
Financial Instruments Recorded at Fair Value on a Recurring Basis
December 27, 2025December 28, 2024
(In millions)Level 1Level 2
Level 3
TotalLevel 1Level 2
Level 3
Total
Cash equivalents
Money market funds$620 $— $— $620 $1,496 $— $— $1,496 
Corporate debt securities— 1,869 — 1,869 — 806 — 806 
U.S. government and agency securities1,148 300 — 1,448 130 — — 130 
Non-U.S. government and agency securities— 245 — 245 — 116 — 116 
Time deposits and certificates of deposits— 173 — 173 — 107 — 107 
Short-term investments
Corporate debt securities— 3,107 — 3,107 — 814 — 814 
U.S. government and agency securities901 718 — 1,619 332 82 — 414 
Non-U.S. government and agency securities— 256 — 256 — 79 — 79 
Time deposits and certificates of deposits— 10 — 10 — 10 — 10 
Asset-backed and mortgage-backed securities— 22 — 22 — 28 — 28 
Other non-current assets
Long-term investments198 — 202 400 — — 25 25 
Deferred compensation plan investments257 — — 257 197 — — 197 
Total assets measured at fair value$3,124 $6,700 $202 $10,026 $2,155 $2,042 $25 $4,222 
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:
December 27, 2025December 28, 2024
Cost/ Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCost/ Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
(in millions)(in millions)
Money market funds$620 $— $— $620 $1,496 $— $— $1,496 
Corporate debt securities4,974 2 — 4,976 1,621 — (1)1,620 
U.S. government and agency securities3,065 2 — 3,067 544 — — 544 
Non-U.S. government and agency securities501 — — 501 195 — — 195 
Time deposits and certificates of deposits183 — — 183 117 — — 117 
Asset-backed and mortgage-backed securities23 — (1)22 30 — (2)28 
$9,366 $4 $(1)$9,369 $4,003 $— $(3)$4,000 
As of December 27, 2025 and December 28, 2024, 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 investments classified as available-for-sale are as follows:
December 27, 2025December 28, 2024
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Due within 1 year$6,528 $6,528 $2,073 $2,073 
Due in 1 year through 5 years2,195 2,199 406 405 
Due in 5 years and later23 22 27 26 
$8,746 $8,749 $2,506 $2,504 
Financial Instruments Measured at Fair Value on a Non-Recurring Basis
As of December 27, 2025 and December 28, 2024, the Company had long-term investments in non-marketable equity securities of $1.1 billion and $468 million, respectively, which are recorded at estimated fair value based on observable events or adjustments from impairments.
As of December 27, 2025, non-marketable equity investments had cumulative gross unrealized gains of $291 million and cumulative gross unrealized losses and impairments of $51 million. During the year ended December 27, 2025, the Company recognized gross unrealized gains of $289 million and gross unrealized losses and impairments of $53 million. As of December 28, 2024, cumulative and annual gross unrealized gains, losses and impairments were not material.
Financial Instruments Not Recorded at Fair Value
The carrying amounts and estimated fair values of the Company’s long-term debt are as follows:
 December 27, 2025December 28, 2024
 Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
 (In millions)(In millions)
Current portion of long-term debt, net$874 $879 $— $— 
Long-term debt, net of current portion$2,348 $2,246 $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 and other short-term obligations approximate their carrying value based on existing terms.
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 December 27, 2025 and December 28, 2024, the notional value of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges was $2.3 billion and $2.2 billion, respectively. The fair value of these contracts as of December 27, 2025 and December 28, 2024 was not material.
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 December 27, 2025 and December 28, 2024, the notional value of these outstanding contracts was $1.1 billion and $642 million, respectively. The fair value of these contracts as of December 27, 2025 and December 28, 2024 was not material.
The cash flows associated with derivative instruments as cash flow hedging instruments are classified in the same category within the Consolidated Statement of Cash Flows as the cash flows of the related items.