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Financial Instruments (Tables)
 6 Months Ended
Jun. 27, 2026
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Financial Instruments Recorded at Fair Value on a Recurring Basis
June 27, 2026December 27, 2025
(In millions)Level 1Level 2
Level 3
TotalLevel 1Level 2Level 3Total
Cash equivalents
Money market funds$752 $— $— $752 $620 $— $— $620 
Corporate debt securities— 1,049 — 1,049 — 1,869 — 1,869 
U.S. government and agency securities250 1,074 — 1,324 1,148 300 — 1,448 
Non-U.S. government and agency securities— 134 — 134 — 245 — 245 
Time deposits and certificates of deposits— 142 — 142 — 173 — 173 
Short-term investments
Corporate debt securities— 5,354 — 5,354 — 3,107 — 3,107 
U.S. government and agency securities1,333 1,113 — 2,446 901 718 — 1,619 
Non-U.S. government and agency securities— 119 — 119 — 256 — 256 
Time deposits and certificates of deposits— 86 — 86 — 10 — 10 
Asset-backed and mortgage-backed securities— 20 — 20 — 22 — 22 
Other non-current assets
Long-term investments
1,194 — 26 1,220 198 — 202 400 
Deferred compensation plan investments312 — — 312 257 — — 257 
Total assets measured at fair value$3,841 $9,091 $26 $12,958 $3,124 $6,700 $202 $10,026 
Long-term investments primarily consist of equity investments in previously non-marketable equity securities that became publicly traded during the second quarter of fiscal year 2026 and were reclassified to Level 1 upon the availability of quoted market prices. As of June 27, 2026, net unrealized gains from marketable equity securities were $425 million and were not material as of December 27, 2025.
As of June 27, 2026 and December 27, 2025, long-term investments include $1.1 billion and $178 million, respectively, of aggregate fair value of marketable equity securities which are subject to time-based contractual sale restrictions that expire through October 2028.
Summary of Investment Holdings, Schedule of Investments
The following is a summary of cash equivalents and short-term investments:
June 27, 2026December 27, 2025
Cost/ Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair
Value		Cost/ Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair
Value
(in millions)(in millions)
Money market funds$752 $— $— $752 $620 $— $— $620 
Corporate debt securities6,423 1 (21)6,403 4,974 2 — 4,976 
U.S. government and agency securities3,778 — (8)3,770 3,065 2 — 3,067 
Non-U.S. government and agency securities253 — — 253 501 — — 501 
Time deposits and certificates of deposits228 — — 228 183 — — 183 
Asset-backed and mortgage-backed securities21 — (1)20 23 — (1)22 
$11,455 $1 $(30)$11,426 $9,366 $4 $(1)$9,369 
Investments Classified by Contractual Maturity Date
The contractual maturities of available-for-sale debt securities are as follows:
June 27, 2026December 27, 2025
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Due within 1 year$6,679 $6,677 $6,528 $6,528 
Due in 1 year through 5 years4,004 3,978 2,195 2,199 
Due in 5 years and later20 19 23 22 
$10,703 $10,674 $8,746 $8,749 
Financial Instruments Not Recorded at Fair Value
The carrying amounts and estimated fair values of the Company’s current and long-term debt are as follows:
June 27, 2026December 27, 2025
Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
(In millions)(In millions)
Current portion of long-term debt, net
$875 $876 $874 $879 
Long-term debt
$2,351 $2,225 $2,348 $2,246