XML 42 R30.htm IDEA: XBRL DOCUMENT v3.26.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 26, 2026
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Financial Instruments Recorded at Fair Value on a Recurring Basis
September 26, 2026December 27, 2025
(In millions)Level 1Level 2
Level 3
TotalLevel 1Level 2Level 3Total
Cash equivalents
Money market funds$1,252 $— $— $1,252 $620 $— $— $620 
Corporate debt securities— 1,427 — 1,427 — 1,869 — 1,869 
U.S. government and agency securities1,682 1,021 — 2,703 1,148 300 — 1,448 
Non-U.S. government and agency securities— 250 — 250 — 245 — 245 
Time deposits and certificates of deposits— 104 — 104 — 173 — 173 
Short-term investments
Corporate debt securities— 5,931 — 5,931 — 3,107 — 3,107 
U.S. government and agency securities1,584 741 — 2,325 901 718 — 1,619 
Non-U.S. government and agency securities— 11 — 11 — 256 — 256 
Time deposits and certificates of deposits— 86 — 86 — 10 — 10 
Asset-backed and mortgage-backed securities— 18 — 18 — 22 — 22 
Other non-current assets
Long-term investments
1,253 69 26 1,348 198 — 202 400 
Deferred compensation plan investments329 — — 329 257 — — 257 
Total assets measured at fair value$6,100 $9,658 $26 $15,784 $3,124 $6,700 $202 $10,026 
Summary of Investment Holdings, Schedule of Investments
The following is a summary of cash equivalents and short-term investments:
September 26, 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$1,252 $— $— $1,252 $620 $— $— $620 
Corporate debt securities7,422 — (64)7,358 4,974 2 — 4,976 
U.S. government and agency securities5,050 — (22)5,028 3,065 2 — 3,067 
Non-U.S. government and agency securities261 — — 261 501 — — 501 
Time deposits and certificates of deposits190 — — 190 183 — — 183 
Asset-backed and mortgage-backed securities19 — (1)18 23 — (1)22 
$14,194 $— $(87)$14,107 $9,366 $4 $(1)$9,369 
As of September 26, 2026 and December 27, 2025, 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.
Investments Classified by Contractual Maturity Date
The contractual maturities of available-for-sale debt securities are as follows:
September 26, 2026December 27, 2025
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Due within 1 year$7,351 $7,347 $6,528 $6,528 
Due in 1 year through 5 years5,572 5,490 2,195 2,199 
Due in 5 years and later19 18 23 22 
$12,942 $12,855 $8,746 $8,749 
Long-term investments measured at fair value on a recurring basis consist primarily of marketable equity securities of publicly traded companies, including warrants, and other instruments. As of September 26, 2026, net unrealized gains from marketable equity securities were $485 million and were not material as of December 27, 2025. As of September 26, 2026 and December 27, 2025, these investments included $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.
Deferred compensation plan investments are primarily mutual fund investments held in a Rabbi trust established to maintain the Company’s executive deferred compensation plan.
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:
September 26, 2026December 27, 2025
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
$7,079 $6,753 $2,348 $2,246