Fair Value Measurements (Tables)

12 Months Ended

Dec. 25, 2015

Schedule of fair value of investment assets

The Company's investment assets are carried at fair value on the consolidated balance sheets as summarized in the table below. Additionally, the amortized cost basis of these investments was $920 million and $453 million as of December 25, 2015 and December 26, 2014, respectively.

NOTE 13. Fair Value Measurements, continued



	Fiscal Years
	2015								2014
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Certificates of Deposit and Commercial Paper	$	—	$	810	$	—	$	810	$	—	$	250	$	—	$	250
Corporate Bonds	—		73		—		73		—		141		—		141
Government Securities	—		32		—		32		—		51		—		51
Auction Rate Securities	—		—		4		4		—		—		11		11
Total investments at fair value	$	—	$	915	$	4	$	919	$	—	$	442	$	11	$	453

Schedule of investment maturities

These investments have the following maturities and are represented on the consolidated balance sheet within short-term investments for investments with maturities within one year or less, and other long-term assets for investments with maturities greater than one year:



(Dollars in Millions)	December 2015		December 2014
Less than 1 year	$	810	$	292
1 - 2 years	9		45
2 - 5 years	27		100
Greater than 5 years	73		16
Total investments at fair value	$	919	$	453

Schedule of fair value and carrying value of long-term debt

The fair value and carrying value of the Company's long-term debt is as follows:



(Dollars in Millions)	December 2015		December 2014
Long-term Debt (Including Current Maturities):
Fair Value	$	11,340	$	11,042
Carrying Value	10,703		9,742

Schedule of pension plan assets at fair value by level

The pension plan assets at fair value by level, within the fair value hierarchy, as of calendar plan years 2015 and 2014 are shown in the table below. For additional information related to pension assets, see Note 8, Employee Benefit Plans.

NOTE 13. Fair Value Measurements, continued



	Fiscal Years
	2015								2014
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Common Stock	$	738	$	—	$	—	$	738	$	787	$	—	$	—	$	787
Mutual funds	15		—		—		15		20		—		—		20
Cash equivalents	8		—		—		8		1		—		—		1
Corporate bonds	—		480		—		480		—		539		—		539
Government securities	—		132		—		132		—		164		—		164
Asset-backed securities	—		14		—		14		—		15		—		15
Derivatives and other	—		6		—		6		—		2		—		2
Total investments in the fair value hierarchy	$	761	$	632	$	—	$	1,393	$	808	$	720	$	—	$	1,528
Investments measured at net asset value^(a)	n/a		n/a		n/a		$	916	n/a		n/a		n/a		$	976
Investments at fair value	$	761	$	632	$	—	$	2,309	$	808	$	720	$	—	$	2,504

(a) Investments measured at net asset value represent certain investments that have been measured at net asset value per share (or its equivalent) and are thus are not classified in the fair value hierarchy. In accordance with ASC 820, Fair Value Measurements, the fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the pension assets disclosed in Note 8, Employee Benefit Plans.