Fair Value Measurements (Tables)

12 Months Ended

Dec. 30, 2016

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 $500 million and $920 million as of December 30, 2016 and December 25, 2015, respectively.

NOTE 13. Fair Value Measurements, continued



	Fiscal Years
	2016								2015
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Certificates of Deposit and Commercial Paper	$	—	$	415	$	—	$	415	$	—	$	810	$	—	$	810
Corporate Bonds	—		63		—		63		—		73		—		73
Government Securities	—		22		—		22		—		32		—		32
Auction Rate Securities	—		—		—		—		—		—		4		4
Total investments at fair value	$	—	$	500	$	—	$	500	$	—	$	915	$	4	$	919

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 of less than one year, and other long-term assets for investments with maturities of one year and greater:



(Dollars in Millions)	December 2016		December 2015
Less than 1 year	$	417	$	810
1 - 2 years	12		9
2 - 5 years	4		27
Greater than 5 years	67		73
Total investments at fair value	$	500	$	919

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 2016		December 2015
Long-term Debt (Including Current Maturities):
Fair Value	$	12,096	$	11,340
Carrying Value	11,293		10,535

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 2016 and 2015 are shown in the table below. For additional information related to pension assets, see Note 8, Employee Benefit Plans.



	Fiscal Years
	2016								2015
(Dollars in Millions)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Common Stock	$	940	$	—	$	—	$	940	$	738	$	—	$	—	$	738
Mutual funds	12		—		—		12		15		—		—		15
Cash equivalents	1		—		—		1		8		—		—		8
Corporate bonds	—		497		—		497		—		480		—		480
Government securities	—		141		—		141		—		132		—		132
Asset-backed securities	—		14		—		14		—		14		—		14
Derivatives and other	—		11		—		11		—		6		—		6
Total investments in the fair value hierarchy	$	953	$	663	$	—	$	1,616	$	761	$	632	$	—	$	1,393
Investments measured at net asset value^(a)	n/a		n/a		n/a		$	923	n/a		n/a		n/a		$	916
Investments at fair value	$	953	$	663	$	—	$	2,539	$	761	$	632	$	—	$	2,309

(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.