Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 28, 2024
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Financial Instruments Recorded at Fair Value on a Recurring Basis
September 28, 2024 December 30, 2023
(In millions) Level 1 Level 2
Level 3
 Total Level 1 Level 2 Total
Cash equivalents
Money market funds $ 1,879  $ —  $ —  $ 1,879  $ 969  $ —  $ 969 
Corporate debt securities —  642  —  642  —  753  753 
U.S. government and agency securities 330  —  —  330  1,252  —  1,252 
Non-U.S. government and agency securities —  —  —  —  —  135  135 
Time deposits and certificates of deposits —  132  —  132  —  205  205 
Short-term investments
Corporate debt securities —  271  —  271  —  506  506 
Time deposits and certificates of deposits —  10  —  10  —  9  9 
Asset-backed and mortgage-backed securities —  30  —  30  —  34  34 
U.S. government and agency securities 275  40  —  315  1,209  28  1,237 
Non-U.S. government and agency securities —  21  —  21  —  54  54 
Other non-current assets
Deferred compensation plan and other investments 162  —  25  187  133  —  133 
Total assets measured at fair value $ 2,646  $ 1,146  $ 25  $ 3,817  $ 3,563  $ 1,724  $ 5,287 
Summary of Investment Holdings, Schedule of Investments
The following is a summary of cash equivalents and short-term investments:
September 28, 2024 December 30, 2023
Cost/ Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair
Value		 Cost/ Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair
Value
(in millions) (in millions)
Asset-backed and mortgage-backed securities $ 32  $ —  $ (2) $ 30  $ 35  $ —  $ (2) $ 33 
Corporate debt securities 912  1  —  913  1,259  —  —  1,259 
Money market funds 1,879  —  —  1,879  969  —  —  969 
Time deposits and certificates of deposits 142  —  —  142  214  —  —  214 
U.S. government and agency securities 643  2  —  645  2,487  3  —  2,490 
Non-U.S. government and agency securities 21  —  —  21  189  —  —  189 
$ 3,629  $ 3  $ (2) $ 3,630  $ 5,153  $ 3  $ (2) $ 5,154 
Investments Classified by Contractual Maturity Date
The contractual maturities of cash equivalents and investments classified as available-for-sale are as follows:
September 28, 2024 December 30, 2023
Amortized Cost Fair Value Amortized Cost Fair Value
(In millions) (In millions)
Due within 1 year $ 1,472  $ 1,473  $ 3,792  $ 3,792 
Due in 1 year through 5 years 250  252  361  364 
Due in 5 years and later 28  26  32  30 
$ 1,750  $ 1,751  $ 4,185  $ 4,186 
Financial Instruments Not Recorded at Fair Value
The Company carries its financial instruments at fair value except for its debt. The carrying amounts and estimated fair values of the Company’s debt are as follows:
  September 28, 2024 December 30, 2023
  Carrying
Amount		 Estimated
Fair Value		 Carrying
Amount		 Estimated
Fair Value
  (In millions) (In millions)
Current portion of long-term debt, net $ —  $ —  $ 751  $ 741 
Long-term debt, net of current portion $ 1,720  $ 1,644  $ 1,717  $ 1,630