Advanced Micro Devices, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

Financial Instruments (Tables)

3 Months Ended

Mar. 28, 2020

Investments, Debt and Equity Securities [Abstract]

Assets and Liabilities Measured on a Recurring Basis

Financial assets and liabilities measured and recorded at fair value on a recurring basis as of March 28, 2020 and December 28, 2019 are summarized below:



	Total Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Current Liabilities
	(In millions)
March 28, 2020
Level 1⁽¹⁾
Government money market funds	$	1	$	1	$	—	$	—
Total level 1	$	1	$	1	$	—	$	—
Level 2⁽²⁾
Commercial paper	$	349	$	294	$	55	$	—
Foreign currency derivative contracts	13		—		—		13
Total level 2	$	362	$	294	$	55	$	13
Total	$	363	$	295	$	55	$	13



	Total Fair Value		Cash and Cash Equivalents		Marketable Securities		Other Current Assets		Other Current Liabilities
	(In millions)
December 28, 2019
Level 1⁽¹⁾
Government money market funds	$	1	$	1	$	—	$	—	$	—
Total level 1	$	1	$	1	$	—	$	—	$	—
Level 2⁽²⁾
Commercial paper	$	37	$	—	$	37	$	—	$	—
Foreign currency derivative contracts	4		—		$	—	$	2	2
Total level 2	$	41	$	—	$	37	$	2	$	2
Total	$	42	$	1	$	37	$	2	$	2



(1)	Level 1 fair value estimates are based on quoted prices for identical instruments in active markets.

(2)	Level 2 fair value estimates are based on quoted prices for identical or comparable instruments in markets that are not active or comparable instruments in active markets.

Financial Instruments Not Recorded at Fair Value on a Recurring Basis

The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value are as follows:



	March 28, 2020				December 28, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
	(In millions)
Long-term debt, net⁽¹⁾	$	488	$	1,810	$	486	$	1,823

⁽¹⁾

Carrying amounts of long-term debt are net of unamortized debt issuance costs of $4 million as of both March 28, 2020 and December 28, 2019, and net of unamortized debt discount associated with the 2.125% Notes of $71 million as of March 28, 2020 and $73 million as of December 28, 2019. The carrying amounts above do not include the equity component related to the conversion feature of the 2.125% Notes of $95 million as of both March 28, 2020 and December 28, 2019.