Financial Instruments (Tables)
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3 Months Ended |
Mar. 30, 2024 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Fair Value, Assets Measured on Recurring Basis |
Financial Instruments Recorded at Fair Value on a Recurring Basis
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March 30, 2024 |
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December 30, 2023 |
| (In millions) |
Level 1 |
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Level 2 |
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Total |
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Level 1 |
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Level 2 |
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Total |
| Cash equivalents |
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| Money market funds |
$ |
1,051 |
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$ |
— |
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$ |
1,051 |
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$ |
969 |
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$ |
— |
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$ |
969 |
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| Corporate debt securities |
— |
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1,472 |
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1,472 |
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— |
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753 |
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753 |
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| U.S. government and agency securities |
573 |
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— |
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573 |
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1,252 |
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— |
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1,252 |
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| Non-U.S. government and agency securities |
— |
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70 |
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70 |
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— |
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135 |
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135 |
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| Time deposits and certificates of deposits |
— |
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166 |
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166 |
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— |
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205 |
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205 |
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| Short-term investments |
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| Corporate debt securities |
— |
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526 |
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526 |
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— |
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506 |
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506 |
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| Time deposits and certificates of deposits |
— |
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10 |
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10 |
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— |
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9 |
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9 |
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| Asset-backed and mortgage-backed securities |
— |
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33 |
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33 |
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— |
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34 |
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34 |
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| U.S. government and agency securities |
1,158 |
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41 |
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1,199 |
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1,209 |
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28 |
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1,237 |
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| Non-U.S. government and agency securities |
— |
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77 |
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77 |
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— |
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54 |
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54 |
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| Other non-current assets |
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| Deferred compensation plan investments |
147 |
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— |
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147 |
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133 |
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— |
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133 |
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| Total assets measured at fair value |
$ |
2,929 |
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$ |
2,395 |
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$ |
5,324 |
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$ |
3,563 |
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$ |
1,724 |
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$ |
5,287 |
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| Summary of Investment Holdings, Schedule of Investments |
The following is a summary of cash equivalents and short-term investments:
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March 30, 2024 |
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December 30, 2023 |
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Cost/ Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Estimated Fair
Value |
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Cost/ Amortized Cost |
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Gross Unrealized Gains |
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Gross Unrealized Losses |
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Estimated Fair
Value |
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(in millions) |
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(in millions) |
| Asset-backed and mortgage-backed securities |
$ |
35 |
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$ |
— |
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$ |
(2) |
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$ |
33 |
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$ |
35 |
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$ |
— |
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$ |
(2) |
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$ |
33 |
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| Corporate debt securities |
1,998 |
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— |
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— |
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1,998 |
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1,259 |
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— |
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— |
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1,259 |
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| Money market funds |
1,051 |
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— |
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— |
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1,051 |
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969 |
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— |
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— |
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969 |
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| Time deposits and certificates of deposits |
176 |
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— |
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— |
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176 |
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214 |
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— |
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— |
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214 |
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| U.S. government and agency securities |
1,772 |
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— |
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— |
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1,772 |
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2,487 |
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3 |
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— |
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2,490 |
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| Non-U.S. government and agency securities |
147 |
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— |
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— |
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147 |
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189 |
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— |
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— |
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189 |
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$ |
5,179 |
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$ |
— |
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$ |
(2) |
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$ |
5,177 |
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$ |
5,153 |
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$ |
3 |
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$ |
(2) |
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$ |
5,154 |
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| Investments Classified by Contractual Maturity Date |
The contractual maturities of cash equivalents and investments classified as available-for-sale are as follows:
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March 30, 2024 |
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December 30, 2023 |
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Amortized Cost |
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Fair Value |
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Amortized Cost |
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Fair Value |
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(In millions) |
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(In millions) |
| Due within 1 year |
$ |
3,638 |
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$ |
3,637 |
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$ |
3,792 |
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$ |
3,792 |
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| Due in 1 year through 5 years |
459 |
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459 |
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361 |
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364 |
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| Due in 5 years and later |
31 |
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30 |
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32 |
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30 |
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$ |
4,128 |
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$ |
4,126 |
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$ |
4,185 |
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$ |
4,186 |
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| 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:
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March 30, 2024 |
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December 30, 2023 |
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Carrying
Amount |
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Estimated
Fair Value |
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Carrying
Amount |
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Estimated
Fair Value |
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(In millions) |
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(In millions) |
| Current portion of long-term debt, net |
$ |
750 |
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$ |
747 |
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$ |
751 |
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$ |
741 |
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| Long-term debt, net of current portion |
$ |
1,718 |
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$ |
1,570 |
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$ |
1,717 |
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$ |
1,630 |
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