Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.3.0.814
Financial Instruments (Tables)
9 Months Ended
Sep. 26, 2015
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract]  
Summary of Available-for-sale Securities
 
Total Fair
Value
 
Cash and
Cash
Equivalents
 
(In millions)
September 26, 2015
 
 
 
Cash
$
370

 
$
370

Level 2(2) (3)
 
 
 
Commercial paper
385

 
385

Total level 2
385

 
385

Total
$
755

 
$
755

 
Total Fair
Value
 
Cash and
Cash
Equivalents
 
Short-Term
Marketable
Securities
 
(In millions)
December 27, 2014
 
 
 
 
 
Cash
$
391

 
$
391

 
$

Level 1(1) (2)
 
 
 
 
 
Money market funds
4

 
4

 

Total level 1
4

 
4

 

Level 2(2) (3)
 
 
 
 
 
Commercial paper
618

 
410

 
208

Corporate bonds
27

 

 
27

Total level 2
645

 
410

 
235

Total
$
1,040

 
$
805

 
$
235



(1) 
The Company’s Level 1 assets are valued using quoted prices for identical instruments in active markets.
(2) 
The Company did not have any transfers between Level 1 and Level 2 of the fair value hierarchy during the quarter and nine months ended September 26, 2015 or the year ended December 27, 2014.
(3) 
The Company’s Level 2 short-term investments are valued using broker reports that utilize quoted market prices for identical or comparable instruments. Brokers gather observable inputs for all of the Company’s fixed income securities from a variety of industry data providers and other third-party sources.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
 
September 26, 2015
 
December 27, 2014
 
Carrying
Amount
 
Estimated
Fair Value
 
Carrying
Amount
 
Estimated
Fair Value
 
(In millions)
Short-term debt (excluding capital leases)
$
230

 
$
230

 
$
172

 
$
173

Long-term debt (excluding capital leases)
$
2,025

 
$
1,341

 
$
2,025

 
$
1,858

Schedule of Derivative Instruments, Gain (Loss) in Statement of Operations
 
Three Months Ended
 
Nine Months Ended
 
September 26,
2015
 
September 27,
2014
 
September 26,
2015
 
September 27,
2014
 
(In millions)
Foreign Currency Forward Contracts - gains (losses)
 
 
 
 
 
 
 
Contracts designated as cash flow hedging instruments
 
 
 
 
 
 
 
Other comprehensive income (loss)
$
(7
)
 
$
(2
)
 
$
(7
)
 
$
1

Cost of sales
(1
)
 

 
(2
)
 

Research and development
(3
)
 

 
(7
)
 
(2
)
Marketing, general and administrative
(2
)
 
(1
)
 
(5
)
 
$
(2
)
Contracts not designated as hedging instruments
 
 
 
 
 
 
 
Other income (expense), net
$
(2
)
 
$
(2
)
 
$
(3
)
 
$
(2
)
Schedule of Derivative Instruments in Balance Sheet
 
 
September 26,
2015
 
December 27,
2014
 
 
(In millions)
Interest Rate Swap Contracts - gains (losses)
 
 
 
 
Contracts designated as fair value hedging instruments
 
$
5

 
$
3

 
September 26,
2015
 
December 27,
2014
 
(In millions)
Foreign Currency Forward Contracts - gains (losses)
 
 
 
Contracts designated as cash flow hedging instruments
$
(13
)
 
$
(6
)
Contracts not designated as hedging instruments
$
(2
)
 
$
(1
)