Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.21.2
Financial Instruments (Tables)
9 Months Ended
Sep. 25, 2021
Investments, Debt and Equity Securities [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
September 25, 2021 December 26, 2020
Level 2(1)
Level 2(1)
Short-term investments (in millions)
Commercial paper $ 974  $ 295 
Time deposits 194  400 
Total $ 1,168  $ 695 
(1) Level 2 fair value estimates are based on quoted prices for identical or comparable instruments in markets that are not active, comparable instruments in active markets or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.
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 25, 2021 December 26, 2020
  Carrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
  (In millions)
Short-term debt, net $ 312  $ 332  $ —  $ — 
Long-term debt, net 15  330  642