Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments (Tables)

v3.23.1
Financial Instruments (Tables)
 3 Months Ended
Apr. 01, 2023
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Financial Instruments Recorded at Fair Value on a Recurring Basis
April 1, 2023 December 31, 2022
(In millions) Level 1 Level 2 Total Level 1 Level 2 Total
Cash equivalents
Money market funds $ 2,624  $ —  $ 2,624  $ 3,017  $ —  $ 3,017 
Commercial paper —  149  149  —  224  224 
U.S. Treasury and agency securities 248  —  248  —  —  — 
Time deposits and certificate of deposits —  65  65  —  159  159 
Short-term investments
Commercial paper —  814  814  —  441  441 
Asset-backed and mortgage-backed securities —  38  38  —  39  39 
U.S. Treasury and agency securities 868  —  868  466  —  466 
Foreign government securities —  394  394  —  74  74 
Other non-current assets
Time deposits and certificates of deposits —  10  10  —  9  9 
Equity investments 8  —  8  8  —  8 
Deferred compensation plan investments 98  —  98  90  —  90 
Total assets measured at fair value $ 3,846  $ 1,470  $ 5,316  $ 3,581  $ 946  $ 4,527 
Summary of Investment Holdings, Schedule of Investments The following is a summary of cash equivalents and short-term investments:
April 1, 2023 December 31, 2022
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 $ 41  $ —  $ (3) $ 38  $ 42  $ —  $ (3) $ 39 
Commercial paper 967  —  (4) 963  669  —  (4) 665 
Money market funds 2,624  —  —  2,624  3,017  —  —  3,017 
Time deposits and certificates of deposits 65  —  —  65  159  —  —  159 
U.S. Treasury and agency securities 1,122  —  (6) 1,116  471  —  (5) 466 
Foreign government securities 395  —  (1) 394  74  —  —  74 
$ 5,214  $ —  $ (14) $ 5,200  $ 4,432  $ —  $ (12) $ 4,420 
Investments Classified by Contractual Maturity Date
The contractual maturities of investments classified as available-for-sale are as follows:
April 1, 2023 December 31, 2022
Amortized Cost Fair Value Amortized Cost Fair Value
(In millions) (In millions)
Due within 1 year $ 2,474  $ 2,464  $ 1,224  $ 1,218 
Due in 1 year through 5 years 87  85  159  156 
Due in 5 years and later 39  37  41  38 
$ 2,600  $ 2,586  $ 1,424  $ 1,412 
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:
  April 1, 2023 December 31, 2022
  Carrying
Amount		 Estimated
Fair Value		 Carrying
Amount		 Estimated
Fair Value
  (In millions) (In millions)
Long-term debt $ 2,467  $ 2,345  $ 2,467  $ 2,281