v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 28, 2026
Investments, Debt and Equity Securities [Abstract]  
Fair Value, Assets Measured on Recurring Basis
Financial Instruments Recorded at Fair Value on a Recurring Basis
March 28, 2026December 27, 2025
(In millions)Level 1Level 2
Level 3
TotalLevel 1Level 2Level 3Total
Cash equivalents
Money market funds$640 $— $— $640 $620 $— $— $620 
Corporate debt securities— 1,509 — 1,509 — 1,869 — 1,869 
U.S. government and agency securities1,049 798 — 1,847 1,148 300 — 1,448 
Non-U.S. government and agency securities— 100 — 100 — 245 — 245 
Time deposits and certificates of deposits— 92 — 92 — 173 — 173 
Short-term investments
Corporate debt securities— 4,446 — 4,446 — 3,107 — 3,107 
U.S. government and agency securities1,074 1,043 — 2,117 901 718 — 1,619 
Non-U.S. government and agency securities— 161 — 161 — 256 — 256 
Time deposits and certificates of deposits— 11 — 11 — 10 — 10 
Asset-backed and mortgage-backed securities— 21 — 21 — 22 — 22 
Marketable equity securities6 — — 6 — — — — 
Other non-current assets
Long-term investments
169 — 126 295 198 — 202 400 
Deferred compensation plan investments269 — — 269 257 — — 257 
Total assets measured at fair value$3,207 $8,181 $126 $11,514 $3,124 $6,700 $202 $10,026 
Summary of Investment Holdings, Schedule of Investments
The following is a summary of cash equivalents and short-term investments:
March 28, 2026December 27, 2025
Cost/ Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair
Value		Cost/ Amortized CostGross Unrealized GainsGross Unrealized LossesEstimated Fair
Value
(in millions)(in millions)
Money market funds$640 $— $— $640 $620 $— $— $620 
Corporate debt securities5,976 1 (22)5,955 4,974 2 — 4,976 
U.S. government and agency securities3,969 1 (6)3,964 3,065 2 — 3,067 
Non-U.S. government and agency securities261 — — 261 501 — — 501 
Time deposits and certificates of deposits103 — — 103 183 — — 183 
Asset-backed and mortgage-backed securities22 — (1)21 23 — (1)22 
Marketable equity securities6 — — 6 — — — — 
$10,977 $2 $(29)$10,950 $9,366 $4 $(1)$9,369 
Investments Classified by Contractual Maturity Date
The contractual maturities of available-for-sale debt securities are as follows:
March 28, 2026December 27, 2025
Amortized CostFair ValueAmortized CostFair Value
(In millions)(In millions)
Due within 1 year$6,998 $6,996 $6,528 $6,528 
Due in 1 year through 5 years3,313 3,288 2,195 2,199 
Due in 5 years and later21 20 23 22 
$10,332 $10,304 $8,746 $8,749 
Financial Instruments Not Recorded at Fair Value
The carrying amounts and estimated fair values of the Company’s current and long-term debt are as follows:
 March 28, 2026December 27, 2025
 Carrying
Amount		Estimated
Fair Value		Carrying
Amount		Estimated
Fair Value
(In millions)(In millions)
Current portion of long-term debt, net
$874 $877 $874 $879 
Long-term debt
$2,350 $2,209 $2,348 $2,246