XML 39 R15.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Financial Instruments | 12 Months Ended
--- | ---
Dec. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Financial Instruments | Financial Instruments Financial Instruments Recorded at Fair Value on a Recurring Basis
| December 30, 2023 |  | December 31, 2022
(In millions) | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total
Cash equivalents |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 969 |  |  | $ | — |  |  | $ | 969 |  |  | $ | 3,017 |  |  | $ | — |  |  | $ | 3,017 |
Corporate debt securities | — |  |  | 753 |  |  | 753 |  |  | — |  |  | 224 |  |  | 224 |
U.S. government and agency securities | 1,252 |  |  | — |  |  | 1,252 |  |  | — |  |  | — |  |  | — |
Non-U.S. government and agency securities | — |  |  | 135 |  |  | 135 |  |  | — |  |  | — |  |  | — |
Time deposits and certificates of deposits | — |  |  | 205 |  |  | 205 |  |  | — |  |  | 158 |  |  | 158 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | — |  |  | 506 |  |  | 506 |  |  | — |  |  | 441 |  |  | 441 |
Time deposits and certificates of deposits | — |  |  | 9 |  |  | 9 |  |  | — |  |  | — |  |  | — |
Asset-backed and mortgage-backed securities | — |  |  | 34 |  |  | 34 |  |  | — |  |  | 39 |  |  | 39 |
U.S. government and agency securities | 1,209 |  |  | 28 |  |  | 1,237 |  |  | 466 |  |  | — |  |  | 466 |
Non-U.S. government and agency securities | — |  |  | 54 |  |  | 54 |  |  | — |  |  | 74 |  |  | 74 |
Other non-current assets |  |  |  |  |  |  |  |  |  |  |
Time deposits and certificates of deposits | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 9 |  |  | 9 |
Equity investments | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Deferred compensation plan investments | 133 |  |  | — |  |  | 133 |  |  | 90 |  |  | — |  |  | 90 |
Total assets measured at fair value | $ | 3,563 |  |  | $ | 1,725 |  |  | $ | 5,288 |  |  | $ | 3,581 |  |  | $ | 945 |  |  | $ | 4,526 |
The Company did not have any financial instruments measured at fair value on a recurring basis within Level 3 fair value measurements as of December 30, 2023 or December 31, 2022. Deferred compensation plan investments are primarily mutual fund investments held in a Rabbi trust established to maintain the Company’s executive deferred compensation plan. The following is a summary of cash equivalents and short-term investments:
| December 30, 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 | $ | 35 |  |  | $ | — |  |  | $ | (2) |  |  | $ | 33 |  |  | $ | 42 |  |  | $ | — |  |  | $ | (3) |  |  | $ | 39 |
Corporate debt securities | 1,259 |  |  | — |  |  | — |  |  | 1,259 |  |  | 669 |  |  | — |  |  | (4) |  |  | 665 |
Money market funds | 969 |  |  | — |  |  | — |  |  | 969 |  |  | 3,017 |  |  | — |  |  | — |  |  | 3,017 |
Time deposits and certificates of deposits | 214 |  |  | — |  |  | — |  |  | 214 |  |  | 159 |  |  | — |  |  | — |  |  | 159 |
U.S. government and agency securities | 2,487 |  |  | 3 |  |  | — |  |  | 2,490 |  |  | 471 |  |  | — |  |  | (5) |  |  | 466 |
Non-U.S. government and agency securities | 189 |  |  | — |  |  | — |  |  | 189 |  |  | 74 |  |  | — |  |  | — |  |  | 74 |
| $ | 5,153 |  |  | $ | 3 |  |  | $ | (2) |  |  | $ | 5,154 |  |  | $ | 4,432 |  |  | $ | — |  |  | $ | (12) |  |  | $ | 4,420 |
As of December 30, 2023 and December 31, 2022, the Company did not have material available-for-sale debt securities which had been in a continuous unrealized loss position of more than twelve months. The contractual maturities of investments classified as available-for-sale are as follows:
| December 30, 2023 |  | December 31, 2022
| Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
| (In millions) |  | (In millions)
Due within 1 year | $ | 3,792 |  |  | $ | 3,792 |  |  | $ | 1,224 |  |  | $ | 1,218 |
Due in 1 year through 5 years | 361 |  |  | 364 |  |  | 159 |  |  | 156 |
Due in 5 years and later | 32 |  |  | 30 |  |  | 41 |  |  | 38 |
| $ | 4,185 |  |  | $ | 4,186 |  |  | $ | 1,424 |  |  | $ | 1,412 |
Financial Instruments Measured at Fair Value on a Non-Recurring Basis As of December 30, 2023 and December 31, 2022, the Company had non-marketable securities in privately-held companies of $155 million and $137 million, respectively. Financial Instruments Not Recorded at Fair Value The carrying amounts and estimated fair values of the Company’s long-term debt are as follows:
| December 30, 2023 |  | December 31, 2022
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
| (In millions) |  | (In millions)
Current portion of long-term debt, net | $ | 751 |  |  | $ | 741 |  |  | $ | — |  |  | $ | — |
Long-term debt, net of current portion | $ | 1,717 |  |  | $ | 1,630 |  |  | $ | 2,467 |  |  | $ | 2,281 |
The estimated fair value of the Company’s long-term debt is based on Level 2 inputs of quoted prices for the Company’s debt and comparable instruments in inactive markets. The fair value of the Company’s accounts receivable, accounts payable and other short-term obligations approximate their carrying value based on existing terms. Hedging Transactions and Derivative Financial Instruments Foreign Currency Forward Contracts Designated as Accounting Hedges The Company enters into foreign currency forward contracts to hedge its exposure to foreign currency exchange rate risk related to future forecasted transactions denominated in currencies other than the U.S. Dollar. These contracts generally mature within 24 months and are designated as accounting hedges. As of December 30, 2023 and December 31, 2022, the notional value of the Company’s outstanding foreign currency forward contracts designated as cash flow hedges was $2.4 billion and $1.9 billion, respectively. The fair value of these contracts was recorded as an asset of $6 million as of December 30, 2023 and as a liability of $27 million as of December 31, 2022. Foreign Currency Forward Contracts Not Designated as Accounting Hedges The Company also enters into foreign currency forward contracts to reduce the short-term effects of foreign currency fluctuations on certain receivables or payables denominated in currencies other than the U.S. Dollar. These forward contracts generally mature within 3 months and are not designated as accounting hedges. As of December 30, 2023 and December 31, 2022, the notional value of these outstanding contracts was $568 million and $485 million, respectively. The fair value of these contracts was not material as of December 30, 2023 and December 31, 2022. The cash flows associated with derivative instruments as cash flow hedging instruments are classified in the same category in the Consolidated Statement of Cash Flows as the cash flows of the related items.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration