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Fair Value Measurements | 6 Months Ended
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Jul. 02, 2022
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The fair values of the Company’s financial assets and liabilities by level in the fair value hierarchy as of July 2, 2022 and December 31, 2021 were as follows:
July 2, 2022 | Level 1 |  | Level 2 |  |  |  | Total
Assets: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | 19 |  |  |  |  | $ | 19 |
Common stock | 39 |  |  | — |  |  |  |  | 39 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | 17 |  |  |  |  | $ | 17 |
December 31, 2021 | Level 1 |  | Level 2 |  |  |  | Total
Assets: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | 7 |  |  |  |  | $ | 7 |
Common stock | 69 |  |  | — |  |  |  |  | 69 |
Liabilities: |  |  |  |  |  |  |
Foreign exchange derivative contracts | $ | — |  |  | $ | 5 |  |  |  |  | $ | 5 |
The Company had no foreign exchange derivative contracts or common stock investments in Level 3 holdings as of July 2, 2022 or December 31, 2021. At July 2, 2022 and December 31, 2021, the Company had $144 million and $685 million, respectively, of investments in money market government and U.S. treasury funds classified (Level 1) as Cash and cash equivalents in its Condensed Consolidated Balance Sheets. The money market funds had quoted market prices that are equivalent to par. Using quoted market prices and market interest rates, the fair value of the Company's long-term debt as of July 2, 2022 was $5.8 billion, of which the Senior Convertible Notes were $1.2 billion (Level 2). The fair value of long-term debt at December 31, 2021 was $6.2 billion (Level 2). All other financial instruments are carried at cost, which is not materially different from the instruments’ fair values.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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