Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five

[Table of Contents](#i43c0112b46aa4245817525f4da15c00d_7)Financial Instruments Recorded at Fair Value on a Recurring Basis

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|  | March 26, 2022 |  | December 25, 2021 |
| (In millions) | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2 |  | Total |
| Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
| Money market funds | $ | 2,289  |  |  | $ | —  |  |  | $ | 2,289  |  |  | $ | 4  |  |  | $ | —  |  |  | $ | 4  |  |
| Commercial paper | —  |  |  | 145  |  |  | 145  |  |  | —  |  |  | 45  |  |  | 45  |  |
| U.S. Treasury and agency securities | 75  |  |  | 125  |  |  | 200  |  |  | —  |  |  | —  |  |  | —  |  |
| Short-term investments |  |  |  |  |  |  |  |  |  |  |  |
| Commercial paper | —  |  |  | 559  |  |  | 559  |  |  | —  |  |  | 880  |  |  | 880  |  |
| Time deposits and certificates of deposits | —  |  |  | 491  |  |  | 491  |  |  | —  |  |  | 193  |  |  | 193  |  |
| Asset-backed and mortgage-backed securities | —  |  |  | 49  |  |  | 49  |  |  | —  |  |  | —  |  |  | —  |  |
| U.S. Treasury and agency securities | 469  |  |  | 224  |  |  | 693  |  |  | —  |  |  | —  |  |  | —  |  |
| Other non-current assets |  |  |  |  |  |  |  |  |  |  |  |
| Equity investments  | 22  |  |  | —  |  |  | 22  |  |  | 66  |  |  | —  |  |  | 66  |  |
| Deferred compensation plan investments | 90  |  |  | —  |  |  | 90  |  |  | 72  |  |  | —  |  |  | 72  |  |
| Total assets measured at fair value | $ | 2,945  |  |  | $ | 1,593  |  |  | $ | 4,538  |  |  | $ | 142  |  |  | $ | 1,118  |  |  | $ | 1,260  |  |

During the three months ended March 26, 2022, the Company recognized a $44 million loss, in Other income (expense), due to a decrease in the fair value of an equity investment.Deferred compensation plan investments are 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: 

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|  | March 26, 2022 |
|  | Cost/ Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |
|  | (in millions) |
| Asset-backed and mortgage-backed securities | $ | 50  |  |  | $ | —  |  |  | $ | (1) |  |  | $ | 49  |  |
| Commercial paper | 704  |  |  | —  |  |  | —  |  |  | 704  |  |
| Money market funds | 2,289  |  |  | —  |  |  | —  |  |  | 2,289  |  |
| Time deposits and certificates of deposits | 491  |  |  | —  |  |  | —  |  |  | 491  |  |
| U.S. Treasury and agency securities | 895  |  |  | —  |  |  | (2) |  |  | 893  |  |
|  | $ | 4,429  |  |  | $ | —  |  |  | $ | (3) |  |  | $ | 4,426  |  |

As of March 26, 2022, the Company did not have any 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: 

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|  | March 26, 2022 |  | December 25, 2021 |
|  | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value |
|  | (In millions) |  | (In millions) |
| Due within 1 year | $ | 2,090  |  |  | $ | 2,089  |  |  | $ | 1,118  |  |  | $ | 1,118  |  |
| Due in 1 year through 5 years | 1  |  |  | 1  |  |  | —  |  |  | —  |  |
| Due in 5 years and later | 49  |  |  | 47  |  |  | —  |  |  | —  |  |
|  | $ | 2,140  |  |  | $ | 2,137  |  |  | $ | 1,118  |  |  | $ | 1,118  |  |

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