Investments (Tables)
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9 Months Ended |
Sep. 27, 2019 |
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| Investments [Abstracts] |
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| Unrealized Gain (Loss) on Investments |
The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions):
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|
|
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Three Months Ended |
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September 27, 2019 |
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September 28, 2018 |
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Net gains (losses) recognized during the period related to equity securities |
$ |
29 |
|
$ |
62 |
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period |
— |
|
5 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
29 |
|
$ |
57 |
|
|
|
|
|
|
|
|
|
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Nine Months Ended |
|
September 27, 2019 |
|
September 28, 2018 |
|
Net gains (losses) recognized during the period related to equity securities |
$ |
163 |
|
$ |
21 |
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period |
16 |
|
13 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
147 |
|
$ |
8 |
|
|
| Carrying value of equity securities by balance sheet location [Table Text Block] |
The carrying values of our equity securities were included in the following line items in our condensed consolidated balance sheets (in millions):
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Fair Value with Changes Recognized in Income |
|
Measurement Alternative — No Readily Determinable Fair Value |
|
September 27, 2019 |
|
|
Marketable securities |
$ |
310 |
|
$ |
— |
|
Other investments |
796 |
|
82 |
|
Other assets |
989 |
|
— |
|
Total equity securities |
$ |
2,095 |
|
$ |
82 |
|
December 31, 2018 |
|
|
Marketable securities |
$ |
278 |
|
$ |
— |
|
Other investments |
787 |
|
80 |
|
Other assets |
869 |
|
— |
|
Total equity securities |
$ |
1,934 |
|
$ |
80 |
|
|
| Schedule of debt securities [Table Text Block] |
Our debt securities consisted of the following (in millions):
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Gross Unrealized |
Estimated Fair Value |
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|
Cost |
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Gains |
|
Losses |
|
September 27, 2019 |
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|
|
|
Trading securities |
$ |
45 |
|
$ |
1 |
|
$ |
— |
|
$ |
46 |
|
Available-for-sale securities |
3,445 |
|
150 |
|
(2 |
) |
3,593 |
|
Total debt securities |
$ |
3,490 |
|
$ |
151 |
|
$ |
(2 |
) |
$ |
3,639 |
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December 31, 2018 |
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|
|
|
Trading securities |
$ |
45 |
|
$ |
— |
|
$ |
(1 |
) |
$ |
44 |
|
Available-for-sale securities |
4,901 |
|
119 |
|
(27 |
) |
4,993 |
|
Total debt securities |
$ |
4,946 |
|
$ |
119 |
|
$ |
(28 |
) |
$ |
5,037 |
|
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| Fair value of debt securities by balance sheet location [Table Text Block] |
The fair values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions):
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|
September 27, 2019 |
|
December 31, 2018 |
|
Trading Securities |
|
Available-for-Sale Securities |
|
|
Trading Securities |
|
Available-for-Sale Securities |
|
Cash and cash equivalents |
$ |
— |
|
$ |
155 |
|
|
$ |
— |
|
$ |
— |
|
Marketable securities |
46 |
|
3,100 |
|
|
44 |
|
4,691 |
|
Other assets |
— |
|
338 |
|
|
— |
|
302 |
|
Total debt securities |
$ |
46 |
|
$ |
3,593 |
|
|
$ |
44 |
|
$ |
4,993 |
|
|
| Realized Gain (Loss) on Investments [Table Text Block] |
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
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Three Months Ended |
|
Nine Months Ended |
|
September 27, 2019 |
|
September 28, 2018 |
|
|
September 27, 2019 |
|
September 28, 2018 |
|
Gross gains |
$ |
9 |
|
$ |
11 |
|
|
$ |
37 |
|
$ |
19 |
|
Gross losses |
(1 |
) |
(8 |
) |
|
(5 |
) |
(21 |
) |
Proceeds |
1,284 |
|
3,421 |
|
|
3,074 |
|
9,744 |
|
|
| Contractual maturity amounts of the investment securities |
The contractual maturities of these available-for-sale debt securities as of September 27, 2019 were as follows (in millions):
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Cost |
|
Estimated
Fair Value |
|
Within 1 year |
$ |
2,145 |
|
$ |
2,200 |
|
After 1 year through 5 years |
1,038 |
|
1,102 |
|
After 5 years through 10 years |
72 |
|
85 |
|
After 10 years |
190 |
|
206 |
|
Total |
$ |
3,445 |
|
$ |
3,593 |
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