Investments (Tables)
|
3 Months Ended |
Mar. 27, 2020 |
|---|
| Investments [Abstracts] |
|
| 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):
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 27, 2020 |
|
March 29, 2019 |
|
Net gains (losses) recognized during the period related to equity securities |
$ |
(396 |
) |
$ |
147 |
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period |
(16 |
) |
7 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
(380 |
) |
$ |
140 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
Fair Value with Changes Recognized in Income |
|
Measurement Alternative — No Readily Determinable Fair Value |
|
March 27, 2020 |
|
|
Marketable securities |
$ |
275 |
|
$ |
— |
|
Other investments |
599 |
|
53 |
|
Other assets |
889 |
|
— |
|
Total equity securities |
$ |
1,763 |
|
$ |
53 |
|
December 31, 2019 |
|
|
Marketable securities |
$ |
329 |
|
$ |
— |
|
Other investments |
772 |
|
82 |
|
Other assets |
1,118 |
|
— |
|
Total equity securities |
$ |
2,219 |
|
$ |
82 |
|
|
| Schedule of debt securities [Table Text Block] |
Our debt securities consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Unrealized |
Estimated Fair Value |
|
|
Cost |
|
Gains |
|
Losses |
|
March 27, 2020 |
|
|
|
|
Trading securities |
$ |
33 |
|
$ |
— |
|
$ |
(2 |
) |
$ |
31 |
|
Available-for-sale securities |
2,365 |
|
98 |
|
(4 |
) |
2,459 |
|
Total debt securities |
$ |
2,398 |
|
$ |
98 |
|
$ |
(6 |
) |
$ |
2,490 |
|
December 31, 2019 |
|
|
|
|
Trading securities |
$ |
46 |
|
$ |
1 |
|
$ |
— |
|
$ |
47 |
|
Available-for-sale securities |
3,172 |
|
113 |
|
(4 |
) |
3,281 |
|
Total debt securities |
$ |
3,218 |
|
$ |
114 |
|
$ |
(4 |
) |
$ |
3,328 |
|
|
| Fair value of debt securities by balance sheet location [Table Text Block] |
The carrying values of our debt securities were included in the following line items in our condensed consolidated balance sheets (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 27, 2020 |
|
December 31, 2019 |
|
Trading Securities |
|
Available-for-Sale Securities |
|
|
Trading Securities |
|
Available-for-Sale Securities |
|
Cash and cash equivalents |
$ |
— |
|
$ |
97 |
|
|
$ |
— |
|
$ |
123 |
|
Marketable securities |
31 |
|
2,086 |
|
|
47 |
|
2,852 |
|
Other assets |
— |
|
276 |
|
|
— |
|
306 |
|
Total debt securities |
$ |
31 |
|
$ |
2,459 |
|
|
$ |
47 |
|
$ |
3,281 |
|
|
| 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):
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
March 27, 2020 |
|
March 29, 2019 |
|
Gross gains |
$ |
8 |
|
$ |
5 |
|
Gross losses |
(2 |
) |
(3 |
) |
Proceeds |
906 |
|
722 |
|
|
| Contractual maturity amounts of the investment securities |
The contractual maturities of these available-for-sale debt securities as of March 27, 2020 were as follows (in millions):
|
|
|
|
|
|
|
|
|
Cost |
|
Estimated
Fair Value |
|
Within 1 year |
$ |
1,374 |
|
$ |
1,393 |
|
After 1 year through 5 years |
761 |
|
805 |
|
After 5 years through 10 years |
58 |
|
68 |
|
After 10 years |
172 |
|
193 |
|
Total |
$ |
2,365 |
|
$ |
2,459 |
|
|