INVESTMENTS (Tables)
|
3 Months Ended |
Apr. 01, 2022 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Carrying value of equity securities by balance sheet location |
The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions):
|
|
|
|
|
|
|
|
|
|
Fair Value with Changes Recognized in Income |
Measurement Alternative — No Readily Determinable Fair Value |
| April 1, 2022 |
|
|
|
|
|
| Marketable securities |
$ |
357
|
|
$ |
—
|
|
| Other investments |
745
|
|
43
|
|
| Other noncurrent assets |
1,493
|
|
—
|
|
| Total equity securities |
$ |
2,595
|
|
$ |
43
|
|
| December 31, 2021 |
|
|
|
|
|
| Marketable securities |
$ |
376 |
|
$ |
— |
|
| Other investments |
771 |
|
47 |
|
| Other noncurrent assets |
1,576 |
|
— |
|
| Total equity securities |
$ |
2,723 |
|
$ |
47 |
|
|
| Net unrealized gains and losses related to equity securities still held at the end of the period |
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 |
|
April 1,
2022 |
April 2,
2021 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
(100) |
|
$ |
155 |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
(132) |
|
14 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
32
|
|
$ |
141 |
|
|
|
|
|
|
|
|
| Schedule of available-for-sale and trading securities |
Our debt securities consisted of the following (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Unrealized |
Estimated
Fair Value |
|
Cost |
Gains |
Losses |
| April 1, 2022 |
|
|
|
|
Trading securities |
$ |
41
|
|
$ |
—
|
|
$ |
(1) |
|
$ |
40
|
|
Available-for-sale securities |
1,933
|
|
25
|
|
(165) |
|
1,793
|
|
Total debt securities |
$ |
1,974
|
|
$ |
25
|
|
$ |
(166) |
|
$ |
1,833
|
|
| December 31, 2021 |
|
|
|
|
Trading securities |
$ |
39 |
|
$ |
1 |
|
$ |
— |
|
$ |
40 |
|
Available-for-sale securities |
1,648 |
|
33 |
|
(132) |
|
1,549 |
|
Total debt securities |
$ |
1,687 |
|
$ |
34 |
|
$ |
(132) |
|
$ |
1,589 |
|
|
| Carrying values of debt securities by balance sheet location |
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 1, 2022 |
|
December 31, 2021 |
|
Trading Securities |
Available-for-Sale Securities |
|
Trading Securities |
Available-for-Sale Securities |
|
|
|
|
|
|
Marketable securities |
$ |
40
|
|
$ |
1,542
|
|
|
$ |
40 |
|
$ |
1,283 |
|
Other noncurrent assets |
—
|
|
251
|
|
|
— |
|
266 |
|
| Total debt securities |
$ |
40
|
|
$ |
1,793
|
|
|
$ |
40 |
|
$ |
1,549 |
|
|
| Contractual maturities of available-for-sale debt securities |
The contractual maturities of these available-for-sale debt securities as of April 1, 2022 were as follows (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost |
Estimated
Fair Value |
|
|
|
| Within 1 year |
$ |
70 |
|
$ |
68 |
|
|
|
|
| After 1 year through 5 years |
1,649 |
|
1,504 |
|
|
|
|
| After 5 years through 10 years |
43 |
|
57 |
|
|
|
|
| After 10 years |
171 |
|
164 |
|
|
|
|
| Total |
$ |
1,933 |
|
$ |
1,793 |
|
|
|
|
|
| Realized Gain (Loss) on Investments |
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
April 1,
2022 |
April 2,
2021 |
| Gross gains |
|
|
|
$ |
1
|
|
$ |
1 |
|
| Gross losses |
|
|
|
(5) |
|
(4) |
|
| Proceeds |
|
|
|
231
|
|
158 |
|
|