INVESTMENTS (Tables)
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9 Months Ended |
Sep. 29, 2023 |
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| Investments, Debt and Equity Securities [Abstract] |
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| 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):
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Fair Value with Changes Recognized in Income |
Measurement Alternative — No Readily Determinable Fair Value |
| September 29, 2023 |
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|
|
|
|
| Marketable securities |
$ |
307
|
|
$ |
—
|
|
| Other investments |
63
|
|
41
|
|
| Other noncurrent assets |
1,429
|
|
—
|
|
| Total equity securities |
$ |
1,799
|
|
$ |
41
|
|
| December 31, 2022 |
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|
|
|
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| Marketable securities |
$ |
308 |
|
$ |
— |
|
| Other investments |
459 |
|
42 |
|
| Other noncurrent assets |
1,303 |
|
— |
|
| Total equity securities |
$ |
2,070 |
|
$ |
42 |
|
|
| 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):
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Three Months Ended |
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September 29,
2023 |
September 30,
2022 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
(61) |
|
$ |
(38) |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
9
|
|
(95) |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
(70) |
|
$ |
57 |
|
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Nine Months Ended |
|
September 29,
2023 |
September 30,
2022 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
194
|
|
$ |
(399) |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
34
|
|
(350) |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
160
|
|
$ |
(49) |
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| Schedule of available-for-sale and trading securities |
Our debt securities consisted of the following (in millions):
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Gross Unrealized |
Estimated
Fair Value |
|
Cost |
Gains |
Losses |
| September 29, 2023 |
|
|
|
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Trading securities |
$ |
43
|
|
$ |
—
|
|
$ |
(4) |
|
$ |
39
|
|
Available-for-sale securities |
1,099
|
|
22
|
|
(47) |
|
1,074
|
|
Total debt securities |
$ |
1,142
|
|
$ |
22
|
|
$ |
(51) |
|
$ |
1,113
|
|
| December 31, 2022 |
|
|
|
|
Trading securities |
$ |
43 |
|
$ |
— |
|
$ |
(4) |
|
$ |
39 |
|
Available-for-sale securities |
979 |
|
26 |
|
(61) |
|
944 |
|
Total debt securities |
$ |
1,022 |
|
$ |
26 |
|
$ |
(65) |
|
$ |
983 |
|
|
| 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):
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September 29, 2023 |
|
December 31, 2022 |
|
Trading Securities |
Available-for-Sale Securities |
|
Trading Securities |
Available-for-Sale Securities |
|
|
|
|
|
|
Marketable securities |
$ |
39
|
|
$ |
874
|
|
|
$ |
39 |
|
$ |
722 |
|
Other noncurrent assets |
—
|
|
200
|
|
|
— |
|
222 |
|
| Total debt securities |
$ |
39
|
|
$ |
1,074
|
|
|
$ |
39 |
|
$ |
944 |
|
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| Contractual maturities of available-for-sale debt securities |
The contractual maturities of these available-for-sale debt securities as of September 29, 2023 were as follows (in millions):
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Cost |
Estimated
Fair Value |
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| Within 1 year |
$ |
479 |
|
$ |
472 |
|
|
|
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| After 1 year through 5 years |
393 |
|
400 |
|
|
|
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| After 5 years through 10 years |
35 |
|
43 |
|
|
|
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| After 10 years |
192 |
|
159 |
|
|
|
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| Total |
$ |
1,099 |
|
$ |
1,074 |
|
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|
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| Realized Gain (Loss) on Investments |
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 29,
2023 |
September 30,
2022 |
|
September 29,
2023 |
September 30,
2022 |
| Gross gains |
$ |
—
|
|
$ |
2 |
|
|
$ |
2
|
|
$ |
5 |
|
| Gross losses |
(3) |
|
(43) |
|
|
(7) |
|
(51) |
|
| Proceeds |
184
|
|
135 |
|
|
292
|
|
479 |
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