INVESTMENTS (Tables)
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6 Months Ended |
Jun. 28, 2024 |
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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 |
| June 28, 2024 |
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|
|
|
|
| Marketable securities |
$ |
381
|
|
$ |
—
|
|
| Other investments |
125
|
|
42
|
|
| Other noncurrent assets |
1,628
|
|
—
|
|
| Total equity securities |
$ |
2,134
|
|
$ |
42
|
|
| December 31, 2023 |
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|
|
|
|
| Marketable securities |
$ |
345 |
|
$ |
— |
|
| Other investments |
76 |
|
42 |
|
| Other noncurrent assets |
1,585 |
|
— |
|
| Total equity securities |
$ |
2,006 |
|
$ |
42 |
|
|
| 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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Three Months Ended |
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June 28,
2024 |
June 30,
2023 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
52
|
|
$ |
130 |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
4
|
|
22 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
48
|
|
$ |
108 |
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Six Months Ended |
|
June 28,
2024 |
June 30,
2023 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
235
|
|
$ |
255 |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
21
|
|
33 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
214
|
|
$ |
222 |
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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 |
| June 28, 2024 |
|
|
|
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Trading securities |
$ |
44
|
|
$ |
1
|
|
$ |
(1) |
|
$ |
44
|
|
Available-for-sale securities |
1,575
|
|
22
|
|
(58) |
|
1,539
|
|
Total debt securities |
$ |
1,619
|
|
$ |
23
|
|
$ |
(59) |
|
$ |
1,583
|
|
| December 31, 2023 |
|
|
|
|
Trading securities |
$ |
43 |
|
$ |
— |
|
$ |
(2) |
|
$ |
41 |
|
Available-for-sale securities |
1,136 |
|
26 |
|
(28) |
|
1,134 |
|
Total debt securities |
$ |
1,179 |
|
$ |
26 |
|
$ |
(30) |
|
$ |
1,175 |
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| 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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June 28, 2024 |
|
December 31, 2023 |
|
Trading Securities |
Available-for-Sale Securities |
|
Trading Securities |
Available-for-Sale Securities |
|
|
|
|
|
|
Marketable securities |
$ |
44
|
|
$ |
1,169
|
|
|
$ |
41 |
|
$ |
914 |
|
Other noncurrent assets |
—
|
|
370
|
|
|
— |
|
220 |
|
| Total debt securities |
$ |
44
|
|
$ |
1,539
|
|
|
$ |
41 |
|
$ |
1,134 |
|
|
| Contractual maturities of available-for-sale debt securities |
The contractual maturities of these available-for-sale debt securities as of June 28, 2024 were as follows (in millions):
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Cost |
Estimated
Fair Value |
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| Within 1 year |
$ |
187 |
|
$ |
187 |
|
|
|
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| After 1 year through 5 years |
1,156 |
|
1,125 |
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|
|
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| After 5 years through 10 years |
46 |
|
56 |
|
|
|
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| After 10 years |
186 |
|
171 |
|
|
|
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| Total |
$ |
1,575 |
|
$ |
1,539 |
|
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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 |
|
Six Months Ended |
|
June 28,
2024 |
June 30,
2023 |
|
June 28,
2024 |
June 30,
2023 |
| Gross gains |
$ |
4
|
|
$ |
2 |
|
|
$ |
5
|
|
$ |
2 |
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| Gross losses |
(2) |
|
(1) |
|
|
(9) |
|
(4) |
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| Proceeds |
57
|
|
40 |
|
|
440
|
|
108 |
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