INVESTMENTS (Tables)
|
9 Months Ended |
Sep. 27, 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 |
| September 27, 2024 |
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|
|
|
|
| Marketable securities |
$ |
413
|
|
$ |
—
|
|
| Other investments |
2
|
|
42
|
|
| Other noncurrent assets |
1,679
|
|
—
|
|
| Total equity securities |
$ |
2,094
|
|
$ |
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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September 27,
2024 |
September 29,
2023 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
116
|
|
$ |
(61) |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
18
|
|
9 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
98
|
|
$ |
(70) |
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Nine Months Ended |
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September 27,
2024 |
September 29,
2023 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
351
|
|
$ |
194 |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
85
|
|
34 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
266
|
|
$ |
160 |
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|
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|
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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 27, 2024 |
|
|
|
|
Trading securities |
$ |
46
|
|
$ |
1
|
|
$ |
(1) |
|
$ |
46
|
|
Available-for-sale securities |
1,738
|
|
25
|
|
(58) |
|
1,705
|
|
Total debt securities |
$ |
1,784
|
|
$ |
26
|
|
$ |
(59) |
|
$ |
1,751
|
|
| 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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|
September 27, 2024 |
|
December 31, 2023 |
|
Trading Securities |
Available-for-Sale Securities |
|
Trading Securities |
Available-for-Sale Securities |
|
|
|
|
|
|
Marketable securities |
$ |
46
|
|
$ |
1,328
|
|
|
$ |
41 |
|
$ |
914 |
|
Other noncurrent assets |
—
|
|
377
|
|
|
— |
|
220 |
|
| Total debt securities |
$ |
46
|
|
$ |
1,705
|
|
|
$ |
41 |
|
$ |
1,134 |
|
|
| Contractual maturities of available-for-sale debt securities |
The contractual maturities of these available-for-sale debt securities as of September 27, 2024 were as follows (in millions):
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Cost |
Estimated
Fair Value |
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|
|
| Within 1 year |
$ |
328 |
|
$ |
326 |
|
|
|
|
| After 1 year through 5 years |
1,199 |
|
1,171 |
|
|
|
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| After 5 years through 10 years |
38 |
|
44 |
|
|
|
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| After 10 years |
173 |
|
164 |
|
|
|
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| Total |
$ |
1,738 |
|
$ |
1,705 |
|
|
|
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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 27,
2024 |
September 29,
2023 |
|
September 27,
2024 |
September 29,
2023 |
| Gross gains |
$ |
9
|
|
$ |
— |
|
|
$ |
14
|
|
$ |
2 |
|
| Gross losses |
(1) |
|
(3) |
|
|
(10) |
|
(7) |
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| Proceeds |
206
|
|
184 |
|
|
646
|
|
292 |
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