Investments (Tables)
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6 Months Ended |
Jun. 26, 2020 |
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| Investments [Abstracts] |
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| 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 26, 2020 |
June 28, 2019 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
242 |
|
$ |
(13) |
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Less: Net gains (losses) recognized during the period related to equity securities sold
during the period |
13 |
|
1 |
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Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period |
$ |
229 |
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$ |
(14) |
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Six Months Ended |
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June 26, 2020 |
June 28, 2019 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
(154) |
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$ |
134 |
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Less: Net gains (losses) recognized during the period related to equity securities sold
during the period |
(31) |
|
13 |
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period |
$ |
(123) |
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$ |
121 |
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| 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):
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Fair Value with Changes Recognized in Income |
Measurement Alternative — No Readily Determinable Fair Value |
| June 26, 2020 |
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| Marketable securities |
$ |
276 |
|
$ |
— |
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| Other investments |
699 |
|
47 |
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| Other assets |
998 |
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— |
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| Total equity securities |
$ |
1,973 |
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$ |
47 |
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| December 31, 2019 |
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| Marketable securities |
$ |
329 |
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$ |
— |
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| Other investments |
772 |
|
82 |
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| Other assets |
1,118 |
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— |
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| Total equity securities |
$ |
2,219 |
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$ |
82 |
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| Schedule of debt securities [Table Text Block] |
Our debt securities consisted of the following (in millions):
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Gross Unrealized |
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Estimated Fair Value |
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Cost |
Gains |
Losses |
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| June 26, 2020 |
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Trading securities |
$ |
34 |
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$ |
1 |
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$ |
(1) |
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$ |
34 |
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Available-for-sale securities |
2,176 |
|
79 |
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(2) |
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2,253 |
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Total debt securities |
$ |
2,210 |
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$ |
80 |
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$ |
(3) |
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$ |
2,287 |
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| December 31, 2019 |
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Trading securities |
$ |
46 |
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$ |
1 |
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$ |
— |
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$ |
47 |
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Available-for-sale securities |
3,172 |
|
113 |
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(4) |
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3,281 |
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Total debt securities |
$ |
3,218 |
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$ |
114 |
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$ |
(4) |
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$ |
3,328 |
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| 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):
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June 26, 2020 |
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December 31, 2019 |
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Trading Securities |
Available-for-Sale Securities |
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Trading Securities |
Available-for-Sale Securities |
Cash and cash equivalents |
$ |
— |
|
$ |
59 |
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$ |
— |
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$ |
123 |
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Marketable securities |
34 |
|
1,918 |
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|
47 |
|
2,852 |
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Other assets |
— |
|
276 |
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— |
|
306 |
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| Total debt securities |
$ |
34 |
|
$ |
2,253 |
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|
$ |
47 |
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$ |
3,281 |
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| 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):
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Three Months Ended |
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Six Months Ended |
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June 26, 2020 |
June 28, 2019 |
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June 26, 2020 |
June 28, 2019 |
| Gross gains |
$ |
9 |
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$ |
23 |
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$ |
17 |
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$ |
28 |
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| Gross losses |
(6) |
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(1) |
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(8) |
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(4) |
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| Proceeds |
280 |
|
1,068 |
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|
1,186 |
|
1,790 |
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| Contractual maturity amounts of the investment securities |
The contractual maturities of these available-for-sale debt securities as of June 26, 2020 were as follows (in millions):
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Cost |
Estimated
Fair Value |
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| Within 1 year |
$ |
1,242 |
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$ |
1,243 |
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| After 1 year through 5 years |
713 |
|
759 |
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| After 5 years through 10 years |
50 |
|
63 |
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| After 10 years |
171 |
|
188 |
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| Total |
$ |
2,176 |
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$ |
2,253 |
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