INVESTMENTS (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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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 30, 2022 |
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| Marketable securities |
$ |
296
|
|
$ |
—
|
|
| Other investments |
542
|
|
40
|
|
| Other noncurrent assets |
1,174
|
|
—
|
|
| Total equity securities |
$ |
2,012
|
|
$ |
40
|
|
| December 31, 2021 |
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|
|
|
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| Marketable securities |
$ |
376 |
|
$ |
— |
|
| Other investments |
771 |
|
47 |
|
| Other noncurrent assets |
1,576 |
|
— |
|
| Total equity securities |
$ |
2,723 |
|
$ |
47 |
|
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| 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 30,
2022 |
October 1,
2021 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
(38) |
|
$ |
4 |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
(95) |
|
5 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
57
|
|
$ |
(1) |
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Nine Months Ended |
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September 30,
2022 |
October 1,
2021 |
| Net gains (losses) recognized during the period related to equity securities |
$ |
(399) |
|
$ |
361 |
|
|
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
|
(350) |
|
33 |
|
|
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
|
$ |
(49) |
|
$ |
328 |
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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 30, 2022 |
|
|
|
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Trading securities |
$ |
43
|
|
$ |
—
|
|
$ |
(4) |
|
$ |
39
|
|
Available-for-sale securities |
1,960
|
|
22
|
|
(131) |
|
1,851
|
|
Total debt securities |
$ |
2,003
|
|
$ |
22
|
|
$ |
(135) |
|
$ |
1,890
|
|
| 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 |
|
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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 30, 2022 |
|
December 31, 2021 |
|
Trading Securities |
Available-for-Sale Securities |
|
Trading Securities |
Available-for-Sale Securities |
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|
|
|
|
|
Marketable securities |
$ |
39
|
|
$ |
1,638
|
|
|
$ |
40 |
|
$ |
1,283 |
|
Other noncurrent assets |
—
|
|
213
|
|
|
— |
|
266 |
|
| Total debt securities |
$ |
39
|
|
$ |
1,851
|
|
|
$ |
40 |
|
$ |
1,549 |
|
|
| Contractual maturities of available-for-sale debt securities |
The contractual maturities of these available-for-sale debt securities as of September 30, 2022 were as follows (in millions):
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Cost |
Estimated
Fair Value |
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| Within 1 year |
$ |
352 |
|
$ |
342 |
|
|
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| After 1 year through 5 years |
1,409 |
|
1,317 |
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| After 5 years through 10 years |
35 |
|
47 |
|
|
|
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| After 10 years |
164 |
|
145 |
|
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| Total |
$ |
1,960 |
|
$ |
1,851 |
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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 30,
2022 |
October 1,
2021 |
|
September 30,
2022 |
October 1,
2021 |
| Gross gains |
$ |
2
|
|
$ |
2 |
|
|
$ |
5
|
|
$ |
4 |
|
| Gross losses |
(43) |
|
— |
|
|
(51) |
|
(8) |
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| Proceeds |
135
|
|
91 |
|
|
479
|
|
1,058 |
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