Quarterly report pursuant to Section 13 or 15(d)

INVESTMENTS

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INVESTMENTS
 3 Months Ended
Mar. 29, 2024
Investments, Debt and Equity Securities [Abstract]  
INVESTMENTS INVESTMENTS
Equity Securities
The carrying values of our equity securities were included in the following line items in our consolidated balance sheets (in millions):
Fair Value with Changes Recognized in Income Measurement Alternative — No Readily Determinable Fair Value
March 29, 2024
Marketable securities $ 373  $ — 
Other investments 105  42 
Other noncurrent assets 1,628  — 
Total equity securities $ 2,106  $ 42 
December 31, 2023
Marketable securities $ 345  $ — 
Other investments 76  42 
Other noncurrent assets 1,585  — 
Total equity securities $ 2,006  $ 42 
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):
Three Months Ended
March 29,
2024		 March 31,
2023
Net gains (losses) recognized during the period related to equity securities $ 183  $ 125 
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
49  1 
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
 $ 134  $ 124 
Debt Securities
Our debt securities consisted of the following (in millions):
Gross Unrealized Estimated
Fair Value
Cost Gains Losses
March 29, 2024
Trading securities
 $ 45  $ 1  $ (2) $ 44 
Available-for-sale securities
 1,516  29  (25) 1,520 
Total debt securities
 $ 1,561  $ 30  $ (27) $ 1,564 
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 
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
March 29, 2024 December 31, 2023
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
Marketable securities
 $ 44  $ 1,299  $ 41  $ 914 
Other noncurrent assets
 —  221  —  220 
Total debt securities $ 44  $ 1,520  $ 41  $ 1,134 
The contractual maturities of these available-for-sale debt securities as of March 29, 2024 were as follows (in millions):
Cost Estimated
Fair Value
Within 1 year $ 224  $ 224 
After 1 year through 5 years 1,075  1,080 
After 5 years through 10 years 45  57 
After 10 years 172  159 
Total $ 1,516  $ 1,520 
The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations.
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
Three Months Ended
March 29,
2024		 March 31,
2023
Gross gains $ 1  $ — 
Gross losses (7) (3)
Proceeds 383  68 
Captive Insurance Companies
In accordance with local insurance regulations, our consolidated captive insurance companies are required to meet and maintain minimum solvency capital requirements. The Company elected to invest a majority of its solvency capital in a portfolio of marketable equity and debt securities. These securities are included in the disclosures above. The Company uses one of our consolidated captive insurance companies to reinsure group annuity insurance contracts that cover the obligations of certain of our European and Canadian pension plans. This captive’s solvency capital funds included total equity and debt securities of $1,679 million and $1,643 million as of March 29, 2024 and December 31, 2023, respectively, which were classified in the line item other noncurrent assets in our consolidated balance sheets because the assets were not available to satisfy our current obligations.