INVESTMENTS (Tables)
|
3 Months Ended |
Mar. 29, 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 |
| March 29, 2024 |
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|
|
|
|
| Marketable securities |
$ |
373
|
|
$ |
—
|
|
| Other investments |
105
|
|
42
|
|
| Other noncurrent assets |
1,628
|
|
—
|
|
| Total equity securities |
$ |
2,106
|
|
$ |
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 |
|
|
| 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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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 |
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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 |
| 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 |
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|
|
|
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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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 |
|
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| Contractual maturities of available-for-sale debt securities |
The contractual maturities of these available-for-sale debt securities as of March 29, 2024 were as follows (in millions):
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Cost |
Estimated
Fair Value |
|
|
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| Within 1 year |
$ |
224 |
|
$ |
224 |
|
|
|
|
| After 1 year through 5 years |
1,075 |
|
1,080 |
|
|
|
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| After 5 years through 10 years |
45 |
|
57 |
|
|
|
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| After 10 years |
172 |
|
159 |
|
|
|
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| Total |
$ |
1,516 |
|
$ |
1,520 |
|
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|
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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 |
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March 29,
2024 |
March 31,
2023 |
| Gross gains |
|
|
|
$ |
1
|
|
$ |
— |
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| Gross losses |
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|
|
(7) |
|
(3) |
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| Proceeds |
|
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|
383
|
|
68 |
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