INVESTMENTS (Tables)
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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): | | | | | | | | | | Fair Value with Changes Recognized in Income | Measurement Alternative — No Readily Determinable Fair Value | | September 27, 2024 | | | | | | | Marketable securities | $ | 413 | | $ | — | | | Other investments | 2 | | 42 | | | Other noncurrent assets | 1,679 | | — | | | Total equity securities | $ | 2,094 | | $ | 42 | | | December 31, 2023 | | | | | | | Marketable securities | $ | 345 | | $ | — | | | Other investments | 76 | | 42 | | | Other noncurrent assets | 1,585 | | — | | | Total equity securities | $ | 2,006 | | $ | 42 | |
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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): | | | | | | | | | | Three Months Ended | | 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) | | | | | | | |
| | | | | | | | | | Nine Months Ended | | 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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| Schedule of available-for-sale and trading securities |
Our debt securities consisted of the following (in millions): | | | | | | | | | | | | | | | | | 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): | | | | | | | | | | | | | | | | | | | 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 | |
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| 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): | | | | | | | | | | | | | Cost | Estimated
Fair Value | | | | | Within 1 year | $ | 328 | | $ | 326 | | | | | | After 1 year through 5 years | 1,199 | | 1,171 | | | | | | After 5 years through 10 years | 38 | | 44 | | | | | | After 10 years | 173 | | 164 | | | | | | 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): | | | | | | | | | | | | | | | | | | | 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) | | | Proceeds | 206 | | 184 | | | 646 | | 292 | |
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