XML 23 R10.htm IDEA: XBRL DOCUMENT v3.23.2
INVESTMENTS
 6 Months Ended
Jun. 30, 2023
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 IncomeMeasurement Alternative — No Readily Determinable Fair Value
June 30, 2023
Marketable securities$327 $— 
Other investments116 42 
Other noncurrent assets1,481 — 
Total equity securities$1,924 $42 
December 31, 2022
Marketable securities$308 $— 
Other investments459 42 
Other noncurrent assets1,303 — 
Total equity securities$2,070 $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
June 30,
2023		July 1,
2022
Net gains (losses) recognized during the period related to equity securities$130 $(261)
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
22 (129)
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$108 $(132)
Six Months Ended
June 30,
2023		July 1,
2022
Net gains (losses) recognized during the period related to equity securities$255 $(361)
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
33 (254)
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$222 $(107)
Debt Securities
Our debt securities consisted of the following (in millions):
Gross UnrealizedEstimated
Fair Value
CostGainsLosses
June 30, 2023
Trading securities
$42 $— $(4)$38 
Available-for-sale securities
1,140 23 (44)1,119 
Total debt securities
$1,182 $23 $(48)$1,157 
December 31, 2022
Trading securities
$43 $— $(4)$39 
Available-for-sale securities
979 26 (61)944 
Total debt securities
$1,022 $26 $(65)$983 
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
June 30, 2023December 31, 2022
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
Marketable securities
$38 $898 $39 $722 
Other noncurrent assets
— 221 — 222 
Total debt securities$38 $1,119 $39 $944 
The contractual maturities of these available-for-sale debt securities as of June 30, 2023 were as follows (in millions):
CostEstimated
Fair Value
Within 1 year$502 $489 
After 1 year through 5 years422 434 
After 5 years through 10 years32 36 
After 10 years184 160 
Total$1,140 $1,119 
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 EndedSix Months Ended
June 30,
2023		July 1,
2022		June 30,
2023		July 1,
2022
Gross gains$2 $2 $2 $3 
Gross losses(1)(3)(4)(8)
Proceeds40 113 108 344 
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 $1,546 million and $1,378 million as of June 30, 2023 and December 31, 2022, 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.