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INVESTMENTS
 9 Months Ended
Sep. 29, 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
September 29, 2023
Marketable securities$307 $— 
Other investments63 41 
Other noncurrent assets1,429 — 
Total equity securities$1,799 $41 
December 31, 2022
Marketable securities$308 $— 
Other investments459 42 
Other noncurrent assets1,303 — 
Total equity securities$2,070 $42 
The calculation of net unrealized gains and losses recognized during the period related to equity securities still held at the end of the period is as follows (in millions):
Three Months Ended
September 29,
2023		September 30,
2022
Net gains (losses) recognized during the period related to equity securities$(61)$(38)
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
9 (95)
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$(70)$57 
Nine Months Ended
September 29,
2023		September 30,
2022
Net gains (losses) recognized during the period related to equity securities$194 $(399)
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
34 (350)
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$160 $(49)
Debt Securities
Our debt securities consisted of the following (in millions):
Gross UnrealizedEstimated
Fair Value
CostGainsLosses
September 29, 2023
Trading securities
$43 $— $(4)$39 
Available-for-sale securities
1,099 22 (47)1,074 
Total debt securities
$1,142 $22 $(51)$1,113 
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):
September 29, 2023December 31, 2022
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
Marketable securities
$39 $874 $39 $722 
Other noncurrent assets
— 200 — 222 
Total debt securities$39 $1,074 $39 $944 
The contractual maturities of these available-for-sale debt securities as of September 29, 2023 were as follows (in millions):
CostEstimated
Fair Value
Within 1 year$479 $472 
After 1 year through 5 years393 400 
After 5 years through 10 years35 43 
After 10 years192 159 
Total$1,099 $1,074 
The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations.
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
Three Months EndedNine Months Ended
September 29,
2023		September 30,
2022		September 29,
2023		September 30,
2022
Gross gains$— $2 $2 $5 
Gross losses(3)(43)(7)(51)
Proceeds184 135 292 479 
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 $1,484 million and $1,378 million as of September 29, 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.