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INVESTMENTS (Tables)

3 Months Ended

Mar. 28, 2025

Investments, Debt and Equity Securities [Abstract]

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
March 28, 2025

Marketable securities	$	405	$	—

Other noncurrent assets	1,651		42
Total equity securities	$	2,056	$	42
December 31, 2024

Marketable securities	$	418	$	—

Other noncurrent assets	1,616		40
Total equity securities	$	2,034	$	40

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
	March 28, 2025		March 29, 2024
Net gains (losses) recognized during the period related to equity securities	$	(15)	$	183
Less: Net gains (losses) recognized during the period related to equity securities sold during the period	8		49
Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period	$	(23)	$	134

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
March 28, 2025
Trading securities	$	47	$	1	$	—	$	48
Available-for-sale securities	1,795		21		(101)		1,715
Total debt securities	$	1,842	$	22	$	(101)	$	1,763
December 31, 2024
Trading securities	$	45	$	1	$	(1)	$	45
Available-for-sale securities	1,728		21		(118)		1,631
Total debt securities	$	1,773	$	22	$	(119)	$	1,676

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):


	March 28, 2025				December 31, 2024
	Trading Securities		Available-for-Sale Securities		Trading Securities		Available-for-Sale Securities

Marketable securities	$	48	$	1,338	$	45	$	1,260
Other noncurrent assets	—		377		—		371
Total debt securities	$	48	$	1,715	$	45	$	1,631

Contractual maturities of available-for-sale debt securities

The contractual maturities of these available-for-sale debt securities as of March 28, 2025 were as follows (in millions):


	Cost		Estimated Fair Value
Within 1 year	$	333	$	331
After 1 year through 5 years	1,245		1,174
After 5 years through 10 years	38		45
After 10 years	179		165
Total	$	1,795	$	1,715

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
		March 28, 2025		March 29, 2024
Gross gains		$	1	$	1
Gross losses		(2)		(7)
Proceeds		137		383