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INVESTMENTS | 9 Months Ended
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Sep. 26, 2025
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 Income | Measurement Alternative — No Readily Determinable Fair Value
September 26, 2025 |  |
Marketable securities | $ | 477 |  | $ | — |
Other noncurrent assets | 1,964 |  | 44 |
Total equity securities | $ | 2,441 |  | $ | 44 |
December 31, 2024 |  |
Marketable securities | $ | 418 |  | $ | — |
Other noncurrent assets | 1,616 |  | 40 |
Total equity securities | $ | 2,034 |  | $ | 40 |
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 26, 2025 | September 27, 2024
Net gains (losses) recognized during the period related to equity securities | $ | 165 |  | $ | 116 |
Less: Net gains (losses) recognized during the period related to equity securities sold during the period | 17 |  | 18 |
Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period | $ | 148 |  | $ | 98 |
| Nine Months Ended
| September 26, 2025 | September 27, 2024
Net gains (losses) recognized during the period related to equity securities | $ | 315 |  | $ | 351 |
Less: Net gains (losses) recognized during the period related to equity securities sold during the period | 38 |  | 85 |
Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period | $ | 277 |  | $ | 266 |
Debt Securities Our debt securities consisted of the following (in millions):
|  | Gross Unrealized | Estimated Fair Value
| Cost | Gains | Losses
September 26, 2025 |  |  |  |
Trading securities | $ | 48 |  | $ | 1 |  | $ | — |  | $ | 49 |
Available-for-sale securities | 1,807 |  | 23 |  | (74) |  | 1,756 |
Total debt securities | $ | 1,855 |  | $ | 24 |  | $ | (74) |  | $ | 1,805 |
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 |
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
| September 26, 2025 |  | December 31, 2024
| Trading Securities | Available-for-Sale Securities |  | Trading Securities | Available-for-Sale Securities
Marketable securities | $ | 49 |  | $ | 1,381 |  |  | $ | 45 |  | $ | 1,260 |
Other noncurrent assets | — |  | 375 |  |  | — |  | 371 |
Total debt securities | $ | 49 |  | $ | 1,756 |  |  | $ | 45 |  | $ | 1,631 |
The contractual maturities of these available-for-sale debt securities as of September 26, 2025 were as follows (in millions):
| Cost | Estimated Fair Value |  |  |
Within 1 year | $ | 405 |  | $ | 399 |  |  |  |
After 1 year through 5 years | 1,186 |  | 1,147 |  |  |  |
After 5 years through 10 years | 41 |  | 47 |  |  |  |
After 10 years | 175 |  | 163 |  |  |  |
Total | $ | 1,807 |  | $ | 1,756 |  |  |  |
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 Ended |  | Nine Months Ended
| September 26, 2025 | September 27, 2024 |  | September 26, 2025 | September 27, 2024
Gross gains | $ | — |  | $ | 9 |  |  | $ | 3 |  | $ | 14 |
Gross losses | (1) |  | (1) |  |  | (5) |  | (10) |
Proceeds | 397 |  | 206 |  |  | 604 |  | 646 |
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 $2,219 million and $1,883 million as of September 26, 2025 and December 31, 2024, 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.

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