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INVESTMENTS
 9 Months Ended
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 IncomeMeasurement Alternative — No Readily Determinable Fair Value
September 26, 2025
Marketable securities$477 $— 
Other noncurrent assets1,964 44 
Total equity securities$2,441 $44 
December 31, 2024
Marketable securities$418 $— 
Other noncurrent assets1,616 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 UnrealizedEstimated
Fair Value
CostGainsLosses
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, 2025December 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):
CostEstimated
Fair Value
Within 1 year$405 $399 
After 1 year through 5 years1,186 1,147 
After 5 years through 10 years41 47 
After 10 years175 163 
Total$1,807 $1,756 
The Company expects that actual maturities may differ from the contractual maturities above because borrowers have the right to call or prepay certain obligations.
The sale and/or maturity of available-for-sale debt securities resulted in the following realized activity (in millions):
Three Months EndedNine Months Ended
September 26,
2025		September 27,
2024		September 26,
2025		September 27,
2024
Gross gains$— $9 $3 $14 
Gross losses(1)(1)(5)(10)
Proceeds397 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.