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INVESTMENTS (Tables)

9 Months Ended

Sep. 26, 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
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

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
	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

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
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

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):


	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

Contractual maturities of available-for-sale debt securities

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

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				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