Investments

12 Months Ended

Dec. 31, 2023

Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31:


	2023	2022
Time deposits (1)	$2,753	$2,093
Equity method investments (2)	966	948
Available-for-sale debt investments (1)	499	479
Equity and other investments	69	36
Restricted cash & cash equivalents (1)(3)	22	33
Total	$4,309	$3,589

(1)Included in Short-term and other investments on our Consolidated Statements of Financial Position.

(2)Dividends received were $31 and $111 during 2023 and 2022. Retained earnings at December 31, 2023 include undistributed earnings from our equity method investments of $110.

(3)Reflects amounts restricted in support of our property sales, workers’ compensation programs and insurance premiums.

Contributions to investments and Proceeds from investments on our Consolidated Statements of Cash Flows primarily relate to time deposits and available-for-sale debt investments. Cash used for the purchase of time deposits during 2023, 2022 and 2021 was $15,794, $4,358 and $34,905, respectively. Cash proceeds from the maturities of time deposits during 2023, 2022 and 2021 were $15,140, $9,943 and $44,372, respectively.

Allowance for losses on available-for-sale debt investments are assessed quarterly. All instruments are considered investment grade, and we have not recognized an allowance for credit losses as of December 31, 2023.

Equity Method Investments

Our equity method investments consisted of the following at December 31:


	Segment	Ownership Percentages	Investment Balance
			2023	2022
United Launch Alliance	BDS	50%	$582	$587
Other	BCA, BDS, BGS and Other		384	361
Total equity method investments			$966	$948