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INVESTMENTS
9 Months Ended
Sep. 27, 2024
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 27, 2024
Marketable securities$413 $ 
Other investments2 42 
Other noncurrent assets1,679  
Total equity securities$2,094 $42 
December 31, 2023
Marketable securities$345 $— 
Other investments76 42 
Other noncurrent assets1,585 — 
Total equity securities$2,006 $42 
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 27,
2024
September 29,
2023
Net gains (losses) recognized during the period related to equity securities$116 $(61)
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
18 
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$98 $(70)
Nine Months Ended
September 27,
2024
September 29,
2023
Net gains (losses) recognized during the period related to equity securities$351 $194 
Less: Net gains (losses) recognized during the period related to equity securities sold
during the period
85 34 
Net unrealized gains (losses) recognized during the period related to equity securities
still held at the end of the period
$266 $160 
Debt Securities
Our debt securities consisted of the following (in millions):
Gross UnrealizedEstimated
Fair Value
CostGainsLosses
September 27, 2024
Trading securities
$46 $1 $(1)$46 
Available-for-sale securities
1,738 25 (58)1,705 
Total debt securities
$1,784 $26 $(59)$1,751 
December 31, 2023
Trading securities
$43 $— $(2)$41 
Available-for-sale securities
1,136 26 (28)1,134 
Total debt securities
$1,179 $26 $(30)$1,175 
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
September 27, 2024December 31, 2023
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
Marketable securities
$46 $1,328 $41 $914 
Other noncurrent assets
 377 — 220 
Total debt securities$46 $1,705 $41 $1,134 
The contractual maturities of these available-for-sale debt securities as of September 27, 2024 were as follows (in millions):
CostEstimated
Fair Value
Within 1 year$328 $326 
After 1 year through 5 years1,199 1,171 
After 5 years through 10 years38 44 
After 10 years173 164 
Total$1,738 $1,705 
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 27,
2024
September 29,
2023
September 27,
2024
September 29,
2023
Gross gains$9 $— $14 $
Gross losses(1)(3)(10)(7)
Proceeds206 184 646 292 
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 $1,929 million and $1,643 million as of September 27, 2024 and December 31, 2023, 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.