
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(Amounts are in millions)
March 30, 2024
Taxable bonds	$	12,093		14		584	11,523

Restricted investments	184			—		2	182
	$	12,277		14		586	11,705
December 30, 2023
Taxable bonds	$	11,467		23		574	10,916

Restricted investments	186			2		3	185
	$	11,653		25		577	11,101

The Company maintains restricted investments primarily for the benefit of the Company’s insurance carrier related to self-insurance reserves. These investments are held as collateral and not used for claim payments.

Following is a summary of the cost and fair value of debt securities by expected maturity as of March 30, 2024 and December 30, 2023:


	March 30, 2024				December 30, 2023
	Cost		Fair Value		Cost		Fair Value
	(Amounts are in millions)
Due in one year or less	$	2,341		2,322		1,906	1,899
Due after one year through five years	9,241			8,688		9,404	8,853
Due after five years through ten years	694			694		327	333
Due after ten years	1			1		16	16
	$	12,277		11,705		11,653	11,101

The Company had no debt securities with credit losses as of March 30, 2024 and December 30, 2023.

Following is a summary of debt securities with other unrealized losses by the time period impaired as of March 30, 2024 and December 30, 2023:


	Less Than 12 Months				12 Months or Longer			Total
	Fair Value		Unrealized Losses		Fair Value	Unrealized Losses		Fair Value	Unrealized Losses
	(Amounts are in millions)
March 30, 2024
Taxable bonds	$	1,635		7	7,876		577	9,511		584

Restricted investments	59			—	62		2	121		2
	$	1,694		7	7,938		579	9,632		586
December 30, 2023

Taxable bonds	$	1,276		2	7,845		572	9,121		574
Restricted investments	30			1	76		2	106		3
	$	1,306		3	7,921		574	9,227		577

There were 466 debt securities contributing to the total unrealized losses of $586 million as of March 30, 2024. Unrealized losses related to debt securities are primarily due to increases in interest rates that occurred since the debt securities were purchased. The Company continues to receive scheduled principal and interest payments on these debt securities.

Equity securities are measured at fair value with net unrealized gains and losses from changes in the fair value recognized in earnings (fair value adjustment). The fair value of equity securities was $3.1 billion and $2.7 billion as of March 30, 2024 and December 30, 2023, respectively.

Net realized gain or loss on investments represents the difference between the cost and the proceeds from the sale of debt and equity securities. The net realized gain or loss on investments excludes the net gain or loss on the sale of equity securities previously recognized through the fair value adjustment. The Company had no net realized gain or loss on investments during the three months ended March 30, 2024 and April 1, 2023.

Following is a summary of investment income for the three months ended March 30, 2024 and April 1, 2023:


			Three Months Ended
	March 30, 2024				April 1, 2023
	(Amounts are in millions)
Interest and dividend income	$	108			82


Fair value adjustment, due to net unrealized gain, on equity securities held at end of period	387				246

			$	495		328