Investments

6 Months Ended

Jun. 27, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

The carrying value of the Company’s investments was $84 million and $45 million as of June 27, 2020 and December 31, 2019, respectively, which are included in Other long-term assets on the Consolidated Balances Sheets. During first half of 2020, the Company paid $32 million for the purchases of long term investments, which primarily related to the acquisition of additional shares in an existing investment in the second quarter of 2020. In connection with this additional investment, the Company identified an observable price change that resulted in a $7 million gain on its existing investment.

Net gains and losses related to the Company’s investments are included within Other, net on the Consolidated Statements of Operations. During the three and six months ended June 27, 2020, the Company recognized unrealized gains of $7 million, as described above. During the three and six months ended June 29, 2019, the Company recognized net gains of $4 million and $3 million, respectively.