Investments

6 Months Ended

Jul. 03, 2021

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

The carrying value of the Company’s venture investments was $93 million and $77 million as of July 3, 2021 and December 31, 2020, respectively, which are included in Other long-term assets on the Consolidated Balance Sheets.

During the three and six months ended July 3, 2021, the Company paid $4 million and $17 million for the purchases of new long-term investments, respectively. Comparatively, during the 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 that additional investment, during the second quarter of 2020 the Company identified an observable price change that resulted in a $7 million gain.

Net gains and losses related to the Company’s investments are included within Other, net on the Consolidated Statements of Operations. During the three months ended July 3, 2021 and June 27, 2020, the Company recognized losses of $1 million and gains of $7 million, respectively. During the six months ended July 3, 2021 and June 27, 2020, the Company recognized net gains of $0 million and $7 million, respectively.