Investments

9 Months Ended

Oct. 01, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

The carrying value of the Company’s venture investments was $113 million and $101 million as of October 1, 2022 and December 31, 2021, respectively, which are included in Other long-term assets on the Consolidated Balance Sheets.

During the three and nine months ended October 1, 2022, the Company paid $6 million and $12 million for the purchases of long-term investments, respectively. Comparatively, during the three and nine months ended October 2, 2021, the Company paid $7 million and $24 million for the purchases of new long-term investments, respectively.

Net gains and losses related to the Company’s investments are included within Other (expense) income, net on the Consolidated Statements of Operations. The Company did not recognize any net gains or losses during the three and nine months ended October 1, 2022. The Company recognized net gains of $1 million during the three and nine months ended October 2, 2021.