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INVESTMENTS
 9 Months Ended
Oct. 02, 2026
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
October 2, 2026
Marketable securities$560 $— 
Other noncurrent assets2,670 120 
Total equity securities$3,230 $120 
December 31, 2025
Marketable securities$489 $— 
Other noncurrent assets2,100 44 
Total equity securities$2,589 $44 
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 EndedNine Months Ended
October 2,
2026		September 26,
2025		October 2,
2026		September 26,
2025
Net gains (losses) recognized during the period related to equity securities$40 $165 $345 $315 
Less: Net gains (losses) recognized during the period related to equity securities sold during the period (13)17 33 38 
Net unrealized gains (losses) recognized during the period related to equity securities still held at the end of the period$53 $148 $312 $277 
Debt Securities
Our debt securities consisted of the following (in millions):
Gross UnrealizedEstimated
Fair Value
CostGainsLosses
October 2, 2026
Trading securities
$47 $— $(1)$46 
Available-for-sale securities1
2,731 18 (77)2,672 
Total debt securities
$2,778 $18 $(78)$2,718 
December 31, 2025
Trading securities
$49 $1 $— $50 
Available-for-sale securities1
1,816 23 (65)1,774 
Total debt securities
$1,865 $24 $(65)$1,824 
1 The estimated fair value as of October 2, 2026 includes $2,115 million of Brazilian government bonds with a cost of $2,163 million and gross unrealized losses of $48 million and, as of December 31, 2025, includes $1,207 million of Brazilian government bonds with a cost of $1,255 million, gross unrealized gains of $1 million and gross unrealized losses of $49 million.
The carrying values of our debt securities were included in the following line items in our consolidated balance sheets (in millions):
October 2, 2026December 31, 2025
Trading Securities Available-for-Sale Securities Trading Securities Available-for-Sale Securities
Marketable securities
$46 $2,304 $50 $1,395 
Other noncurrent assets
— 368 — 379 
Total debt securities$46 $2,672 $50 $1,774 
The contractual maturities of these available-for-sale debt securities as of October 2, 2026 were as follows (in millions):
CostEstimated
Fair Value
Within 1 year$880 $863 
After 1 year through 5 years1,635 1,607 
After 5 years through 10 years33 34 
After 10 years183 168 
Total$2,731 $2,672 
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
October 2,
2026		September 26,
2025		October 2,
2026		September 26,
2025
Gross gains$1 $— $3 $3 
Gross losses(2)(1)(5)(5)
Proceeds82 397 653 604 
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 $2,890 million and $2,356 million as of October 2, 2026 and December 31, 2025, 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.