Annual report pursuant to Section 13 and 15(d)

Investments (Tables)

v3.22.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]  
Investment [Table Text Block]
(In Millions)
 Dec 31, 2022 Dec 25, 2021
Marketable equity securities1
$ 1,341  $ 2,171 
Non-marketable equity securities
 4,561  4,111 
Equity method investments
 10  16 
Total $ 5,912  $ 6,298 
1    Over 90% of our marketable equity securities are subject to trading-volume or market-based restrictions, which limit the number of shares we may sell in a specified period of time, impacting our ability to liquidate these investments. The trading volume restrictions generally apply for as long as we own more than 1% of the outstanding shares. Market-based restrictions result from the rules of the respective exchange.
Gain (Loss) on Securities [Table Text Block]
The components of gains (losses) on equity investments, net for each period were as follows:
Years Ended (In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Ongoing mark-to-market adjustments on marketable equity securities
 $ (787) $ (130) $ (133)
Observable price adjustments on non-marketable equity securities 299  750  176 
Impairment charges (190) (154) (303)
Sale of equity investments and other 1
4,946  2,263  2,164 
Total gains (losses) on equity investments, net $ 4,268  $ 2,729  $ 1,904 
1    Sale of equity investments and other includes initial fair value adjustments recorded upon a security becoming marketable, realized gains (losses) on sales of non-marketable equity investments and equity method investments, and our share of equity method investee gains (losses) and distributions.
Net unrealized gains and losses for our marketable and non-marketable equity securities during each period were as follows:
(In Millions) Dec 31, 2022 Dec 25, 2021 Dec 26, 2020
Net unrealized gains (losses) recognized during the period on equity securities $ (314) $ 1,210  $ 1,679 
Less: Net (gains) losses recognized during the period on equity securities sold during the period 1  (259) (254)
Net unrealized gains (losses) recognized during the period on equity securities still held at the reporting date $ (313) $ 951  $ 1,425 
Available-for-sale Securities  
Debt Securities, Available-for-sale [Line Items]  
Investments Classified by Contractual Maturity Date [Table Text Block]
The fair value of marketable debt investments, by contractual maturity, as of December 31, 2022, was as follows:
(In Millions) Fair Value
Due in 1 year or less $ 12,680 
Due in 1–2 years 1,844 
Due in 2–5 years 4,139 
Due after 5 years 665 
Instruments not due at a single maturity date 7,095 
Total $ 26,423