Annual report pursuant to Section 13 and 15(d)

Investments

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Investments
12 Months Ended
Dec. 28, 2024
Investments [Abstract]  
Investments
Note 9 : Investments
Short-term Investments
Short-term investments include marketable debt investments in corporate debt, government debt, and financial institution instruments, and are recorded within cash and cash equivalents and short-term investments on the Consolidated Balance Sheets. Government debt includes instruments such as non-US government bills and bonds and US agency securities. Financial institution instruments include instruments issued or managed by financial institutions in various forms, such as commercial paper, fixed- and floating-rate bonds, money market fund deposits, and time deposits. As of December 28, 2024 and December 30, 2023, substantially all time deposits were issued by institutions outside the US.
The fair value of our economically hedged marketable debt investments was $13.5 billion as of December 28, 2024 ($17.1 billion as of December 30, 2023). For hedged investments still held at the reporting date, we recorded net losses of $464 million in 2024 (net gains of $534 million in 2023 and net losses of $748 million in 2022).
Our remaining unhedged marketable debt investments are reported at fair value, with unrealized gains or losses, net of tax, recorded in accumulated other comprehensive income (loss). The adjusted cost of our unhedged investments was $5.2 billion as of December 28, 2024 ($4.7 billion as of December 30, 2023), which approximated the fair value for these periods.
The fair value of marketable debt investments, by contractual maturity, as of December 28, 2024, was as follows:
(In Millions) Fair Value
Due in 1 year or less $ 5,690 
Due in 1–2 years 2,321 
Due in 2–5 years 6,182 
Due after 5 years 168 
Instruments not due at a single maturity date1
4,316 
Total $ 18,677 
1    Instruments not due at a single maturity date is composed of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents.
Equity Investments
Years Ended (In Millions)
Dec 28, 2024 Dec 30, 2023
Marketable equity investments1
$ 848  $ 1,194 
Non-marketable equity investments
4,535  4,635 
Total $ 5,383  $ 5,829 
1    Most of our marketable equity investments 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. Certain of 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.
The components of gains (losses) on equity investments, net for each period were as follows:
Years Ended (in Millions)
Dec 28, 2024 Dec 30, 2023 Dec 31, 2022
Unrealized gains (losses) on marketable equity investments
$ (218) $ (99) $ (829)
Unrealized gains (losses) on non-marketable equity investments1
92  17  299 
Impairment charges (347) (214) (190)
Unrealized gains (losses) on equity investments, net
(473) (296) (720)
Realized gains (losses) on sales of equity investments, net
$ 715  $ 336  $ 4,988 
Gains (losses) on equity investments, net  $ 242  $ 40  $ 4,268 
1    Unrealized gains (losses) on non-marketable investments includes observable price adjustments and our share of equity method investee gains (losses) and certain distributions.
As of December 28, 2024, the cumulative amount of impairments for equity investments without readily determinable fair value was $1.4 billion ($1.1 billion as of December 30, 2023) and upward observable price adjustments were $1.4 billion ($1.4 billion as of December 30, 2023).
McAfee Corp.
During 2022, the sale of McAfee's consumer business was completed and we received $4.6 billion in cash for the sale of our remaining share of McAfee, recognizing a $4.6 billion gain in realized gains (losses) on sales of equity investments, net.