Quarterly report pursuant to Section 13 or 15(d)

Investments (Tables)

v3.23.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Classified by Contractual Maturity Date [Table Text Block]
The fair value of marketable debt investments, by contractual maturity, as of September 30, 2023, was as follows:
(In Millions) Fair Value
Due in 1 year or less
 $ 11,487 
Due in 1–2 years
 2,249 
Due in 2–5 years
 6,220 
Due after 5 years
 417 
Instruments not due at a single maturity date1
1,814 
Total $ 22,187 
1 Instruments not due at a single maturity date is comprised of money market fund deposits, which are classified as either short-term investments or cash and cash equivalents.
Investment [Table Text Block]
(In Millions) Sep 30, 2023 Dec 31, 2022
Marketable equity securities1
$ 1,117  $ 1,341 
Non-marketable equity securities
4,578  4,561 
Equity method investments
 5  10 
Total $ 5,700  $ 5,912 
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:
  Three Months Ended Nine Months Ended
(In Millions)
 Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022
Ongoing mark-to-market adjustments on marketable equity securities
 $ (267) $ (244) $ (164) $ (883)
Observable price adjustments on non-marketable equity securities
 7  67  17  273 
Impairment charges
 (53) (45) (127) (112)
Sale of equity investments and other1
122  71  228  4,804 
Total gains (losses) on equity investments, net $ (191) $ (151) $ (46) $ 4,082 

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 for each period were as follows:
Three Months Ended Nine Months Ended
(In Millions) Sep 30, 2023 Oct 1, 2022 Sep 30, 2023 Oct 1, 2022
Net unrealized gains (losses) recognized during the period on equity securities
 $ (205) $ (154) $ (64) $ (490)
Less: Net (gains) losses recognized during the period on equity securities sold during the period 12  1  (15) 15 
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (193) $ (153) $ (79) $ (475)