INVESTMENTS

12 Months Ended

Dec. 28, 2024

INVESTMENTS

INVESTMENTS

NOTE 13  INVESTMENTS

Debt Investments

Debt investments include U.S. government bonds and money market funds. U.S. government bonds are for original maturities of up to six months and are classified as available for sale and measured at fair value with the related unrealized gains and losses included in other comprehensive income (expense), net. Money market funds, measured at fair value, consist of institutional investors money market funds and are readily redeemable to cash.

The following tables summarize the Company’s marketable debt securities:

U.S. dollars in millions	December 28, 2024
									Reported as
	Amortized cost		Unrealized gain		Unrealized loss		Fair value		Cash and cash equivalents		Other current assets
U.S. government bonds	$	33	$	—	$	—	$	33	$	—	$	33
Money market funds		951		—		—		951		951		—
Total	$	984	$	—	$	—	$	984	$	951	$	33

U.S. dollars in millions	December 30, 2023
									Reported as
	Amortized cost		Unrealized gain		Unrealized loss		Fair value		Cash and cash equivalents		Other current assets
Money market funds		932		—		—		932		932		—
Total	$	932	$	—	$	—	$	932	$	932	$	—

Equity Investments

Marketable equity securities

During the second quarter of 2024, we purchased marketable equity investments in the amount of $10 million,which were classified within other current assets and measured at fair value. During the fourth quarter of 2024, we sold all of the marketable equity investments. Realized gains recorded in other financial income (expense), net for the year ended December 28, 2024 amounted to $3 million.

Non-marketable equity securities

In 2024, the Company entered into a series of investment agreements with a privately held company, pursuant to which the Company agreed to purchase up to $25 million of Preferred Stock. In October 2024, the Company purchased $10 million of Preferred Stock in the privately held company. The Company’s obligation to purchase additional Preferred Stock at subsequent closings is subject to the terms of the applicable Preferred Stock investment agreements.

The investment does not provide the Company the ability to control or have significant influence over the operations of the privately held company. We have accounted for the investment using the measurement alternative because the securities are not publicly traded and do not have a readily determinable fair value. Under the measurement alternative, the equity investment is initially recorded at its cost, but the carrying value may be adjusted through earnings upon an impairment or when there is an observable price change involving the same or a similar investment with the same issuer. As of December 28, 2024, we recorded $10 million for our investment as other long-term assets. There was no impairment or other change to the value of the investment as of December 28, 2024.