INVESTMENTS

6 Months Ended

Jun. 28, 2025

INVESTMENTS

INVESTMENTS

NOTE 10 - 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	June 28, 2025
									Reported as
									Cash and cash		Other current
	Amortized cost		Unrealized gain		Unrealized loss		Fair value		equivalents		assets
U.S. government bonds	$	44	$	—	$	—	$	44	$	—	$	44
Money market funds		1,003		—		—		1,003		1,003		—
Total	$	1,047	$	—	$	—	$	1,047	$	1,003	$	44

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

Equity Investments

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 no longer has an obligation to purchase additional preferred stock pursuant to the terms of the applicable preferred stock investment agreements.

In July 2025, the privately held company entered into an agreement and plan of merger, pursuant to which a buyer has agreed to acquire the privately held company and merge the foregoing with a wholly-owned subsidiary of the buyer, subject to satisfaction by the parties of certain closing conditions. The amount of consideration the Company will receive for its shares of preferred stock will be approximately $10 million at closing of the merger and may increase subject to the release of additional consideration held in escrow pursuant to the terms of the agreement and plan of merger. In connection with the agreement and plan of merger, the Company entered into an amendment of certain preferred stock investment agreements pursuant to which the Company has the option but not the obligation, to purchase additional preferred stock prior to the closing of the agreement and plan of merger.

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 June 28, 2025 and 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 June 28, 2025 and December 28, 2024.